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Registration number: 11271323

The Globacare Group Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

image-name
 

The Globacare Group Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

The Globacare Group Limited

Company Information

Directors

Mr Tobias Britton

Miss Emma Simpkin

Registered office

The Old Fire House
520-524 Wimborne Road
Bournemouth
Dorset
BH9 2EX

Bankers

NatWest Bank plc
Winton, Bournemouth
314 Wimborne Road
Winton
Bournemouth
Dorset
BH9 2HJ

Accountants

A Ferguson Associates Ltd
Accountants and Business Advisors
Alum House
5 Alum Chine Road
Bournemouth
Dorset
BH4 8DT

 

The Globacare Group Limited

(Registration number: 11271323)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

81,450

60,040

Tangible assets

5

30,313

23,893

 

111,763

83,933

Current assets

 

Debtors

6

121,542

141,846

Cash at bank and in hand

 

139,198

123,578

 

260,740

265,424

Creditors: Amounts falling due within one year

7

(167,298)

(163,856)

Net current assets

 

93,442

101,568

Total assets less current liabilities

 

205,205

185,501

Creditors: Amounts falling due after more than one year

7

(14,900)

(24,910)

Provisions for liabilities

(7,578)

(5,757)

Net assets

 

182,727

154,834

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

182,627

154,734

Shareholders' funds

 

182,727

154,834

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

The Globacare Group Limited

(Registration number: 11271323)
Balance Sheet as at 31 December 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 September 2024 and signed on its behalf by:
 

.........................................
Mr Tobias Britton
Director

.........................................
Miss Emma Simpkin
Director

 
     
 

The Globacare Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Old Fire House
520-524 Wimborne Road
Bournemouth
Dorset
BH9 2EX

These financial statements were authorised for issue by the Board on 24 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

The Globacare Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Office equipment

25% reducing balance

Furniture and fittings

15% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

 

The Globacare Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Asset class

Amortisation method and rate

Goodwill

Over 10 years - straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

The Globacare Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2022 - 11).

 

The Globacare Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

67,820

67,820

Additions acquired separately

31,325

31,325

At 31 December 2023

99,145

99,145

Amortisation

At 1 January 2023

7,780

7,780

Amortisation charge

9,915

9,915

At 31 December 2023

17,695

17,695

Carrying amount

At 31 December 2023

81,450

81,450

At 31 December 2022

60,040

60,040

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

36,453

2,858

39,311

Additions

15,051

-

15,051

At 31 December 2023

51,504

2,858

54,362

Depreciation

At 1 January 2023

14,315

1,103

15,418

Charge for the year

8,368

263

8,631

At 31 December 2023

22,683

1,366

24,049

Carrying amount

At 31 December 2023

28,821

1,492

30,313

At 31 December 2022

22,138

1,755

23,893

 

The Globacare Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors

2023
£

2022
£

Prepayments

1,992

1,705

Other debtors

119,550

140,141

121,542

141,846

 

The Globacare Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

26,524

9,868

Taxation and social security

 

134,023

148,516

Accruals and deferred income

 

6,751

5,472

 

167,298

163,856

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

14,900

24,910

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary £1 of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

14,900

24,910

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,000

9,868

Bank overdrafts

16,524

-

26,524

9,868

 

The Globacare Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Bank borrowings

Bounce Back Loan is denominated in GBP with a nominal interest rate of 2.5%, and the final instalment is due on 31 May 2026. The carrying amount at year end is £24,900 (2022 - £34,778).

10

Related party transactions

Summary of transactions with entities with joint control or significant interest

Globacare Property Holdings Limited - joint control.
 Rental charge paid totalling £32,000 in the year.
 

Loans to related parties

2023

Entities with joint control or significant influence
£

Key management
£

Total
£

At start of period

49,910

23,138

73,048

Advanced

3,284

79,080

82,364

Repaid

-

(80,000)

(80,000)

At end of period

53,194

22,218

75,412

2022

Entities with joint control or significant influence
£

Key management
£

Total
£

At start of period

47,426

12,657

60,083

Advanced

2,484

90,481

92,965

Repaid

-

(80,000)

(80,000)

At end of period

49,910

23,138

73,048

Terms of loans to related parties

Interest free loan to company with joint control - repayable on demand.
 Interest free loans to directors.
The terms of the loan make provision for any loans to the directors to be repaid back to the company on demand at short notice.