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Registered number: 07840749
Globetrotters Independent Traders Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
NL Accountancy & Bookkeeping Services
Member of Institute of Accountants and Bookkeepers
30 The Street
Upper Sheringham
Norfolk
NR26 8AD
Company Information
Directors Mr Simon Watson
Ms Kathryn Rowe
Company Number 07840749
Registered Office 10 Cliff Road
Cromer
Norfolk
NR27 0BU
Accountants NL Accountancy & Bookkeeping Services
Member of Institute of Accountants and Bookkeepers
30 The Street
Upper Sheringham
Norfolk
NR26 8AD
Bankers Barclays Bank plc
Aylsham and North Norfolk
Leicestershire
LE87 2BB
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Balance Sheet
Registered number: 07840749
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 385,436 19,209
Investments 5 110,000 150,000
495,436 169,209
CURRENT ASSETS
Debtors 6 180,000 72,000
Cash at bank and in hand 63,387 370,488
243,387 442,488
Creditors: Amounts Falling Due Within One Year 7 (109,681 ) (77,842 )
NET CURRENT ASSETS (LIABILITIES) 133,706 364,646
TOTAL ASSETS LESS CURRENT LIABILITIES 629,142 533,855
Creditors: Amounts Falling Due After More Than One Year 8 (31,667 ) (41,667 )
NET ASSETS 597,475 492,188
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 597,375 492,088
SHAREHOLDERS' FUNDS 597,475 492,188
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For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Simon Watson
Director
21st October 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Globetrotters Independent Traders Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07840749 . The registered office is 10 Cliff Road, Cromer, Norfolk, NR27 0BU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 0% charge
Motor Vehicles 20% straight line
Fixtures & Fittings 20% reducing balance
Computer Equipment 25% straight line
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.5. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Tangible Assets
Land & Property
Freehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 15,545 3,139 5,636 1,222 25,542
Additions 366,625 - - 1,039 367,664
As at 31 December 2023 382,170 3,139 5,636 2,261 393,206
Depreciation
As at 1 January 2023 - 1,256 4,417 660 6,333
Provided during the period - 628 244 565 1,437
As at 31 December 2023 - 1,884 4,661 1,225 7,770
Net Book Value
As at 31 December 2023 382,170 1,255 975 1,036 385,436
As at 1 January 2023 15,545 1,883 1,219 562 19,209
5. Investments
Listed
£
Cost
As at 1 January 2023 150,000
Disposals (40,000 )
As at 31 December 2023 110,000
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 110,000
As at 1 January 2023 150,000
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 180,000 72,000
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 325 8,925
Other creditors 17,781 4,833
Taxation and social security 91,575 64,084
109,681 77,842
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 31,667 41,667
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
10. Directors Advances, Credits and Guarantees
Dividends paid to directors
2023 2022
£ £
Mr Simon Watson 47,250 42,800
Ms Kathryn Rowe 47,250 30,200
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