REGISTERED NUMBER: |
Global Profits Limited |
Unaudited Financial Statements |
for the Year Ended 31 August 2024 |
REGISTERED NUMBER: |
Global Profits Limited |
Unaudited Financial Statements |
for the Year Ended 31 August 2024 |
Global Profits Limited (Registered number: 12840541) |
Contents of the Financial Statements |
for the Year Ended 31 August 2024 |
Page |
Company information | 1 |
Balance sheet | 2 |
Notes to the financial statements | 4 |
Global Profits Limited |
Company Information |
for the Year Ended 31 August 2024 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Chartered Accountants |
Mynshull House |
78 Churchgate |
Stockport |
Cheshire |
SK1 1YJ |
Global Profits Limited (Registered number: 12840541) |
Balance Sheet |
31 August 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investment property | 5 |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Provisions for liabilities | 9 | ( |
) | ( |
) |
Net assets |
Global Profits Limited (Registered number: 12840541) |
Balance Sheet - continued |
31 August 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ |
Capital and reserves |
Called up share capital |
Fair value reserve | 10 |
Retained earnings |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Global Profits Limited (Registered number: 12840541) |
Notes to the Financial Statements |
for the Year Ended 31 August 2024 |
1. | Statutory information |
Global Profits Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Fixtures and fittings | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
3. | Employees and directors |
The average number of employees during the year was |
Global Profits Limited (Registered number: 12840541) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
4. | Tangible fixed assets |
Fixtures |
and |
fittings |
£ |
Cost |
At 1 September 2023 |
Additions |
At 31 August 2024 |
Depreciation |
At 1 September 2023 |
Charge for year |
At 31 August 2024 |
Net book value |
At 31 August 2024 |
At 31 August 2023 |
5. | Investment property |
Total |
£ |
Fair value |
At 1 September 2023 |
Additions |
Valuation changes | (560,991 | ) |
At 31 August 2024 |
Net book value |
At 31 August 2024 |
At 31 August 2023 |
Fair value at 31 August 2024 is represented by: |
£ |
Valuation in 2024 | 2,900,000 |
Global Profits Limited (Registered number: 12840541) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
5. | Investment property - continued |
If investment property had not been revalued they would have been included at the following historical cost: |
31.8.24 | 31.8.23 |
£ | £ |
Cost | 2,577,127 | 2,509,927 |
Investment property was valued on an open market basis on 31 August 2024 by the directors . |
6. | Debtors: amounts falling due within one year |
31.8.24 | 31.8.23 |
£ | £ |
Other debtors |
7. | Creditors: amounts falling due within one year |
31.8.24 | 31.8.23 |
£ | £ |
Corporation tax |
Directors' current accounts | 540,539 | 558,651 |
Accrued expenses |
8. | Creditors: amounts falling due after more than one year |
31.8.24 | 31.8.23 |
£ | £ |
Loan notes | 1,970,000 | 1,970,000 |
9. | Provisions for liabilities |
31.8.24 | 31.8.23 |
£ | £ |
Deferred tax | 80,718 | 167,934 |
Deferred |
tax |
£ |
Balance at 1 September 2023 |
Credit to Income statement during year | ( |
) |
Balance at 31 August 2024 |
Global Profits Limited (Registered number: 12840541) |
Notes to the Financial Statements - continued |
for the Year Ended 31 August 2024 |
10. | Reserves |
Fair |
value |
reserve |
£ |
At 1 September 2023 |
Transfer from retained earnings | (473,775 | ) |
At 31 August 2024 |