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Company Registration No. 10643249 (England and Wales)
Globe Heating Ltd Unaudited accounts for the year ended 29 February 2024
Globe Heating Ltd Unaudited accounts Contents
Page
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Globe Heating Ltd Company Information for the year ended 29 February 2024
Directors
C J Bullock S J Weston
Company Number
10643249 (England and Wales)
Registered Office
432 GLOUCESTER ROAD HORFIELD BS7 8TX UNITED KINGDOM
Accountants
Evans Entwistle Office 12a Equinox South, Great Park Road Bradley Stoke Bristol BS32 4QL
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Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Globe Heating Ltd for the year ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Globe Heating Ltd for the year ended 29 February 2024 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a CIMA Registered Member in Practice and Practising Certificate holder, I am subject to its ethical and other professional requirements which are detailed at https://www.cimaglobal.com/Members/Your-Membership-Information/Members-handbook/Licensing-and-monitoring/Members-in-practice/
Our work has been undertaken in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com.
Evans Entwistle Member in Practice Office 12a Equinox South, Great Park Road Bradley Stoke Bristol BS32 4QL 27 November 2024
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Globe Heating Ltd Statement of financial position as at 29 February 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
42,199 
20,947 
Current assets
Debtors
55,230 
54,599 
Cash at bank and in hand
17,103 
15,545 
72,333 
70,144 
Creditors: amounts falling due within one year
(43,271)
(31,959)
Net current assets
29,062 
38,185 
Total assets less current liabilities
71,261 
59,132 
Creditors: amounts falling due after more than one year
(63,024)
(51,759)
Provisions for liabilities
Deferred tax
(8,018)
(4,042)
Net assets
219 
3,331 
Capital and reserves
Called up share capital
2 
2 
Profit and loss account
217 
3,329 
Shareholders' funds
219 
3,331 
For the year ending 29 February 2024 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2024 and were signed on its behalf by
C J Bullock Director Company Registration No. 10643249
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Globe Heating Ltd Notes to the Accounts for the year ended 29 February 2024
1
Statutory information
Globe Heating Ltd is a private company, limited by shares, registered in England and Wales, registration number 10643249. The registered office is 432 GLOUCESTER ROAD, HORFIELD, BS7 8TX, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
10 years straight line
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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Globe Heating Ltd Notes to the Accounts for the year ended 29 February 2024
4
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 March 2023
22,245 
Additions
25,611 
At 29 February 2024
47,856 
Depreciation
At 1 March 2023
1,298 
Charge for the year
4,359 
At 29 February 2024
5,657 
Net book value
At 29 February 2024
42,199 
At 28 February 2023
20,947 
2024 
2023 
Carrying values included above held under finance leases and hire purchase contracts:
£ 
£ 
- Plant & machinery
42,199 
20,927 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
1,082 
6,362 
Other debtors
54,148 
48,237 
55,230 
54,599 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
11,219 
11,219 
VAT
6,745 
1,780 
Obligations under finance leases and hire purchase contracts
10,634 
4,896 
Taxes and social security
14,673 
14,064 
43,271 
31,959 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
34,581 
36,282 
Obligations under finance leases and hire purchase contracts
28,443 
15,477 
63,024 
51,759 
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Globe Heating Ltd Notes to the Accounts for the year ended 29 February 2024
8
Deferred taxation
2024 
2023 
£ 
£ 
Accelerated capital allowances
8,018 
4,042 
2024 
2023 
£ 
£ 
Provision at start of year
4,042 
5,437 
Charged/(credited) to the profit and loss account
3,976 
(1,395)
Provision at end of year
8,018 
4,042 
9
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2 
2 
10
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Director's Loan
35,857 
4,962 
- 
40,819 
35,857 
4,962 
- 
40,819 
The balance represents interest free loans issued to the directors that are repayable upon demand
11
Average number of employees
During the year the average number of employees was 2 (2023: 3).
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