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COMPANY REGISTRATION NUMBER: 04795827
Global Accommodation Limited
Filleted Unaudited Financial Statements
30 April 2024
Global Accommodation Limited
Financial Statements
Year ended 30 April 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 5
Global Accommodation Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
3,225,686
3,068,632
Current assets
Debtors
6
85,000
17,431
Cash at bank and in hand
6,952
16,832
--------
--------
91,952
34,263
Creditors: amounts falling due within one year
7
247,717
604,782
---------
---------
Net current liabilities
155,765
570,519
------------
------------
Total assets less current liabilities
3,069,921
2,498,113
Creditors: amounts falling due after more than one year
8
861,899
391,285
Provisions
Taxation including deferred tax
159,860
159,877
------------
------------
Net assets
2,048,162
1,946,951
------------
------------
Capital and reserves
Called up share capital
100
100
Fair value reserve
679,036
679,036
Profit and loss account
1,369,026
1,267,815
------------
------------
Shareholders funds
2,048,162
1,946,951
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Global Accommodation Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 29 January 2025 , and are signed on behalf of the board by:
Mr MK Nandha
Director
Company registration number: 04795827
Global Accommodation Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Lamorna Court, 43 Wollaton Road, Beeston, Nottingham, NG9 2NG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
The freehold investment property is to be revalued annually, with no depreciation charge being provided. The aggregate surplus/deficit being transferred to the revaluation reserve.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).
5. Tangible assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 May 2023
3,065,546
37,818
3,103,364
Additions
157,826
157,826
------------
--------
------------
At 30 April 2024
3,223,372
37,818
3,261,190
------------
--------
------------
Depreciation
At 1 May 2023
34,732
34,732
Charge for the year
772
772
------------
--------
------------
At 30 April 2024
35,504
35,504
------------
--------
------------
Carrying amount
At 30 April 2024
3,223,372
2,314
3,225,686
------------
--------
------------
At 30 April 2023
3,065,546
3,086
3,068,632
------------
--------
------------
6. Debtors
2024
2023
£
£
Other debtors
85,000
17,431
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
120,856
92,691
Trade creditors
5,984
5,395
Corporation tax
107,290
78,210
Social security and other taxes
2,983
1,818
Other creditors
10,604
426,668
---------
---------
247,717
604,782
---------
---------
The bank loans under creditors falling due within one year are secured by properties held. £110,214 (2023 - £82,047)
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
861,899
391,285
---------
---------
The bank loans under creditors falling after more than one year are secured by properties held. £849,062 (2023 - £369,148)
9. Related party transactions
The company manages properties owned by the directors and their family and the commissions receivable in respect of the management of the properties amounted to £81,605 (2023 - £82,636) The fees are at property management charges of 15% of the gross rents collected. At the 30 April 2024 there was a debtor outstanding from Live Properties Limited, which is an associated company, of £ 85,000 (£15,000 in 2023). This loan is interest free and has no specific repayment terms.