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Registered number: 07623256









GLOBE LOCUMS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 JUNE 2024

 
GLOBE LOCUMS LIMITED
 
 
COMPANY INFORMATION


Directors
Mr J Dodwell 
Mr G Grant 




Registered number
07623256



Registered office
101 New Cavendish Street
1st Floor South

London

W1W 6XH




Independent auditors
Harris & Trotter LLP
Chartered Accountants and Statutory Auditors

101 New Cavendish Street

1st Floor South

London

W1W 6XH





 
GLOBE LOCUMS LIMITED
 

CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 6
Statement of Comprehensive Income
7
Statement of Financial Position
8 - 9
Statement of Changes in Equity
10
Statement of Cash Flows
11
Analysis of Net Debt
12
Notes to the Financial Statements
13 - 27


 
GLOBE LOCUMS LIMITED
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 JUNE 2024

Business review
 
Globe Locums' principal activities during the year continued to be the operation of a recruitment business. Globe Locums is a Framework-approved, clinician-led healthcare recruitment agency operating chiefly out of Central London, United Kingdom. With strong links established in the UK, Australia & New Zealand. Globe Locums pride ourselves on our global reach and our intelligent pipeline of medical professionals that we are able to dispatch for short and long term contracts around the world. 
 
Key financial performance indicators during the year were as follows: 
Turnover increased by 2% to £75,658,056
Gross Profit increased by 8% to £18,348,810
Profit before Tax decreased by 4% to £7,304,198
 
The board continues to monitor a comprehensive set of key performance indicators to ensure progress is being made in accordance to company targets.
 
The relative increase in Gross Profit is due to the company continuing to invest and by remaining innovative within its business model.   This had a positive impact in increased profits. 
 
As a medical locum business with a large exposure to the NHS, the directors are astutely aware of the political and financial environment within the public health sector and the pressures on suppliers to demonstrate value for money and a high level of customer service. The business has worked well to build and manage relationships with clients. Retaining customers and supporting them through this challenging period is essential to our business. 

 



This report was approved by the board and signed on its behalf.



___________________________
Mr James Dodwell
Director

Date: 20 February 2025

Page 1

 
GLOBE LOCUMS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 JUNE 2024

The directors present their report and the financial statements for the period ended 30 June 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company in the year under review was that of a recruitment business.

Results and dividends

The profit for the period, after taxation, amounted to £5,469,477 (2023 - £6,101,689).



Directors

The directors who served during the period were:

Mr J Dodwell 
Mr G Grant 




Page 2

 
GLOBE LOCUMS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsHarris & Trotter LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





___________________________
Mr J Dodwell
Director

Date: 20 February 2025

Page 3

 
GLOBE LOCUMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBE LOCUMS LIMITED
 

Opinion


We have audited the financial statements of Globe Locums Limited (the 'Company') for the period ended 30 June 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 June 2024 and of its profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
GLOBE LOCUMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBE LOCUMS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
GLOBE LOCUMS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GLOBE LOCUMS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory frameworks applicable to the company and the industry in which it operates. We determined that the following laws and regulations were most                           significant: Modern Slavery Act 2015, FRS 102 and the Companies Act 2006.
- We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making enquiries of management.
- We challenged assumptions and judgments made by management in its significant accounting estimates.
We did not identify any key audit matters relating to irregularities, including fraud.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





N J Newman (Senior Statutory Auditor)
  
for and on behalf of
Harris & Trotter LLP
 
Chartered Accountants and Statutory Auditors
  
101 New Cavendish Street
1st Floor South
London
W1W 6XH

20 February 2025
Page 6

 
GLOBE LOCUMS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 3 
75,658,056
74,448,391

Cost of sales
  
(57,309,246)
(57,500,109)

Gross profit
  
18,348,810
16,948,282

Administrative expenses
  
(11,044,612)
(9,360,181)

Operating profit
 4 
7,304,198
7,588,101

Tax on profit
 8 
(1,834,721)
(1,486,412)

Profit for the financial period
  
5,469,477
6,101,689

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 13 to 27 form part of these financial statements.

Page 7

 
GLOBE LOCUMS LIMITED
REGISTERED NUMBER: 07623256

STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

30 June
31 May
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
  
41,193
-

Tangible assets
 11 
166,420
197,990

  
207,613
197,990

Current assets
  

Debtors: amounts falling due within one year
 12 
7,720,258
13,339,539

Cash at bank and in hand
 13 
568,193
605,260

  
8,288,451
13,944,799

Creditors: amounts falling due within one year
 14 
(7,701,559)
(12,005,885)

Net current assets
  
 
 
586,892
 
 
1,938,914

Total assets less current liabilities
  
794,505
2,136,904

  

Net assets
  
794,505
2,136,904


Capital and reserves
  

Called up share capital 
 16 
115
115

Share premium account
  
4,710
4,710

Other reserves
  
61,516
61,516

Profit and loss account
  
728,164
2,070,563

  
794,505
2,136,904


Page 8

 
GLOBE LOCUMS LIMITED
REGISTERED NUMBER: 07623256
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 February 2025.




___________________________
Mr J Dodwell
Director

The notes on pages 13 to 27 form part of these financial statements.

Page 9

 
GLOBE LOCUMS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 JUNE 2024


Called up share capital
Share premium account
Other reserves
Profit and loss account
Total equity

£
£
£
£
£


At 1 June 2022
112
3,768
61,516
1,733,183
1,798,579


Comprehensive income for the year

Profit for the year
-
-
-
6,101,689
6,101,689

Dividends: Equity capital
-
-
-
(5,764,309)
(5,764,309)

Shares issued during the year
3
942
-
-
945



At 1 June 2023
115
4,710
61,516
2,070,563
2,136,904


Comprehensive income for the period

Profit for the period
-
-
-
5,469,477
5,469,477


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(6,811,876)
(6,811,876)


At 30 June 2024
115
4,710
61,516
728,164
794,505


The notes on pages 13 to 27 form part of these financial statements.

Page 10

 
GLOBE LOCUMS LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 JUNE 2024

30 June
31 May
2024
2023
£
£

Cash flows from operating activities

Profit for the financial period
5,469,477
6,101,689

Adjustments for:

Depreciation of tangible assets
71,857
30,188

Taxation charge
1,834,721
1,486,412

Decrease/(increase) in debtors
5,619,277
(2,782,006)

(Decrease)/increase in creditors
(223,611)
910,753

Corporation tax (paid)
(1,620,561)
(1,531,000)

Net cash generated from operating activities

11,151,160
4,216,036


Cash flows from investing activities

Purchase of intangible fixed assets
(41,193)
-

Purchase of tangible fixed assets
(40,287)
(157,432)

Net cash from investing activities

(81,480)
(157,432)

Cash flows from financing activities

Issue of ordinary shares
-
945

Other new loans
-
1,935,316

Repayment of other loans
(4,294,871)
-

Dividends paid
(6,811,876)
(5,764,309)

Net cash used in financing activities
(11,106,747)
(3,828,048)

Net (decrease)/increase in cash and cash equivalents
(37,067)
230,556

Cash and cash equivalents at beginning of period
605,260
374,704

Cash and cash equivalents at the end of period
568,193
605,260


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
568,193
605,260

568,193
605,260


The notes on pages 13 to 27 form part of these financial statements.

Page 11

 
GLOBE LOCUMS LIMITED
 

ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 30 JUNE 2024




At 1 June 2023
Cash flows
At 30 June 2024
£

£

£

Cash at bank and in hand

605,260

(37,067)

568,193

Debt due within 1 year*

-

-

-


605,260
(37,067)
568,193

*The debt due within 1 year does not include the secured borrowings towards the factoring arrangement  (Note 14) since the debtors balance (Note 12) include the underlying amounts which are subject to this factoring arrangement. 

Page 12

 
GLOBE LOCUMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

1.


General information

Globe Locums Limited is a private company limited by shares and incorporated in England & Wales (registered number 07623256). The registered office is 101 New Cavendish street, 1st Floor South, London, United Kingdom, W1W 6XH.
The financial statements are covered 13 months period, company has aligned financial year with operational and taxation calendar, the comparatives are not entirely comparable. It is impracticable to restate prior year audited numbers.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. 

Page 13

 
GLOBE LOCUMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 14

 
GLOBE LOCUMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5


Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 15

 
GLOBE LOCUMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
on reducing balance
Office equipment
-
30%
on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Page 16

 
GLOBE LOCUMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments
Page 17

 
GLOBE LOCUMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 18

 
GLOBE LOCUMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

3.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales
75,658,056
74,448,391

75,658,056
74,448,391


All turnover arose within the United Kingdom.


4.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Wages, salaries and contribution
6,227,345
5,189,592

Social security costs
711,995
620,669

Other operating lease rentals
340,686
361,797

Legal and professional expenses
1,189,898
1,028,268

ABI fee
518,853
431,614

Debt factoring charges
341,944
355,050


5.


Auditors' remuneration

During the period, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
65,000
60,000

Non audit services
14,700
10,400
Page 19

 
GLOBE LOCUMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

6.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
6,157,178
5,199,432

Social security costs
1,578,060
1,512,438

Cost of defined contribution scheme
144,510
66,115

7,879,748
6,777,985


The average monthly number of employees, including the directors, during the period was as follows:


        2024
        2023
            No.
            No.







Staff
104
85

Note: The Company has locums that are temporarily employed on short term or rolling contracts who are treated as subcontractors (2024: 2,225. (2023: 2,147)) whose costs amounting to £56,306,000 (2023: £56,514,898) are disclosed in cost of sales. 


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
27,083
25,001

Company contributions to defined contribution pension schemes
94
(64,000)

27,177
(38,999)


During the year the highest paid director received remuneration of £12,500 (2023 - £12,500) and defined contribution pension payments of £94 (2023 - £4,000).

Page 20

 
GLOBE LOCUMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

8.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,834,721
1,486,412


1,834,721
1,486,412


Total current tax
1,834,721
1,486,412

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
1,834,721
1,486,412

Factors affecting tax charge for the period/year

The tax assessed for the period is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25%. (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
7,304,198
7,588,101


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
1,826,050
1,517,828

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
779
707

Capital allowances for period/year in excess of depreciation
7,892
(32,123)

Total tax charge for the period/year
1,834,721
1,486,412


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 21

 
GLOBE LOCUMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

9.


Dividends

30 June
31 May
2024
2023
£
£


Dividends declared in the year
6,811,876
5,764,309

6,811,876
5,764,309


10.


Intangible assets






Computer software

£



Cost


Additions
41,193



At 30 June 2024

41,193






Net book value



At 30 June 2024
41,193



At 31 May 2023
-



Page 22

 
GLOBE LOCUMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

11.


Tangible fixed assets







Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 June 2023
60,639
366,881
427,520


Additions
3,428
36,859
40,287



At 30 June 2024

64,067
403,740
467,807



Depreciation


At 1 June 2023
41,530
188,000
229,530


Charge for the period on owned assets
6,003
65,854
71,857



At 30 June 2024

47,533
253,854
301,387



Net book value



At 30 June 2024
16,534
149,886
166,420



At 31 May 2023
19,109
178,881
197,990


12.


Debtors

30 June
31 May
2024
2023
£
£


Trade debtors
6,007,408
12,825,645

Other debtors
16,367
1,683

Prepayments and accrued income
1,696,483
512,211

7,720,258
13,339,539


The carrying amount of trade debtors include debtors which are subject to a factoring arrangement. Under this arrangement, The Company has transferred relevant receivables to the factor in exchange of cash and is prevented from selling or pledging the receivables. However, The Company has retained late payment and credit risk. The Company therefore continues to recognise the transferred assets in their entirety in its statement of financial position. The amount repayable under the factoring arrangement is presented as Secured borrowings, see note 13.  

Page 23

 
GLOBE LOCUMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

13.


Cash and cash equivalents

30 June
31 May
2024
2023
£
£

Cash at bank and in hand
568,193
605,260

568,193
605,260



14.


Creditors: Amounts falling due within one year

30 June
31 May
2024
2023
£
£

Secured borrowings
2,849,097
7,143,968

Trade creditors
526,085
570,556

Corporation tax
1,109,903
895,743

Other taxation and social security
591,033
1,869,664

Other creditors
470,944
420,818

Accruals
2,154,497
1,105,136

7,701,559
12,005,885


The following liabilities were secured:

30 June
31 May
2024
2023
£
£



Factoring account
2,849,097
7,143,968

2,849,097
7,143,968

Details of security provided:

The factoring account is secured by way of a fixed charge on the purchased trade debtors of the company and by way of a floating charge on all monies due or to become due from the company to the charge on any account whatsoever under the terms of the aforementioned instrument creating or evidencing the charge.

Page 24

 
GLOBE LOCUMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

15.


Financial instruments

30 June
31 May
2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
6,591,968
13,432,588


Financial liabilities


Other financial liabilities measured at fair value through profit or loss
3,846,126
8,135,342


Financial assets measured at fair value through profit or loss comprise cash at bank and in hand £568,193 (2023: £605,260), trade debtors £6,007,408 (2023: £12,825,645) and other debtors £16,367 (2023: £1,683).


Other financial liabilities measured at fair value through profit or loss comprise secured borrowings £2,849,097 (2023: £7,143,968), trade creditors £526,085 (2023: £570,556) and other creditors £470,944 (2023: £420,818).


16.


Share capital

30 June
31 May
2024
2023
£
£
Allotted, called up and fully paid



272 (2023 - 272) Ordinary A shares of £0.10 each
27.20
27.20
272 (2023 - 272) Ordinary B shares of £0.10 each
27.20
27.20
82 (2023 - 82) Ordinary C shares of £0.10 each
8.20
8.20
82 (2023 - 82) Ordinary D shares of £0.10 each
8.20
8.20
10 (2023 - 10) Ordinary E shares of £1.00 each
10.00
10.00
292 (2023 - 292) Ordinary F shares of £0.10 each
29.20
29.20
1 (2023 - 1) Ordinary G share of £1.00
1.00
1.00
1 (2023 - 1) Ordinary H share of £1.00
1.00
1.00
1 (2022 - Nil1) Ordinary I share of £1.00
1.00
1.00
1 (2022 - Nil1) Ordinary J share of £1.00
1.00
1.00
1 (2022 - Nil1) Ordinary K share of £1.00
1.00
1.00

115.00

115.00


Page 25

 
GLOBE LOCUMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

17.


Share-based payments

Senior Executive Plan 
Share options are granted to nominated senior executives. The exercise price of the options is equal to the estimated market price of the shares on the date of grant which is derived from market prices of similar companies. The options vest if and when the individual's turnover targets are reached by the nominated executive. A failure to meet this target within ten years from the date of grant causes the option to lapse. The contractual life of each option granted is ten years. There is no cash settlement alternatives.

30 June
30 June
31 May
31 May
Weighted average exercise price (pence)
2024
Number
2024
Weighted average exercise price
(pence)
2023
Number
2023

Outstanding at the beginning of the year

315

708

315
 
661
 
Granted during the year


-

315
 
50
 
Exercised during the year

-

-

315
 
(3)
 
Outstanding at the end of the year
315

708

315
 
708
 





 


 



18.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

30 June
31 May
2024
2023
£
£


Not later than 1 year
119,029
181,330

119,029
181,330

Page 26

 
GLOBE LOCUMS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

19.


Related party transactions

During the year, the company received net receipts of Nil (2023:£70,759) from Globe Managed Services Limited, a related company.

 
Page 27