Registered number
03424074
Globemarket Limited
Report and Unaudited Accounts
31 July 2024
Collins
Chartered Accountants
West Midlands
Globemarket Limited
Registered number: 03424074
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £ £ £
Fixed assets
Intangible assets 3 2 2
Tangible assets 4 79,108 98,750
79,110 98,752
Current assets
Stocks 93,000 75,000
Debtors 5 508,334 583,799
Cash at bank and in hand 27,500 83,334
628,834 742,133
Creditors: amounts falling due within one year 6 (558,881) (625,149)
Net current assets 69,953 116,984
Total assets less current liabilities 149,063 215,736
Creditors: amounts falling due after more than one year 7 (50,000) (112,685)
Provisions for liabilities (19,437) (24,348)
Net assets 79,626 78,703
Capital and reserves
Called up share capital 37,500 37,500
Share premium 7,500 7,500
Profit and loss account 34,626 33,703
Shareholders' funds 79,626 78,703
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P A J Hotchkiss
G Littlewood
Directors
Approved by the board on 15 November 2024
Globemarket Limited
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 (as applicable to small companies), The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover comprises revenue earned from the sale of goods, this is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computers 25% straight line
Plant and machinery 10%-33.3% reducing balance
Motor vehicles 33.3% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 13 18
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2023 2
At 31 July 2024 2
Amortisation
At 31 July 2024 -
Net book value
At 31 July 2024 2
At 31 July 2023 2
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and fixtures Motor vehicles Total
£ £ £
Cost
At 1 August 2023 236,968 45,510 282,478
Additions 2,352 - 2,352
At 31 July 2024 239,320 45,510 284,830
Depreciation
At 1 August 2023 165,640 18,088 183,728
Charge for the year 17,521 4,473 21,994
At 31 July 2024 183,161 22,561 205,722
Net book value
At 31 July 2024 56,159 22,949 79,108
At 31 July 2023 71,328 27,422 98,750
5 Debtors 2024 2023
£ £
Trade debtors 253,152 327,382
Prepayments and accrued income 24,297 23,732
Amount due from holding company 230,885 232,685
508,334 583,799
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loan 50,000 50,000
Obligations under finance lease and hire purchase contracts 10,217 15,623
Trade creditors 209,097 196,203
Commercial finance advance 191,130 211,608
Corporation tax 43,176 58,970
Other taxes and social security costs 21,668 58,787
Directors loans 1,424 786
Accruals and deferred income 32,169 33,172
558,881 625,149
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loan 50,000 100,000
Other creditors - 12,685
50,000 112,685
8 Pension commitments
The company operates defined contribution pension schemes. The pension charge to profit and loss represents contributions payable by the company during the year amounted to £172,514 (2023 £118,084).
9 Personal guarantees
The directors have given personal guarantees to the bank, limited to £30,000 in total.
10 Controlling party
The company is a wholly owned subsidiary of Globemarket Holdings Limited, a company incorporated in England & Wales.
11 Other information
Globemarket Limited is a private company limited by shares and incorporated in England. Its registered office is:
101-102 Middlemore Industrial Estate,
Middlemore Lane
Smethwick
West Midlands
B66 2EQ
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