3 24/04/2023 31/03/2024 2024-03-31 false false false false false false false true false false true false false false false true false false No description of principal activities is disclosed 2023-04-24 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 14823912 2023-04-24 2024-03-31 14823912 2024-03-31 14823912 2023-04-23 14823912 core:PlantMachinery 2023-04-24 2024-03-31 14823912 core:FurnitureFittingsToolsEquipment 2023-04-24 2024-03-31 14823912 core:MotorVehicles 2023-04-24 2024-03-31 14823912 bus:Director2 2023-04-24 2024-03-31 14823912 core:WithinOneYear 2024-03-31 14823912 core:PlantMachinery 2024-03-31 14823912 core:FurnitureFittingsToolsEquipment 2024-03-31 14823912 core:MotorVehicles 2024-03-31 14823912 core:DeferredTaxation 2023-04-24 2024-03-31 14823912 core:RetainedEarningsAccumulatedLosses 2024-03-31 14823912 core:BetweenOneFiveYears 2024-03-31 14823912 core:DeferredTaxation 2024-03-31 14823912 bus:SmallEntities 2023-04-24 2024-03-31 14823912 bus:AuditExempt-NoAccountantsReport 2023-04-24 2024-03-31 14823912 bus:SmallCompaniesRegimeForAccounts 2023-04-24 2024-03-31 14823912 bus:PrivateLimitedCompanyLtd 2023-04-24 2024-03-31 14823912 bus:FullAccounts 2023-04-24 2024-03-31
Company registration number: 14823912
Globe Foods Northern Ltd
Unaudited filleted financial statements
31 March 2024
Globe Foods Northern Ltd
Contents
Statement of financial position
Notes to the financial statements
Globe Foods Northern Ltd
Statement of financial position
31 March 2024
31/03/24
Note £ £
Fixed assets
Tangible assets 4 219,533
_________
219,533
Current assets
Stocks 187,323
Debtors 5 168,389
Cash at bank and in hand 37,066
_________
392,778
Creditors: amounts falling due
within one year 6 ( 782,929)
_________
Net current liabilities ( 390,151)
_________
Total assets less current liabilities ( 170,618)
Provisions for liabilities 7 ( 54,883)
_________
Net liabilities ( 225,501)
_________
Capital and reserves
Profit and loss account ( 225,501)
_________
Shareholders deficit ( 225,501)
_________
For the period ending 31 March 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 period 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 27 December 2024 , and are signed on behalf of the board by:
Mr Mustafa Taher Motiwalla
Director
Company registration number: 14823912
Globe Foods Northern Ltd
Notes to the financial statements
Period ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 4 Raisins Hill, Pinner, Middlesex HA5 2BS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 are 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.
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 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
4. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 24 April 2023 - - - -
Additions 201,669 61,227 29,815 292,711
_________ _________ _________ _________
At 31 March 2024 201,669 61,227 29,815 292,711
_________ _________ _________ _________
Depreciation
At 24 April 2023 - - - -
Charge for the year 50,417 15,307 7,454 73,178
_________ _________ _________ _________
At 31 March 2024 50,417 15,307 7,454 73,178
_________ _________ _________ _________
Carrying amount
At 31 March 2024 151,252 45,920 22,361 219,533
_________ _________ _________ _________
5. Debtors
31/03/24
£
Trade debtors 112,015
Rent deposit 30,000
Prepayments and accrued income 9,459
Other debtors 16,915
_________
168,389
_________
6. Creditors: amounts falling due within one year
31/03/24
£
Trade creditors 108,709
Amounts owed to related companies 662,870
Accruals and deferred income 11,350
_________
782,929
_________
7. Provisions
Deferred tax
£
At 24 April 2023 -
Additions 54,883
_________
At 31 March 2024 54,883
_________
8. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£
Later than 1 year and not later than 5 years 62,000
_________