Company registration number: 10469840
Unaudited financial statements
for the year ended 30 November 2024
for
Globe Homes Limited
Pages for filing with the Registrar
Globe Homes Limited
Chartered Accountants' Report to the Board of Directors for the preparation of the
unaudited financial statements
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Globe Homes Limited for the year ended 30 November 2024 which comprise the Profit and loss account, Balance sheet and the notes to the financial statements from the company's accounting records and from information and explanations you have given us.
As a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at https://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Globe Homes Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Globe Homes Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Globe Homes Limited and its Board of Directors, as a body, for our work, or for this report.
It is your duty to ensure that Globe Homes Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Globe Homes Limited. You consider that Globe Homes Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Globe Homes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Cobble Accountants Limited
Commerce House
Carlton Boulevard
Lincoln
Lincolnshire
LN2 4WJ
United Kingdom
Date: 26 March 2025
1
Company registration number: 10469840
Globe Homes Limited
Balance sheet
as at 30 November 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 4 53,208 67,363
Investment property 5 746,000 746,000
799,208 813,363
Current assets
Stocks 190,210 280,000
Debtors 4,044,985 3,709,672
Cash at bank and in hand 65,400 50,898
4,300,595 4,040,570
Creditors: amounts falling due within one
year
(3,760,577) (3,648,823)
Net current assets 540,018 391,747
Total assets less current liabilities 1,339,226 1,205,110
Provisions for liabilities (13,302) -
NET ASSETS 1,325,924 1,205,110
Capital and reserves
Called up share capital 1 1
Profit and loss account 1,325,923 1,205,109
TOTAL EQUITY 1,325,924 1,205,110
The company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies for the year ended 30 November 2024.
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 to comply with the Companies Act 2006 in respect to accounting records and the preparation of financial statements.
2
Company registration number: 10469840
Globe Homes Limited
Balance sheet - continued
as at 30 November 2024
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered to the Registrar.
These financial statements were approved by the Board of directors and authorised for issue on 26 March 2025 and signed on its behalf by:
Mr A Wright, Director
26 March 2025
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Globe Homes Limited
Notes to the financial statements
for the year ended 30 November 2024
1 Company information
Globe Homes Limited is a private company registered in England and Wales. Its registered number is 10469840. The company is limited by shares. Its registered office is Windmill Farm, Stockings Lane, Lichfield, WS15 1QF.
2 Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” including the provisions of Section 1A “Small Entities” and the Companies Act 2006. The financial statements have been prepared under the historic cost convention.
Going concern
In preparing these financial statements, the directors have assessed whether there are any material uncertainties related to events or conditions that cast significant doubt upon the company's ability to continue as a going concern. In making this assessment, the directors take into account all available information about the future which is at least 12 months from the date that the financial statements are authorised for issue.
The directors consider that the company has adequate resources to continue in business for the foreseeable future and that it is appropriate to adopt the going concern basis in preparing the financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc.:
Plant and machinery - 20% reducing balance
Motor vehicles - 25% reducing balance
Investment property
Investment property is shown at its most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Work in progress is valued at the lower of cost and net realisable value. Cost is calculated using the first -in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.
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Globe Homes Limited
Notes to the financial statements - continued
for the year ended 30 November 2024
2 Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred taxation. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that been enacted or substantively enacted by the balance sheet date and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
3 Average number of employees
During the year the average number of employees was 2 (2023 - 3).
4 Tangible fixed assets
Plant and
machinery
etc.
£
Cost
At 1 December 2023 150,577
At 30 November 2024 150,577
Depreciation
At 1 December 2023 83,214
Charge for year 14,155
At 30 November 2024 97,369
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Globe Homes Limited
Notes to the financial statements - continued
for the year ended 30 November 2024
4 Tangible fixed assets - continued
Net book value
At 30 November 2024 53,208
At 30 November 2023 67,363
5 Investment property
£
Valuation
At 1 December 2023 746,000
At 30 November 2024 746,000
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