REGISTERED NUMBER: 05327595 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

GLOBALHOME ESTATES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr Christos Tsentas

Mr Costas Tsentas

Mr Kypros L Tsentas

REGISTERED OFFICE:

869 High Road

London

N12 8QA

REGISTERED NUMBER:

05327595 (England and Wales)

ACCOUNTANTS:

EA

Chartered Accountants

869 High Road

London

N12 8QA

FIXED ASSETS

Tangible assets

4

8,176

10,902

Investment property

5

16,285

16,285

24,461

27,187

CURRENT ASSETS

Stocks

6

6,147,622

6,103,665

Debtors

7

44,644

100,411

Cash at bank and in hand

1,908,182

2,620,752

8,100,448

8,824,828

CREDITORS

Amounts falling due within one year

8

102,371

145,204

NET CURRENT ASSETS

7,998,077

8,679,624

TOTAL ASSETS LESS CURRENT LIABILITIES

8,022,538

8,706,811

CREDITORS

Amounts falling due after more than one year

9

(3,561,450

)

(3,561,450

)

PROVISIONS FOR LIABILITIES

(3,000

)

(3,000

)

NET ASSETS

4,458,088

5,142,361

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Retained earnings

4,358,088

5,042,361

SHAREHOLDERS' FUNDS

4,458,088

5,142,361

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2025 and were signed on its behalf by:

Mr Costas Tsentas - Director

1.	STATUTORY INFORMATION

Globalhome Estates Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 historical cost convention as modified by the revaluation of certain assets.

TURNOVER

Turnover represents the total invoiced value, excluding value added tax, of sales of goods and services and rental of properties during the year.

Revenue related to the sale of goods is recognised at the point where the company has transferred to the buyer the significant risks and rewards of ownership of the goods, the amount of the revenue can be measured reliably and it is probable the economic benefits associated with the transaction will flow to the company.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

INVESTMENT PROPERTY

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

STOCKS

Stocks and work in progress are stated at the lower of cost and selling price less costs to complete and sell.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

TAXATION

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 have been enacted or substantively enacted by the year end 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 probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

HIRE PURCHASE AND LEASING COMMITMENTS

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

15,098

20,695

35,793

DEPRECIATION

At 1 January 2024

9,107

15,784

24,891

Charge for year

1,498

1,228

2,726

At 31 December 2024

10,605

17,012

27,617

NET BOOK VALUE

At 31 December 2024

4,493

3,683

8,176

At 31 December 2023

5,991

4,911

10,902

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

16,285

NET BOOK VALUE

At 31 December 2024

16,285

At 31 December 2023

16,285

Fair value at 31 December 2024 is represented by:

£

Valuation in 2024

16,285

If investment properties had not been revalued they would have been included at the following historical cost:

2024

2023

£

£

Cost

16,285

16,285

Investment properties were valued on a fair value basis on 31 December 2024 by the directors .

6.

STOCKS

2024

2023

£

£

Stocks

6,147,622

6,103,665

Stocks consists of complete and in progress development building projects. Bank loans amounting to £3,561,450 (2023: £3,561,450) are secured by way of a fixed and floating charge over the development projects included in stocks.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,929

6,637

Other debtors

42,715

93,774

44,644

100,411

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

199

1,510

Taxation and social security

3,385

17,705

Other creditors

98,787

125,989

102,371

145,204

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

3,561,450

3,561,450

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

3,561,450

3,561,450

The bank loans are secured by way of a fixed and floating charge over the relevant properties either owned, developed or rented by the company.

11.	RELATED PARTY DISCLOSURES

12.	ULTIMATE CONTROLLING PARTY