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REGISTERED NUMBER: SC244613 (Scotland)















Unaudited Financial Statements for the Year Ended 30 April 2024

for

Globe Housing (Scotland) Limited

Globe Housing (Scotland) Limited (Registered number: SC244613)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Globe Housing (Scotland) Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: A Reilly
L J Reilly





SECRETARY: Mrs T Reilly





REGISTERED OFFICE: Unit 3
Imperial Park
West Avenue
Linwood
Renfrewshire
PA1 2FB





REGISTERED NUMBER: SC244613 (Scotland)





ACCOUNTANTS: WR Accountants
Bank Chambers
31 The Square
Cumnock
Ayrshire
KA18 1AT

Globe Housing (Scotland) Limited (Registered number: SC244613)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 196,655 213,043
Tangible assets 5 3,856,854 3,040,725
Investments 6 100 -
4,053,609 3,253,768

CURRENT ASSETS
Stocks 1,236,386 -
Debtors 7 3,029,408 1,759,714
Cash at bank 876,678 250,408
5,142,472 2,010,122
CREDITORS
Amounts falling due within one year 8 9,116,256 4,780,845
NET CURRENT LIABILITIES (3,973,784 ) (2,770,723 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

79,825

483,045

CREDITORS
Amounts falling due after more than one
year

9

73,507

110,984
NET ASSETS 6,318 372,061

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 6,218 371,961
6,318 372,061

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

Globe Housing (Scotland) Limited (Registered number: SC244613)

Balance Sheet - continued
30 April 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 April 2025 and were signed on its behalf by:





L J Reilly - Director


Globe Housing (Scotland) Limited (Registered number: SC244613)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Globe Housing (Scotland) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A
These financial statements for the year ended 30 April 2024 are the first that are prepared in accordance with FRS 102 Section 1A. The previous financial statements were prepared in accordance with FRS 105, the date of transition to FRS 102 Section 1A is 1 May 2022.

Preparation of consolidated financial statements
The financial statements contain information about Globe Housing (Scotland) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is recognised in the financial statements when it is probable that future economic benefits will flow to the entity and these benefits can be measured reliably.
Turnover primarily consists of revenue from the sale or rental of properties and land.

Sales of Properties and Land
Turnover from the sale of properties and land is recognised at the point of legal completion, when the significant risks and rewards of ownership have been transferred to the buyer.

Stage of Completion
In certain cases, particularly for long-term contracts or if the company undertakes build-to-order projects, revenue is recognised based on the stage of completion method. This method is applied when the outcome of a transaction can be estimated reliably, and turnover is recognised based on the proportion of costs incurred to date relative to the total estimated costs of the contract.

Rental income
Rental income is recognised on a straight-line basis over the term of the lease agreements. This method is applied consistently across all lease contracts as it reflects the time pattern of the economic benefits derived from the leased assets.

Discounts and Returns
Revenue is recognised net of any sales discounts, rebates, or returns. Management regularly reviews and adjusts estimates based on the actual experience of sales returns and trade discounts.

Taxes
Revenue is recognised excluding value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over its estimated useful life of fifteen years.

Globe Housing (Scotland) Limited (Registered number: SC244613)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off evenly the cost of each asset less it's estimated realisable value over it's estimated useful life as follows:

Asset categoryAnnual rateUseful Life

LandLand is not depreciated
Heritable property4% straight line25 years
Earthmoving Plant33 1/3% straight line 3 years
Computerised Plant33 1/3% straight line3 years
Other Plant and Machinery10% straight line10 years

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stock and work in progress are valued at the lower of cost and net realisable value.

Stock includes all materials and supplies that are held for sale or used in the production of housing projects. It encompasses raw materials, finished goods, and goods in transit.

Stock is measured at the lower of cost and net realisable value.

Cost includes all expenditures directly attributable to bringing the asset to its current location and condition. Cost formulas applied include specific identification or a first-in, first-out (FIFO) basis.

Work in progress represents costs incurred on properties that are being constructed but are not yet complete.

Work in progress is measured at cost, which includes all direct materials, direct labour, and an appropriate portion of overhead costs incurred during the construction process.

The company regularly reviews work in progress to ensure that it accurately reflects the value of unfinished projects

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 balance sheet date.


Globe Housing (Scotland) Limited (Registered number: SC244613)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
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 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.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 245,819
AMORTISATION
At 1 May 2023 32,776
Charge for year 16,388
At 30 April 2024 49,164
NET BOOK VALUE
At 30 April 2024 196,655
At 30 April 2023 213,043

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2023 2,957,350 100,050 3,057,400
Additions 993,468 - 993,468
At 30 April 2024 3,950,818 100,050 4,050,868
DEPRECIATION
At 1 May 2023 - 16,675 16,675
Charge for year 144,131 33,208 177,339
At 30 April 2024 144,131 49,883 194,014
NET BOOK VALUE
At 30 April 2024 3,806,687 50,167 3,856,854
At 30 April 2023 2,957,350 83,375 3,040,725

Globe Housing (Scotland) Limited (Registered number: SC244613)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. TANGIBLE FIXED ASSETS - continued

Included in cost of land and buildings is freehold land of £ 347,555 (2023 - £ 0 ) which is not depreciated.

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Additions 100
At 30 April 2024 100
NET BOOK VALUE
At 30 April 2024 100

Globe Housing (Scotland) limited owns 100 ordinary £1 shares which represents 100% of the called up share capital of Culross Cambuslang Limited, a company registered in England number 12366063.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 1,265,980 650
Amounts owed by group undertakings 749,705 749,705
Amounts owed by associates 1,000,000 1,000,000
Other debtors 13,723 9,359
3,029,408 1,759,714

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade creditors 60,112 44,048
Amounts owed to associates 2,113,433 4,635,178
Taxation and social security 2,943 2,943
Other creditors 6,939,768 98,676
9,116,256 4,780,845

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.4.24 30.4.23
£    £   
Hire purchase contracts 44,894 82,371
Other creditors 28,613 28,613
73,507 110,984

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in Other creditors are amounts due to Mr L Reilly of £103,160 (2023 £98,676).

Globe Housing (Scotland) Limited (Registered number: SC244613)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Mr L J Reilly and Mr A Reilly are directors of Globe Housing (Scotland) Limited and City Gate Construction (Scotland) Limited, which are related by virtue of common control.

In the year ended 30 April 2024 the following transactions arose between the companies.

30.4.24
£
Amount due by Globe Housing (Scotland )Limited at 1.5.23 (4,635,178 )
Invoiced by City Gate Construction (Scotland) Limited -
Cash received from City Gate Construction (Scotland) Limited (93,000 )
Payments to City Gate Construction (Scotland) Limited 2,614,745
Amount due by Globe Housing (Scotland) Limited at 30.4.24 (2,113,433 )

Mr L J Reilly and Mr A Reilly are directors in Globe Housing (Scotland ) Limited and Inchinnan Capital Investments Limited, which are related by virtue of common control.
30.4.24
£

Amounts due to Globe Housing (Scotland) Limitedat 1.5.23 and 30.4.24

1,000,000








12. FIRST YEAR ADOPTION

Globe Housing (Scotland) Limited (Registered number: SC244613)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

12. FIRST YEAR ADOPTION - continued

Transitional relief
On transition to FRS 102, the company has taken advantage of the following transitional relief:

not to apply the requirements of Section 19 Business Combinations and Goodwill;
not to apply the requirements of Section 26 Share-based Payment;
to measure fair value at date of transition to FRS 102 and use as deemed cost on:
- an item of property, plant and equipment;
- an investment property;
- an intangible asset which meets the recognition criteria and criteria for revaluation in Section 18 Intangible Assets other than Goodwill;
to use a previous GAAP revaluation as deemed cost on:
- an item of property, plant and equipment;
- an investment property;
- an intangible asset which meets the recognition criteria and criteria for revaluation in Section 18 Intangible Assets other than Goodwill;
to measure investment in subsidiaries, associates and joint ventures at cost determined in accordance with Section 9 Consolidated and Separate Financial Statements, Section 14 Investments in Associates or Section 15 Investments in Joint Ventures; deemed cost;
not to apply the requirement of paragraph 22.13 in respect of compound financial instruments;
not to apply the requirements of paragraphs 34.12E to 34.16A in respect of service concession agreements;
to take elections available for extractive activities;
to determine existence of leases on basis of existing facts and circumstances;
to measure decommissioning liabilities included in cost of property, plant and equipment at date of transition to FRS 102;
to retain accounting policies for reported assets, liabilities and equity measurement at date of transition to FRS 102 for dormant companies;