REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2024 |
for |
Globe Housing (Scotland) Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
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 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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 were approved by the Board of Directors and authorised for issue on |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 category | Annual rate | Useful Life |
Land | Land is not depreciated |
Heritable property | 4% straight line | 25 years |
Earthmoving Plant | 33 1/3% straight line | 3 years |
Computerised Plant | 33 1/3% straight line | 3 years |
Other Plant and Machinery | 10% straight line | 10 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 |
AMORTISATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 May 2023 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
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 |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
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 |
Amounts owed by group undertakings |
Amounts owed by associates |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Trade creditors |
Amounts owed to associates | 2,113,433 | 4,635,178 |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Hire purchase contracts |
Other creditors |
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; |