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Registered number: 12157292
The Globe Inn Hotel Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2024
Tungsten Corporate Solutions Ltd
Cardiff Arms Park
Westgate Street
Cardiff
CF10 1JA
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 12157292
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 1
Tangible Assets 5 77,288 87,658
77,288 87,659
CURRENT ASSETS
Stocks 6 8,000 8,000
Debtors 7 10,685 10,000
Cash at bank and in hand 21,186 38,432
39,871 56,432
Creditors: Amounts Falling Due Within One Year 8 (130,717 ) (144,225 )
NET CURRENT ASSETS (LIABILITIES) (90,846 ) (87,793 )
TOTAL ASSETS LESS CURRENT LIABILITIES (13,558 ) (134 )
Creditors: Amounts Falling Due After More Than One Year 9 (14,513 ) (30,015 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (14,685 ) (6,145 )
NET LIABILITIES (42,756 ) (36,294 )
CAPITAL AND RESERVES
Called up share capital 10 1 1
Income Statement (42,757 ) (36,295 )
SHAREHOLDERS' FUNDS (42,756) (36,294)
Page 1
Page 2
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mrs Cally Jenkins
Director
24/04/2025
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
The Globe Inn Hotel Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12157292 . The registered office is The Globe Inn Hotel Ltd, 2 Bridgend Road, Porthcawl, CF36 5RN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 8.5 years
Plant & Machinery 25% on a reducing balance basis
Motor Vehicles 25% on a reducing balance basis
Fixtures & Fittings 15% on a reducing balance basis
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 11)
6 11
4. Intangible Assets
Goodwill
£
Cost
As at 1 August 2023 1
Disposals (1 )
As at 31 July 2024 -
Net Book Value
As at 31 July 2024 -
As at 1 August 2023 1
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 August 2023 104,489 5,918 18,690 38,239 167,336
Additions - 3,243 - 5,243 8,486
As at 31 July 2024 104,489 9,161 18,690 43,482 175,822
Depreciation
As at 1 August 2023 49,172 3,421 10,805 16,280 79,678
Provided during the period 12,293 1,018 1,971 3,574 18,856
As at 31 July 2024 61,465 4,439 12,776 19,854 98,534
Net Book Value
As at 31 July 2024 43,024 4,722 5,914 23,628 77,288
As at 1 August 2023 55,317 2,497 7,885 21,959 87,658
6. Stocks
2024 2023
£ £
Stock 8,000 8,000
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Page 5
7. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 685 -
Due after more than one year
Rent Deposit 10,000 10,000
10,685 10,000
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 33,217 45,884
Bank loans and overdrafts 12,334 22,333
Corporation tax 4,915 -
Other taxes and social security 2,486 -
VAT 49,670 54,507
Other creditors 112 -
Accruals and deferred income 26,826 19,800
Director's loan account 1,157 1,701
130,717 144,225
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 14,513 30,015
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
11. Going Concern
The company has net liabilities of £36094 which represents the  Bounce Back loan.
It has continued trading in the subsequent year and been able to meet its liabilities as they fell due. 
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