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REGISTERED NUMBER: 10276684 (England and Wales)











Financial Statements

for the Year Ended 31 July 2024

for

GLOBEPACK EQUIPMENT LTD

GLOBEPACK EQUIPMENT LTD (REGISTERED NUMBER: 10276684)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GLOBEPACK EQUIPMENT LTD

Company Information
for the Year Ended 31 July 2024







DIRECTOR: Mr L J T Angel





REGISTERED OFFICE: 10 Galton Way
Warfield
Bracknell
Berkshire
RG42 4GS





REGISTERED NUMBER: 10276684 (England and Wales)





ACCOUNTANTS: Jeff Lermer & Associates
Chartered Accountants
42 Lytton Road
Barnet
Hertfordshire
EN5 5BY

GLOBEPACK EQUIPMENT LTD (REGISTERED NUMBER: 10276684)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 13,146 16,051

CURRENT ASSETS
Stocks 300,012 370,626
Debtors 5 632,150 735,633
Cash at bank and in hand 7,145 93,046
939,307 1,199,305
CREDITORS
Amounts falling due within one year 6 738,424 984,285
NET CURRENT ASSETS 200,883 215,020
TOTAL ASSETS LESS CURRENT
LIABILITIES

214,029

231,071

CAPITAL AND RESERVES
Called up share capital 8 102 101
Retained earnings 213,927 230,970
SHAREHOLDERS' FUNDS 214,029 231,071

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

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

The director acknowledges his 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 director and authorised for issue on 28 April 2025 and were signed by:





Mr L J T Angel - Director


GLOBEPACK EQUIPMENT LTD (REGISTERED NUMBER: 10276684)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Globepack Equipment Ltd 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.

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.

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.
Fixtures and fittings - 25% on cost
Motor vehicles - 20% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The director has a reasonable expectation that the company will continue in operational existence for the foreseeable future and therefore used the going concern basis in preparing the financial statements.

GLOBEPACK EQUIPMENT LTD (REGISTERED NUMBER: 10276684)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 9 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 August 2023 3,508 17,000 930 21,438
Additions 937 - 294 1,231
At 31 July 2024 4,445 17,000 1,224 22,669
DEPRECIATION
At 1 August 2023 1,754 3,400 233 5,387
Charge for year 1,111 2,720 305 4,136
At 31 July 2024 2,865 6,120 538 9,523
NET BOOK VALUE
At 31 July 2024 1,580 10,880 686 13,146
At 31 July 2023 1,754 13,600 697 16,051

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 289,188 512,339
Amounts owed by group undertakings 221,324 173,094
Other debtors 97,236 30,107
VAT 10,905 8,263
Prepayments and accrued income 13,497 11,830
632,150 735,633

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans and overdrafts (see note 7) 60,007 289,715
Trade creditors 175,626 249,538
Tax 29,812 31,114
Social security and other taxes 17,837 22,944
Other creditors 453,183 121,217
Directors' current accounts 1 31
Accruals and deferred income 1,958 269,726
738,424 984,285

7. LOANS

An analysis of the maturity of loans is given below:

31.7.24 31.7.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 60,007 289,715

GLOBEPACK EQUIPMENT LTD (REGISTERED NUMBER: 10276684)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
100 Ordinary £1 100 100
1 A Class Ordinary £1 1 1
1 B Class Ordinary £1 1 -
102 101

Allotted and issued:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
1 Share capital 3 £1 1 -

The following shares were issued during the year for cash at par :

1 B Class Ordinary share of £1

9. RELATED PARTY DISCLOSURES

As at the balance sheet date, included in creditors due within one year is £Nil (2023: £31) due and payable to the director. The amount is interest free and repayable on demand.

At the balance sheet date the company was owed £221,324 (2023: £173,094) by Angel Investment Group Limited. The companies are related parties by virtue of the fact that they are under common control.