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Company registration number: 06906956
GLOBE SECURITY SYSTEMS LIMITED
Unaudited financial statements
30 November 2024
GLOBE SECURITY SYSTEMS LIMITED
Contents
Directors and other information
Directors report
Accountant's report
Statement of income and retained earnings
Statement of financial position
Notes to the financial statements
GLOBE SECURITY SYSTEMS LIMITED
Directors and other information
Directors Mr M Wallis
Mr J Wallis
Company number 06906956
Registered office 15 Lampits Hill
Corringham
Stanford le Hope
Essex
SS17 9AA
Business address 8 Newlands End
Basildon
Essex
SS15 6DU
Accountant A.W. Fenn & Co
15 Lampits Hill
Corringham
Stanford le hope
Essex
SS17 9AA
Bankers Natwest
46 High Street
Brentwood
Essex
CM14 4AL
Santander
Bootle
Merseyside
L30 4GB
GLOBE SECURITY SYSTEMS LIMITED
Directors report
Year ended 30th November 2024
The directors present their report and the unaudited financial statements of the company for the year ended 30th November 2024.
Directors
The directors who served the company during the year were as follows:
Mr M Wallis
Mr J Wallis
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 16 May 2025 and signed on behalf of the board by:
Mr J Wallis
Director
GLOBE SECURITY SYSTEMS LIMITED
Report to the board of directors on the preparation of the
unaudited statutory financial statements of GLOBE SECURITY SYSTEMS LIMITED
Year ended 30th November 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of GLOBE SECURITY SYSTEMS LIMITED for the year ended 30th November 2024 which comprise the statement of income and retained earnings, statement of financial position and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Association of Chartered Certified Accountants , I am subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of GLOBE SECURITY SYSTEMS LIMITED, as a body, in accordance with the terms of my engagement letter dated 26th April 2022. My work has been undertaken solely to prepare for your approval the financial statements of GLOBE SECURITY SYSTEMS LIMITED and state those matters that we have agreed to state to the board of directors of GLOBE SECURITY SYSTEMS LIMITED as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than GLOBE SECURITY SYSTEMS LIMITED and its board of directors as a body for my work or for this report.
It is your duty to ensure that GLOBE SECURITY SYSTEMS LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of GLOBE SECURITY SYSTEMS LIMITED. You consider that GLOBE SECURITY SYSTEMS LIMITED is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of GLOBE SECURITY SYSTEMS LIMITED. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
A.W. Fenn & Co
Chartered Certified Accountants
15 Lampits Hill
Corringham
Stanford le hope
Essex
SS17 9AA
19th May 2025
GLOBE SECURITY SYSTEMS LIMITED
Statement of income and retained earnings
Year ended 30th November 2024
2024 2023
Note £ £
Turnover 1,509,336 316,130
Cost of sales ( 653,689) ( 189,356)
_______ _______
Gross profit 855,647 126,774
Administrative expenses ( 91,245) ( 88,741)
_______ _______
Operating profit 764,402 38,033
Other interest receivable and similar income 3,947 1,256
Interest payable and similar expenses ( 639) ( 1,116)
Profit before taxation 5 767,710 38,173
Tax on profit ( 193,384) ( 7,398)
_______ _______
Profit for the financial year and total comprehensive income 574,326 30,775
_______ _______
Dividends declared and paid or payable during the year ( 62,905) ( 38,600)
Retained earnings at the start of the year 311,672 319,497
_______ _______
Retained earnings at the end of the year 823,093 311,672
_______ _______
All the activities of the company are from continuing operations.
GLOBE SECURITY SYSTEMS LIMITED
Statement of financial position
30th November 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 6 1,600 3,200
Tangible assets 7 12,016 14,891
_______ _______
13,616 18,091
Current assets
Debtors 8 566,136 227,312
Cash at bank and in hand 676,956 120,313
_______ _______
1,243,092 347,625
Creditors: amounts falling due
within one year 9 ( 418,111) ( 28,878)
_______ _______
Net current assets 824,981 318,747
_______ _______
Total assets less current liabilities 838,597 336,838
Creditors: amounts falling due
after more than one year 10 ( 10,000) ( 20,000)
Provisions for liabilities ( 3,004) ( 2,666)
_______ _______
Net assets 825,593 314,172
_______ _______
Capital and reserves
Called up share capital 2,500 2,500
Profit and loss account 823,093 311,672
_______ _______
Shareholders funds 825,593 314,172
_______ _______
For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements were approved by the board of directors and authorised for issue on 16 May 2025 , and are signed on behalf of the board by:
Mr J Wallis
Director
Company registration number: 06906956
GLOBE SECURITY SYSTEMS LIMITED
Notes to the financial statements
Year ended 30th November 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15 Lampits Hill, Corringham, Stanford le Hope, Essex, SS17 9AA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - written off over 4 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25% straightline basis
Fittings fixtures and equipment - 20% straightline basis and written off over 3 years
Motor vehicles - 25% straightline basis
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 6 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2024 2023
£ £
Amortisation of intangible assets 1,600 1,600
Depreciation of tangible assets 7,430 6,427
_______ _______
6. Intangible assets
Goodwill Total
£ £
Cost
At 1st December 2023 and 30th November 2024 8,000 8,000
_______ _______
Amortisation
At 1st December 2023 4,800 4,800
Charge for the year 1,600 1,600
_______ _______
At 30th November 2024 6,400 6,400
_______ _______
Carrying amount
At 30th November 2024 1,600 1,600
_______ _______
At 30th November 2023 3,200 3,200
_______ _______
7. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1st December 2023 64,865 29,091 23,026 116,982
Additions - 4,555 - 4,555
Disposals ( 7,750) - - ( 7,750)
_______ _______ _______ _______
At 30th November 2024 57,115 33,646 23,026 113,787
_______ _______ _______ _______
Depreciation
At 1st December 2023 64,865 26,942 10,284 102,091
Charge for the year - 3,182 4,248 7,430
Disposals ( 7,750) - - ( 7,750)
_______ _______ _______ _______
At 30th November 2024 57,115 30,124 14,532 101,771
_______ _______ _______ _______
Carrying amount
At 30th November 2024 - 3,522 8,494 12,016
_______ _______ _______ _______
At 30th November 2023 - 2,149 12,742 14,891
_______ _______ _______ _______
8. Debtors
2024 2023
£ £
Trade debtors 363,892 27,312
Other debtors 202,244 200,000
_______ _______
566,136 227,312
_______ _______
9. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 82,184 10,000
Trade creditors 38,359 -
Corporation tax 193,046 5,079
Social security and other taxes 86,795 11,675
Other creditors 17,727 2,124
_______ _______
418,111 28,878
_______ _______
10. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 10,000 20,000
_______ _______
11. Related party transactions
The company is owed £202,244 from Wallis & Wallis Properties Limited at 30th November 2024, a company that has common directors and shareholders. This loan is interest free and repayable upon demand.The company paid dividends totalling £62,905 during the year (2023 £38,600). The serving directors receive dividends.
12. Controlling party
The company is controlled by its directors.