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Registration number: 05014718

Globe Home Improvements Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

 

Globe Home Improvements Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Globe Home Improvements Limited

Company Information

Director

Mr Philip Michael Bush

Registered office

Suite 1C Meadway Court
Rutherford Close
Stevenage
Hertfordshire
SG1 2EF

Accountants

Re:Accounts Limited
Chartered AccountantsSuite 1C Meadway Court
Rutherford Close
Stevenage
Hertfordshire
SG1 2EF

 

Globe Home Improvements Limited

(Registration number: 05014718)
Balance Sheet as at 31 March 2025

Note

31 March
2025
£

31 March
2024
£

Fixed assets

 

Tangible assets

4

30,356

12,055

Current assets

 

Stocks

5

1,000

1,000

Debtors

6

100,065

62,282

Cash at bank and in hand

 

74,378

66,266

 

175,443

129,548

Creditors: Amounts falling due within one year

7

(151,598)

(105,218)

Net current assets

 

23,845

24,330

Total assets less current liabilities

 

54,201

36,385

Creditors: Amounts falling due after more than one year

7

(1,326)

(6,549)

Net assets

 

52,875

29,836

Capital and reserves

 

Called up share capital

8

120

120

Retained earnings

52,755

29,716

Shareholders' funds

 

52,875

29,836

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 17 June 2025
 

.........................................
Mr Philip Michael Bush
Director

 

Globe Home Improvements Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite 1C Meadway Court
Rutherford Close
Stevenage
Hertfordshire
SG1 2EF
England

These financial statements were authorised for issue by the director on 17 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received for the sale and fitting of windows, doors and conservatories in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Globe Home Improvements Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

20% straight line

Office and computer equipment

33.33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Globe Home Improvements Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

During the year the company converted it's A and B Ordinary shares to Ordinary Shares. This has meant that there is only one class of shares with equal rights to voting and dividends.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2024 - 2).

 

Globe Home Improvements Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2024

13,168

42,524

55,692

Additions

2,881

24,925

27,806

Disposals

(987)

(14,491)

(15,478)

At 31 March 2025

15,062

52,958

68,020

Depreciation

At 1 April 2024

10,580

33,057

43,637

Charge for the year

1,167

7,351

8,518

Eliminated on disposal

-

(14,491)

(14,491)

At 31 March 2025

11,747

25,917

37,664

Carrying amount

At 31 March 2025

3,315

27,041

30,356

At 31 March 2024

2,588

9,467

12,055

5

Stocks

31 March
2025
£

31 March
2024
£

Other inventories

1,000

1,000

6

Debtors

Current

31 March
2025
£

31 March
2024
£

Trade debtors

92,805

58,079

Prepayments

5,171

4,203

Other debtors

2,089

-

 

100,065

62,282

 

Globe Home Improvements Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

31 March
2025
£

31 March
2024
£

Due within one year

 

Loans and borrowings

9

5,223

5,096

Trade creditors

 

32,991

23,852

Taxation and social security

 

46,607

21,600

Accruals and deferred income

 

3,700

-

Other creditors

 

63,077

54,670

 

151,598

105,218

Creditors: amounts falling due after more than one year

Note

31 March
2025
£

31 March
2024
£

Due after one year

 

Loans and borrowings

9

1,326

6,549

8

Share capital

Allotted, called up and fully paid shares

31 March
2025

31 March
2024

No.

£

No.

£

Ordinary of £1 each

120

120

120

120

       

9

Loans and borrowings

Non-current loans and borrowings

31 March
2025
£

31 March
2024
£

Bank borrowings

1,326

6,549

Current loans and borrowings

 

Globe Home Improvements Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

9

Loans and borrowings (continued)

31 March
2025
£

31 March
2024
£

Bank borrowings

5,223

5,096

Bank borrowings

Bounce Back Loan is denominated in £ with a nominal interest rate of 2.5%%, and the final instalment is due on 30 June 2026. The carrying amount at year end is £6,549 (2024 - £11,645).

The Government backed loan has no security and is repaid via monthly instalments

10

Dividends

Final dividends paid

31 March
2025
£

31 March
2024
£

Final dividend of £416.66 (2024 - £83.33) per each Ordinary

50,000

10,000

 

 

Interim dividends paid

31 March
2025
£

31 March
2024
£

Interim dividend of £208.33 (2024 - £333.33) per each Ordinary

25,000

40,000

 

 

11

Related party transactions

Included within creditors at the year end was £62,959 (2024: £54,670) owed to the director and his wife. The loan was interest free with no fixed date for repayment. The director confirms that he will not withdraw the loan unless the company has sufficient cash reserves in order to continue without the loan.

 

Globe Home Improvements Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025 (continued)

11

Related party transactions (continued)

Director's remuneration

The director's remuneration for the year was as follows:

2025
£

2024
£

Remuneration

12,000

12,000