The Globe Exeter Limited Filleted Accounts Cover |
Company No. 12393326 | |||||||||
The Globe Exeter Limited Directors Report Registrar |
The Directors present their report and the accounts for the year ended 31 July 2024. | |||||||||
Principal activities | |||||||||
Directors | |||||||||
The Directors who served at any time during the year were as follows: | |||||||||
J.W.C. Jenner | |||||||||
J. Jenner | |||||||||
Signed on behalf of the board | |||||||||
J.W.C. Jenner | |||||||||
Director | |||||||||
31 July 2024 | |||||||||
The Globe Exeter Limited Balance Sheet Registrar |
at | ||||||||||
Company No. | Notes | 2024 | 2023 | |||||||
£ | £ | |||||||||
Fixed assets | ||||||||||
Tangible assets | 4 | |||||||||
Investments | 5 | |||||||||
Current assets | ||||||||||
Debtors | 6 | |||||||||
Cash at bank and in hand | ||||||||||
Creditors: Amount falling due within one year | 7 | ( | ( | |||||||
Net current liabilities | ( | ( | ||||||||
Total assets less current liabilities | ( | |||||||||
Creditors: Amounts falling due after more than one year | 8 | ( | ||||||||
Provisions for liabilities | ||||||||||
Deferred taxation | ( | ( | ||||||||
Net (liabilities)/assets | ( | |||||||||
Capital and reserves | ||||||||||
Called up share capital | ||||||||||
Revaluation reserve | 10 | |||||||||
Profit and loss account | 10 | ( | ( | |||||||
Total equity | ( | |||||||||
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account. | ||||||||||
Approved by the board on 31 January 2024 and signed on its behalf by: | ||||||||||
J.W.C. Jenner | ||||||||||
Director | ||||||||||
31 January 2024 | ||||||||||
The Globe Exeter Limited Notes to the Accounts Registrar |
for the year ended 31 July 2024 | ||||||||||||||
1 | General information | |||||||||||||
The Globe Exeter Limited is a private company limited by shares and incorporated in England and Wales. | ||||||||||||||
Its registered number is: 12393326 | ||||||||||||||
Its registered office is: | ||||||||||||||
2 | Accounting policies | |||||||||||||
Turnover | ||||||||||||||
Revenue from the sale of goods is recognised when all the following conditions are satisfied: • the Company has transferred to the buyer the significant risks and rewards of ownership of the goods; • the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; • the amount of revenue can be measured reliably; • it is probable that the economic benefits associated with the transaction will flow to the Company; and • the costs incurred or to be incurred in respect of the transaction can be measured reliably. Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed. | ||||||||||||||
Intangible fixed assets | ||||||||||||||
Research and development costs | ||||||||||||||
Expenditure on research and development is written off in the year it is incurred unless it meets the criteria to allow it to be capitalised. Costs of research are always written off in the year in which they are incurred. Where development costs are recognised as an asset, they are amortised over the period expected to benefit from them. Amortisation of the capitalised costs begins once the developed product comes into use, typically at rate of 33.33% straight line. | ||||||||||||||
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 profit and loss account because of items of income or expense that are taxable or deductible in other years 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 temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary 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. 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. Current or deferred tax for the year is recognised in profit or loss, except when they relate 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. | ||||||||||||||
Freehold investment property | ||||||||||||||
No depreciation is provided in respect of investment properties. | ||||||||||||||
Investments | ||||||||||||||
Prior Period Adjustment - Correction of Loan Repayment and Expense Classification | ||||||||||||||
An Opening Balance Adjustment (OBA) of £ 212 173.35 had been recorded as a credit in the loan liability account, acting as a temporary placeholder. Upon review, it was determined that this balance represented amounts already paid in prior years, specifically: - Loan Principal Repayment: £ 115 565.94 - Interest and Arrangement Fees: £ 96 607.41 These amounts should have been recorded as expenses in prior periods, not as a liability. As a result, a prior period adjustment has been made by reclassifying the balance from the liabilities to retained earnings, reflecting the correction of the accounting treatment. No changes have been made to current year's profit or loss. The comparative figures have not been restated, as the adjustment was immaterial to prior year presentation, but the correction is disclosed in accordance with IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors. | ||||||||||||||
Trade and other debtors | ||||||||||||||
Trade and other creditors | ||||||||||||||
Foreign currencies | ||||||||||||||
Leased assets | ||||||||||||||
Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases. Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above). Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis. | ||||||||||||||
Prior Period Adjustment - Recognition of Previously Omitted Investment in Subsidiaries | ||||||||||||||
In accordance with IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors, a prior period adjustment has been made to recognise the investment at it's original acquisition cost in the current financial statements. This adjustment has been recorded through retained earnings, as it relates to a prior reporting period and does not affect the current year profit or loss. Name of Subsidiaries: Clifton Road Exeter 1 Ltd & Clifton Road Exeter 2 Ltd Nature of Relationship: 100% Owned Subsidiaries Date of Acquisition: 29th July 2021 & 16th March 2022 Cost of Investment Recognised: £2 Method of Accounting: Cost Method The comparative figures have not been restated, as the impact was not material to the prior year financial statements. However, this disclosure is made to provide full transparency of the adjustment. | ||||||||||||||
Provisions | ||||||||||||||
Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet. | ||||||||||||||
3 | Employees | |||||||||||||
2024 | 2023 | |||||||||||||
Number | Number | |||||||||||||
The average monthly number of employees (including directors) during the year was: | ||||||||||||||
4 | Tangible fixed assets | |||||||||||||
Land and buildings | Total | |||||||||||||
£ | £ | |||||||||||||
Cost or revaluation | ||||||||||||||
At 1 August 2023 | ||||||||||||||
At 31 July 2024 | ||||||||||||||
Depreciation | ||||||||||||||
Net book values | ||||||||||||||
At 31 July 2024 | ||||||||||||||
At 31 July 2023 | 250,000 | |||||||||||||
5 | Investments | |||||||||||||
Investment in Subsidiaries | Total | |||||||||||||
£ | £ | |||||||||||||
Cost or valuation | ||||||||||||||
Additions | ||||||||||||||
At 31 July 2024 | ||||||||||||||
Provisions/Impairment | ||||||||||||||
Net book values | ||||||||||||||
At 31 July 2024 | ||||||||||||||
6 | Debtors | |||||||||||||
2024 | 2023 | |||||||||||||
£ | £ | |||||||||||||
Amounts owed by group undertakings | ||||||||||||||
Other debtors | ||||||||||||||
7 | Creditors: | |||||||||||||
amounts falling due within one year | ||||||||||||||
2024 | 2023 | |||||||||||||
£ | £ | |||||||||||||
Bank loans and overdrafts | ||||||||||||||
Trade creditors | ||||||||||||||
Amounts owed to group undertakings | ||||||||||||||
Other creditors | ||||||||||||||
Accruals and deferred income | ( | |||||||||||||
8 | Creditors: | |||||||||||||
amounts falling due after more than one year | ||||||||||||||
2024 | 2023 | |||||||||||||
£ | £ | |||||||||||||
Other creditors | ||||||||||||||
9 | Share Capital | |||||||||||||
Ordinary Share Capital | ||||||||||||||
10 | Reserves | |||||||||||||
Revaluation Reserve | Total other reserves | |||||||||||||
£ | £ | |||||||||||||
Movement on revaluation reserve | ||||||||||||||
At 31 July 2023 and 1 August 2023 | ||||||||||||||
At 31 July 2024 | ||||||||||||||