Company No: 01891390 (England and Wales)

Contents

• Company Information
• Statement of Financial Position
• Notes to the Financial Statements

DIRECTOR

A Dutton

REGISTERED OFFICE	Camp Sewage Disposal Works
	Camp Farm Road
	Aldershot
	GU11 2NS
	United Kingdom

COMPANY NUMBER

01891390 (England and Wales)

ACCOUNTANT	Shaw Gibbs Limited
	Wey Court West
	Union Road
	Farnham
	Surrey
	GU9 7PT

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	613,018		254,650
		613,018		254,650
Current assets
Stocks	4	9,500		10,000
Debtors	5	846,489		405,796
Cash at bank and in hand	6	299,916		260,103
		1,155,905		675,899
Creditors: amounts falling due within one year	7	( 723,714)		( 330,916)
Net current assets		432,191		344,983
Total assets less current liabilities		1,045,209		599,633
Creditors: amounts falling due after more than one year	8	( 326,612)		( 180,655)
Provision for liabilities	9, 10	( 149,339)		( 61,104)
Net assets		569,258		357,874
Capital and reserves
Called-up share capital	11	6		6
Profit and loss account		569,252		357,868
Total shareholder's funds		569,258		357,874

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 member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Globic Limited t/a Drain & Sewer Services (registered number: 01891390) were approved and authorised for issue by the Director on 25 September 2025. They were signed on its behalf by:

A Dutton Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Globic Limited t/a Drain & Sewer Services (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Camp Sewage Disposal Works, Camp Farm Road, Aldershot, GU11 2NS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	15 % reducing balance
Vehicles	25 % reducing balance
Office equipment	15 % reducing balance

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	17		11

3. Tangible assets

	Plant and machinery		Vehicles		Office equipment		Total
	£		£		£		£
Cost
At 01 April 2024	110,012		692,428		19,297		821,737
Additions	61,139		366,452		0		427,591
Disposals	0		( 19,370)		0		( 19,370)
At 31 March 2025	171,151		1,039,510		19,297		1,229,958
Accumulated depreciation
At 01 April 2024	61,306		497,756		8,025		567,087
Charge for the financial year	8,440		58,849		1,691		68,980
Disposals	0		( 19,127)		0		( 19,127)
At 31 March 2025	69,746		537,478		9,716		616,940
Net book value
At 31 March 2025	101,405		502,032		9,581		613,018
At 31 March 2024	48,706		194,672		11,272		254,650
Leased assets included above:
Net book value
At 31 March 2025	0		135,077		0		135,077
At 31 March 2024	0		180,102		0		180,102

4. Stocks

	2025		2024
	£		£
Stocks	9,500		10,000

5. Debtors

	2025		2024
	£		£
Trade debtors	759,378		362,631
Prepayments	52,806		43,165
Other debtors	34,305		0
	846,489		405,796

6. Cash and cash equivalents

	2025		2024
	£		£
Cash at bank and in hand	299,916		260,103

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	361,739		164,633
Accruals	35,448		18,400
Taxation and social security	59,875		88,433
Obligations under finance leases and hire purchase contracts	219,367		56,124
Other creditors	47,285		3,326
	723,714		330,916

8. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Obligations under finance leases and hire purchase contracts	326,612		180,655

9. Provision for liabilities

	2025		2024
	£		£
Deferred tax	149,339		61,104

10. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 61,104)		( 24,299)
Charged to the Statement of Income and Retained Earnings	( 88,235)		( 36,805)
At the end of financial year	( 149,339)		( 61,104)

The deferred taxation balance is made up as follows:

	2025		2024
	£		£
Accelerated capital allowances	( 151,280)		( 61,255)
Tax losses carry forward	1,825		0
Pension surplus	116		151
	( 149,339)		( 61,104)

11. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
6 Ordinary shares of £ 1.00 each	6		6

12. Financial commitments

Commitments

At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2025		2024
	£		£
within one year	27,750		27,750
between one and five years	111,000		111,000
after five years	55,500		83,250
	194,250		222,000

Pensions

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £132,494 (2024 - £171,635). Contributions totalling £648 (2024 - £1,609) were payable to the fund at the reporting date and are included in creditors.