GLOBESTOCK LIMITED
Company Registration No. 01641128 (England and Wales)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
GLOBESTOCK LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
GLOBESTOCK LIMITED
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
483,224
514,120
Current assets
Stocks
287,908
253,419
Debtors
4
342,202
434,381
Cash at bank and in hand
391,090
142,315
1,021,200
830,115
Creditors: amounts falling due within one year
5
(503,783)
(199,647)
Net current assets
517,417
630,468
Total assets less current liabilities
1,000,641
1,144,588
Creditors: amounts falling due after more than one year
6
(165,871)
(180,571)
Provisions for liabilities
(29,508)
(33,137)
Net assets
805,262
930,880
Capital and reserves
Called up share capital
7
60,000
60,000
Profit and loss reserves
745,262
870,880
Total equity
805,262
930,880
GLOBESTOCK LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2018
31 March 2018
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 8 October 2018 and are signed on its behalf by:
Mr R C Elwin
Director
Company Registration No. 01641128
GLOBESTOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
1
Accounting policies
Company information
Globestock Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 6B, Mile Oak Industrial Estate, Maesbury Road, Oswestry, Shropshire, SY10 8GA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
2% pa reducing balance
Plant and equipment
15% pa reducing balance
Fixtures and fittings
15% pa reducing balance
Computers
33.3% pa reducing balance
Motor vehicles
25% pa reducing balance
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
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
GLOBESTOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -
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.
1.6
Cash at bank and in hand
Cash at bank and in hand
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 current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
GLOBESTOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 5 -
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.13
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants
relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 17 (2017 - 16).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2017
322,719
357,800
680,519
Additions
1,728
2,890
4,618
Disposals
-
(740)
(740)
At 31 March 2018
324,447
359,950
684,397
Depreciation and impairment
At 1 April 2017
6,903
159,496
166,399
Depreciation charged in the year
1,361
33,413
34,774
At 31 March 2018
8,264
192,909
201,173
Carrying amount
At 31 March 2018
316,183
167,041
483,224
At 31 March 2017
315,816
198,304
514,120
GLOBESTOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 6 -
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
175,212
249,616
Other debtors
166,990
184,765
342,202
434,381
5
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
8,292
20,625
Trade creditors
79,060
74,334
Amounts due to group undertakings
-
3,265
Corporation tax
47,030
16,178
Other taxation and social security
34,207
42,676
Other creditors
335,194
42,569
503,783
199,647
The bank hold a fixed and floating charge over
all the property or undertaking
s
of the company.
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
134,908
126,543
Other creditors
30,963
54,028
165,871
180,571
Creditors which fall due after five years are as follows:
2018
2017
£
£
Payable by instalments
99,213
22,755
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
60,000 Ordinary shares of £1 each
60,000
60,000
60,000
60,000
GLOBESTOCK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 7 -
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
22,841
12,250
9
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
Other debtors
Aluroll Limited - interest free loan of nil (2017 - £43,000).
Steelroll Limited - interest free loan of £103,000 (2017 - £125,000).
Evastore Ltd - interest bearing loan of £50,000 (2017 - £nil).
Other creditors
Evans Enterprises Limited - interest free loan of £294,000 (2017 - £nil).
A shareholder and a director of the parent company of Globestock Limited have a participating interest in Evans Enterprises Limited, Aluroll Limited and Steelroll Limited.
There is a commitment by Globestock to provide Evastore Limited with an additional loan of £130,000 (2017 - £nil).
10
Parent company
The ultimate parent company is Globestock Holdings Limited, a company incorporated in England and Wales. The registered office and main trading address is: Unit 6, Mile Oak Industrial Estate, Maesbury Road, Oswestry, Shropshire, SY10 8GA.