Registered number:
07286733
Globe Education (GB) Ltd
Financial statements
Information for filing with the registrar
For the Year Ended
31 December 2021
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Globe Education (GB) Ltd
Registered number:
07286733
Statement of financial position
As at
31 December 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
26 September 2022
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The notes on pages 3 to 8 form part of these financial statements.
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Globe Education (GB) Ltd
Statement of changes in equity
For the Year Ended
31 December 2021
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Comprehensive income for the year
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Total comprehensive income for the year
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Dividends: Equity capital
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Total transactions with owners
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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The notes on pages 3 to 8 form part of these financial statements.
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Globe Education (GB) Ltd
Notes to the financial statements
For the Year Ended 31 December 2021
Globe Education (GB) Limited is a company, Limited by shares, registered in England and Wales. The company's registered number and registered office is shown on company information page.
The presentation currency of the financial statements is the Pound Sterling (£), rounded to the nearest pound.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The following principal accounting policies have been applied:
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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Globe Education (GB) Ltd
Notes to the financial statements
For the Year Ended 31 December 2021
2.
Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙
the amount of revenue can be measured reliably;
∙
it is probable that the Company will receive the consideration due under the contract;
∙
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙
the costs incurred and the costs to complete the contract can be measured reliably.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
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Globe Education (GB) Ltd
Notes to the financial statements
For the Year Ended 31 December 2021
2.
Accounting policies (continued)
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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.
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The average monthly number of employees, including directors, during the year was
2
(2020 -
2
)
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Globe Education (GB) Ltd
Notes to the financial statements
For the Year Ended 31 December 2021
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Investments in subsidiary companies
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Unlisted investment represents equity investments in subsidiaries and investment in a company under common control.
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Globe Education (GB) Ltd
Notes to the financial statements
For the Year Ended 31 December 2021
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Amounts owed by group undertakings
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Amount owed by group undertakings represents interest free unsecured advances which are are repayable on demand.
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amount owed to group undertakings represents interest free unsecured advances which are are repayable on demand.
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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 £173 (2020 - £nil). Contributions totaling £34 (2020: £nil) were outstanding at year end.
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Globe Education (GB) Ltd
Notes to the financial statements
For the Year Ended 31 December 2021
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Related party transactions
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During the year, the Company was entitled to dividends of £1,111,111 (2020: £725,000) on its investment in a company under common control. The whole amount was receivable at balance sheet date and is included in other debtors.
Other debtors include £50,000 (2020: £125,000) receivable from subsidiary undertaking in respect of dividends receivable from earlier accounting period.
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The Company is controlled by Mr T Andradi by virtue of his majority shareholding in the Company.
The auditors' report on the financial statements for the year ended 31 December 2021 was unqualified.
The audit report was signed on
26 September 2022
by
Janak Pokhrel
(Senior statutory auditor) on behalf of
Mantax Lynton
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