Registered number:
07286733
GLOBE EDUCATION (GB) LTD
Financial statements
Information for filing with the registrar
For the Year Ended
31 December 2020
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GLOBE EDUCATION (GB) LTD
Registered number:
07286733
Statement of financial position
As at
31 December 2020
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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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Total assets less current liabilities
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The Company's
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
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
3 June 2021
.
The notes on pages 3 to 7 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 2020
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At 1 January 2019 (as previously stated)
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At 1 January 2019 (as restated)
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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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Dividends: Equity capital
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Total transactions with owners
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The notes on pages 3 to 7 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 2020
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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
At balance sheet date the company had net current liabilities of £359,701 (2019: £314,893). This condition may indicate the existence of material uncertainty about the company's ability to continue as going concern. However, the financial statements have been prepared on a going concern basis. Because of the forbearance of the company's creditors and their willingness to support the company, the directors consider it appropriate to prepare the financial statements on going concern basis.
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.
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GLOBE EDUCATION (GB) LTD
Notes to the financial statements
For the Year Ended 31 December 2020
2.
Accounting policies (continued)
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.
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.
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GLOBE EDUCATION (GB) LTD
Notes to the financial statements
For the Year Ended 31 December 2020
2.
Accounting policies (continued)
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 the directors, during the year was as follows:
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Investments in subsidiary companies
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The company had impaired the investment in subsidiary in earlier years. During the year, investment in subsidiary has been restated at £111,581 to reflect the reversal of previous impairment relating to subsidiaries having net assets position at balance sheet date.
Unlisted investment represents equity investments 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 2020
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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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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 £nil (2019 - £nil) . No contributions were outstanding at year end (2019: £nil)
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Related party transactions
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During the year, the company made repayments of £295,544 (2019: £1,998,014) to a company under common control. Amount owed by the company at year end was £nil (2019: £295,544). This is repayable on demand.
Other debtors include £nil (2019: £838,389) an interest free unsecured advance given to a company under common control by the directors. This was received in full during the year.
Included in other debtors is £125,000 (2019: £150,000) dividend receivable from a company under common control.
During the year, the company received advances totaling £258,184 from its subsidiaries. Also, the company repaid £36,000 to its subsidiaries. These advances are interest free unsecured advances which are repayable on demand. At balance sheet date amount payable to subsidiaries was £1,249,084 (2019: £1,026,900).
During the year, the company declared dividends of £750,000 (2019: £350,000) to its shareholders. Of this, £150,000 (2019: £350,000) was outstanding at year end which is included in other creditors.
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GLOBE EDUCATION (GB) LTD
Notes to the financial statements
For the Year Ended 31 December 2020
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Post balance sheet events
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The current pandemic triggered by COVID-19 could potentially have a significant financial impact on the business depending on factors like continued spread of the outbreak, level of restriction from the Government and wider impact in the economy. However, at the time of approving these accounts, the directors are unable to determine a reliable estimate of the financial impact of COVID-19 on its profitability, liquidity and financial position.
The company is controlled by board of directors.
The auditors' report on the financial statements for the year ended 31 December 2020 was unqualified.
The audit report was signed on
3 June 2021
by
Janak Pokhrel
(Senior statutory auditor) on behalf of
Mantax Lynton
.
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