Company Registration No. 09837293 (England and Wales)
Globaltec Innovation Ltd
Unaudited accounts
for the year ended 31 October 2021
Globaltec Innovation Ltd
Unaudited accounts
Contents
Globaltec Innovation Ltd
Company Information
for the year ended 31 October 2021
Directors
Mr. Daniel John Judge
Mr. Kevin Morris Sinclair
Mr. David Henry Bayliss
Company Number
09837293 (England and Wales)
Registered Office
Unit 28 Morses Lane
Brightlingsea
Colchester
Essex
CO7 0SF
England
Accountants
Together Accounting Limited
17-19 St Georges Street
Norwich
Norfolk
NR3 1AB
Globaltec Innovation Ltd
Accountants' report
Accountants' report to the board of directors of Globaltec Innovation Ltd on the preparation of the unaudited statutory accounts for the year ended 31 October 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Globaltec Innovation Ltd for the year ended
31 October 2021 as set out on pages
5 -
8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Globaltec Innovation Ltd , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Globaltec Innovation Ltd and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Globaltec Innovation Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Globaltec Innovation Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Globaltec Innovation Ltd . You consider that Globaltec Innovation Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Globaltec Innovation Ltd . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Together Accounting Limited
17-19 St Georges Street
Norwich
Norfolk
NR3 1AB
24 February 2022
Globaltec Innovation Ltd
Statement of financial position
as at
31 October 2021
Intangible assets
2,442
-
Inventories
210,412
66,504
Cash at bank and in hand
23,004
34,379
Creditors: amounts falling due within one year
(28,100)
(53,167)
Net current assets
272,220
101,005
Total assets less current liabilities
278,769
101,005
Creditors: amounts falling due after more than one year
(377,264)
(142,674)
Net liabilities
(98,495)
(41,669)
Called up share capital
556
556
Share premium
551,765
551,765
Profit and loss account
(650,816)
(593,990)
Shareholders' funds
(98,495)
(41,669)
For the year ending 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 February 2022 and were signed on its behalf by
Mr. Daniel John Judge
Director
Company Registration No. 09837293
Globaltec Innovation Ltd
Notes to the Accounts
for the year ended 31 October 2021
Globaltec Innovation Ltd is a private company, limited by shares, registered in England and Wales, registration number 09837293. The registered office is Unit 28 Morses Lane, Brightlingsea, Colchester, Essex, CO7 0SF, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Expenditure on research and development is written off in the year in which it is incurred.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
10% - Straight Line
Globaltec Innovation Ltd
Notes to the Accounts
for the year ended 31 October 2021
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
4
Intangible fixed assets
Other
5
Tangible fixed assets
Fixtures & fittings
Cost or valuation
At cost
6
Debtors: amounts falling due within one year
2021
2020
Accrued income and prepayments
57,718
25,595
Other debtors
4,000
4,153
Globaltec Innovation Ltd
Notes to the Accounts
for the year ended 31 October 2021
7
Creditors: amounts falling due within one year
2021
2020
Trade creditors
15,139
33,117
Taxes and social security
(33,519)
(37,810)
Other creditors
1,214
1,545
Loans from directors
30,986
35,595
Deferred income
14,280
20,720
8
Creditors: amounts falling due after more than one year
2021
2020
Other creditors
327,264
92,674
9
Share capital
2021
2020
Allotted, called up and fully paid:
55,552 Ordinary shares of £0.01 each
555.52
555.52
The Company is Controlled by the Directors by Virtue of a 74% Shareholding.
11
Average number of employees
During the year the average number of employees was 6 (2020: 3).