Global Holdings Midlands Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04703229 (England and Wales)

GLOBAL HOLDINGS MIDLANDS LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

C B P Jones

SECRETARY:

Mrs M Jones

REGISTERED OFFICE:

Cold Meece Estate

Cold Meece

Swynnerton

Stone

Staffordshire

ST15 0SP

REGISTERED NUMBER:

04703229 (England and Wales)

FIXED ASSETS

Tangible assets

4

114,216

114,554

Investments

5

1

1

Investment property

6

2,669,452

2,150,000

2,783,669

2,264,555

CURRENT ASSETS

Debtors

7

1,872,079

1,840,617

Cash at bank

752,777

1,081,744

2,624,856

2,922,361

CREDITORS

Amounts falling due within one year

8

(2,324,193

)

(2,526,219

)

NET CURRENT ASSETS

300,663

396,142

TOTAL ASSETS LESS CURRENT LIABILITIES

3,084,332

2,660,697

CREDITORS

Amounts falling due after more than one year

9

(171,046

)

(189,195

)

PROVISIONS FOR LIABILITIES

(297,165

)

(251,728

)

ACCRUALS AND DEFERRED INCOME

(99,998

)

-

NET ASSETS

2,516,123

2,219,774

CAPITAL AND RESERVES

Called up share capital

11

1

1

Revaluation reserve

1,386,286

1,131,787

Retained earnings

1,129,836

1,087,986

SHAREHOLDERS' FUNDS

2,516,123

2,219,774

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director on 23 December 2019 and were signed by:

C B P Jones - Director

1.	STATUTORY INFORMATION

Global Holdings Midlands Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section

1A "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act

2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and

rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented unless otherwise stated.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade

discounts. The policies adopted for the recognition of turnover are as follows:

Property rental income and plant rental income

Rental income from operating leases (net of any incentives given to the lessees) is recognised on a straight-line

basis over the lease term.

Interest and dividends receivable

Interest income is recognised using the effective interest method and dividend income is recognised as the

company's right to receive payment is established.

Management charges

Management charges are recognised as the company's right to receive payment is established.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

In the opinion of the director, the investment properties are included at an amount that accords to its fair

value at the balance sheet date. The revaluation surplus is recognised in the profit and loss account. Deferred

tax is provided on these gains at the rate expected to apply when the property is sold.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

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 taxation

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under

finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at

transaction price. Any losses arising from impairment are recognised in the profit and loss account in other

administrative expenses.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is

reasonable assurance that the company will comply with conditions attaching to them and the grants will be

received using the accrual model.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2018

267,533

Additions

44,261

Disposals

(52,000

)

At 31 March 2019

259,794

DEPRECIATION

At 1 April 2018

152,979

Charge for year

32,259

Eliminated on disposal

(39,660

)

At 31 March 2019

145,578

NET BOOK VALUE

At 31 March 2019

114,216

At 31 March 2018

114,554

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2018

230,551

Additions

43,461

Disposals

(52,000

)

At 31 March 2019

222,012

DEPRECIATION

At 1 April 2018

129,839

Charge for year

28,709

Eliminated on disposal

(39,660

)

At 31 March 2019

118,888

NET BOOK VALUE

At 31 March 2019

103,124

At 31 March 2018

100,712

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2018

and 31 March 2019

1

NET BOOK VALUE

At 31 March 2019

1

At 31 March 2018

1

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2018

2,150,000

Additions

219,452

Revaluations

300,000

At 31 March 2019

2,669,452

NET BOOK VALUE

At 31 March 2019

2,669,452

At 31 March 2018

2,150,000

Fair value at 31 March 2019 is represented by:

£

Valuation in 2019

2,669,452

The director is of the opinion that the fair value of the investment properties as at 31 March 2019 accords to

the value shown on the balance sheet, being £2,669,452 (2018 - £2,150,000). The value is based on a valuation

by the director in 2019.

The historical cost of the investment property as at 31 March 2019 was £1,007,702 (2018 - £788,250).

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

6,900

918

Amounts owed by associates

1,355,116

1,304,631

Directors' current accounts

393,199

418,128

Corporation tax

116,864

116,864

Prepayments and accrued income

-

76

1,872,079

1,840,617

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts

32,106

30,322

Trade creditors

83,275

61,514

Amounts owed to group undertakings

844,787

884,496

Corporation tax

-

158

VAT

4,909

6,928

Other creditors

1,310,895

1,478,520

Accrued expenses

48,221

64,281

2,324,193

2,526,219

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans more 5yrs non-inst

145,136

161,859

Hire purchase contracts

25,910

27,336

171,046

189,195

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5yrs non-inst

145,136

161,859

10.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

145,136

161,859

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

1

Ordinary

£1

1

1

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2019 and

31 March 2018:

2019

2018

£

£

C B P Jones

Balance outstanding at start of year

418,128

813,444

Amounts advanced

41,557

74,109

Amounts repaid

(66,486

)

(469,425

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

393,199

418,128

The company has charged Interest on the loan at a rate of 2.5%. The balance is repayable on demand.

13.	RELATED PARTY DISCLOSURES

At the year end, an LLP in which Mr C B P Jones is a member owed the company £301,390 (2018 - £312,622) in

respect of a loan.

At the year end, companies in which Mr C B P Jones is a director and shareholder owed the company

£1,053,726 (2018 - £989,680) in respect of a loan.