Global Holdings Midlands Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 04703229 (England and Wales)

GLOBAL HOLDINGS MIDLANDS LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

C B P Jones

REGISTERED OFFICE:

Cold Meece Estate

Cold Meece

Swynnerton

Stone

Staffordshire

ST15 0SP

REGISTERED NUMBER:

04703229 (England and Wales)

FIXED ASSETS

Tangible assets

4

264,449

354,552

Investments

5

1

1

Investment property

6

2,655,000

2,505,000

2,919,450

2,859,553

CURRENT ASSETS

Debtors

7

2,527,719

2,199,099

Cash at bank

456,896

1,237,057

2,984,615

3,436,156

CREDITORS

Amounts falling due within one year

8

(1,846,983

)

(2,341,762

)

NET CURRENT ASSETS

1,137,632

1,094,394

TOTAL ASSETS LESS CURRENT LIABILITIES

4,057,082

3,953,947

CREDITORS

Amounts falling due after more than one year

9

(682,188

)

(758,262

)

PROVISIONS FOR LIABILITIES

(505,365

)

(371,990

)

NET ASSETS

2,869,529

2,823,695

CAPITAL AND RESERVES

Called up share capital

11

1

1

Revaluation reserve

1,811,698

1,525,161

Retained earnings

1,057,830

1,298,533

SHAREHOLDERS' FUNDS

2,869,529

2,823,695

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 and authorised for issue on 22 December 2022 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 1 (2021 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2021

692,982

Additions

5,020

Disposals

(102,873

)

At 31 March 2022

595,129

DEPRECIATION

At 1 April 2021

338,430

Charge for year

72,531

Eliminated on disposal

(80,281

)

At 31 March 2022

330,680

NET BOOK VALUE

At 31 March 2022

264,449

At 31 March 2021

354,552

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

Plant and

machinery

etc

£

COST

At 1 April 2021

177,270

Disposals

(20,454

)

At 31 March 2022

156,816

DEPRECIATION

At 1 April 2021

72,039

Charge for year

18,310

Eliminated on disposal

(17,724

)

At 31 March 2022

72,625

NET BOOK VALUE

At 31 March 2022

84,191

At 31 March 2021

105,231

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2021

and 31 March 2022

1

NET BOOK VALUE

At 31 March 2022

1

At 31 March 2021

1

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2021

2,505,000

Revaluations

150,000

At 31 March 2022

2,655,000

NET BOOK VALUE

At 31 March 2022

2,655,000

At 31 March 2021

2,505,000

Fair value at 31 March 2022 is represented by:

£

Valuation in 2022

1,929,882

Cost

725,118

2,655,000

The director is of the opinion that the fair value of the investment properties as at 31 March 2022 accords to the value shown on the balance sheet, being £2,655,000 (2021 - £2,505,000). The value is based on a valuation by the director in 2022.

The historical cost of the investment property as at 31 March 2022 was £725,118 (2021 - £725,118).

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Amounts owed by associates

1,955,684

1,702,449

Directors' current accounts

419,198

375,119

Corporation tax

148,670

116,864

Prepayments

4,167

4,667

2,527,719

2,199,099

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Hire purchase contracts

21,988

21,988

Trade creditors

176,877

17,250

Amounts owed to group undertakings

1,187,392

1,601,742

Corporation tax

54,917

35,603

VAT

90,362

65,665

Other creditors

297,533

575,000

Accrued expenses

1,500

4,057

Deferred government grants

16,414

20,457

1,846,983

2,341,762

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans more 5yrs non-inst

590,495

628,168

Hire purchase contracts

29,601

51,588

Deferred government grants

62,092

78,506

682,188

758,262

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5yrs non-inst

590,495

628,168

10.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

590,495

628,168

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

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 2022 and 31 March 2021:

2022

2021

£

£

C B P Jones

Balance outstanding at start of year

375,119

396,585

Amounts advanced

53,498

29,857

Amounts repaid

(9,419

)

(51,323

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

419,198

375,119

The company has charged interest on the loan at a rate of 2% (2021 2.25%). The balance is repayable on demand.

13.	RELATED PARTY DISCLOSURES