Globalhome Estates Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05327595 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

GLOBALHOME ESTATES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr Christos Tsentas

Mr Costas Tsentas

Mr Kypros L Tsentas

REGISTERED OFFICE:

869 High Road

London

N12 8QA

REGISTERED NUMBER:

05327595 (England and Wales)

ACCOUNTANTS:

EA

Chartered Accountants

869 High Road

London

N12 8QA

FIXED ASSETS

Tangible assets

4

9,479

12,639

Investment property

5

17,284

17,284

26,763

29,923

CURRENT ASSETS

Stocks

21,451,568

20,910,403

Debtors

6

178,490

244,807

Cash at bank and in hand

1,941,091

2,976,085

23,571,149

24,131,295

CREDITORS

Amounts falling due within one year

7

363,755

17,293,409

NET CURRENT ASSETS

23,207,394

6,837,886

TOTAL ASSETS LESS CURRENT LIABILITIES

23,234,157

6,867,809

CREDITORS

Amounts falling due after more than one year

8

(16,234,450

)

-

PROVISIONS FOR LIABILITIES

(3,000

)

(3,000

)

NET ASSETS

6,996,707

6,864,809

CAPITAL AND RESERVES

Called up share capital

100,000

100,000

Retained earnings

6,896,707

6,764,809

SHAREHOLDERS' FUNDS

6,996,707

6,864,809

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 14 June 2019 and were signed on its behalf by:

Mr Christos Tsentas - Director

Mr Costas Tsentas - Director

1.	STATUTORY INFORMATION

Globalhome Estates Limited 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 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER

Turnover represents the total invoiced value, excluding value added tax, of sales of goods and services and

rental of properties during the year.

Revenue related to the sale of goods is recognised at the point where the company has transferred to the buyer

the significant risks and rewards of ownership of the goods, the amount of the revenue can be measured reliably

and it is probable the economic benefits associated with the transaction will flow to the company.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance.

Motor vehicles

-

25% on reducing balance.

INVESTMENT PROPERTY

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

STOCKS

Stocks and work in progress are stated at the lower of cost and selling price less costs to complete and sell.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

TAXATION

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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

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

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2017 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 January 2018

and 31 December 2018

1,765

21,145

22,910

DEPRECIATION

At 1 January 2018

1,020

9,251

10,271

Charge for year

187

2,973

3,160

At 31 December 2018

1,207

12,224

13,431

NET BOOK VALUE

At 31 December 2018

558

8,921

9,479

At 31 December 2017

745

11,894

12,639

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2018

and 31 December 2018

17,284

NET BOOK VALUE

At 31 December 2018

17,284

At 31 December 2017

17,284

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

53,035

2,650

Other debtors

125,455

242,157

178,490

244,807

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

14,381

16,762,650

Trade creditors

91,518

120,720

Taxation and social security

89,541

201,957

Other creditors

168,315

208,082

363,755

17,293,409

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

16,234,450

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdraft

14,381

-

Bank loans

16,234,450

16,762,650

16,248,831

16,762,650

The bank loans are secured by way of a fixed and floating charge over the relevant properties either owned,

developed or rented by the company.

10.	RELATED PARTY DISCLOSURES

11.	ULTIMATE CONTROLLING PARTY