Globalhome Estates Limited - Accounts to registrar (filleted) - small 18.1

Globalhome Estates Limited - Accounts to registrar (filleted) - small 18.1

GLOBALHOME ESTATES LIMITED - Company Information

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REGISTERED NUMBER: 05327595 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

GLOBALHOME ESTATES LIMITED
GLOBALHOME ESTATES LIMITED (REGISTERED NUMBER: 05327595)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


GLOBALHOME ESTATES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2017







DIRECTORS: Mr C Tsentas
Mr C Tsentas
Mr K 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
Page 1
GLOBALHOME ESTATES LIMITED (REGISTERED NUMBER: 05327595)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2017

2017 2016
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 12,639 19,880
Investment property 5 17,284 17,284
29,923 37,164

CURRENT ASSETS
Stocks 20,910,403 25,232,207
Debtors 6 244,807 373,544
Cash at bank and in hand 2,976,085 253,753
24,131,295 25,859,504
CREDITORS
Amounts falling due within one year 7 17,293,409 19,607,702
NET CURRENT ASSETS 6,837,886 6,251,802
TOTAL ASSETS LESS CURRENT
LIABILITIES
6,867,809
6,288,966

PROVISIONS FOR LIABILITIES 3,000 3,000
NET ASSETS 6,864,809 6,285,966

CAPITAL AND RESERVES
Called up share capital 100,000 100,000
Retained earnings 6,764,809 6,185,966
SHAREHOLDERS' FUNDS 6,864,809 6,285,966

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 23 May 2018 and were signed on its behalf by:



Mr C Tsentas - Director



Mr C Tsentas - Director


The notes form part of these financial statements

Page 2
GLOBALHOME ESTATES LIMITED (REGISTERED NUMBER: 05327595)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017

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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "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.

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 8 (2016 - 12 ) .

Page 3 continued...
GLOBALHOME ESTATES LIMITED (REGISTERED NUMBER: 05327595)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2017

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 January 2017 1,334 29,344 30,678
Additions 431 - 431
Disposals - (8,199 ) (8,199 )
At 31 December 2017 1,765 21,145 22,910
DEPRECIATION
At 1 January 2017 772 10,026 10,798
Charge for year 248 3,965 4,213
Eliminated on disposal - (4,740 ) (4,740 )
At 31 December 2017 1,020 9,251 10,271
NET BOOK VALUE
At 31 December 2017 745 11,894 12,639
At 31 December 2016 562 19,318 19,880

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2017
and 31 December 2017 17,284
NET BOOK VALUE
At 31 December 2017 17,284
At 31 December 2016 17,284

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Trade debtors 2,650 19,169
Other debtors 242,157 354,375
244,807 373,544

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2017 2016
£    £   
Bank loans and overdrafts 16,762,650 18,450,889
Trade creditors 120,720 717,578
Taxation and social security 201,957 24,065
Other creditors 208,082 415,170
17,293,409 19,607,702

Page 4 continued...
GLOBALHOME ESTATES LIMITED (REGISTERED NUMBER: 05327595)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2017

8. SECURED DEBTS

The following secured debts are included within creditors:

2017 2016
£    £   
Bank overdraft - 127,139
Bank loans 16,762,650 18,323,750
16,762,650 18,450,889

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.

9. RELATED PARTY DISCLOSURES

Included in creditors, amounts falling due within one year, is an interest free amount of £29,444 (2016: £31,499)
due to the directors of the company.

Also included in creditors, amounts falling due within one year, is an interest free amount of £20,170 (2016:
£170,170) due to Fernfell Investments Limited, a shareholder in the company.

10. ULTIMATE CONTROLLING PARTY

During the period under review, there was no ultimate controlling party.

Page 5