Company Registration No. 08798101 (England and Wales)
CITY OF GOLD LIMITED
Unaudited accounts
for the year ended 31 March 2023
CITY OF GOLD LIMITED
Unaudited accounts
Contents
CITY OF GOLD LIMITED
Company Information
for the year ended 31 March 2023
Directors
Mr B W Bibby
Mrs D Bibby
Company Number
08798101 (England and Wales)
Registered Office
The Downshire
71 Baldwins Lane
Croxley Green Rickmansworth
Herts
WD3 3LT
UK
Accountants
Dempsey & Co
The Downshire
71 Baldwins Lane Croxley Green
Rickmansworth
Herts
WD3 3LT
CITY OF GOLD LIMITED
Statement of financial position
as at 31 March 2023
Intangible assets
118,250
129,000
Tangible assets
1,360,538
1,260,902
Cash at bank and in hand
46,257
98,548
Creditors: amounts falling due within one year
(575,397)
(452,306)
Net current liabilities
(441,975)
(293,857)
Total assets less current liabilities
1,036,813
1,096,045
Creditors: amounts falling due after more than one year
(277,682)
(331,985)
Provisions for liabilities
Deferred tax
(95,301)
(83,292)
Net assets
663,830
680,768
Called up share capital
100
100
Profit and loss account
663,730
680,668
Shareholders' funds
663,830
680,768
For the year ending 31 March 2023 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 14 August 2023 and were signed on its behalf by
Mr B W Bibby
Director
Company Registration No. 08798101
CITY OF GOLD LIMITED
Notes to the Accounts
for the year ended 31 March 2023
CITY OF GOLD LIMITED is a private company, limited by shares, registered in England and Wales, registration number 08798101. The registered office is The Downshire, 71 Baldwins Lane, Croxley Green Rickmansworth, Herts, WD3 3LT, UK.
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 represents arcade income, excluding Value Added Tax
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:
Land & buildings
2% straight line
Plant & machinery
10% straight line
Motor vehicles
25% reducing balance
Fixtures & fittings
25% redicing balance
Goodwill represents the excess of cost of acquisition over the fair value of the separable net asset acquired. Goodwill is amortised through the profit and loss account in equal instalments over its useful life at a rate of 5% per annum.
Deferred taxation is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date.
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.
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account in the year in which they are made.
CITY OF GOLD LIMITED
Notes to the Accounts
for the year ended 31 March 2023
Rentals payable under operating leases are charged to the profit and loss account as incurred.
These financial statements have been prepared on a going concern basis.
4
Intangible fixed assets
Goodwill
Charge for the year
10,750
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2022
984,596
763,608
14,910
65,076
1,828,190
Additions
70,078
159,518
-
28,159
257,755
Disposals
-
(73,320)
-
-
(73,320)
At 31 March 2023
1,054,674
849,806
14,910
93,235
2,012,625
At 1 April 2022
140,155
372,587
14,910
39,636
567,288
Charge for the year
21,475
84,974
-
13,356
119,805
On disposals
-
(35,006)
-
-
(35,006)
At 31 March 2023
161,630
422,555
14,910
52,992
652,087
At 31 March 2023
893,044
427,251
-
40,243
1,360,538
At 31 March 2022
844,441
391,021
-
25,440
1,260,902
Amounts falling due within one year
Other debtors
65,830
38,566
CITY OF GOLD LIMITED
Notes to the Accounts
for the year ended 31 March 2023
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
77,160
67,872
Trade creditors
193,812
193,333
Other creditors
24,513
24,155
Loans from directors
279,912
166,946
£354842 of the bank loan and overdraft is secured. Included in other creditors is tax and social security totalling £3037 (2022-£4399)
8
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
277,682
331,985
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
10
Average number of employees
During the year the average number of employees was 35 (2022: 35).