Company Registration No. 01712858 (England and Wales)
PAM GOLDING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
PAM GOLDING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PAM GOLDING LIMITED
BALANCE SHEET
AS AT 28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Trademarks
3
379
473
Current assets
Debtors
4
542,527
455,783
Investments
5
130
130
Cash at bank and in hand
309,975
282,245
852,632
738,158
Creditors: amounts falling due within one year
6
(435,746)
(1,002,482)
Net current assets/(liabilities)
416,886
(264,324)
Total assets less current liabilities
417,265
(263,851)
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
416,265
(264,851)
Total equity
417,265
(263,851)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 9 November 2023
A. M. Golding
Director
Company Registration No. 01712858
PAM GOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -
1
Accounting policies
Company information
Pam Golding Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the year-end, the company had net current trueassets of £418,741 and net assets of £419,120. The company is reliant on the financial support of its fellow subsidiary Pam Golding Properties (Pty) Limited which has confirmed that the repayment of the loan amounting to £422,246 will not be sought from the company for a period of at least 12 months after the date of approval of these financial statements and until it has the cash to be able to repay the loan.
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents royalties receivable for the period for the use of the company's intellectual property.
1.4
Intangible fixed assets - goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost
less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost of the trademark if it is deemed to not produce revenue for the
foreseeable future.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
PAM GOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Foreign exchange
Transactions denominated in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. All differences are taken to profit and loss account.
2
Employees
There were no employees during the year or previous year.
3
Intangible fixed assets
Trademarks
£
Cost
At 1 March 2022 and 28 February 2023
945
Amortisation and impairment
At 1 March 2022
472
Amortisation charged for the year
94
At 28 February 2023
566
Carrying amount
At 28 February 2023
379
At 28 February 2022
473
PAM GOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
540,390
454,396
Other debtors
2,137
1,387
542,527
455,783
5
Current asset investments
2023
2022
£
£
Other investments
130
130
6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
422,246
993,482
Accruals and deferred income
13,500
9,000
435,746
1,002,482
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Gilles Siow.
The auditor was HW Fisher LLP.
8
Parent company
The company's controlling party is Pam Golding International Holdings (Pty) Limited, a company incorporated in South Africa. Pam Golding International Holdings (Pty) Limited prepares group accounts, copies of which can be obtained from: Monterey, 12-14 Klaassens Road, Bishopscourt, Cape Town, 7708. The ultimate parent undertaking is The Golding Family Trust, which is controlled by its trustees, namely A.M. Golding, P.A. Golding and J.D. Drummond.
The smallest group for which the company is a member is Pam Golding International Holdings (Pty) Limited. The largest group for which it is a member is Golding Family Trust.