Company registration number 13270884 (England and Wales)
GOLD FRIDAY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
GOLD FRIDAY LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
GOLD FRIDAY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
$
$
$
$
Fixed assets
Tangible assets
4
19,400
Current assets
Stocks
5
10,677
-
Debtors
6
81,065
14,329
Cash at bank and in hand
50,880
65,107
142,622
79,436
Creditors: amounts falling due within one year
7
(60,508)
(36,717)
Net current assets
82,114
42,719
Total assets less current liabilities
82,114
62,119
Provisions for liabilities
(2,669)
Net assets
79,445
62,119
Capital and reserves
Called up share capital
140
140
Other reserves
15,968
249,860
Profit and loss reserves
63,337
(187,881)
Total equity
79,445
62,119
The directors of the company have elected not to include a copy of the income statement 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 by the board of directors and authorised for issue on 18 October 2023 and are signed on its behalf by:
R Harris
Director
Company Registration No. 13270884
GOLD FRIDAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
Gold Friday Limited is a private company limited by shares incorporated in England and Wales. The registered office is Third Floor, 1 Ashley Road, Altrincham, Cheshire, WA14 2DT.
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 dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company does not have the adequate resources to continue in operational existence for the foreseeable future. The company ceased trading post year end and the directors have taken the decision to dissolve the company before the end of 2023. true
Thus the directors have adopted a basis other than that of the going concern basis of accounting in preparing the financial statements. This basis includes, where applicable, writing down the company's assets to net realisable value as well as reclassifying fixed assets and long-term liabilities as current. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.
1.3
Turnover
Turnover represents commissions and fees receivable , excluding value added tax. Commissions and fees receivable are recognised in line with the terms of the contract which is when the company receives confirmation of revenue billed by its client.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
33.3%
1.5
Stocks
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
GOLD FRIDAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.7
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 statement of financial position 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.
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, bank loans, loans from fellow group companies and preference shares 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 payments 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
GOLD FRIDAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
4
2
GOLD FRIDAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
4
Tangible fixed assets
Computers
$
Cost
At 1 January 2022
26,170
Transfers
(26,170)
At 31 December 2022
Depreciation and impairment
At 1 January 2022
6,770
Depreciation charged in the year
8,723
Transfers
(15,493)
At 31 December 2022
Carrying amount
At 31 December 2022
At 31 December 2021
19,400
The asset transfer amounting to $10,677 represents the reclassification of fixed tangible assets at net book value to stock. The company ceased trading post year end and the assets will be transferred to its parent company, as per note 11.
5
Stocks
2022
2021
$
$
Stocks
10,677
-
Stock represents the net book value of computer equipment that will be transferred at net book value to the parent company within 12 months subsequent to year end.
6
Debtors
2022
2021
Amounts falling due within one year:
$
$
Amounts owed by group undertakings
79,393
Other debtors
1,672
1,672
81,065
1,672
2022
2021
GOLD FRIDAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
6
Debtors
(Continued)
- 6 -
Amounts falling due after more than one year:
$
$
Corporation tax recoverable
12,657
Total debtors
81,065
14,329
7
Creditors: amounts falling due within one year
2022
2021
$
$
Corporation tax
46,234
Other creditors
14,274
36,717
60,508
36,717
8
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.
We draw attention to note 10 of the financial statements, which describes the decision taken by the directors to dissolve the company before the end of 2023. The company has ceased trading after year end and the financial statements have been prepared on a basis other than that of the going concern basis. This basis includes, where applicable, writing down the company's assets to net realisable value as well as reclassifying fixed assets and long-term liabilities as current. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date. Our opinion is not modified in this respect.
Senior Statutory Auditor:
Herman Hang ACCA
Statutory Auditor:
Grunberg & Co Limited
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
$
$
13,581
GOLD FRIDAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
10
Events after the reporting date
During the 2023 financial year, the company ceased trading. As a result, the directors have made the decision to dissolve the company before the end of 2023. All outstanding creditors will be paid in full, and the remaining assets and reserves will be transferred back to the parent company.
11
Utlimate Controlling Party
The ultimate controlling party is considered to be NF 2016 Trust Trustee , Steve Marlow with address 9905 Aspen Knoll Ct Las Vegas, NV 89144, USA