Company registration number 05498441 (England and Wales)
GOLDMAZE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
GOLDMAZE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
GOLDMAZE LIMITED
BALANCE SHEET
AS AT
30 MARCH 2023
30 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
238,513
174,285
Investment properties
4
541,629
541,629
780,142
715,914
Current assets
Debtors
5
82,093
Cash at bank and in hand
19,781
3,300
19,781
85,393
Creditors: amounts falling due within one year
6
(243,168)
(315,497)
Net current liabilities
(223,387)
(230,104)
Total assets less current liabilities
556,755
485,810
Creditors: amounts falling due after more than one year
7
(30,416)
(9,310)
Provisions for liabilities
8
(6,792)
Net assets
519,547
476,500
Capital and reserves
Called up share capital
9
200
200
Profit and loss reserves
519,347
476,300
Total equity
519,547
476,500
GOLDMAZE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 MARCH 2023
30 March 2023
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 22 November 2023 and are signed on its behalf by:
J Hindle
Director
Company Registration No. 05498441
GOLDMAZE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2023
- 3 -
1
Accounting policies
Company information
Goldmaze Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Peter Street, Blackburn, Lancashire, BB1 5LH.
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
The truecompany is reliant upon the support of its directors and related parties in order to meet its liabilities as they fall due. The financial statements have been prepared on a going concern basis on the assumption that this support will continue to be made available to the company. The directors have no reason to believe that such financial support will not continue for the foreseeable future.
1.3
Turnover
Turnover represents amounts receivable for rental income and management fees net of VAT.
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:
Freehold land
no depreciation provided
Motor vehicles
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
GOLDMAZE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
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.
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
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 profit and loss account, 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.
GOLDMAZE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Freehold land
Motor vehicles
Total
£
£
£
Cost
At 31 March 2022
166,705
16,171
182,876
Additions
37,331
29,499
66,830
At 30 March 2023
204,036
45,670
249,706
Depreciation and impairment
At 31 March 2022
8,591
8,591
Depreciation charged in the year
2,602
2,602
At 30 March 2023
11,193
11,193
Carrying amount
At 30 March 2023
204,036
34,477
238,513
At 30 March 2022
166,705
7,580
174,285
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Motor vehicles
28,792
28,792
-
GOLDMAZE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2023
- 6 -
4
Investment property
2023
£
Fair value
At 31 March 2022 and 30 March 2023
541,629
The investment property included in the financial statements is measured at historical cost. The directors believe that the market value of the investment property at the balance sheet date is not materially different from cost.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
22,826
Other debtors
59,267
82,093
Other debtors includes £nil (2022 - £53,928) in respect of a loan made to a director, including interest at 3%.
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
2,660
2,660
Trade creditors
1,320
4,007
Amounts owed to group undertakings
17,738
17,738
Taxation and social security
7,994
10,667
Other creditors
213,456
280,425
243,168
315,497
Included within other creditors is £4,852 (2022 - £nil) due in respect of finance leases and HP arrangements. These amounts are secured over the assets concerned.
Other creditors includes amounts owed to connected companies of £188,617 (2022 - £240,301), and amounts owed to directors and close family members of directors of £5,066 (2022 - £10,000).
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
6,650
9,310
Obligations under finance leases
23,766
30,416
9,310
GOLDMAZE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2023
7
Creditors: amounts falling due after more than one year
(Continued)
- 7 -
The bank loans represents a government backed Bounce Back Loan for which no security has been provided. The amount outstanding at the year end date is £9,310 (2022 - £11,970).
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
6,792
-
2023
Movements in the year:
£
Liability at 31 March 2022
-
Charge to profit or loss
6,792
Liability at 30 March 2023
6,792
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100 'A' Ordinary shares of £1 each
100
100
200
200