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Registrar

Registration number: 03701795

Goal Taxback Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2022

 

Goal Taxback Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Goal Taxback Limited

Company Information

Directors

E S B Howard

J P Wearing

Company secretary

J Cole

Registered office

9 Perseverance Works
Kingsland Road
London
E2 8DD

Solicitors

Irwin Mitchell
40 Holborn Viaduct
London
EC1N 2PZ

Bankers

National Westminster Bank Plc
1 High Street
Croydon
CR9 1UY

 

Goal Taxback Limited

(Registration number: 03701795)
Balance Sheet as at 30 September 2022

Note

2022
£

2021
£

Current assets

 

Debtors

5

9,700

18,301

Cash at bank and in hand

 

214,527

147,689

 

224,227

165,990

Creditors: Amounts falling due within one year

6

(2,088,206)

(1,950,806)

Net liabilities

 

(1,863,979)

(1,784,816)

Capital and reserves

 

Called up share capital

7

1,000

1,000

Profit and loss account

(1,864,979)

(1,785,816)

Total equity

 

(1,863,979)

(1,784,816)

For the financial year ended 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 November 2023 and signed on its behalf by:
 

E S B Howard
Director

 

Goal Taxback Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: 9 Perseverance Works, Kingsland Road, London, E2 8DD, United Kingdom.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Summary of disclosure exemptions

The company has taken advantage of the exemption available from disclosing transactions with other members of the group in accordance with FRS 102 Section 33.1a.

Going concern

The Company has ceased trading during the year ending September 2023 ("FY23"). The Company will transfer its assets and liabilities to a fellow subsidiary where the withholding tax reclamation outsourcing services will be recognised in future. The cessation of trade has been carefully considered by the Board and as part of the overall group strategy.

As required by UK accounting standards, the directors have prepared the financial statements on the basis that the company is no longer a going concern. No material adjustments arose as a result of ceasing to apply the going concern basis.

Revenue recognition

Turnover consists of withholding tax reclamation outsourcing services recognised in the period in which the services are made available, excluding value added tax. Turnover includes amounts recognised in respect of contracts where work has been carried out before the Statement of Financial Position date, though invoiced subsequent to the year end. A proportion of the invoiced sum is only included where a reliable estimate can be made of work completed at the Statement of Financial Position date. Where no reliable estimate can be made, no income has been recognised.

Contracts still in progress at the year end have been valued at the appropriate proportion of sales value included within sales and amounts recoverable on contracts in accordance with FRS 102.

 

Goal Taxback Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

Foreign currency transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined are recognised in the Statement of Comprehensive Income.

Tax

Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on material temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Trade debtors

Trade debtors are amounts due from customers for the sale of withholding tax reclamation outsourcing services. Trade debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Share capital

Ordinary shares are classified as equity.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as an employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Goal Taxback Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

Financial instruments

Debt instruments that are payable or receivable within one year, typically trade payables, receivables and intercompany balances, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations rather than its legal form.

The company's cash at bank, trade and other debtors, trade and other payables, intercompany balances, and bank overdrafts are measured initially at the transaction price, including transaction cost, and subsequently at amortised cost using the effective interest method. Debt instruments that are repayable or receivable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

The intercompany balances are considered annually for recoverability and any impairment.

Judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the financial position date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates. Areas of judgement and estimation that are most likely to have the most significant effect on the accounts are the recoverability of intercompany balances, revenue recognition and the recognition of deferred tax. The estimates and underlying assumptions are reviewed on an ongoing basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2021 - 4).

4

Exceptional Item

The exceptional items in the previous year relate to legal fees in defence of an action brought by SKAT.

2022
£

2021
 £

Legal fees

-

8,847

-

8,847

5

Debtors

2022
£

2021
£

Trade debtors

8,500

14,000

Social security and other taxes

1,200

4,301

9,700

18,301

 

Goal Taxback Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022

6

Creditors

2022
£

2021
£

Due within one year

Trade creditors

4,800

12,483

Amounts owed to group undertakings

1,904,173

1,663,097

Other creditors

19,607

57,412

Accruals and deferred income

159,626

217,814

2,088,206

1,950,806

Included within Creditors are balances owed to group undertakings, whilst these amounts are due on demand, it is unlikely they will be repaid in full during the coming year.

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £0.10 each

10,000

1,000

10,000

1,000

         

8

Parent and ultimate parent undertaking

The company's immediate parent is Goal Group Limited, incorporated in England & Wales.
 
No one person or party is deemed to have ultimate control of the company.