Registrar
Registration number:
for the Year Ended
Goal Group Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Goal Group Limited
Company Information
Directors |
E S B Howard J P Wearing |
Company secretary |
J Cole |
Registered office |
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Solicitors |
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Bankers |
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Goal Group Limited
(Registration number: 02438530)
Balance Sheet as at 30 September 2022
Note |
2022 |
2021 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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|
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Net assets |
|
|
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Capital and reserves |
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Called up share capital |
472,987 |
472,987 |
|
Share premium reserve |
5,621,400 |
5,621,400 |
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Capital redemption reserve |
263,550 |
257,465 |
|
Other reserves |
(908,571) |
1,359,027 |
|
Profit and loss account |
947,741 |
11,140,534 |
|
Shareholders' funds |
6,397,107 |
18,851,413 |
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:
• |
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• |
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
Director
Goal Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
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 US Dollars ($), which is the company's presentational currency. The presentational currency is denominated in US Dollars as this is the currency the majority of other companies in the group are denominated in.
The company's functional currency is Sterling (£) which is the currency the majority of transactions are denominated in.
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 FRS102 Section 33.1a.
Going concern
At the time of signing these financial statements, the Directors have considered current financial performance, Profit and Loss Account and Cash Flow forecasts for twelve months from the date of signing and the ongoing management of the Group’s debt profile. The Directors consider these indicate the Group will continue to trade and as a result, have concluded the use of the Going Concern concept is an appropriate basis for the preparation of these financial statements.
Subsequent to 30 September 2022, the Company has undergone a major restructuring of its leadership group. The new leadership group reviewed the Company’s overall financial performance and operations model and concluded that it was sub-optimal. The Company's business model was unaffected by this review. Following this review, the new leadership group made several recommendations to the Board to improve the efficiency of the Company’s operations and to enhance profitability and cash management practices. The strategic recommendations made by the new leadership group included the offshoring of back-office processes, a change in IT service provider, improvements in customer management to increase participation and contribution per client and a re-focusing of new customer acquisition. Since the beginning of the FY23 accounting period the new leadership team and Board of Directors have been executing the changes & planned new operating model, regularly reviewing performance against forecast. As at FY23 year end the executed changes have had considerable positive impact to the FY23 business performance. The Directors recognise that to fully transform will take time but are confident that the revised operating model & changes will continue to improve company performance, enabling the business to effect the necessary improvements whilst supporting new and existing customers.
Goal Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
Revenue recognition
Turnover comprises the fair value of license fees for use of software and managements charges in relation to cost incurred by the company charged to other group companies. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
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.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
Depreciation
Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Short leasehold property |
Straight line over the term of the lease |
Fixtures and fittings |
15% reducing balance |
Office and computer equipment |
3 years straight line |
The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or, if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit or loss.
Goal Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Intangible assets
Goal Group has developed proprietary software products for undertaking and providing third party capability to end
users, in class action and withholding tax reclamation services.
Expenditure on internally developed products is capitalised if it can be demonstrated that:
• it is technically feasible to develop the product for it to be sold;
• adequate resources are available to complete the development;
• there is an intention to complete and sell the product;
• the Company is able to sell the product;
• sale of the product will generate future economic benefits; and
• expenditure on the project can be measured reliably.
It is a requirement under reporting framework that development costs that meet the criteria prescribed in the
standard are capitalised. The assessment of each project requires that a judgement is made as to the commercial
viability and the ability of the Group to bring the product to market.
Amounts capitalised include the total cost of any external products or services and labour costs directly attributable to development of the Group’s proprietary software. Management judgement is involved in determining the appropriate internal costs to capitalise. Amounts capitalised are reviewed regularly for impairment.
Goal Group continuously monitors its proprietary software products to ensure these reflect current technology, changes to relevant legislation, changes to market conditions and operating environments to optimise the products’ offering to its clients.
The board reviews assets annually for impairment and considers the present value of future cash flows in their assessment.
Goal Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
Amortisation
The charge in respect of periodic amortisation is derived by estimating the expected useful life of each specific component of the proprietary software product and the expected residual value at the end of its life. Increasing an asset's expected life or its residual value would result in a reduced amortisation charge in the consolidated statement of comprehensive income statement.
The useful life is determined by Management at the time the specific proprietary software product is completed and brought into commercial use. The useful lives of the Group’s proprietary software products are regularly reviewed for appropriateness. The estimate of useful life is based on historical experience with similar products as well as anticipation of future events which may impact their useful life, such as changes in technology.
Expenditure incurred on maintaining proprietary software products is charged to the statement of comprehensive income as incurred.
Asset class |
Amortisation method and rate |
Proprietary software products |
10%-25% straight line method |
Goal Group also continues to enhance its products to expand their commercial and global reach.
Development and enhancements to proprietary software products are separately costed, categorised and recorded and specific assessments undertaken of their estimated useful lives and potential impairment.
Investments
The parent company investment in subsidiary companies is held at cost less impairment.
Trade debtors
Trade debtors are amounts due from tenants in respect of rent received. 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. Accounts payable 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 employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Goal Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
Financial instruments
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 mostly likely to have the most significant effect on the accounts are the recoverability of intercompany balances and revenue recognition. The estimates and underlying assumptions are reviewed on an ongoing basis. |
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Withholding tax software applications |
Class action software applications |
Total |
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Cost or valuation |
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At 1 October 2021 |
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Additions |
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Foreign exchange movements |
( |
( |
( |
At 30 September 2022 |
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Amortisation |
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At 1 October 2021 |
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Amortisation charge |
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Impairment |
|
- |
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Foreign exchange movements |
( |
( |
( |
At 30 September 2022 |
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Carrying amount |
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At 30 September 2022 |
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At 30 September 2021 |
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Impairment
Goal Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
Intangible Assets
Tangible assets |
Short leasehold property |
Office and computer equipment |
Fixtures and fittings |
Total |
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Cost or valuation |
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At 1 October 2021 |
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Additions |
- |
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- |
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Foreign exchange movements |
( |
( |
( |
( |
At 30 September 2022 |
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Depreciation |
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At 1 October 2021 |
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Charge for the year |
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Foreign exchange movements |
( |
( |
( |
( |
At 30 September 2022 |
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Carrying amount |
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At 30 September 2022 |
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At 30 September 2021 |
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Investments |
2022 |
2021 |
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Investments in subsidiaries |
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Subsidiaries |
$ |
Cost or valuation |
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At 1 October 2021 |
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Foreign exchange movements |
( |
Carrying amount |
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At 30 September 2022 |
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At 30 September 2021 |
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Goal Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Principal activity |
Holding |
Proportion of voting rights and shares held |
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2022 |
2021 |
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Subsidiary undertakings |
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Withholding tax reclamation services |
Ordinary £0.10 shares |
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Withholding tax reclamation and class action services |
Ordinary £1.00 shares |
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Service company |
Ordinary £0.10 shares |
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Withholding tax reclamation and class action services |
Ordinary $1.00 shares |
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Withholding tax reclamation and class action services |
Ordinary $1.00 Australian Dollar shares |
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The above subsidiaries have the following registered addresses:
Name of subsidiary |
Registered address |
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Goal Taxback Limited |
9 Perseverance Works, Kingsland Road, London, England, E2 8DD |
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Goal Global Recoveries Limited |
9 Perseverance Works, Kingsland Road, London, England, E2 8DD |
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Global Operations and Administration Limited |
9 Perseverance Works, Kingsland Road, London, England, E2 8DD |
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Goal Global Recoveries Inc |
910 Foulk Road, Suite 201, Wilmington, DE 19803, USA |
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Goal Global Australia Pty Limited |
Suite 4, 603 Pacific Highway, Belmont, NSW 2280, Australia |
Debtors |
2022 |
2021 |
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Trade debtors |
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Amounts owed by Group undertakings |
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Prepayments |
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Other debtors |
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Included within Debtors are balances owed by group undertakings, whilst these amounts are due on demand, it is unlikely they will be repaid in full during the coming year.
Goal Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
Creditors |
Creditors: amounts falling due within one year
2022 |
2021 |
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Due within one year |
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Trade creditors |
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Amounts owed to Group undertakings |
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Social security and other taxes |
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Other creditors |
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Accruals and deferred income |
110,434 |
369,820 |
|
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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.
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
$ |
No. |
$ |
|
|
|
472,987 |
|
472,987 |
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
Foreign currency translation |
Total |
|
Foreign currency translation gains/losses |
( |
( |
|
The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
Foreign currency translation |
Total |
|
Foreign currency translation gains/losses |
|
|
|
Goal Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2022
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is $
Related party transactions |
Transactions with directors |
2022 |
At 1 October 2021 |
Repayments by director |
Interest charged |
At 30 September 2022 |
S M Everard |
|
- |
5,743 |
|
2021 |
At 1 October 2020 |
Repayments by director |
Interest charged |
At 30 September 2021 |
S M Everard |
|
( |
7,696 |
|
Included within other debtors is the converted loan balance $330,386 (2021: $394,960) in respect of the directors loan account balance.
S M Everard resigned as a director on 22 March 2023. The balance still remains outstanding.
The loan is denominated in GB sterling and interest has been charged on this loan at a rate of 2% (2021 - 2%) per annum.
The company's loan to S M Everard is secured with a lien over the GOAL group shares.
Exceptional item |
2022 |
2021 |
|
Impairment of intangible fixed assets |
6,241,884 |
- |
6,241,884 |
- |
The board have undertaken a review of the intangible fixed assets and determined the recoverable amounts based on the present value of cash flows. Following the review, Withholding tax software applications have been impaired by $6,241,884 to the present value of $5,680,310. The impairment has been recognised in the profit and loss account.