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Registrar

Registration number: 02438530








 

Goal Group Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2022

 

Goal Group Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 11

 

Goal Group 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 Group Limited

(Registration number: 02438530)
Balance Sheet as at 30 September 2022

Note

2022
$

2021
$

Fixed assets

 

Intangible assets

4

9,131,658

17,762,972

Tangible assets

5

48,625

93,077

Investments

6

423,900

516,667

 

9,604,183

18,372,716

Current assets

 

Debtors

7

11,427,967

9,449,359

Cash at bank and in hand

 

1,684,477

2,255,232

 

13,112,444

11,704,591

Creditors: Amounts falling due within one year

8

(16,319,520)

(11,225,894)

Net current (liabilities)/assets

 

(3,207,076)

478,697

Net assets

 

6,397,107

18,851,413

Capital and reserves

 

Called up share capital

9

472,987

472,987

Share premium reserve

 

5,621,400

5,621,400

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:

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 Group 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 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

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2021 - 17).

4

Intangible assets

Withholding tax software applications
 $

Class action software applications
 $

Total
$

Cost or valuation

At 1 October 2021

16,957,653

9,734,474

26,692,127

Additions

2,285,024

1,163,138

3,448,162

Foreign exchange movements

(3,044,705)

(1,747,807)

(4,792,512)

At 30 September 2022

16,197,972

9,149,805

25,347,777

Amortisation

At 1 October 2021

3,426,780

5,502,375

8,929,155

Amortisation charge

1,464,270

1,184,023

2,648,293

Impairment

6,241,884

-

6,241,884

Foreign exchange movements

(615,272)

(987,941)

(1,603,213)

At 30 September 2022

10,517,662

5,698,457

16,216,119

Carrying amount

At 30 September 2022

5,680,310

3,451,348

9,131,658

At 30 September 2021

13,530,873

4,232,099

17,762,972

Impairment

 

Goal Group Limited

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

Intangible Assets
The recoverable amounts of the intangible assets were determined based on their present value of future cash flows. The amount of impairment loss included in profit or loss is $6,241,884 (2021 - $Nil). The impairment loss is included in Exceptional items.

5

Tangible assets

Short leasehold property
$

Office and computer equipment
 $

Fixtures and fittings
 $

Total
$

Cost or valuation

At 1 October 2021

348,743

480,398

124,049

953,190

Additions

-

7,654

-

7,654

Foreign exchange movements

(62,616)

(77,865)

(22,273)

(162,754)

At 30 September 2022

286,127

410,187

101,776

798,090

Depreciation

At 1 October 2021

293,809

474,635

91,669

860,113

Charge for the year

27,159

4,251

3,985

35,395

Foreign exchange movements

(52,753)

(76,831)

(16,459)

(146,043)

At 30 September 2022

268,215

402,055

79,195

749,465

Carrying amount

At 30 September 2022

17,912

8,132

22,581

48,625

At 30 September 2021

54,934

5,763

32,380

93,077

6

Investments

2022
$

2021
$

Investments in subsidiaries

423,900

516,667

Subsidiaries

$

Cost or valuation

At 1 October 2021

516,667

Foreign exchange movements

(92,767)

Carrying amount

At 30 September 2022

423,900

At 30 September 2021

516,667

 

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

     

2022

2021

Subsidiary undertakings

Goal Taxback Limited

Withholding tax reclamation services

Ordinary £0.10 shares

100%

100%

Goal Global Recoveries Limited

Withholding tax reclamation and class action services

Ordinary £1.00 shares

100%

100%

Global Operations and Administration Limited

Service company

Ordinary £0.10 shares

100%

100%

Goal Global Recoveries Inc

Withholding tax reclamation and class action services

Ordinary $1.00 shares

100%

100%

Goal Group Australia Pty Limited

Withholding tax reclamation and class action services

Ordinary $1.00 Australian Dollar shares

100%

100%

The above subsidiaries have the following registered addresses:

Name of subsidiary

Registered address

Goal Taxback Limited

9 Perseverance Works, Kingsland Road, London, England, E2 8DD

Goal Global Recoveries Limited

9 Perseverance Works, Kingsland Road, London, England, E2 8DD

Global Operations and Administration Limited

9 Perseverance Works, Kingsland Road, London, England, E2 8DD

Goal Global Recoveries Inc

910 Foulk Road, Suite 201, Wilmington, DE 19803, USA

Goal Global Australia Pty Limited

Suite 4, 603 Pacific Highway, Belmont, NSW 2280, Australia

7

Debtors

2022
$

2021
$

Trade debtors

39,213

101,504

Amounts owed by Group undertakings

10,259,843

7,930,968

Prepayments

243,293

317,067

Other debtors

885,618

1,099,820

11,427,967

9,449,359

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

8

Creditors

Creditors: amounts falling due within one year

2022
 $

2021
 $

Due within one year

Trade creditors

700,788

1,613,049

Amounts owed to Group undertakings

15,376,300

8,981,887

Social security and other taxes

102,458

174,049

Other creditors

29,540

87,089

Accruals and deferred income

110,434

369,820

16,319,520

11,225,894

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.

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

$

No.

$

Ordinary shares of £0.10 each

2,968,107

472,987

2,968,107

472,987

         

10

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

(2,267,598)

(2,267,598)

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

991,733

991,733

 

Goal Group Limited

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

11

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 $240,146 (2021 - $595,895).

12

Related party transactions

Transactions with directors

2022

At 1 October 2021
£

Repayments by director
£

Interest charged
£

At 30 September 2022
£

S M Everard

293,520

-

5,743

299,263

         
       

 

2021

At 1 October 2020
£

Repayments by director
£

Interest charged
£

At 30 September 2021
£

S M Everard

362,144

(76,320)

7,696

293,520

         
       

 

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.

13

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.