Caseware UK (AP4) 2023.0.135 2023.0.135 2023-03-312023-03-31false32022-04-01No description of principal activity3truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07038104 2022-04-01 2023-03-31 07038104 2021-04-01 2022-03-31 07038104 2023-03-31 07038104 2022-03-31 07038104 c:Director1 2022-04-01 2023-03-31 07038104 d:FreeholdInvestmentProperty 2023-03-31 07038104 d:FreeholdInvestmentProperty 2022-03-31 07038104 d:CurrentFinancialInstruments 2023-03-31 07038104 d:CurrentFinancialInstruments 2022-03-31 07038104 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07038104 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 07038104 d:ShareCapital 2023-03-31 07038104 d:ShareCapital 2022-03-31 07038104 d:RetainedEarningsAccumulatedLosses 2023-03-31 07038104 d:RetainedEarningsAccumulatedLosses 2022-03-31 07038104 c:FRS102 2022-04-01 2023-03-31 07038104 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 07038104 c:FullAccounts 2022-04-01 2023-03-31 07038104 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 07038104










GOLDEN DRAGON PROPERTIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
GOLDEN DRAGON PROPERTIES LIMITED
REGISTERED NUMBER: 07038104

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2023
2022
2022
Note
£
£
£
£

Fixed assets
  

Investment property
 5 
1,442,999
1,442,999

  
1,442,999
1,442,999

Current assets
  

Debtors: amounts falling due within one year
 6 
462,982
309,451

Cash at bank and in hand
  
25,384
138,770

  
488,366
448,221

Creditors: amounts falling due within one year
 7 
(71,064)
(73,618)

Net current assets
  
 
 
417,302
 
 
374,603

Total assets less current liabilities
  
1,860,301
1,817,602

  

Net assets
  
1,860,301
1,817,602


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,860,201
1,817,502

  
1,860,301
1,817,602


Page 1

 
GOLDEN DRAGON PROPERTIES LIMITED
REGISTERED NUMBER: 07038104
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 March 2024.




................................................
C Maughan
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
GOLDEN DRAGON PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Golden Dragon Properties Limited (Company no: 07038104) is a private Company limited by shares incorporated in England and Wales. The Company's principal place of business is 3a Holywell Hill, St Albans, Hertfordshire, AL1 1ER.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

On the basis of their assessment of the Company's financial position and of enquiries made, the Company's directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. Thus the accounts have been prepared on the going concern basis.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

 
2.4

Investment property

Investment property is carried at fair value reviewed annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and Retained Earnings.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 3

 
GOLDEN DRAGON PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Investment property is carried at fair value reviewed annually by the directors, with reference to external valuers if necessary and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and Retained Earnings.


4.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 4

 
GOLDEN DRAGON PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
1,442,999



At 31 March 2023
1,442,999

The 2023 valuations were made by C Maughan, a director, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
1,531,281
1,531,281

Accumulated depreciation and impairments
(363,908)
(333,283)

1,167,373
1,197,998


6.


Debtors

2023
2022
£
£


Trade debtors
2,259
8,692

Other debtors
456,078
300,759

Prepayments and accrued income
4,645
-

462,982
309,451


Page 5

 
GOLDEN DRAGON PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
18,461
16,237

Corporation tax
10,016
5,700

Other taxation and social security
3,076
9,758

Accruals and deferred income
39,511
41,923

71,064
73,618


The Company's bank facilities are secured by the following:
(a) A debenture, including fixed and floating charges, over the company's assets dated 14 January 2011
(b) An unlimited multilateral guarantee given by the company, Dragonfly Venture Group Limited,  Dragonfly Venture (Trading) Limited and W.I.P. (Work In Progress) Limited dated 10 August 2012.


8.


Related party transactions

Included within other debtors is £456,078 (2022 - £300,759) due from C Maughan and companies under his control.
 
During the year the Company earned rent of £37,250 (2022 - £37,250) from Dragonfly Venture Group Limited and companies it controls. Included within trade debtors is £Nil (2022 - £6,433) due from Dragonfly Venture Group Limited and companies it controls.


9.


Controlling party

The ultimate controlling party of the company during the period was C Maughan through his control of Dragonfly Venture Properties Limited, the company's parent undertaking.

 
Page 6