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Registration number: 11707693

Prepared for the registrar

Gould Holdings Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Gould Holdings Ltd

(Registration number: 11707693)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,293,361

1,309,451

Investments

5

4

4

 

1,293,365

1,309,455

Current assets

 

Debtors

6

1,163,944

1,040,814

Cash at bank and in hand

 

572,638

9,818

 

1,736,582

1,050,632

Creditors: Amounts falling due within one year

7

(1,890)

(104,661)

Net current assets

 

1,734,692

945,971

Total assets less current liabilities

 

3,028,057

2,255,426

Creditors: Amounts falling due after more than one year

7

-

(1,398,196)

Net assets

 

3,028,057

857,230

Capital and reserves

 

Called up share capital

4

4

Capital redemption reserve

650,000

650,000

Profit and loss account

2,378,053

207,226

Shareholders' funds

 

3,028,057

857,230

For the financial year ending 30 September 2023 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 4 April 2024 and signed on its behalf by:
 


D S Gould
Director

 

Gould Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

 

1

General information

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

The address of its registered office is:
Unit 7
Arnhem Road
Newbury
Berkshire
RG14 5RU

 

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 except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's current forecasts and projections, together with the facilities available to the company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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 the company's activities.

Tax

The tax expense for the period is current corporation tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Gould Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives as follows:

Asset class

Depreciation method and rate

Freehold property

nil

Property improvements

10% straight line

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Gould Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

4

Tangible assets

Land and buildings
£

Property improvements
 £

Total
£

Cost

At 1 October 2022

1,212,908

160,904

1,373,812

At 30 September 2023

1,212,908

160,904

1,373,812

Depreciation

At 1 October 2022

-

64,361

64,361

Charge for the year

-

16,090

16,090

At 30 September 2023

-

80,451

80,451

Carrying amount

At 30 September 2023

1,212,908

80,453

1,293,361

At 30 September 2022

1,212,908

96,543

1,309,451

Included within the net book value of land and buildings above is £1,212,908 (2022 - £1,212,908) in respect of freehold land and buildings.
 

 

Gould Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

 

5

Investments

2023
£

2022
£

Investments in subsidiaries

4

4

Subsidiaries

£

Cost

At 1 October 2022 and 30 September 2022

4

Provision

Carrying amount

At 30 September 2023

4

At 30 September 2022

4

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

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Gould Composites Ltd

Unit 5 Arnhem Road
Newbury
Berkshire
RG14 5RU

Ordinary

100%

100%

Gould Engineering Solutions Ltd

Unit 7 Arnhem Road
Newbury
Berkshire
RG14 5RU

Ordinary

100%

100%

Gould Engineering Solutions Limited ceased trading on 30 September 2022.

 

6

Debtors

Note

2023
 £

2022
 £

Amounts owed by related parties

8

1,163,944

1,040,814

 

Gould Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

 

7

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

-

14,992

Accrued expenses

 

1,890

15,582

Corporation tax liability

-

74,087

 

1,890

104,661

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

-

1,398,196

 

8

Related party transactions

Summary of transactions with other related parties

At 30 September 2023, the company was owed £1,163,944 (2022: £1,040,814) by Gould Composites Ltd, a wholly owned subsidiary. No interest was charged on this balance and there are no fixed repayment terms.