Registered number
02597849
Proofgolden Limited
Filleted Abridged Accounts
31 October 2023
Proofgolden Limited
Registered number: 02597849
Abridged Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 5,249 6,179
Investments 5 465,000 465,000
470,249 471,179
Current assets
Debtors 829,025 404,268
Cash at bank and in hand 4,181,437 3,899,060
5,010,462 4,303,328
Creditors: amounts falling due within one year (3,183,919) (3,342,542)
Net current assets 1,826,543 960,786
Total assets less current liabilities 2,296,792 1,431,965
Provisions for liabilities (5,810) (5,930)
Net assets 2,290,982 1,426,035
Capital and reserves
Called up share capital 100,000 100,000
Fair value reserve 6 21,632 21,632
Profit and loss account 2,169,350 1,304,403
Shareholders' funds 2,290,982 1,426,035
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
D Eddleston
Director
Approved by the board on 5 February 2024
Proofgolden Limited
Notes to the Abridged Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The abridged accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of flights and holidays and commissions earned from acting as a travel agent and is recognised on the date of outbound departure.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Fixtures, fittings, tools and equipment 33% straight line
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Audit information
The audit report is unqualified.
Senior statutory auditor: Thomas Duffy
Firm: Glen C Rodger Limited
Date of audit report: 5 February 2024
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 17 15
4 Tangible fixed assets
Total
£
Cost
At 1 November 2022 189,907
At 31 October 2023 189,907
Depreciation
At 1 November 2022 183,728
Charge for the year 930
At 31 October 2023 184,658
Net book value
At 31 October 2023 5,249
At 31 October 2022 6,179
5 Investments
Other
investments
£
Cost
At 1 November 2022 465,000
At 31 October 2023 465,000
Historical cost
At 1 November 2022 438,294
At 31 October 2023 438,294
Investment properties were revalued as at 31 October 2023 by the directors who considered the value of similarly owned properties to those owed by the company.
6 Fair value reserve 2023 2022
£ £
At 1 November 2022 21,632 106,166
Disposal of investments - (104,363)
Deferred taxation arising on the disposal of investments - 19,829
At 31 October 2023 21,632 21,632
7 Controlling party
The company is controlled by D Eddleston, director.
8 Other information
Proofgolden Limited is a private company limited by shares and incorporated in England. Its registered office is:
3rd Floor Cragside House
Heaton Road
Newcastle upon Tyne
Tyne and Wear
NE6 1SE
Proofgolden Limited 02597849 false 2022-11-01 2023-10-31 2023-10-31 VT Final Accounts October 2023 release 2 D Eddleston No description of principal activity 02597849 2021-11-01 2022-10-31 02597849 core:RevaluationReserve core:LandBuildings 2021-11-01 2022-10-31 02597849 core:RevaluationReserve 2021-11-01 2022-10-31 02597849 core:WithinOneYear 2022-10-31 02597849 core:ShareCapital 2022-10-31 02597849 core:OtherReservesSubtotal 2022-10-31 02597849 core:RetainedEarningsAccumulatedLosses 2022-10-31 02597849 core:RevaluationReserve 2021-10-31 02597849 2022-11-01 2023-10-31 02597849 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 02597849 bus:Audited 2022-11-01 2023-10-31 02597849 bus:Director40 2022-11-01 2023-10-31 02597849 1 2022-11-01 2023-10-31 02597849 2 2022-11-01 2023-10-31 02597849 core:RevaluationReserve core:LandBuildings 2022-11-01 2023-10-31 02597849 core:RevaluationReserve 2022-11-01 2023-10-31 02597849 countries:England 2022-11-01 2023-10-31 02597849 bus:FRS102 2022-11-01 2023-10-31 02597849 bus:AbridgedAccounts 2022-11-01 2023-10-31 02597849 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 02597849 2023-10-31 02597849 core:WithinOneYear 2023-10-31 02597849 core:ShareCapital 2023-10-31 02597849 core:OtherReservesSubtotal 2023-10-31 02597849 core:RetainedEarningsAccumulatedLosses 2023-10-31 02597849 core:RevaluationReserve 2023-10-31 02597849 2022-10-31 02597849 core:RevaluationReserve 2022-10-31 iso4217:GBP xbrli:pure