Company registration number NI683186 (Northern Ireland)
GOLDEN GATE ORIENTAL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
GOLDEN GATE ORIENTAL LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
GOLDEN GATE ORIENTAL LTD
COMPANY INFORMATION
- 1 -
Director
Kang Chen
Company number
NI683186
Registered office
92 Shaws Road
Belfast
Co Antrim
BT11 5PS
Accountants
Johnston Kennedy DFK
10 Pilots View
Heron Road
Belfast
BT3 9LE
Business address
92 Shaws Road
Belfast
Co Antrim
BT11 5PS
Bankers
Ulster Bank
PO Box 232
11-16 Donegall Square East
Belfast
BT1 5UB
GOLDEN GATE ORIENTAL LTD
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
4,083
4,583
Tangible assets
4
2,865
3,684
6,948
8,267
Current assets
Stocks
1,535
1,661
Debtors
5
4,102
4,242
Cash at bank and in hand
22,200
22,881
27,837
28,784
Creditors: amounts falling due within one year
6
(25,114)
(28,543)
Net current assets
2,723
241
Total assets less current liabilities
9,671
8,508
Provisions for liabilities
8
(500)
(700)
Net assets
9,171
7,808
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
9,071
7,708
Total equity
9,171
7,808
The notes on pages 4 to 9 form part of these financial statements
Compiled without audit or independent verification - refer to independent accountants' report
GOLDEN GATE ORIENTAL LTD
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 3 -
Directors' statement in respect of the financial statements
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the Financial Reporting Standard FRS 102 1A - Small Entities.
The financial statements were approved and signed by the director and authorised for issue on 18 July 2024
Kang Chen
..............................
Kang Chen
Director
Company Registration No. NI683186
The notes on pages 4 to 9 form part of these financial statements
Compiled without audit or independent verification - refer to independent accountants' report
GOLDEN GATE ORIENTAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
1
Accounting policies
Company information
Golden Gate Oriental Ltd is a private company limited by shares incorporated in Northern Ireland. The registered office and principal place of business is 92 Shaws Road, Belfast, Co Antrim, BT11 5PS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Equipment
5 year straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and net realisable value.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
GOLDEN GATE ORIENTAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit or loss account in other administration expenses.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price Any losses arising from impairment are recognised in the profit or loss account in other administration expenses.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
GOLDEN GATE ORIENTAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 6 -
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
Dividends to the company's ordinary shareholders are recognised as a liability of the company when approved by the company's director.
1.12
Shares are included in shareholders funds. Other instruments are classified as liabilities if not included in
shareholders funds if they contain an obligation to transfer economic benefits. The finance cost recognised in the profit and loss account in respect of the capital instruments other than equity shares is allocated to
periods over the term of the instrument at a constant rate on the carrying amount.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
6
3
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
5,000
Amortisation and impairment
At 1 November 2022
417
Amortisation charged for the year
500
At 31 October 2023
917
Carrying amount
At 31 October 2023
4,083
At 31 October 2022
4,583
GOLDEN GATE ORIENTAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
4
Tangible fixed assets
Equipment
£
Cost
At 1 November 2022 and 31 October 2023
4,094
Depreciation and impairment
At 1 November 2022
410
Depreciation charged in the year
819
At 31 October 2023
1,229
Carrying amount
At 31 October 2023
2,865
At 31 October 2022
3,684
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Prepayments and accrued income
4,102
4,242
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,270
5,102
Corporation tax
2,312
900
Other Taxation and social security
9,277
14,288
Director's current account
5,925
4,480
Accruals and deferred income
4,330
3,773
25,114
28,543
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
8
500
700
GOLDEN GATE ORIENTAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 8 -
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
2023
Balances:
£
Accelerated capital allowances
500
2023
Movements in the year:
£
Liability at 1 November 2022
700
Credit to profit or loss
(200)
Liability at 31 October 2023
500
GOLDEN GATE ORIENTAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 9 -
9
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
100 Ordinary of £1 each
100
100
10
Financial commitments
The company had no financial commitments at 31 October 2023 or at 31 October 2022.
11
Capital commitments
The company had no capital commitments at 31 October 2023 or at 31 October 2022.
12
Control
The company is controlled by the director.
13
Related party transactions
The balance on the director's loan account at the year end amounted to £5,925 and is included within creditors due within one year. No interest is charged on this loan.