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Company No: 12248082 (England and Wales)

THE GO HOLDING GROUP LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

THE GO HOLDING GROUP LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

THE GO HOLDING GROUP LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 October 2023
THE GO HOLDING GROUP LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 13,850 19,495
Tangible assets 4 3,300 3,585
17,150 23,080
Current assets
Debtors
- due within one year 5 11,458 3,208
- due after more than one year 5 100,523 105,988
Cash at bank and in hand 6 56,310 3,370
168,291 112,566
Creditors: amounts falling due within one year 7 ( 19,200) ( 11,324)
Net current assets 149,091 101,242
Total assets less current liabilities 166,241 124,322
Creditors: amounts falling due after more than one year 8 ( 399,000) ( 246,500)
Net liabilities ( 232,759) ( 122,178)
Capital and reserves
Called-up share capital 117,000 117,000
Profit and loss account ( 349,759 ) ( 239,178 )
Total shareholders' deficit ( 232,759) ( 122,178)

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of The Go Holding Group Limited (registered number: 12248082) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Jonathan Billing
Director

31 July 2024

THE GO HOLDING GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
THE GO HOLDING GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Go Holding Group Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Larking Gowen 1st Floor Prospect House, Rouen Road, Norwich, NR1 1RE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The Company has seen modest growth over the the financial year to 31 October 2023, but prospects look good for future significant growth. Our revolutionary fleet account provides access to the largest network of hand car washes in the UK and expenditure is fully controlled by the fleet manager. This revenue stream continues to grow and double year on year, alongside some other income streams which are showing great promise, the Directors continue to be optimistic about what the future may hold.

The Directors have considered the company’s position at the time of signing the financial statements, and in particular the effects on the company of the wider economy. As part of their assessment, they have taken into consideration a number of possible trading performance, profitability and cash flow scenarios.

Based on this, and the on—going support of the shareholders, the Directors have concluded that they have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial statements, and they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 5 - 0 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 25 % reducing balance
Office equipment 3 - 0 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Intangible assets

Development costs Total
£ £
Cost
At 01 November 2022 40,519 40,519
Additions 2,500 2,500
At 31 October 2023 43,019 43,019
Accumulated amortisation
At 01 November 2022 21,024 21,024
Charge for the financial year 8,145 8,145
At 31 October 2023 29,169 29,169
Net book value
At 31 October 2023 13,850 13,850
At 31 October 2022 19,495 19,495

4. Tangible assets

Fixtures and fittings Office equipment Total
£ £ £
Cost
At 01 November 2022 7,978 989 8,967
Additions 0 724 724
At 31 October 2023 7,978 1,713 9,691
Accumulated depreciation
At 01 November 2022 4,804 578 5,382
Charge for the financial year 794 215 1,009
At 31 October 2023 5,598 793 6,391
Net book value
At 31 October 2023 2,380 920 3,300
At 31 October 2022 3,174 411 3,585

5. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Trade debtors 5,383 1,178
Other debtors 6,075 2,030
11,458 3,208
Debtors: amounts falling due after more than one year
Deferred tax asset 100,523 105,988

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 56,310 3,370

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 3,568 2,677
Amounts owed to directors 1,818 866
Accruals 2,250 2,100
Other taxation and social security 7,572 3,071
Other creditors 3,992 2,610
19,200 11,324

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 399,000 246,500

9. Deferred tax

2023 2022
£ £
At the beginning of financial year 105,988 54,413
(Charged)/credited to the Income Statement ( 5,465) 51,575
At the end of financial year 100,523 105,988

10. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £6,173 (2022 - £5,151). Contributions totalling £713 (2022 - £1,046) were payable to the fund at the reporting date and are included as creditors.

11. Related party transactions

The company owed a family member of one of the directors £399,000 (2022 - £246,500) at the year end, on which no interest is being charged.