Company registration number 00355559 (England and Wales)
GOLD LINE HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2023
GOLD LINE HOLDINGS LIMITED
COMPANY INFORMATION
Directors
A M Horrell
R T Horrell
C R Blackman
R J Anderson
Company number
00355559
Registered office
Medlars Church Lane
Seaton
Oakham
LE15 9HR
Auditor
Azets Audit Services
Thorpe House
93 Headlands
Kettering
Northamptonshire
United Kingdom
NN15 6BL
GOLD LINE HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 21
GOLD LINE HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 28 APRIL 2023
- 1 -

The directors present the strategic report for the period ended 28 April 2023.

Strategic direction

The Company continued to be that of a non trading holding company. As the sole purpose of this company is to be a parent company, the commentary which follows refers principally to the trading company below it, Gold Line Feed Limited.

 

On 9th December 2022 the Group’s main trading subsidiary (Gold Line Feeds Ltd) completed the sale of the various dog brands, including Autarky and Chudleys, along with the customer list, the IP and the Sales and Marketing team to United Petfood. The sale brings all the manufacturing operations in the Group to a close and now the directors have a property to sell during 2024. As a result of the sale all colleagues in the Group were made redundant.

 

Business review

Following the sale of the dog business the Group is now in the process of realising the remaining assets and settling liabilities and then it is envisaged a solvent Members Voluntary Liquidation will take place towards the end of 2024. All bank debt has been paid down.

Principal risks and uncertainties

The Group continued to trade until the date of sale on the 9th December 2022. The Group's principal activity is the manufacture and sale of animal feed. In common with many businesses carrying out similar activities, the principal risks and uncertainties it faces are customer spending downturns and changes in general economic conditions. Whilst recognising the existence of such risks, the Directors believe the Company is well placed to successfully deal with any such challenges should they arise.

Key performance indicators

Following the sale, as detailed above, key performance indicators are no longer relevant to the Group as a whole as the Group is now in the process of realising the remaining assets and settling liabilities. All bank debt has been paid down post year end.

On behalf of the board

R J Anderson
Director
31 July 2024
GOLD LINE HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 28 APRIL 2023
- 2 -

The directors present their annual report and financial statements for the period ended 28 April 2023.

Principal activities

The principal activity of the company continued to be that of a holding company.

Results and dividends

The results for the period are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

A M Horrell
R T Horrell
C R Blackman
R J Anderson
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
R J Anderson
Director
31 July 2024
GOLD LINE HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 28 APRIL 2023
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GOLD LINE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GOLD LINE HOLDINGS LIMITED
- 4 -
Opinion

We have audited the financial statements of Gold Line Holdings Limited (the 'company') for the period ended 28 April 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

We draw the users of the accounts to note 1.3 which states that on the 9th December 2022 the Group sold the trade of Gold Line Feeds Ltd and various plant and machinery belonging to Gold Line Holdings Ltd and Gold Line Feeds Ltd. In addition the remaining assets in the company have been sold or were in the process of being sold at the year end. As a result the remaining fixed assets have been written down in the balance sheet as at April 2023. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 1.3. Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

GOLD LINE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GOLD LINE HOLDINGS LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

GOLD LINE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GOLD LINE HOLDINGS LIMITED
- 6 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Monkhouse
Senior Statutory Auditor
For and on behalf of Azets Audit Services
31 July 2024
Chartered Accountants
Statutory Auditor
Thorpe House
93 Headlands
Kettering
Northamptonshire
United Kingdom
NN15 6BL
GOLD LINE HOLDINGS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 28 APRIL 2023
- 7 -
Period
Year
ended
ended
28 April
30 April
2023
2022
Notes
£
£
Turnover
3
362,364
362,843
Administrative expenses
(1,503,779)
(3,495,892)
Operating loss
4
(1,141,415)
(3,133,049)
Interest payable and similar expenses
7
(10,808)
(35,666)
Impairment losses in the year
8
(102,300)
(522,805)
Loss before taxation
(1,254,523)
(3,691,520)
Tax on loss
9
-
0
326,170
Loss for the financial period
(1,254,523)
(3,365,350)
Other comprehensive income
Fair value adjustments reclassified to profit or loss
-
0
(262,719)
Total comprehensive income for the period
(1,254,523)
(3,628,069)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

GOLD LINE HOLDINGS LIMITED
BALANCE SHEET
AS AT 28 APRIL 2023
28 April 2023
- 8 -
28 April 2023
30 April 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,300,000
4,233,010
Investments
12
-
0
2,300
2,300,000
4,235,310
Current assets
Debtors
14
2,878,131
3,001,296
Cash at bank and in hand
1,099,016
4,607
3,977,147
3,005,903
Creditors: amounts falling due within one year
15
(2,688,991)
(2,398,534)
Net current assets
1,288,156
607,369
Net assets
3,588,156
4,842,679
Capital and reserves
Called up share capital
18
12,330
12,330
Capital redemption reserve
19
2,572
2,572
Profit and loss reserves
19
3,573,254
4,827,777
Total equity
3,588,156
4,842,679
The financial statements were approved by the board of directors and authorised for issue on 31 July 2024 and are signed on its behalf by:
R J Anderson
Director
Company Registration No. 00355559
GOLD LINE HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 APRIL 2023
- 9 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 May 2021
12,330
262,719
2,572
7,930,408
8,208,029
Year ended 30 April 2022:
Loss for the year
-
-
-
(3,365,350)
(3,365,350)
Other comprehensive income:
Gains reclassified to profit or loss
-
(262,719)
-
-
(262,719)
Total comprehensive income for the year
-
(262,719)
-
(3,365,350)
(3,628,069)
Transfers
-
-
0
-
262,719
262,719
Balance at 30 April 2022
12,330
-
0
2,572
4,827,777
4,842,679
Period ended 28 April 2023:
Loss and total comprehensive income for the period
-
-
-
(1,254,523)
(1,254,523)
Balance at 28 April 2023
12,330
-
0
2,572
3,573,254
3,588,156
GOLD LINE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 APRIL 2023
- 10 -
1
Accounting policies
Company information

Gold Line Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Medlars Church Lane, Seaton, Oakham, LE15 9HR.

1.1
Reporting period

The financial statements are made for the period of 01 May 2022 to 28 April 2023. Please note that the comparative period was for the year ended 30 April 2022.

1.2
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.

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Gold Line Holdings Limited is a wholly owned subsidiary of Gold Line Investments Group Limited and the results of Gold Line Holdings Limited are included in the consolidated financial statements of Gold Line Investemnts Group Limited which are available from Companies House.

GOLD LINE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
1
Accounting policies
(Continued)
- 11 -
1.3
Going concern

On the 9trueth December 2022 the Group sold the trade of Gold Line Feeds Ltd and various plant and machinery belonging to Gold Line Holdings Ltd and Gold Line Feeds Ltd to United Petfood Limited (“United”). The sale of the trade included the brands, the intellectual property, the customer book and the Sales and Marketing team.

As a result of the above, the Group ceased to trade on 9 December 2022 and the financial statements have been prepared on a basis other than that of the going concern basis. This basis includes, where applicable, writing the group’s assets down to net realisable value. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.

Most of the remaining employees of the business were made redundant on 9 December 2022.

1.4
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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.5
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:

Freehold land and buildings
2% straight line on cost / valuation
Plant and equipment
10% / 20% / 33% per annum on cost
Fixtures and fittings
15% per annum on cost
Computers
33% per annum on cost

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.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

GOLD LINE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
1
Accounting policies
(Continued)
- 12 -

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.8
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.

1.9
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.

GOLD LINE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
1
Accounting policies
(Continued)
- 13 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

GOLD LINE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
1
Accounting policies
(Continued)
- 14 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

GOLD LINE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
1
Accounting policies
(Continued)
- 15 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
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.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Turnover
2023
2022
£
£
Turnover analysed by class of business
Management recharges
120,000
120,000
Rent
242,364
242,843
362,364
362,843
GOLD LINE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
- 16 -
4
Operating loss
2023
2022
Operating loss for the period is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
24,000
34,450
Depreciation of owned tangible fixed assets
193,838
804,431
Impairment of owned tangible fixed assets
467,813
2,779,129
Loss/(profit) on disposal of tangible fixed assets
226,732
(579,976)
Operating lease charges
-
10,379
5
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2022
Number
Number
1
1

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
119,574
91,800
Social security costs
16,082
11,428
Pension costs
23,378
21,180
159,034
124,408
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
96,390
91,800
Company pension contributions to defined contribution schemes
21,639
21,180
118,029
112,980
7
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
10,808
35,666
GOLD LINE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
- 17 -
8
Amounts written off investments
2023
2022
£
£
Amounts (written off)/written back to current loans
(100,000)
13,157
Other gains and losses
(2,300)
(535,962)
(102,300)
(522,805)
9
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
-
0
(326,170)

The UK Budget 2021 announcements on 3 March 2021 included measures to support economic recovery as a result of the ongoing COVID-19 pandemic. These measures included an increase in the UK's main corporation tax rate from 19% to 25%, effective from 1 April 2023, and which was substantively enacted in the Finance Act 2021. As a result of this, the rate of corporation tax for the group in the period to 28 April 2023 was 25% compared to 19% in the previous year.

The actual charge/(credit) for the period can be reconciled to the expected credit for the period based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Loss before taxation
(1,254,523)
(3,691,520)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
(313,631)
(701,389)
Tax effect of expenses that are not deductible in determining taxable profit
-
0
6,777
Losses on discontinued operations not recognised
112,523
114,022
Permanent capital allowances in excess of depreciation
(805)
63,417
Adjustments in respect of financial assets
145,230
528,035
Effect of revaluations of investments
-
0
101,833
Other permanent differences
-
0
(2,500)
Loss (profit) on sale of assets
56,683
(110,195)
Deferred tax movement
-
0
(326,170)
Taxation charge/(credit) for the period
-
(326,170)

The Company has unrelieved tax losses amounting to £4,968,299 (2022: £4,518,207) to carry forward against future taxable profits. No deferred tax asset in respect of these losses has been recognised, due to the uncertainty over the timings and amounts of their recoverability.

GOLD LINE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
- 18 -
10
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2023
2022
Notes
£
£
In respect of:
Property, plant and equipment
11
467,813
2,779,129
Investments in subsidiaries
12
2,300
535,962
Recognised in:
Administrative expenses
467,813
2,779,129
Amounts written off investments
2,300
535,962
Amounts recognised in other comprehensive income in respect of impairment losses on previously revalued assets.
-
262,719

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

11
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 May 2022
4,856,953
11,296,902
286,650
905,991
17,346,496
Disposals
-
0
(11,296,902)
-
0
-
0
(11,296,902)
At 28 April 2023
4,856,953
-
0
286,650
905,991
6,049,594
Depreciation and impairment
At 1 May 2022
2,056,953
9,887,863
284,103
884,567
13,113,486
Depreciation charged in the period
32,187
137,680
2,547
21,424
193,838
Impairment losses
467,813
-
0
-
0
-
0
467,813
Eliminated in respect of disposals
-
0
(10,025,543)
-
0
-
0
(10,025,543)
At 28 April 2023
2,556,953
-
0
286,650
905,991
3,749,594
Carrying amount
At 28 April 2023
2,300,000
-
0
-
0
-
0
2,300,000
At 30 April 2022
2,800,000
1,409,039
2,547
21,424
4,233,010

More information on impairment movements in the period is given in note 10.

GOLD LINE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
- 19 -
12
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
13
-
0
2,300
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 May 2022
2,300
Impairment
(2,300)
At 28 April 2023
-
Carrying amount
At 28 April 2023
-
At 30 April 2022
2,300
13
Subsidiaries

Details of the company's subsidiaries at 28 April 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Gold Line Feeds Limited
Old Furnace Site Kettering Road, Islip, Kettering, England, NN14 3JW
Ordinary
100.00
Gold Line Country Store Limited
As above
Ordinary
100.00
GL (Nutri-Pet) Limited
As above
Ordinary
100.00
GL Racing Limited
As above
Ordinary
100.00
GL (Ringstead) Limited
As above
Ordinary
96.00
Gold Line Pet Products Limited
As above
Ordinary
100.00
Trophy (Oxford) Limited
As above
Ordinary
100.00
Concept Complete Services Limited
As above
Ordinary
100.00

All subsidiary undertakings listed above have been dissolved following 28 April 2023 with the exception of Gold Line Feeds Limited.

14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2,842,000
2,830,000
Prepayments and accrued income
36,131
171,296
2,878,131
3,001,296
GOLD LINE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
- 20 -
15
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
16
-
0
444,000
Trade creditors
132,962
132,810
Amounts owed to group undertakings
2,442,227
1,755,892
Taxation and social security
51,111
2,960
Other creditors
2,438
-
0
Accruals and deferred income
60,253
62,872
2,688,991
2,398,534
16
Loans and overdrafts
2023
2022
£
£
Bank loans
-
0
444,000
Payable within one year
-
0
444,000

Following the sale of the Group's trade and assets, the bank loan was repaid in full and hence the balance owed at the reporting date was £nil.

17
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
23,378
21,180

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

18
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
12,330
12,330
12,330
12,330
19
Reserves
Capital redemption reserve

This reserve includes all amounts transferred from the Profit and Loss reserve following the redemption of purchase or the Company's own shares.

Profit and Loss Account

This reserve includes all current and prior year retained profits and losses.

GOLD LINE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 APRIL 2023
- 21 -
20
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
115,378
242,000
Between two and five years
-
0
363,397
115,378
605,397

All operating leases were terminated following the year end, on the basis the assets were no longer required following the sale of the Group's trade.

21
Related party transactions

The directors of the Company have taken advantage of the exemption available to them under Section 33, FRS102, not to diclose transactions and balances with other members of the group headed by Gold Line Investments Group Limited.

 

There are no other related party transactions required to be disclosed.

22
Ultimate controlling party

The immediate parent company is GLF Group Limited, a Company registered in England and Wales.

 

The ultimate parent company is Gold Line Investments Group Limited, a Company registered in England and Wales.

 

Gold Line Investments Group Limited is 64.3% owned by Trustess of Richard Horrell 2000 Trust. The trustess for the trust are as follows:

 

Richard Horrell 2000 Trust

R J Horrell

A M Horrell

C R Blackman

A Fowler-Guest

2023-04-282022-05-01falseCCH SoftwareCCH Accounts Production 2024.100A M HorrellR T HorrellC R BlackmanR J Andersonfalsefalse003555592022-05-012023-04-2800355559bus:Director12022-05-012023-04-2800355559bus:Director22022-05-012023-04-2800355559bus:Director32022-05-012023-04-2800355559bus:Director42022-05-012023-04-2800355559bus:RegisteredOffice2022-05-012023-04-28003555592023-04-28003555592021-05-012022-04-3000355559core:RetainedEarningsAccumulatedLosses2021-05-012022-04-3000355559core:RetainedEarningsAccumulatedLosses2022-05-012023-04-280035555912022-05-012023-04-2800355559core:RevaluationReserve12021-05-012022-04-3000355559core:RevaluationReserve22021-05-012022-04-30003555592022-04-3000355559core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-2800355559core:PlantMachinery2023-04-2800355559core:FurnitureFittings2023-04-2800355559core:ComputerEquipment2023-04-2800355559core:LandBuildingscore:OwnedOrFreeholdAssets2022-04-3000355559core:PlantMachinery2022-04-3000355559core:FurnitureFittings2022-04-3000355559core:ComputerEquipment2022-04-3000355559core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-2800355559core:CurrentFinancialInstrumentscore:WithinOneYear2022-04-3000355559core:CurrentFinancialInstruments2023-04-2800355559core:CurrentFinancialInstruments2022-04-3000355559core:ShareCapital2023-04-2800355559core:ShareCapital2022-04-3000355559core:CapitalRedemptionReserve2023-04-2800355559core:CapitalRedemptionReserve2022-04-3000355559core:RetainedEarningsAccumulatedLosses2023-04-2800355559core:RetainedEarningsAccumulatedLosses2022-04-3000355559core:ShareCapital2021-04-3000355559core:RevaluationReserve2021-04-3000355559core:CapitalRedemptionReserve2021-04-3000355559core:RetainedEarningsAccumulatedLosses2021-04-3000355559core:RevaluationReserve2022-04-3000355559core:RevaluationReserve2023-04-2800355559core:RevaluationReserve2021-05-012022-04-3000355559core:LandBuildingscore:OwnedOrFreeholdAssets2022-05-012023-04-2800355559core:PlantMachinery2022-05-012023-04-2800355559core:FurnitureFittings2022-05-012023-04-2800355559core:ComputerEquipment2022-05-012023-04-2800355559core:UKTax2022-05-012023-04-2800355559core:UKTax2021-05-012022-04-300035555912021-05-012022-04-300035555922022-05-012023-04-280035555922021-05-012022-04-300035555932022-05-012023-04-280035555932021-05-012022-04-300035555942022-05-012023-04-280035555942021-05-012022-04-300035555952022-05-012023-04-280035555952021-05-012022-04-3000355559core:LandBuildingscore:OwnedOrFreeholdAssets2022-04-3000355559core:PlantMachinery2022-04-3000355559core:FurnitureFittings2022-04-3000355559core:ComputerEquipment2022-04-30003555592022-04-3000355559core:Non-currentFinancialInstruments2023-04-2800355559core:Non-currentFinancialInstruments2022-04-3000355559core:Subsidiary12022-05-012023-04-2800355559core:Subsidiary22022-05-012023-04-2800355559core:Subsidiary32022-05-012023-04-2800355559core:Subsidiary42022-05-012023-04-2800355559core:Subsidiary52022-05-012023-04-2800355559core:Subsidiary62022-05-012023-04-2800355559core:Subsidiary72022-05-012023-04-2800355559core:Subsidiary82022-05-012023-04-2800355559core:WithinOneYear2023-04-2800355559core:WithinOneYear2022-04-3000355559core:BetweenTwoFiveYears2023-04-2800355559core:BetweenTwoFiveYears2022-04-3000355559bus:PrivateLimitedCompanyLtd2022-05-012023-04-2800355559bus:FRS1022022-05-012023-04-2800355559bus:Audited2022-05-012023-04-2800355559bus:FullAccounts2022-05-012023-04-28xbrli:purexbrli:sharesiso4217:GBP