Company registration number 05038285 (England and Wales)
GOLDFYRE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
GOLDFYRE LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
GOLDFYRE LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Investment property
4
598,649
598,116
Investments
5
250,000
250,001
848,649
848,117
Current assets
Trade and other receivables
6
3,440,111
3,228,237
Cash and cash equivalents
2,850,553
2,570,270
6,290,664
5,798,507
Current liabilities
7
(104,336)
(41,815)
Net current assets
6,186,328
5,756,692
Net assets
7,034,977
6,604,809
Equity
Called up share capital
8
100
100
Retained earnings
7,034,877
6,604,709
Total equity
7,034,977
6,604,809
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 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 members have 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.
The financial statements were approved and signed by the director and authorised for issue on 20 August 2024
S T Frasi Esq. FCA
Director
Company registration number 05038285 (England and Wales)
GOLDFYRE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Goldfyre Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, 3 Dorset Rise, London, EC4Y 8EN.
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 on the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Revenue
Turnover represents amounts receivable for services rendered and commissions.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Non-current investments
Interests in subsidiaries 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.
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.
1.5
Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks.
1.6
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 statement of financial position 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.
GOLDFYRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets
Basic financial assets, which include amounts due from subsidiaries 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.
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 trade and other payables, 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.
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
1.9
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.10
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.
GOLDFYRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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
Employees
Other than the director, there were no employees employed by the company during the year.
4
Investment property
2023
£
Fair value
At 1 January 2023
598,116
Additions
533
At 31 December 2023
598,649
Investment property comprises a single residential property acquired on 8 December 2020. The fair value of the investment property is based on the director's estimate of the market value at the balance sheet date.
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
250,000
250,001
Movements in non-current investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
250,001
Disposals
(1)
At 31 December 2023
250,000
Carrying amount
At 31 December 2023
250,000
At 31 December 2022
250,001
GOLDFYRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
6
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
127,594
185,988
Amounts owed by group undertakings
2,888,487
2,790,299
Other receivables
31,180
2,300
3,047,261
2,978,587
2023
2022
Amounts falling due after more than one year:
£
£
Other receivables
392,850
249,650
Total debtors
3,440,111
3,228,237
* The above loans are made up of two loans of £249,650 and £143,200. Both loans are secured and they carry interest at the rate of 3% and 3.25% per annum respectively. The loans are repayable in full or in part at times mutually agreed by the parties and shall be repayable in full by 31 December 2028.
7
Current liabilities
2023
2022
£
£
Corporation tax
88,500
31,240
Other payables
15,836
10,575
104,336
41,815
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Related party transactions
Optical Vision Limited (Optical), is a wholly owned subsidiary of the company. Optical was indebted to the company in the amount of £2,888,487 (2022 - £2,790,299) and interest amounting to £45,355 (2022 - £46,223) was received during the year.
During the year the company charged Optical management fees of £65,000 (2022 - £65,000) and received dividends amounting to £500,000 (2022 - £500,000) from Optical.
GOLDFYRE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
10
Directors' transactions
Dividends totalling £100,000 (2022 - £100,000) were paid in the year in respect of shares held by the company's director.
At the year end, the company was indebted to the Director in the amount of £7,950 (2022 - £3,975). This amount is unsecured, interest free and repayable on demand.