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No description of principal activity
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Sage Accounts Production Advanced 2023 - FRS102_2023
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COMPANY REGISTRATION NUMBER:
14346693
Period from 9 September 2022 to 29 September 2023
Officers and professional advisers |
1 |
|
|
Independent auditor's report to the members |
6 |
|
|
Statement of comprehensive income |
10 |
|
|
Statement of financial position |
11 |
|
|
Statement of changes in equity |
12 |
|
|
Statement of cash flows |
13 |
|
|
Notes to the financial statements |
14 |
|
|
Officers and Professional Advisers |
|
The board of directors |
Mr. A G Cole |
|
Ms. L G Frost |
|
|
Registered office |
Fifth Floor, Suite 23 |
|
63 - 66 Hatton Garden |
|
London |
|
United Kingdom |
|
EC1N 8LE |
|
|
Accountants
Xpact Financial Accountants
22 Upper Ground
Southwark
London
SE1 9PD
Auditor |
Chowdhary & Co |
|
Chartered accountants & statutory auditor |
|
46 Syon Lane |
|
Isleworth |
|
Middlesex |
|
TW7 5NQ |
|
|
Bankers |
Lloyds Bank Plc |
|
98 Victoria Street |
|
London |
|
SW1E 5JL |
|
|
Period from 9 September 2022 to 29 September 2023
The directors present their strategic report for the period ended 30 September 2023. PRINCIPAL ACTIVITY During the year,the principal activity of the company was that of acquiring and selling gold coins. BUSINESS REVIEW During the past period, the directors were satisfied with the performance of the business given it was the first period of trading. PRINCIPAL RISKS & UNCERTAINTIES The key business risks for the company revolve around the sales and profitability in general. The directors aim to increase the sales going forward and keep monitoring the margins as well as controlling the cost in general. KEY PERFORMANCE INDICATORS (KPI) The key performance indicators (KPI) revolve around sales and margins. The directors assess the KPI on a regular basis with increased vigilance to maintain good margins as much as possible. DEVELOPMENT AND PERFORMANCE
Aurum Bullion Plc
is a leading seller of limited mintage legal tender gold coins minted by the Royal Mint. Our primary market has been individual collectors and investors within the UK. To enhance our growth and expand our market presence, we have developed a comprehensive strategy focusing on leveraging technological advancements, exploring new market segments, and increasing operational capacity. This strategic report outlines our growth strategy for the upcoming period, highlighting our plans to to introduce fractionalized NFTs backed by gold coins, expand sales to corporate structures within the UK, explore international markets, enhance our vaulting services, establish a charity to support artisanal gold miners, and initiate a liquidity provision service. Overall the Board is satisfied with the Company's level of activity to establish itself as a niche operator within a specific marketplace. The directors consider the future prospects of the company to be good with a considered approach being taken to focus on growth with particular attention on specific clients and recruiting appropriate qualified front and support staff. DIRECTORS' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE COMPANY The directors meet regularly to make operational and strategic decisions. Broadly speaking, the directors are committed to ensuring that the company has a positive impact on the community and the environment by establishing a charity to support artisanal gold miners. The directors are acutely conscious of their responsibilities to build and maintain the company's reputation by being adamant on the highest standards of business conduct. The Company's policy with regard its engagement with suppliers, customers and others is to maintain a good relationship with its suppliers as they are crucial for the business continuity and developments.; treat customers fairly and strive to deliver the best service to build a long term and sustainable relationship with them in order to meet their expectations at a competitive price so that to generate a recurring business.
This report was approved by the board of directors on 28 August 2024 and signed on behalf of the board by:
Mr. A G Cole |
Ms. L G Frost |
Director |
Director |
|
|
Registered office: |
Fifth Floor, Suite 23 |
63 - 66 Hatton Garden |
London |
United Kingdom |
EC1N 8LE |
|
Period from 9 September 2022 to 29 September 2023
The directors present their report and the financial statements of the company for the Period ended
29 September 2023
.
Directors
The directors who served the company during the Period were as follows:
Mr. A G Cole |
(Appointed
9 September 2022) |
Ms. L G Frost |
(Appointed
9 September 2022) |
|
|
Dividends
The directors do not recommend the payment of a dividend.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial Period. 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 the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on
28 August 2024
and signed on behalf of the board by:
Mr. A G Cole |
Ms. L G Frost |
Director |
Director |
|
|
Registered office: |
Fifth Floor, Suite 23 |
63 - 66 Hatton Garden |
London |
United Kingdom |
EC1N 8LE |
|
Independent Auditor's Report to the Members of
Aurum Bullion Plc |
|
Period from 9 September 2022 to 29 September 2023
Opinion
We have audited the financial statements of Aurum Bullion Plc (the 'company') for the Period ended 29 September 2023 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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: - give a true and fair view of the state of the company's affairs as at 29 September 2023 and of its loss for the Period then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.
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.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the audit:
-
the information given in the strategic report and the directors' report for the financial Period for which the financial statements are prepared is consistent with the financial statements; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
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
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the Consolidated 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. 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 of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. - Obtain sufficient appropriate audit evidence regarding the financial information of the entity to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. A further description of our responsibilities is located on the Financial Reporting Council's website at: https:www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Given 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. This risk increases not only by the requirement to law compliance, but also with irregularities occurring because of fraud as this involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
Bhupindar S Chowdhary |
(Senior Statutory Auditor) |
|
Chowdhary & Co |
Chartered accountants & statutory auditor |
46 Syon Lane |
Isleworth |
Middlesex |
TW7 5NQ |
|
28 August 2024
Statement of Comprehensive Income |
|
Period from 9 September 2022 to 29 September 2023
|
Period from |
|
9 Sep 22 to |
|
29 Sep 23 |
Note |
£ |
Turnover |
4 |
103,852 |
|
|
|
Cost of sales |
70,642 |
|
--------- |
Gross profit |
33,210 |
|
|
Administrative expenses |
43,588 |
|
-------- |
Operating loss |
(
10,378) |
|
|
Interest payable and similar expenses |
7 |
36 |
|
-------- |
Loss before taxation |
(
10,414) |
|
|
|
Tax on loss |
– |
|
-------- |
Loss for the financial period and total comprehensive income |
(
10,414) |
|
-------- |
|
|
All the activities of the company are from continuing operations.
Statement of Financial Position |
|
29 September 2023
Current assets
Debtors |
8 |
457,983 |
Cash at bank and in hand |
45,082 |
|
--------- |
|
503,065 |
|
|
|
Creditors: amounts falling due within one year |
9 |
13,479 |
|
--------- |
Net current assets |
489,586 |
|
--------- |
Total assets less current liabilities |
489,586 |
|
--------- |
Net assets |
489,586 |
|
--------- |
|
|
|
Capital and reserves
Called up share capital |
10 |
500,000 |
Profit and loss account |
(
10,414) |
|
--------- |
Shareholders funds |
489,586 |
|
--------- |
|
|
|
These financial statements were approved by the
board of directors
and authorised for issue on
28 August 2024
, and are signed on behalf of the board by:
Mr. A G Cole |
Ms. L G Frost |
Director |
Director |
|
|
Company registration number:
14346693
Statement of Changes in Equity |
|
Period from 9 September 2022 to 29 September 2023
|
Called up share capital |
Profit and loss account |
Total |
|
£ |
£ |
£ |
At 9 September 2022 |
– |
– |
– |
|
|
|
|
Loss for the period |
|
(
10,414) |
(
10,414) |
|
---- |
-------- |
-------- |
Total comprehensive income for the period |
– |
(
10,414) |
(
10,414) |
|
|
|
|
Issue of shares |
500,000 |
– |
500,000 |
|
--------- |
---- |
--------- |
Total investments by and distributions to owners |
500,000 |
– |
500,000 |
|
|
|
|
|
--------- |
-------- |
--------- |
At 29 September 2023 |
500,000 |
(
10,414) |
489,586 |
|
--------- |
-------- |
--------- |
|
|
|
|
Period from 9 September 2022 to 29 September 2023
Cash flows from operating activities
Loss for the financial period |
(
10,414) |
|
|
Adjustments for: |
|
Interest payable and similar expenses |
36 |
Accrued expenses |
10,220 |
|
|
Changes in: |
|
Trade and other debtors |
(
457,983) |
Trade and other creditors |
3,259 |
|
--------- |
Cash generated from operations |
(
454,882) |
|
|
Interest paid |
(
36) |
|
--------- |
Net cash used in operating activities |
(
454,918) |
|
--------- |
|
|
Cash flows from financing activities
Proceeds from issue of ordinary shares |
500,000 |
|
--------- |
Net cash from financing activities |
500,000 |
|
--------- |
|
|
Net increase in cash and cash equivalents |
45,082 |
Cash and cash equivalents at beginning of period |
– |
|
-------- |
Cash and cash equivalents at end of period |
45,082 |
|
-------- |
|
|
Notes to the Financial Statements |
|
Period from 9 September 2022 to 29 September 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Fifth Floor, Suite 23, 63 - 66 Hatton Garden, London, EC1N 8LE, United Kingdom.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Turnover
Turnover arises from:
|
Period from |
|
9 Sep 22 to |
|
29 Sep 23 |
|
£ |
Sale of goods |
103,852 |
|
--------- |
|
|
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5.
Auditor's remuneration
|
Period from |
|
9 Sep 22 to |
|
29 Sep 23 |
|
£ |
Fees payable for the audit of the financial statements |
8,220 |
|
------- |
|
|
6.
Staff costs
The average number of persons employed by the company during the Period, including the directors, amounted to:
|
29 Sep 23 |
|
No. |
Administrative staff |
2 |
|
---- |
|
|
The aggregate payroll costs incurred during the Period, relating to the above, were:
|
Period from |
|
9 Sep 22 to |
|
29 Sep 23 |
|
£ |
Wages and salaries |
7,953 |
Social security costs |
462 |
|
------- |
|
8,415 |
|
------- |
|
|
7.
Interest payable and similar expenses
|
Period from |
|
9 Sep 22 to |
|
29 Sep 23 |
|
£ |
Interest on banks loans and overdrafts |
36 |
|
---- |
|
|
8.
Debtors
|
29 Sep 23 |
|
£ |
Prepayments and accrued income |
1,949 |
Directors loan account |
2,554 |
Other debtors - Called up share capital not paid |
450,000 |
Other debtors |
3,480 |
|
--------- |
|
457,983 |
|
--------- |
|
|
9.
Creditors:
amounts falling due within one year
|
29 Sep 23 |
|
£ |
Trade creditors |
2,016 |
Accruals and deferred income |
10,220 |
Social security and other taxes |
1,243 |
|
-------- |
|
13,479 |
|
-------- |
|
|
10.
Called up share capital
Issued, called up and fully paid
|
29 Sep 23 |
|
No. |
£ |
Ordinary shares of £ 1 each |
500,000 |
500,000 |
|
--------- |
--------- |
|
|
|
11.
Ultimate controlling party
As at the period end, the ultimate controlling party was Mr A Cole by virtue of his majority shareholding.
12.
Analysis of changes in net debt
|
At 9 Sep 2022 |
Cash flows |
At 29 Sep 2023 |
|
£ |
£ |
£ |
Cash at bank and in hand |
– |
45,082 |
45,082 |
|
---- |
-------- |
-------- |
|
|
|
|
13.
Directors' advances, credits and guarantees
During the Period the directors entered into the following advances and credits with the company:
|
Balance brought forward and outstanding |
|
29 Sep 23 |
|
£ |
Mr. A G Cole |
2,554 |
|
------- |
|
|