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COMPANY REGISTRATION NUMBER:
13883004
GOAT GROUP HOLDINGS LIMITED |
|
GOAT GROUP HOLDINGS LIMITED |
|
Year ended 31 December 2023
This report was approved by the board of directors on 13 August 2024 and signed on behalf of the board by:
Registered office: |
3rd Floor |
1 Ashley Road |
Altrincham |
Cheshire |
United Kingdom |
WA14 2DT |
|
GOAT GROUP HOLDINGS LIMITED |
|
Year ended 31 December 2023
The directors present their report and the financial statements of the company for the year ended
31 December 2023
.
Directors
The directors who served the company during the year was as follows:
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 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 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
13 August 2024
and signed on behalf of the board by:
Registered office: |
3rd Floor |
1 Ashley Road |
Altrincham |
Cheshire |
United Kingdom |
WA14 2DT |
|
GOAT GROUP HOLDINGS LIMITED |
|
Independent Auditor's Report to the Members of
GOAT GROUP HOLDINGS LIMITED |
|
Year ended 31 December 2023
Opinion
We have audited the financial statements of GOAT GROUP HOLDINGS LIMITED (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, statement of financial position, 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 31 December 2023 and of its profit for the year 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 year 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
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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, FRS 102 The Financial Reporting Standard applicable in the UK and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of legal counsel. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. As in all our audits, we also addressed the risk of management override of internal controls by testing journal entries and evaluating whether there was evidence of management bias which represented a risk of material misstatement due to fraud. 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 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 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 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. 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.
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.
P P Smulovitch |
(Senior Statutory Auditor) |
|
For and on behalf of |
GK & Co. LLP |
Chartered accountants & statutory auditor |
Hallswelle House |
1 Hallswelle Road |
London |
England |
NW11 0DH |
|
13 August 2024
GOAT GROUP HOLDINGS LIMITED |
|
Statement of Comprehensive Income |
|
Year ended 31 December 2023
|
|
Period from |
|
Year to |
31 Jan 22 to |
|
31 Dec 23 |
31 Dec 22 |
Note |
£ |
£ |
|
|
|
Distribution costs |
(
42) |
– |
Administrative expenses |
5,298,098 |
32,646 |
Other operating income |
4 |
5,540,829 |
25,725 |
|
------------ |
-------- |
Operating profit/(loss) |
242,773 |
(
6,921) |
|
|
|
|
Interest payable and similar expenses |
6 |
11 |
– |
|
------------ |
-------- |
Profit/(loss) before taxation |
242,762 |
(
6,921) |
|
|
|
|
Tax on profit/(loss) |
7 |
55,469 |
3,173 |
|
--------- |
-------- |
Profit/(loss) for the financial year and total comprehensive income |
187,293 |
(
10,094) |
|
--------- |
-------- |
|
|
|
|
All the activities of the company are from continuing operations.
GOAT GROUP HOLDINGS LIMITED |
|
Statement of Financial Position |
|
31 December 2023
Current assets
Debtors |
8 |
355,608 |
4,200 |
Cash at bank and in hand |
576,577 |
324,505 |
|
--------- |
--------- |
|
932,185 |
328,705 |
|
|
|
|
Creditors: amounts falling due within one year |
9 |
754,985 |
338,798 |
|
--------- |
--------- |
Net current assets/(liabilities) |
177,200 |
(
10,093) |
|
--------- |
-------- |
Total assets less current liabilities |
177,200 |
(
10,093) |
|
--------- |
-------- |
Net assets/(liabilities) |
177,200 |
(
10,093) |
|
--------- |
-------- |
|
|
|
|
Capital and reserves
Called up share capital |
10 |
1 |
1 |
Profit and loss account |
177,199 |
(
10,094) |
|
--------- |
-------- |
Shareholders funds/(deficit) |
177,200 |
(
10,093) |
|
--------- |
-------- |
|
|
|
|
These financial statements were approved by the
board of directors
and authorised for issue on
13 August 2024
, and are signed on behalf of the board by:
Company registration number:
13883004
GOAT GROUP HOLDINGS LIMITED |
|
Year ended 31 December 2023
Cash flows from operating activities
Profit/(loss) for the financial year |
187,293 |
(
10,094) |
|
|
|
Adjustments for: |
|
|
Interest payable and similar expenses |
11 |
– |
Tax on profit/(loss) |
55,469 |
3,173 |
Accrued expenses |
133,134 |
– |
|
|
|
Changes in: |
|
|
Trade and other debtors |
(
351,408) |
(
4,200) |
Trade and other creditors |
4,581 |
3,173 |
|
--------- |
-------- |
Cash generated from operations |
29,080 |
(
7,948) |
|
|
|
Interest paid |
(
11) |
– |
Tax paid |
– |
(
3,173) |
|
-------- |
-------- |
Net cash from/(used in) operating activities |
29,069 |
(
11,121) |
|
-------- |
-------- |
|
|
|
Cash flows from financing activities
Proceeds from issue of ordinary shares |
– |
1 |
Proceeds from loans from participating interests |
223,003 |
335,625 |
|
--------- |
--------- |
Net cash from financing activities |
223,003 |
335,626 |
|
--------- |
--------- |
|
|
|
Net increase in cash and cash equivalents |
252,072 |
324,505 |
Cash and cash equivalents at beginning of year |
324,505 |
– |
|
--------- |
--------- |
Cash and cash equivalents at end of year |
576,577 |
324,505 |
|
--------- |
--------- |
|
|
|
GOAT GROUP HOLDINGS LIMITED |
|
Notes to the Financial Statements |
|
Year ended 31 December 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 3rd Floor, 1 Ashley Road, Altrincham, Cheshire, WA14 2DT, 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Other operating income
|
|
Period from |
|
Year to |
31 Jan 22 to |
|
31 Dec 23 |
31 Dec 22 |
|
£ |
£ |
Management charges receivable |
5,540,829 |
25,725 |
|
------------ |
-------- |
|
|
|
5.
Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
|
2023 |
2022 |
|
No. |
No. |
Management staff |
30 |
– |
|
---- |
---- |
|
|
|
The aggregate payroll costs incurred during the year, relating to the above, were:
|
|
Period from |
|
Year to |
31 Jan 22 to |
|
31 Dec 23 |
31 Dec 22 |
|
£ |
£ |
Wages and salaries |
4,766,999 |
– |
|
------------ |
---- |
|
|
|
6.
Interest payable and similar expenses
|
|
Period from |
|
Year to |
31 Jan 22 to |
|
31 Dec 23 |
31 Dec 22 |
|
£ |
£ |
Interest on banks loans and overdrafts |
11 |
– |
|
---- |
---- |
|
|
|
7.
Tax on profit/(loss)
Major components of tax expense
|
|
Period from |
|
Year to |
31 Jan 22 to |
|
31 Dec 23 |
31 Dec 22 |
|
£ |
£ |
|
|
|
Current tax:
UK current tax expense |
55,469 |
– |
Foreign current tax expense |
– |
3,173 |
|
-------- |
------- |
Total current tax |
55,469 |
3,173 |
|
-------- |
------- |
|
-------- |
------- |
Tax on profit/(loss) |
55,469 |
3,173 |
|
-------- |
------- |
|
|
|
8.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Prepayments and accrued income |
– |
4,200 |
Other debtors |
355,608 |
– |
|
--------- |
------- |
|
355,608 |
4,200 |
|
--------- |
------- |
|
|
|
9.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
4,581 |
– |
Amounts owed to undertakings in which the company has a participating interest |
558,628 |
335,625 |
Accruals and deferred income |
133,134 |
– |
Corporation tax |
55,469 |
– |
Social security and other taxes |
3,173 |
3,173 |
|
--------- |
--------- |
|
754,985 |
338,798 |
|
--------- |
--------- |
|
|
|
10.
Called up share capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
1 |
1 |
1 |
1 |
|
---- |
---- |
---- |
---- |
|
|
|
|
|
11.
Analysis of changes in net debt
|
At 1 Jan 2023 |
Cash flows |
At 31 Dec 2023 |
|
£ |
£ |
£ |
Cash at bank and in hand |
324,505 |
252,072 |
576,577 |
Debt due within one year |
(335,625) |
(223,003) |
(558,628) |
|
--------- |
--------- |
--------- |
|
(
11,120) |
29,069 |
17,949 |
|
--------- |
--------- |
--------- |
|
|
|
|
GOAT GROUP HOLDINGS LIMITED |
|
Notes to the Financial Statements (continued) |
|
Year ended 31 December 2023
12.
Controlling party
The ultimate controlling party is 1661, Inc, a company incorporated in the USA.