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REGISTERED NUMBER: 02645067 (England and Wales)












Goldline (UK) Limited

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2023






Goldline (UK) Limited (Registered number: 02645067)






Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 17


Goldline (UK) Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: P Higham
W Kellingray





REGISTERED OFFICE: 23 Lamport Close
Kettering Park Way
Kettering
Northamptonshire
NN15 6XY





REGISTERED NUMBER: 02645067 (England and Wales)





AUDITORS: Kilby Fox
Statutory Auditor
4 Pavilion Court
600 Pavilion Drive
Northampton Business Park
Northampton
Northamptonshire
NN4 7SL

Goldline (UK) Limited (Registered number: 02645067)

Group Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
The past few years have proved to be extremely challenging with the onset of Covid followed by the Ukraine war and it is pleasing to comment that Goldline traded in a much more stable economic environment albeit under some uncertain challenges.

The 'cost of living crisis', increased interest rates and high inflation rate has had a direct impact on most of our customers with the order quantities on a downward plain.

As a business we have mostly mitigated this, by fostering new customers and developing our current customers with wider product areas.

The 2023 turnover and profitability figure were aligned with expectations as we continue to improve our balance sheet.

Our business 'Loan Support Facility' from the majority shareholder amounting to £500,000 is still in place and available to us for the next 12 months.

PRINCIPAL RISKS AND UNCERTAINTIES
With the recent rises in interest rates coupled with inflationary pressure, retailers are experiencing a decline in revenue.

This situation is obviously of major concern and this may have a direct impact on our order book. To mitigate these risks we are constantly looking for new customers to preserve our turnover.

We continue to explore new sourcing opportunities in China, SE Asia including India and Pakistan.

FUTURE PERFORMANCE
Our focus in 2024 it to continue to develop our customer base in order to maintain and possibly grow both our headline and bottomline earnings.

We continue to investigate expanding our customer base outside on the UK to make us less seasonal.

FINANCIAL PERFORMANCE
Goldline achieved a 10% growth in turnover year on year with a minor reduction in gross margin. This is predominantly due to pressure on prices demanded by the major retailers. Turnover achieved in the year was in excess of 4% of budget.

The results for 2023 are very positive and pleased that as a business we are fulfilling all our strategic key performance indicators.

The objective in 2023 was to maintain margins and if possible, to grow the turnover with key strategic customers which was achieved.

ON BEHALF OF THE BOARD:





P Higham - Director


18 July 2024

Goldline (UK) Limited (Registered number: 02645067)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The director shown below has held office during the whole of the period from 1 January 2023 to the date of this report.

P Higham
W Kellingray

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Kilby Fox, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





P Higham - Director


18 July 2024

Report of the Independent Auditors to the Members of
Goldline (UK) Limited

Opinion
We have audited the financial statements of Goldline (UK) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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 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:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 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 the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Goldline (UK) Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 Statement of Directors' Responsibilities set out on page three, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Goldline (UK) Limited


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

Audit response to risks identified

- the nature of the industry and sector, control environment and business performance including the design of the Company's remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team and involving relevant internal specialists, including tax specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

Audit response to risks identified

As a result of performing the above, we identified revenue recognition as a key audit matter related to the potential risk of fraud.

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reading minutes of meetings of those charged with governance


Report of the Independent Auditors to the Members of
Goldline (UK) Limited

- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.




Frances Tebbutt ACA FCCA FMAAT (Senior Statutory Auditor)
for and on behalf of Kilby Fox
Statutory Auditor
4 Pavilion Court
600 Pavilion Drive
Northampton Business Park
Northampton
Northamptonshire
NN4 7SL

23 July 2024

Goldline (UK) Limited (Registered number: 02645067)

Consolidated
Income Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 11,122,619 10,104,000

Cost of sales 9,755,047 8,563,225
GROSS PROFIT 1,367,572 1,540,775

Administrative expenses 1,171,932 1,301,100
195,640 239,675

Other operating income 51,763 309,241
OPERATING PROFIT 4 247,403 548,916

Interest receivable and similar income 16 2
247,419 548,918

Interest payable and similar expenses 5 10,118 37,117
PROFIT BEFORE TAXATION 237,301 511,801

Tax on profit 6 - -
PROFIT FOR THE FINANCIAL YEAR 237,301 511,801
Profit attributable to:
Owners of the parent 237,301 511,801

Goldline (UK) Limited (Registered number: 02645067)

Consolidated
Other Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 237,301 511,801


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

237,301

511,801

Total comprehensive income attributable to:
Owners of the parent 237,301 511,801

Goldline (UK) Limited (Registered number: 02645067)

Consolidated Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 53,265 30,042
Investments 10 - -
53,265 30,042

CURRENT ASSETS
Stocks 11 346,853 305,361
Debtors 12 1,487,726 2,428,728
Cash at bank and in hand 66,189 26,058
1,900,768 2,760,147
CREDITORS
Amounts falling due within one year 13 1,531,810 2,494,156
NET CURRENT ASSETS 368,958 265,991
TOTAL ASSETS LESS CURRENT
LIABILITIES

422,223

296,033

CREDITORS
Amounts falling due after more than one
year

14

37,037

148,148
NET ASSETS 385,186 147,885

CAPITAL AND RESERVES
Called up share capital 18 2,500 2,500
Retained earnings 19 382,686 145,385
SHAREHOLDERS' FUNDS 385,186 147,885

The financial statements were approved by the Board of Directors and authorised for issue on 18 July 2024 and were signed on its behalf by:




W Kellingray - Director



P Higham - Director


Goldline (UK) Limited (Registered number: 02645067)

Company Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 43,491 17,860
Investments 10 94 94
43,585 17,954

CURRENT ASSETS
Stocks 11 346,853 305,361
Debtors 12 1,490,443 2,428,728
Cash at bank and in hand 47,722 25,955
1,885,018 2,760,044
CREDITORS
Amounts falling due within one year 13 1,512,279 2,490,075
NET CURRENT ASSETS 372,739 269,969
TOTAL ASSETS LESS CURRENT
LIABILITIES

416,324

287,923

CREDITORS
Amounts falling due after more than one
year

14

37,037

148,148
NET ASSETS 379,287 139,775

CAPITAL AND RESERVES
Called up share capital 18 2,500 2,500
Retained earnings 19 376,787 137,275
SHAREHOLDERS' FUNDS 379,287 139,775

Company's profit for the financial year 239,512 515,851

The financial statements were approved by the Board of Directors and authorised for issue on 18 July 2024 and were signed on its behalf by:




P Higham - Director



W Kellingray - Director


Goldline (UK) Limited (Registered number: 02645067)

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 2,500 (366,416 ) (363,916 )

Changes in equity
Total comprehensive income - 511,801 511,801
Balance at 31 December 2022 2,500 145,385 147,885

Changes in equity
Total comprehensive income - 237,301 237,301
Balance at 31 December 2023 2,500 382,686 385,186

Goldline (UK) Limited (Registered number: 02645067)

Company Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 2,500 (378,576 ) (376,076 )

Changes in equity
Total comprehensive income - 515,851 515,851
Balance at 31 December 2022 2,500 137,275 139,775

Changes in equity
Total comprehensive income - 239,512 239,512
Balance at 31 December 2023 2,500 376,787 379,287

Goldline (UK) Limited (Registered number: 02645067)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,137,708 510,954
Interest paid (10,118 ) (37,117 )
Net cash from operating activities 1,127,590 473,837

Cash flows from investing activities
Purchase of tangible fixed assets (40,202 ) (2,470 )
Interest received 16 2
Net cash from investing activities (40,186 ) (2,468 )

Cash flows from financing activities
Loan repayments in year (111,111 ) (111,111 )
Net cash from financing activities (111,111 ) (111,111 )

Increase in cash and cash equivalents 976,293 360,258
Cash and cash equivalents at beginning of
year

2

(1,164,470

)

(1,524,728

)

Cash and cash equivalents at end of year 2 (188,177 ) (1,164,470 )

Goldline (UK) Limited (Registered number: 02645067)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 237,301 511,801
Depreciation charges 16,979 9,178
Finance costs 10,118 37,117
Finance income (16 ) (2 )
264,382 558,094
Increase in stocks (41,492 ) (101,597 )
Decrease in trade and other debtors 941,002 176,152
Decrease in trade and other creditors (26,184 ) (121,695 )
Cash generated from operations 1,137,708 510,954

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 66,189 26,058
Bank overdrafts (254,366 ) (1,190,528 )
(188,177 ) (1,164,470 )
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 26,058 25,907
Bank overdrafts (1,190,528 ) (1,550,635 )
(1,164,470 ) (1,524,728 )


Goldline (UK) Limited (Registered number: 02645067)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 26,058 40,131 66,189
Bank overdrafts (1,190,528 ) 936,162 (254,366 )
(1,164,470 ) 976,293 (188,177 )
Debt
Debts falling due within 1 year (111,111 ) - (111,111 )
Debts falling due after 1 year (148,148 ) 111,111 (37,037 )
(259,259 ) 111,111 (148,148 )
Total (1,423,729 ) 1,087,404 (336,325 )

Goldline (UK) Limited (Registered number: 02645067)

Notes to the Consolidated Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Goldline (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Software are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Property improvements - over the period of the lease
Plant and machinery - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Goldline (UK) Limited (Registered number: 02645067)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
During the financial years ended 31 December 2019 and 2020 the company incurred significant bad debts in respect of Arcadia Group and Mothercare UK Limited. These bad debts significantly contributed to the losses incurred in these financial years and the resultant balance sheet position of the company. During 2022 the company has returned to a solvent position and current trade is in line with expectations.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 624,723 590,934
Social security costs 67,369 69,317
Other pension costs 116,370 48,952
808,462 709,203

The average number of employees during the year was as follows:
2023 2022

Administration 3 3
Sales 9 9
12 12

2023 2022
£    £   
Directors' remuneration 231,338 224,344
Directors' pension contributions to money purchase schemes 9,254 8,295

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 130,129 125,363
Pension contributions to money purchase schemes 5,206 4,624

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 16,979 9,178
Auditors' remuneration 9,191 8,928
Foreign exchange differences 23,177 (242,044 )

Goldline (UK) Limited (Registered number: 02645067)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Invoice discounting 10,118 37,117

6. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 December 2023 nor for the year ended 31 December 2022.

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


8. INTANGIBLE FIXED ASSETS

Group
Software
£   
COST
At 1 January 2023
and 31 December 2023 43,900
AMORTISATION
At 1 January 2023
and 31 December 2023 43,900
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

Company
Software
£   
COST
At 1 January 2023
and 31 December 2023 43,900
AMORTISATION
At 1 January 2023
and 31 December 2023 43,900
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

Goldline (UK) Limited (Registered number: 02645067)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

9. TANGIBLE FIXED ASSETS

Group
Property Plant and
improvements machinery Totals
£    £    £   
COST
At 1 January 2023 60,114 180,084 240,198
Additions - 40,202 40,202
At 31 December 2023 60,114 220,286 280,400
DEPRECIATION
At 1 January 2023 48,924 161,232 210,156
Charge for year 2,212 14,767 16,979
At 31 December 2023 51,136 175,999 227,135
NET BOOK VALUE
At 31 December 2023 8,978 44,287 53,265
At 31 December 2022 11,190 18,852 30,042

Company
Property Plant and
improvements machinery Totals
£    £    £   
COST
At 1 January 2023 27,346 177,180 204,526
Additions - 40,202 40,202
At 31 December 2023 27,346 217,382 244,728
DEPRECIATION
At 1 January 2023 27,346 159,320 186,666
Charge for year - 14,571 14,571
At 31 December 2023 27,346 173,891 201,237
NET BOOK VALUE
At 31 December 2023 - 43,491 43,491
At 31 December 2022 - 17,860 17,860

Goldline (UK) Limited (Registered number: 02645067)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 94
NET BOOK VALUE
At 31 December 2023 94
At 31 December 2022 94

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Goldline Asia Trading Limited
Registered office: Rooms 904-908, 9/F, Kai Tak Commercial Building, 317-319 Des Voeux Road Central, Hong Kong
Nature of business: Footwear wholesale
%
Class of shares: holding
Ordinary 100.00


11. STOCKS

Group Company
2023 2022 2023 2022
£    £    £    £   
Stocks 346,853 305,361 346,853 305,361

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 1,303,316 2,097,953 1,303,316 2,097,953
Other debtors 75,299 244,166 75,299 244,166
Sundry debtors and prepayments 70,411 50,962 73,128 50,962
Directors' current accounts 25,000 25,000 25,000 25,000
Tax 10,647 10,647 10,647 10,647
VAT 3,053 - 3,053 -
1,487,726 2,428,728 1,490,443 2,428,728

Goldline (UK) Limited (Registered number: 02645067)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 15) 365,477 1,301,639 365,477 1,301,639
Trade creditors 1,033,361 1,022,241 1,017,600 1,022,045
Social security and other taxes 27,661 44,052 27,661 44,052
VAT - 939 - 939
Accruals and deferred income 105,311 125,285 101,541 121,400
1,531,810 2,494,156 1,512,279 2,490,075

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 15) 37,037 148,148 37,037 148,148

15. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 254,366 1,190,528 254,366 1,190,528
Bank loans 111,111 111,111 111,111 111,111
365,477 1,301,639 365,477 1,301,639
Amounts falling due between one and two years:
Bank loans - 1-2 years 37,037 111,111 37,037 111,111
Amounts falling due between two and five years:
Bank loans - 2-5 years - 37,037 - 37,037

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Goldline (UK) Limited (Registered number: 02645067)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 123,778 130,009
Between one and five years 5,538 20,518
129,316 150,527

Company
Non-cancellable operating leases
2023 2022
£    £   
Within one year 123,778 130,009
Between one and five years 5,538 20,518
129,316 150,527

17. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank overdrafts 254,366 1,190,528 254,366 1,190,528
Bank loans 148,148 259,259 148,148 259,259
402,514 1,449,787 402,514 1,449,787

The bank holds a debenture creating a fixed and floating charge over the assets of the company, a charge over the debtor book and a counter indemnity.

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2,500 Ordinary £1 2,500 2,500

19. RESERVES

Group
Retained
earnings
£   

At 1 January 2023 145,385
Profit for the year 237,301
At 31 December 2023 382,686

Goldline (UK) Limited (Registered number: 02645067)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

19. RESERVES - continued

Company
Retained
earnings
£   

At 1 January 2023 137,275
Profit for the year 239,512
At 31 December 2023 376,787


20. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
P Higham
Balance outstanding at start of year 25,000 25,000
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 25,000 25,000

It is planned that the outstanding directors loan account be repaid during 2024.

21. RELATED PARTY DISCLOSURES

51% of the company is owned by Pinpoint Investments Limited which is incorporated in Guernsey.

P Higham a director of Goldline (UK) Limited received a loan of £25,000 from the company in September 2019. The balance outstanding as at the 31 December 2023 is £25,000 (2022 : £25,000).

On 20th December 2013 Goldline (UK) Limited entered into a lease agreement for new office premises at a cost of £93,280 per annum with Newstone Properties Limited, a company with mutual Shareholders as Goldline (UK) Limited. On 17th December 2013 Goldline (UK) Limited signed a guarantee agreement with National Westminster Bank Plc on behalf of Newstone Properties Limited to the value of £900,000. The guarantee is payable to the bank on demand.

Goldline Asia Limited is a wholly owned subsidiary of Goldline UK Limited. As at the 31 December 2023 Goldline Asia Limited owe Goldline (UK) Limited £18,433 (2022 : Goldline (UK) Limited owe Goldline Asia Limited £196).

22. ULTIMATE CONTROLLING PARTY

The controlling party and ultimate controlling party is Stephen Ball as the ultimate beneficial owner of the Trustee company that, acting as Trustee, owns 100% of Pinpoint Investments Limited.

23. CONTINGENT ASSET

The company has trading losses available to carry forward which will crystalise in the future when the company makes profits chargeable to corporation tax.