Company registration number 13896867 (England and Wales)
THE GOLDEN WELL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
THE GOLDEN WELL LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
THE GOLDEN WELL LTD
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
2024
2023
Notes
£
£
FIXED ASSETS
Tangible assets
3
1,675
1,600
CURRENT ASSETS
Stocks
1,877
1,290
Debtors
4
1,526
6,809
Cash at bank and in hand
21,555
43,174
24,958
51,273
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
5
(20,075)
(48,698)
NET CURRENT ASSETS
4,883
2,575
TOTAL ASSETS LESS CURRENT LIABILITIES
6,558
4,175
PROVISIONS FOR LIABILITIES
(419)
(400)
NET ASSETS
6,139
3,775
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss reserves
6,039
3,675
TOTAL EQUITY
6,139
3,775
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 February 2024 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 GOLDEN WELL LTD
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 19 September 2024
Yu Mao
Director
Company registration number 13896867 (England and Wales)
THE GOLDEN WELL LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
BALANCE AT 7 FEBRUARY 2022
-
YEAR ENDED 28 FEBRUARY 2023:
Profit and total comprehensive income
-
9,675
9,675
Issue of share capital
100
-
100
Dividends
-
(6,000)
(6,000)
BALANCE AT 28 FEBRUARY 2023
100
3,675
3,775
YEAR ENDED 29 FEBRUARY 2024:
Profit and total comprehensive income
-
4,364
4,364
Dividends
-
(2,000)
(2,000)
BALANCE AT 29 FEBRUARY 2024
100
6,039
6,139
THE GOLDEN WELL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
1
ACCOUNTING POLICIES
Company information
The Golden Well Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Cedar House, Hazell Drive, Newport, NP10 8FY.
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% Straight line
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
THE GOLDEN WELL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
ACCOUNTING POLICIES
(Continued)
- 5 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
THE GOLDEN WELL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
2
EMPLOYEES
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
11
8
3
TANGIBLE FIXED ASSETS
Fixtures and fittings
£
Cost
At 1 March 2023
2,000
Additions
559
At 29 February 2024
2,559
Depreciation and impairment
At 1 March 2023
400
Depreciation charged in the year
484
At 29 February 2024
884
Carrying amount
At 29 February 2024
1,675
At 28 February 2023
1,600
4
DEBTORS
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1,526
6,809
THE GOLDEN WELL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
5
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
£
£
Trade creditors
500
386
Corporation tax
1,037
2,034
Other taxation and social security
13,995
14,359
Other creditors
4,543
31,919
20,075
48,698
6
OPERATING LEASE COMMITMENTS
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
48,000
96,000
7
DIRECTORS' TRANSACTIONS
Included within other creditors is £944 (2023 - £28,632) due to the director.
This balance is interest free and repayable on demand.