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REGISTERED NUMBER: 08742589 (England and Wales)















Goldex Investments (Kent) Limited

Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 October 2023






Goldex Investments (Kent) Limited (Registered number: 08742589)






Contents of the Financial Statements
for the Year Ended 31 October 2023




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12

Notes to the Financial Statements 13


Goldex Investments (Kent) Limited

Company Information
for the Year Ended 31 October 2023







DIRECTOR: D S Brar



REGISTERED OFFICE: Warwick House
Park Corner Road
Betsham
Southfleet
Kent
DA13 9LN



REGISTERED NUMBER: 08742589 (England and Wales)



SENIOR STATUTORY AUDITOR: Jon Spurling FCCA



AUDITORS: Spurling Cannon Audit Limited
424 Margate Road
Westwood
Ramsgate
Kent
CT12 6SJ

Goldex Investments (Kent) Limited (Registered number: 08742589)

Strategic Report
for the Year Ended 31 October 2023

The director presents his strategic report for the accounting period ended 31 October 2023.

The company's main objectives are to increase revenues by way of increased market penetration by attracting customers from competitors, together with the establishment of new Costa Coffee shops throughout the county of Kent.

REVIEW OF BUSINESS
In the last year Goldex Investments (Kent) Limited has continued to prosper and grow due to an increasing market presence within the Kent area.

PRINCIPAL RISKS AND UNCERTAINTIES
A key risk to the company is its dependance on the Costa Coffee franchise and the competitor pricing positions. The focus for Goldex Investments (Kent) Limited is to continue to deliver quality produce with a range of price points to ensure value for all customers.

ON BEHALF OF THE BOARD:





D S Brar - Director


24 September 2024

Goldex Investments (Kent) Limited (Registered number: 08742589)

Report of the Director
for the Year Ended 31 October 2023

The director presents his report with the financial statements of the company for the year ended 31 October 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of managing coffee shops.

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

DIRECTOR
D S Brar held office during the whole of the period from 1 November 2022 to the date of this report.

DIRECTOR'S RESPONSIBILITIES STATEMENT
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he 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 company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





D S Brar - Director


24 September 2024

Report of the Independent Auditors to the Members of
Goldex Investments (Kent) Limited

Opinion
We have audited the financial statements of Goldex Investments (Kent) Limited (the 'company') for the year ended 31 October 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 company's affairs as at 31 October 2023 and of its 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 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Goldex Investments (Kent) Limited


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 Report of the Director.

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, 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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Director's Responsibilities Statement set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Goldex Investments (Kent) 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:-

-
The engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-
We identified the laws and regulations applicable to the company through discussions with directors and other
management, and from our commercial knowledge and experience of the business sector;


-
We focused on specific laws and regulations which we considered may have a direct material effect on the
financial statements or the operations of the company, including the Companies Act 2006, taxation and
legislation data protection, anti-bribery, employment and health and safety legislation;

-
We assessed the extent of compliance with the laws and regulations identified above through making
enquiries of management; and

-
identified laws and regulations that were communicated within the audit team regularly and the team
remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-
Making enquiries of management as to where they considered there was susceptibility to fraud, their
knowledge of actual, suspected and alleged fraud; and

-
Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations.

To address the risk of fraud through management bias and override of controls, we:
- Performed analytical procedures to identify any unusual or unexpected relationships;
- Tested journal entries to identify unusual transactions;

-
Assessed whether judgements and assumptions made in determining the accounting estimates were indicative
of potential bias; and
-
Investigated the rationale behind significant or unusual transactions.

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.

Report of the Independent Auditors to the Members of
Goldex Investments (Kent) Limited


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.




Jon Spurling FCCA (Senior Statutory Auditor)
for and on behalf of Spurling Cannon Audit Limited
424 Margate Road
Westwood
Ramsgate
Kent
CT12 6SJ

24 September 2024

Goldex Investments (Kent) Limited (Registered number: 08742589)

Statement of Comprehensive
Income
for the Year Ended 31 October 2023

2023 2022
Notes £    £   

TURNOVER 6,516,310 6,503,771

Cost of sales 4,430,893 4,319,983
GROSS PROFIT 2,085,417 2,183,788

Administrative expenses 1,781,881 1,611,419
303,536 572,369

Other operating income 7,035 59,501
310,571 631,870

Interest receivable and similar income - 93
310,571 631,963

Interest payable and similar expenses 4 1,404 -
PROFIT BEFORE TAXATION 5 309,167 631,963

Tax on profit 6 106,128 131,380
PROFIT FOR THE FINANCIAL YEAR 203,039 500,583

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

203,039

500,583

Goldex Investments (Kent) Limited (Registered number: 08742589)

Statement of Financial Position
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 - -
Tangible assets 8 798,694 963,904
798,694 963,904

CURRENT ASSETS
Inventories 9 62,271 54,265
Debtors 10 5,568,378 5,068,174
Cash at bank and in hand 245,119 317,247
5,875,768 5,439,686
CREDITORS
Amounts falling due within one year 11 791,079 729,731
NET CURRENT ASSETS 5,084,689 4,709,955
TOTAL ASSETS LESS CURRENT LIABILITIES 5,883,383 5,673,859

PROVISIONS FOR LIABILITIES 14 106,020 99,535
NET ASSETS 5,777,363 5,574,324

CAPITAL AND RESERVES
Called up share capital 15 100 100
Retained earnings 5,777,263 5,574,224
SHAREHOLDERS' FUNDS 5,777,363 5,574,324

The financial statements were approved by the director and authorised for issue on 24 September 2024 and were signed by:





D S Brar - Director


Goldex Investments (Kent) Limited (Registered number: 08742589)

Statement of Changes in Equity
for the Year Ended 31 October 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 November 2021 100 5,073,641 5,073,741

Changes in equity
Profit for the year - 500,583 500,583
Total comprehensive income - 500,583 500,583
Balance at 31 October 2022 100 5,574,224 5,574,324

Changes in equity
Profit for the year - 203,039 203,039
Total comprehensive income - 203,039 203,039
Balance at 31 October 2023 100 5,777,263 5,777,363

Goldex Investments (Kent) Limited (Registered number: 08742589)

Statement of Cash Flows
for the Year Ended 31 October 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 120,393 566,383
Interest paid (1,403 ) -
Tax paid (150,802 ) (395,120 )
Net cash from operating activities (31,812 ) 171,263

Cash flows from investing activities
Purchase of tangible fixed assets (40,316 ) (1,915 )
Interest received - 93
Net cash from investing activities (40,316 ) (1,822 )

(Decrease)/increase in cash and cash equivalents (72,128 ) 169,441
Cash and cash equivalents at beginning of
year

2

317,247

147,806

Cash and cash equivalents at end of year 2 245,119 317,247

Goldex Investments (Kent) Limited (Registered number: 08742589)

Notes to the Statement of Cash Flows
for the Year Ended 31 October 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 309,167 631,963
Depreciation charges 205,526 174,418
Loss on disposal of fixed assets - 46,043
Finance costs 1,404 -
Finance income - (93 )
516,097 852,331
Increase in inventories (8,006 ) (7,886 )
Increase in trade and other debtors (500,207 ) (559,485 )
Increase in trade and other creditors 112,509 281,423
Cash generated from operations 120,393 566,383

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 245,119 317,247
Year ended 31 October 2022
31.10.22 1.11.21
£    £   
Cash and cash equivalents 317,247 147,806


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.22 Cash flow At 31.10.23
£    £    £   
Net cash
Cash at bank and in hand 317,247 (72,128 ) 245,119
317,247 (72,128 ) 245,119
Total 317,247 (72,128 ) 245,119

Goldex Investments (Kent) Limited (Registered number: 08742589)

Notes to the Financial Statements
for the Year Ended 31 October 2023

1. STATUTORY INFORMATION

Goldex Investments (Kent) 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Income recognition
Income represents net invoiced sales of goods and services, excluding value added tax. Income is recognised when the company becomes entitled to receive it.

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.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Short leasehold - Over the term of the lease
Fixtures and fittings - 15% on reducing balance

Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first out) basis. Provision is made for obsolete or defective inventories where appropriate.

Financial instruments
The Company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date.


Goldex Investments (Kent) Limited (Registered number: 08742589)

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

2. ACCOUNTING POLICIES - continued
Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,740,231 1,733,607
Social security costs 93,426 85,957
Other pension costs 22,355 21,318
1,856,012 1,840,882

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

Staff 125 125

2023 2022
£    £   
Director's remuneration - -

4. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Other interest 1,404 -

Goldex Investments (Kent) Limited (Registered number: 08742589)

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

5. PROFIT BEFORE TAXATION

The profit is stated after charging:

2023 2022
£    £   
Other operating leases 464,298 479,024
Depreciation - owned assets 205,526 174,418
Loss on disposal of fixed assets - 46,043
Auditors' remuneration 6,000 4,000

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 99,643 154,062

Deferred tax 6,485 (22,682 )
Tax on profit 106,128 131,380

UK corporation tax was charged at 19%) in 2022.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 309,167 631,963
Profit multiplied by the standard rate of corporation tax in the UK of
22.518% (2022 - 19%)

69,618

120,073

Effects of:
Expenses not deductible for tax purposes 70 (85 )
Depreciation in excess of capital allowances 29,956 34,074
Increase/(release)of deferred tax provision 6,484 (22,682 )
Total tax charge 106,128 131,380

Goldex Investments (Kent) Limited (Registered number: 08742589)

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

7. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 November 2022
and 31 October 2023 95,000
AMORTISATION
At 1 November 2022
and 31 October 2023 95,000
NET BOOK VALUE
At 31 October 2023 -
At 31 October 2022 -

8. TANGIBLE FIXED ASSETS
Fixtures
Short and
leasehold fittings Totals
£    £    £   
COST
At 1 November 2022 774,061 1,921,906 2,695,967
Additions - 40,316 40,316
At 31 October 2023 774,061 1,962,222 2,736,283
DEPRECIATION
At 1 November 2022 492,985 1,239,078 1,732,063
Charge for year 101,579 103,947 205,526
At 31 October 2023 594,564 1,343,025 1,937,589
NET BOOK VALUE
At 31 October 2023 179,497 619,197 798,694
At 31 October 2022 281,076 682,828 963,904

9. INVENTORIES
2023 2022
£    £   
Inventories 62,271 54,265

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 5,501,412 5,009,018
Prepayments and accrued income 66,966 59,156
5,568,378 5,068,174

Goldex Investments (Kent) Limited (Registered number: 08742589)

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

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 429,675 304,547
Corporation tax 102,811 153,970
Social security and other taxes 20,299 17,292
VAT 208,293 201,969
Other creditors 4,012 13,116
Accruals 25,989 38,837
791,079 729,731

12. LEASING AGREEMENTS
The total operating lease commitment at the Balance Sheet date is £2,900,886.

13. SECURED DEBTS

HSBC Bank PLC holds a composite guarantee over the company's assets, the loan is within Goldex Investments Ltd, a company controlled by the director.

14. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 106,020 99,535

Deferred
tax
£   
Balance at 1 November 2022 99,535
Provided during year 6,485
Balance at 31 October 2023 106,020

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

16. CONTINGENT LIABILITIES

Goldex Investments (Kent) Ltd is part of a group VAT registration comprising Goldex Investments Ltd and its subsidiary undertakings, Goldex Investments (Sussex) Ltd and Goldex Chatham Dockside Ltd and related companies Workplace by Goldex Limited and Goldex Fitness Limited. In accordance with HMRC regulations all members of a VAT group are jointly and severally liable for the liability of all members of the group.
At the balance sheet date, the group accounts included a total group VAT creditor amounting to £664,614. Of this amount £208,293 is included within debtors in the balance sheet of Goldex Investments (Kent) Ltd.

Goldex Investments (Kent) Limited (Registered number: 08742589)

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

17. RELATED PARTY DISCLOSURES

Included within debtors are the amounts of £5,422,742 due from Goldex Investments Ltd, £71,442 from Goldeggs Properties Ltd and £7,229 due to Brar.Sterling-Heights Ltd, companies in which the director is a mutual director.

Goldex Investments Limited, a company owned and controlled by D Brar, provides management services to Goldex Investments (Kent) Limited.