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Registration number: 03030747

The Golden Bear Property Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

The Golden Bear Property Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

The Golden Bear Property Ltd

Company Information

Director

Mr E H C Kung

Registered office

A1 Connaught Business Centre
Hyde Estate Road
Hendon
NW9 6JL

Registered number

03030747

Accountants

Ripe LLP
Chartered Accountants
9A Burroughs Gardens
London
NW4 4AU

 

The Golden Bear Property Ltd

(Registration number: 03030747)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

12,495

14,700

Investments

5

168,998

168,998

 

181,493

183,698

Current assets

 

Debtors

6

224,629

126,271

Cash at bank and in hand

 

414,892

545,320

 

639,521

671,591

Creditors: Amounts falling due within one year

7

(51,827)

(97,379)

Net current assets

 

587,694

574,212

Total assets less current liabilities

 

769,187

757,910

Provisions for liabilities

(2,374)

(2,793)

Net assets

 

766,813

755,117

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

766,811

755,115

Shareholders' funds

 

766,813

755,117

 

The Golden Bear Property Ltd

(Registration number: 03030747)
Balance Sheet as at 30 September 2023

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 September 2024
 

.........................................
Mr E H C Kung
Director

 

The Golden Bear Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
A1 Connaught Business Centre
Hyde Estate Road
Hendon
NW9 6JL
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling (£) and figures are shown to the nearest whole pound.

Summary of disclosure exemptions

Group accounts are not prepared.

The company is exempt from preparing group accounts under Companies Act s399 on the grounds that the group qualifies as “small”.

Going concern

The financial statements have been prepared on a going concern basis on the understanding that creditors will continue to support the company for the foreseeable future.

Revenue recognition

Turnover represents net rental income, excluding value added tax.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

The Golden Bear Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% on reducing balance

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

The Golden Bear Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2022

66,986

66,986

At 30 September 2023

66,986

66,986

Depreciation

At 1 October 2022

52,286

52,286

Charge for the year

2,205

2,205

At 30 September 2023

54,491

54,491

Carrying amount

At 30 September 2023

12,495

12,495

At 30 September 2022

14,700

14,700

 

The Golden Bear Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

5

Investments

2023
£

2022
£

Investments in subsidiaries

168,998

168,998

Subsidiaries

£

Cost or valuation

At 1 October 2022

168,998

Provision

Carrying amount

At 30 September 2023

168,998

At 30 September 2022

168,998

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Zcomax Technologies Limited

A1 Connaught Business Centre
Hyde Estate Road
Hendon

England and Wales

Ordinary shares

75%

75%

Subsidiary undertakings

Zcomax Technologies Limited

The principal activity of Zcomax Technologies Limited is other telecommunications activities.

 

The Golden Bear Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

6

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

10

211,528

112,396

Prepayments

 

3,762

5,375

Other debtors

 

9,339

8,500

   

224,629

126,271

 

The Golden Bear Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Trade creditors

695

6,492

Taxation and social security

46,073

48,829

Other creditors

5,059

42,058

51,827

97,379

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

9

Dividends

2023

2022

£

£

Interim dividend of £5,000.00 (2022 - £13,000.00) per ordinary share

10,000

26,000

 

 

10

Related party transactions

Zcomax Technologies Limited is a company under common control of the director and shareholder, Mr E Kung. At the year end, a balance of £211,528 (2022: £112,396) was due from Zcomax Technologies Limited.

At the year end, the company owed a balance of £2,559 (2022: 39,057) to Mr E Kung the director and shareholder of the company.