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Registered number: 04819030










Goldsave Limited








Unaudited

Financial statements

For the year ended 31 December 2023

 
Goldsave Limited
Registered number: 04819030

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 6 
4,000,000
4,000,000

  
4,000,000
4,000,000

Current assets
  

Debtors: amounts falling due within one year
 7 
19,800
389,451

Cash at bank and in hand
  
37,173
145,438

  
56,973
534,889

Creditors: amounts falling due within one year
 8 
(1,183,372)
(1,099,895)

Net current liabilities
  
 
 
(1,126,399)
 
 
(565,006)

Total assets less current liabilities
  
2,873,601
3,434,994

Creditors: amounts falling due after more than one year
 9 
-
(545,629)

Provisions for liabilities
  

Deferred tax
 11 
(435,767)
(435,767)

  
 
 
(435,767)
 
 
(435,767)

Net assets
  
2,437,834
2,453,598


Capital and reserves
  

Called up share capital 
 12 
1
1

Revaluation reserve
 13 
1,987,264
1,987,264

Profit and loss account
 13 
450,569
466,333

  
2,437,834
2,453,598

Page 1

 
Goldsave Limited
Registered number: 04819030

Balance sheet (continued)
As at 31 December 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



L G Marks
Director
Date: 24 September 2024

The notes on pages 4 to 10 form part of these financial statements.
Page 2

 
Goldsave Limited
 

Statement of changes in equity
For the year ended 31 December 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
1
1,987,264
481,885
2,469,150


Comprehensive income for the year

Loss for the year
-
-
(15,552)
(15,552)



At 1 January 2023
1
1,987,264
466,333
2,453,598


Comprehensive income for the year

Loss for the year
-
-
(15,764)
(15,764)


At 31 December 2023
1
1,987,264
450,569
2,437,834
Page 3

 
Goldsave Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

The Company is a private limited company, incorporated and domiciled in England and Wales. The Company's registered office is 2nd Floor, 168 Shoreditch High Street, London, E1 6RA and their principal activity is the rental of investment properties. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover represents rents from tenants, credit for which is taken on an accruals basis excluding
discounts, rebates, value added tax and other sales taxes.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Furniture, fittings and equipment
-
25%
straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Investment property

Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 4

 
Goldsave Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.11

Borrowing costs

All borrowing costs are capitalised and amortised over the life of the associated loan.

Page 5

 
Goldsave Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in Note 2, the directors are required to make judgments, estimates and assumptions which affect the reported amounts of assets, liabilities, revenues and expenses. The directors base their judgments, estimates and assumptions on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates under different judgments or assumptions.
The company carries its investment property at fair value, with changes in fair value being recognised in the Profit and loss account. The valuation was completed by the directors using their extensive knowledge of the property market in order to assess the estimated amount for which the asset should exchange on the valuation date between a willing buyer and a willing seller in an arm's length transaction after marketing and where the parties had each acted knowledgeably, prudently and without compulsion.


4.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 6

 
Goldsave Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

5.


Tangible fixed assets





Furniture, fittings and equipment

£



Cost 


At 1 January 2023
111,932



At 31 December 2023

111,932



Depreciation


At 1 January 2023
111,932



At 31 December 2023

111,932



Net book value



At 31 December 2023
-



At 31 December 2022
-
Page 7

 
Goldsave Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

6.


Investment property


Long term leasehold investment property

£



Valuation


At 1 January 2023
4,000,000



At 31 December 2023
4,000,000

The 2023 valuations were made by the director of the company, on an open market value for existing use basis.





At 31 December 2023



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
1,529,355
1,529,355

1,529,355
1,529,355


7.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
-
380,004

Other debtors
2,024
-

Prepayments and accrued income
17,776
9,447

19,800
389,451



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
1,180,756
1,097,279

Other creditors
96
96

Accruals and deferred income
2,520
2,520

1,183,372
1,099,895


Page 8

 
Goldsave Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
545,629

-
545,629


The bank loan was fully repaid during the year.


10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£



Amounts falling due 2-5 years

Bank loans
-
545,629


-
545,629


-
545,629

Page 9

 
Goldsave Limited
 

 
Notes to the financial statements
For the year ended 31 December 2023

11.


Deferred taxation




2023


£






At beginning of year
(435,767)



At end of year
(435,767)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Revaluation of investment property
(435,767)
(435,767)

(435,767)
(435,767)


12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



13.


Reserves

Profit & loss account

The Profit and loss account comprises all current and prior period retained profits and losses.
Non-distributable reserve
The non-distributable reserve is used to record the revaluation gains on the investment property, less any related provision for deferred taxation.
Share capital
This represents the nominal value of shares that have been issued by the company.


14.


Ultimate parent undertaking and controlling party

The immediate parent company is W H Securities Limited and the ultimate parent company is Barbridge Investments Limited, both companies are registered in England and Wales.


Page 10