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Registered number: 09966301










THE GOLDEN CONCEPT LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
THE GOLDEN CONCEPT LIMITED
REGISTERED NUMBER: 09966301

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 3 
3,660
2,042

  
3,660
2,042

Current assets
  

Stocks
  
767,782
793,143

Debtors: amounts falling due within one year
 4 
454,203
389,466

Cash at bank and in hand
 5 
231,898
142,346

  
1,453,883
1,324,955

Creditors: amounts falling due within one year
 6 
(1,445,483)
(1,370,952)

Net current assets/(liabilities)
  
 
 
8,400
 
 
(45,997)

Total assets less current liabilities
  
12,060
(43,955)

Creditors: amounts falling due after more than one year
 7 
(17,365)
(27,442)

  

Net liabilities
  
(5,305)
(71,397)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(5,405)
(71,497)

  
(5,305)
(71,397)


Page 1

 
THE GOLDEN CONCEPT LIMITED
REGISTERED NUMBER: 09966301
    
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 income and retained earnings 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: 




M M S Almuqrin
Director

Date: 25 September 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
THE GOLDEN CONCEPT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The Golden Concept Limited is private company, limited by shares, incorporated in England, United Kingdom whose registered office is 1 Vincent Square, Westminster, London, SW1P 2PN. In the directors' opinion there is no principal place of business.

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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis which assumes that the
company will continue in operational existence for the foreseeable future.
The validity of this assumption depends on the continuing support from the company's financiers,
creditors and the ability to have sufficient working capital in the foreseeable future.
The directors are not aware of any reason why the support from the company's financiers and other
creditors will not be renewed. The continuation of this support is critical to the company's ability to
meet its liabilities as they fall due.
Should the going concern basis of preparation of the financial statements be found to be
inappropriate should such support be withdrawn by the financiers or there was insufficient working
capital for the company to continue as a going concern adjustments may have to be made to reduce the value of assets to their recoverable amount, to provide further liabilities that might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities respectively,
both adjustments having a consequent effect on the profit and loss account. It is not practical to
quantify these potential adjustments which are not included in these financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
THE GOLDEN CONCEPT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

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.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
THE GOLDEN CONCEPT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Fixtures and fittings
-
25%
Computer equipment
-
25%

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.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

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.

 
2.11

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.

Page 5

 
THE GOLDEN CONCEPT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

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.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.



Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of
Page 6

 
THE GOLDEN CONCEPT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Financial instruments (continued)

ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
2,482
30,366
3,309
36,157


Additions
-
3,155
-
3,155



At 31 December 2023

2,482
33,521
3,309
39,312



Depreciation


At 1 January 2023
2,482
29,625
2,008
34,115


Charge for the year on owned assets
-
710
827
1,537



At 31 December 2023

2,482
30,335
2,835
35,652



Net book value



At 31 December 2023
-
3,186
474
3,660



At 31 December 2022
-
741
1,301
2,042

Page 7

 
THE GOLDEN CONCEPT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Debtors

2023
2022
£
£


Trade debtors
378,799
373,481

Other debtors
40,820
15,985

Prepayments and accrued income
34,584
-

454,203
389,466



5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
231,898
142,346

231,898
142,346



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,077
9,829

Trade creditors
10,985
8,349

Other taxation and social security
58,715
12,513

Other creditors
1,363,088
1,337,643

Accruals and deferred income
2,618
2,618

1,445,483
1,370,952



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
17,365
27,442

17,365
27,442


Page 8

 
THE GOLDEN CONCEPT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,077
9,829


10,077
9,829

Amounts falling due 1-2 years

Bank loans
10,332
10,077


10,332
10,077

Amounts falling due 2-5 years

Bank loans
7,033
17,365


7,033
17,365


27,442
37,271



9.


Pension commitments

The Company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £2,379 (2022 - £2,446).


10.


Related party transactions

Included in other creditors is an amount loaned to the company by M M S Almuqrin, a director and shareholder amounting to £1,362,203 (2022 - £1,336,759). No interest is being charged on this loan.
Included in trade debtors is an amount due from Shoemed Limited (a company under common control)  amounting to £284,368 (2022 - £240,560) for the sale of goods. 
Included in other debtors is an amount loaned to Foot Comfort Shoes Limited (a company under common control) amounting to £25,425 (2022 - Nil). No interest is being charged on this loan. 


11.


Controlling party

The controlling party throughout the period was M M S Almuqrin by virtue of his shareholding.

 
Page 9