Company Registration No. 14415457 (England and Wales)
GOLDEN RAYS VENTURES LONDON, HOUSING STUDENT ACCOMMODATION LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
A6 Kingfisher House
Kingsway
Team Valley Trading Estate
Gateshead
NE11 0JQ
GOLDEN RAYS VENTURES LONDON, HOUSING STUDENT ACCOMMODATION LTD
CONTENTS
Page
Company information
Balance sheet
1
Notes to the financial statements
2 - 4
GOLDEN RAYS VENTURES LONDON, HOUSING STUDENT ACCOMMODATION LTD
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
1,650
Cash at bank and in hand
980
2,630
Creditors: amounts falling due within one year
4
(907)
(4,125)
Net current liabilities
(907)
(1,495)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(1,007)
(1,595)
Total equity
(907)
(1,495)
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 31 August 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 member has 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 financial statements were approved and signed by the director and authorised for issue on 26 September 2024
Mr C G Tavares Da Silva
Director
Company registration number 14415457 (England and Wales)
GOLDEN RAYS VENTURES LONDON, HOUSING STUDENT ACCOMMODATION LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information
Golden Rays Ventures London, Housing Student Accommodation Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Town Hall Chambers Business Conference Centre, Hight Street East, Wallsend, Tyne & Wear, NE28 7AT.
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.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Going concern
The company will cease to trade during the accounting year ending 31 August 2025, as such the financial statements have been prepared on a basis other than that of the going concern basis. This basis includes, where applicable, writing the company’s assets down to net realisable value. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
GOLDEN RAYS VENTURES LONDON, HOUSING STUDENT ACCOMMODATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
GOLDEN RAYS VENTURES LONDON, HOUSING STUDENT ACCOMMODATION LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1,650
4
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
907
4,125
5
Related party transactions
Transactions with related parties
The below companies are related parties to the reporting entity by virtue of either being owned by the same single non corporate individual shareholder, or being a 100% parent of the reporting entity:
Golden Rays Ventures London Hospitality Ltd.
Golden Rays Ventures London Logistics Limited
Golden Rays Ventures London Ltd
At the start of the year, Golden Rays Ventures London Ltd was owed £4,065 from the reporting entity. During the year Golden Rays Ventures London Ltd received net payments of £300. At the year end the reporting entity wrote of the remaining amounts owing to Golden Rays Ventures London Ltd, resulting in an additional profit of £3,765 being reported.
At the start of the year the reporting entity was owed £1,550 from Golden Rays Ventures London Logistics Limited. During the year the reporting entity received net payments of £312 from Golden Rays Ventures London Logistics Limited.
The reaming amount of £1,238 owed to the reporting entity was written off at the yearend resulting in an additional loss of £1,238 being recorded.