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Company No: 08899649 (England and Wales)

GOLDCHIP COMPUTER CONSULTANTS LTD

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

GOLDCHIP COMPUTER CONSULTANTS LTD

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

GOLDCHIP COMPUTER CONSULTANTS LTD

STATEMENT OF FINANCIAL POSITION

As at 29 February 2024
GOLDCHIP COMPUTER CONSULTANTS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 4,217 321
4,217 321
Current assets
Debtors 4 7,218 106,911
Cash at bank and in hand 37,922 ( 17,189)
45,140 89,722
Creditors: amounts falling due within one year 5 ( 21,302) ( 26,351)
Net current assets 23,838 63,371
Total assets less current liabilities 28,055 63,692
Creditors: amounts falling due after more than one year 6 ( 70,708) ( 75,565)
Net liabilities ( 42,653) ( 11,873)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 42,753 ) ( 11,973 )
Total shareholder's deficit ( 42,653) ( 11,873)

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Goldchip Computer Consultants Ltd (registered number: 08899649) were approved and authorised for issue by the Director. They were signed on its behalf by:

K Dhanak
Director

30 October 2024

GOLDCHIP COMPUTER CONSULTANTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
GOLDCHIP COMPUTER CONSULTANTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Goldchip Computer Consultants Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Larking Gowen 1st Floor Prospect House, Rouen Road, Norwich, NR1 1RE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Finance costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

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

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 March 2023 10,017 10,017
Additions 5,018 5,018
Disposals ( 4,070) ( 4,070)
At 29 February 2024 10,965 10,965
Accumulated depreciation
At 01 March 2023 9,696 9,696
Charge for the financial year 1,122 1,122
Disposals ( 4,070) ( 4,070)
At 29 February 2024 6,748 6,748
Net book value
At 29 February 2024 4,217 4,217
At 28 February 2023 321 321

4. Debtors

2024 2023
£ £
Trade debtors 0 630
Amounts owed by director 0 95,965
VAT recoverable 0 296
Corporation tax 7,218 8,932
Other debtors 0 1,088
7,218 106,911

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 4,733 4,732
Trade creditors 0 192
Amounts owed to director 1,465 0
Taxation and social security 11,504 17,827
Other creditors 3,600 3,600
21,302 26,351

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 819 3,276
Other creditors 69,889 72,289
70,708 75,565

There are no amounts included above in respect of which any security has been given by the small entity.

7. Related party transactions

At 29 February 2024, the Company owed the K Dhanak £1,465 (2023 - K Dhanak owed the company £95,965). The loans are repayable on demand and interest free.