Company Registration No. 06224930 (England and Wales)
Golders Way Limited
Unaudited accounts
for the year ended 31 December 2023
Golders Way Limited
Unaudited accounts
Contents
Golders Way Limited
Company Information
for the year ended 31 December 2023
Directors
Alex Beare
Steven Martin
Adrianne Beare
Gillian Martin
Company Number
06224930 (England and Wales)
Registered Office
1st Floor
12 Portsdown Mews
London
NW11 7HD
England
Golders Way Limited
Statement of financial position
as at 31 December 2023
Investment property
3,340,000
3,260,000
Cash at bank and in hand
11,309
24,820
Creditors: amounts falling due within one year
(956,882)
(80,549)
Net current (liabilities)/assets
(855,502)
90,342
Total assets less current liabilities
2,484,498
3,350,342
Creditors: amounts falling due after more than one year
(1,831,738)
(2,665,268)
Net assets
652,760
685,074
Called up share capital
2
2
Revaluation reserve
905,906
825,906
Profit and loss account
(253,148)
(140,834)
Shareholders' funds
652,760
685,074
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2024 and were signed on its behalf by
Alex Beare
Director
Company Registration No. 06224930
Golders Way Limited
Notes to the Accounts
for the year ended 31 December 2023
Golders Way Limited is a private company, limited by shares, registered in England and Wales, registration number 06224930. The registered office is 1st Floor, 12 Portsdown Mews, London, NW11 7HD, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
These accounts have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. T
he accounts have been prepared under the historical cost convention as modified by the revaluation of certain assets.
The accounts are presented in £ sterling.
Revenue is measured at the fair value of the consideration receivable and represents amounts receivable for rent and services rendered net of discounts and value added tax. Revenue is recognised to the extent that it is probable that future economic benefits will flow to the company and can be reliably measured.
Investment property is measured at fair value. Changes in fair value are recognised in the income statement.
Deferred taxation is provided on these gains at the rate expected to apply when the investments are sold.
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and bank and other loans. Basic financial instruments are recognised at amortised cost.
No depreciation is provided in respect of freehold investment properties. This departure from the requirements of the Companies Act 2006, for all properties to be depreciated, is necessary, as the directors consider that this accounting policy results in the accounts giving a true and fair view.
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Golders Way Limited
Notes to the Accounts
for the year ended 31 December 2023
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal
of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions (ie) liabilities of uncertain timing or amount are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
The company having registered for value added tax has elected to waive the exemption to charge value added tax in respect of its properties. All income pertaining to those properties is stated net of value added tax; all expenditure relating to those properties, where recoverable, is stated excluding value added tax, otherwise is stated including value added tax.
The COVID-19 pandemic has adversely affected the wider macro economy. It is possible that income will decline due to further lockdowns as it has impacted these accounts. These risks are beyond the control of the company and represent uncertainty as to revenue and asset values for the forthcoming 12 months.
However, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future after taking into account all known factors including the present impact of COVID-19 and thus they continue to adopt the going concern basis of accounting in preparing the accounts.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying value of assets assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates,
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revisions affects both current and future periods.
Golders Way Limited
Notes to the Accounts
for the year ended 31 December 2023
On 11th March 2020 the World Health Organisation declared the coronavirus (COVID-19) a worldwide pandemic. There are no comparable recent events which may provide guidance as to the effects of the pandemic and the ultimate impact of COVID-19 is uncertain.
5
Transactions with related parties
Included in creditors as amounts due to group undertakings is £616,241 due to (2022 - £831 due by) a company in which Steven Martin and Gillian Martin are directors and together control the whole of the issued share capital. The amount is interest free and repayable on demand.
Included in creditors as amounts due to group undertakings is £236,073 (2022 - £NIL) due to a company in which Alex Beare and Adrianne Beare are directors and together their family control the whole of the issued share capital. The amount is interest free and repayable on demand.
Included in creditors as amounts due to group undertakings is £60,000 (2022 - £NIL) due to a company in which all of the company's directors are directors and together with their respective families indirectly control the whole of the issued share capital. The amount is interest free and repayable on demand.
The company has taken advantage of the exemptions provided for in FRS 102-1A and has not disclosed the details of transactions with group member undertakings.
6
Average number of employees
During the year the average number of employees was 4 (2022: 4).