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REGISTERED NUMBER: 07880980 (England and Wales)















FINANCIAL STATEMENTS

FOR THE PERIOD

30 DECEMBER 2022 TO 28 DECEMBER 2023

FOR

GOLDEN AGE CARE LTD

GOLDEN AGE CARE LTD (REGISTERED NUMBER: 07880980)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 30 DECEMBER 2022 TO 28 DECEMBER 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4

Accountants' Report 10

GOLDEN AGE CARE LTD

COMPANY INFORMATION
FOR THE PERIOD 30 DECEMBER 2022 TO 28 DECEMBER 2023







DIRECTORS: G Tesler
A Tesler





SECRETARY: A Tesler





REGISTERED OFFICE: 155a Clapton Common
London
E5 9AE





REGISTERED NUMBER: 07880980 (England and Wales)





ACCOUNTANTS: MGR Paris Limited
Chartered Accountants
Russell House
140 High Street
Edgware
London
HA8 7LW

GOLDEN AGE CARE LTD (REGISTERED NUMBER: 07880980)

STATEMENT OF FINANCIAL POSITION
28 DECEMBER 2023

28.12.23 29.12.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 47,000 58,750
Tangible assets 5 1,580,861 1,610,344
1,627,861 1,669,094

CURRENT ASSETS
Debtors 6 - 159,263
Cash at bank and in hand 19,057 16,200
19,057 175,463
CREDITORS
Amounts falling due within one year 7 (1,126,287 ) (905,919 )
NET CURRENT LIABILITIES (1,107,230 ) (730,456 )
TOTAL ASSETS LESS CURRENT LIABILITIES 520,631 938,638

CREDITORS
Amounts falling due after more than one year 8 (1,138,147 ) (1,232,981 )
NET LIABILITIES (617,516 ) (294,343 )

CAPITAL AND RESERVES
Called up share capital 10 2 2
Retained earnings 11 (617,518 ) (294,345 )
SHAREHOLDERS' FUNDS (617,516 ) (294,343 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 28 December 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 28 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

GOLDEN AGE CARE LTD (REGISTERED NUMBER: 07880980)

STATEMENT OF FINANCIAL POSITION - continued
28 DECEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2024 and were signed on its behalf by:





G Tesler - Director


GOLDEN AGE CARE LTD (REGISTERED NUMBER: 07880980)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 30 DECEMBER 2022 TO 28 DECEMBER 2023


1. STATUTORY INFORMATION

Golden Age Care Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents gross fees received from residents.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost and Straight line over 4 years
Plant and machinery - 10% on cost
Computer equipment - 25% on reducing balance and not provided

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's
pension scheme are charged to profit or loss in the period to which they relate.

GOLDEN AGE CARE LTD (REGISTERED NUMBER: 07880980)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 30 DECEMBER 2022 TO 28 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Interest payable
Interest payable is charged to the profit and loss account on an accruals basis.

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 its financial instruments.

Financial instruments are recognised in the company's Statement of Financial Position 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 trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction and where material are subsequently measured at amortised cost using the effective interest method, less any impairment.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and where material the changes in fair value are recognised in the Statement of Total Comprehensive Income, except that investments in equity instruments that are not publicly traded and whose fair value cannot be measured reliably are measured at cost less impairment

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the life of the debt instrument to the net carrying amount on initial recognition

Impairment of financial assets
Financial assets, other than those held at fair value are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the Statement of Total Comprehensive Income
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity

Basic financial liabilities
Basic financial liabilities, including trade and other payables and loans from company undertakings that are classified as debt are initially measured 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 the market rate of interest .


GOLDEN AGE CARE LTD (REGISTERED NUMBER: 07880980)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 30 DECEMBER 2022 TO 28 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Trade creditors are obligations to pay for goods or services that have been acquired that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if a payment is due within one year or less. If not, they are present as non current liabilities. Short term creditors are initially recognised at transaction price and where material are subsequently measured at amortised cost using the effective interest method

Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire.

Leases
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Going concern
The financial statements have been prepared on a going concern basis, which assumes that the Company will continue its operations for the foreseeable future. As of the date of these financial statements, the Company has incurred losses and has negative cash flows from operations, which raise substantial doubt about its ability to continue as a going concern.

However, the directors have undertaken to provide financial support to the Company for at least the next twelve months from the date of these financial statements. This support may include additional capital contributions and/or the provision of loans to ensure that the Company can meet its obligations as they fall due. The directors are confident that this financial backing will enable the Company to continue its operations and implement its business plans.

Therefore, the financial statements do not include any adjustments that would be necessary if the Company were unable to continue as a going concern.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 16 (2022 - 21 ) .

GOLDEN AGE CARE LTD (REGISTERED NUMBER: 07880980)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 30 DECEMBER 2022 TO 28 DECEMBER 2023


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 30 December 2022
and 28 December 2023 235,000
AMORTISATION
At 30 December 2022 176,250
Amortisation for period 11,750
At 28 December 2023 188,000
NET BOOK VALUE
At 28 December 2023 47,000
At 29 December 2022 58,750

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 30 December 2022 1,931,644 655,332 23,329 8,897 2,619,202
Additions - 399 6,804 - 7,203
At 28 December 2023 1,931,644 655,731 30,133 8,897 2,626,405
DEPRECIATION
At 30 December 2022 325,262 653,865 22,067 7,664 1,008,858
Charge for period 30,787 1,247 3,483 1,169 36,686
At 28 December 2023 356,049 655,112 25,550 8,833 1,045,544
NET BOOK VALUE
At 28 December 2023 1,575,595 619 4,583 64 1,580,861
At 29 December 2022 1,606,382 1,467 1,262 1,233 1,610,344

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.12.23 29.12.22
£    £   
Other debtors - 159,263

GOLDEN AGE CARE LTD (REGISTERED NUMBER: 07880980)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 30 DECEMBER 2022 TO 28 DECEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.12.23 29.12.22
£    £   
Bank loans and overdrafts 78,523 78,523
Trade creditors 23,137 12,946
Taxation and social security 237,387 201,924
Other creditors 787,240 612,526
1,126,287 905,919

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
28.12.23 29.12.22
£    £   
Bank loans 1,138,147 1,232,981

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 644,320 729,154

9. SECURED DEBTS

The following secured debts are included within creditors:

28.12.23 29.12.22
£    £   
Bank loans 1,216,670 1,311,504

The bank loans are secured by way of a fixed charge over the assets of the company.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28.12.23 29.12.22
value: £    £   
2 Ordinary 1 2 2

GOLDEN AGE CARE LTD (REGISTERED NUMBER: 07880980)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 30 DECEMBER 2022 TO 28 DECEMBER 2023


11. RESERVES
Retained
earnings
£   

At 30 December 2022 (294,345 )
Deficit for the period (323,173 )
At 28 December 2023 (617,518 )

12. RELATED PARTY DISCLOSURES

G Tesler
Director

2023 2022
£ £
Amount due to related party at the balance sheet date 407,215 392,075

Omega Financial Consultants Limited
A company under mutual control

2023 2022
£ £
Amount due to related party at the balance sheet date 91,000 72,000

Stone House Care Home Limited
A company under mutual control

2023 2022
£ £
Amount due from related party at the balance sheet date (110,562 ) 138,662

13. ULTIMATE CONTROLLING PARTY

The company is under the control of the directors.

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
GOLDEN AGE CARE LTD


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Golden Age Care Ltd for the period ended 28 December 2023 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Golden Age Care Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Golden Age Care Ltd and state those matters that we have agreed to state to the Board of Directors of Golden Age Care Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Golden Age Care Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Golden Age Care Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Golden Age Care Ltd. You consider that Golden Age Care Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Golden Age Care Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






MGR Paris Limited
Chartered Accountants
Russell House
140 High Street
Edgware
London
HA8 7LW


27 November 2024