REGISTERED NUMBER: |
GOLDBERG ENTERPRISES LTD |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
REGISTERED NUMBER: |
GOLDBERG ENTERPRISES LTD |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
GOLDBERG ENTERPRISES LTD (REGISTERED NUMBER: 05708703) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
GOLDBERG ENTERPRISES LTD (REGISTERED NUMBER: 05708703) |
BALANCE SHEET |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
GOLDBERG ENTERPRISES LTD (REGISTERED NUMBER: 05708703) |
BALANCE SHEET - continued |
31 December 2023 |
The financial statements were approved by the director and authorised for issue on |
GOLDBERG ENTERPRISES LTD (REGISTERED NUMBER: 05708703) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Goldberg Enterprises Ltd is a private company, limited by shares, registered in England and Wales. The company's registered office is Blakeney Way, Kingswood Lakeside, Cannock, England, WS11 8JD. |
The presentation and functional currency of the financial statements is Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements 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. There were no material departures from that standard. The financial statements have been prepared under the historical cost convention. |
Going concern |
Despite the ongoing uncertainty arising from the Covid 19 pandemic and the measures which may be taken by the government to control its spread, having reviewed the company's forecasts and projections, and as the company's ultimate parent undertaking has confirmed that it will provide financial support to the company if required, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As the Group is undergoing a major reorganisation, the activities of the company will be hived up into another Group company during the next financial year. This exercise will adopt the going concern basis even although the activities of Goldberg Enterprises Ltd will be wound down. The company therefore continues to adopt the going concern basis in preparing its financial statements. |
Cash Flow Statement |
The company has taken advantage of the reduced disclosure exemption from the requirements of Section 7 |
Statement of Cash Flows paragraph 7.1B. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Judgements |
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. |
The directors consider there are no such significant judgements. |
Key accounting estimates and assumptions |
In the application of the company's accounting policies, the directors are required to make estimates and assumptions about the carrying amounts of 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. |
The company does not have any key assumptions concerning the future, or other key sources of estimation uncertainty in the reporting year that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
GOLDBERG ENTERPRISES LTD (REGISTERED NUMBER: 05708703) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets are included at cost less accumulated depreciation and impairment losses. |
The assets' residual values and useful lives are reviewed and adjusted if appropriate each reporting period. The effect of any change is accounted for prospectively. |
Impairment of non-financial assets |
At each reporting date, non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans to and from related parties. |
Debt instruments (other than those wholly repayable or receivable within one year) like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. |
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss. |
In respect of the hive-up transaction alone, the company issued unsecured loan notes 2023. |
Financial liabilities are derecognised when they are extinguished that is when the obligation is discharged, cancelled or expires. |
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities. |
Debtors |
Trade and other debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence that the asset is impaired. |
Creditors |
Trade and other creditors are all recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due. |
GOLDBERG ENTERPRISES LTD (REGISTERED NUMBER: 05708703) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider it to be more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the average tax rates which would apply when the timing differences are expected to reverse, based on tax rates and laws that have been enacted by the balance sheet date. |
With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense. |
Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. |
Foreign currencies |
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 the fair value was determined. |
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account except when deferred in other comprehensive income as qualifying cash flow hedges. |
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in the profit and loss account within 'other operating income'. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions payable to the scheme are charged to profit or loss in the period to which they relate. |
Short term employee benefits |
Short term employee benefits are recognised as an expense in the period in which they are incurred. |
Provisions |
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. |
GOLDBERG ENTERPRISES LTD (REGISTERED NUMBER: 05708703) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Government grants |
Government grant assistance of a revenue nature is credited to the Statement of Profit or Loss and Other Comprehensive Income in the same period as the related expenditure. Grants that become receivable for compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2023 |
Reclassification/transfer | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Reclassification/transfer | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
Corporation tax recoverable | - | 2,288 |
VAT |
GOLDBERG ENTERPRISES LTD (REGISTERED NUMBER: 05708703) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings |
Other creditors |
7. | FINANCIAL INSTRUMENTS |
On 22 December, 2022, the company approved the issue of Unsecured Loan Notes 2023 of £8,946 in respect of the purchase price of the assets and activities of Goldberg Enterprises Ltd and effected the hive-up of activities on 18th January, 2023.. |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
Ordinary shares have equal rights with regards to voting, participation and dividends. |
The authorised share capital of the company is £1,000 (2022: £1,000). |
9. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
At 31 December 2023 |
10. | PENSION COMMITMENTS |
The company operated a defined contribution scheme, the assets of which are held in separate funds. The amount paid and charged in the profit and loss account amounted to £nil (2022: £nil). At 31 December 2023 £nil (2022: £nil) was due to the pension company. |
GOLDBERG ENTERPRISES LTD (REGISTERED NUMBER: 05708703) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
11. | RELATED PARTY DISCLOSURES |
At the balance sheet date the following balance were due to related parties. |
2023 | 2022 |
£ | £ |
Technology Supplies International Ltd. | - | 25,000 |
TES Consumer Solutions Ltd | - | 77,354 |
- | £102,354 |
These balances were unsecured, repayable on demand and interest free. |
During the year ended 31 December, 2023, there were no transactions with any other group companies. The issue of Loan Notes is disclosed in note 13 (2022 : £Nil). |
Inter-company transactions are carried out on such terms as would prevail with third parties. |
12. | ULTIMATE CONTROLLING PARTY |
The company is a wholly owned subsidiary undertaking of Technology Supplies International Ltd., registered at 10 Crompton Way, North Newmoor Industrial Estate, Irvine, Scotland, KA11 4HU. |
The immediate parent undertaking of Technology Supplies International Ltd is TES-AMM Europe Holdings Ltd. This company is in turn owned by TES Envirocorp Pte Ltd, registered in Singapore. |
Until 22 April 2022, the ultimate parent undertaking and controlling party was TES-Envirocorp Pte Ltd, a company registered in Singapore. On 22 April 2022, Eco Frontier Singapore Pte Ltd acquired the entire share capital of the holding company, TES-Envirocorp Pte Ltd. After the acquisition, the immediate holding company of TES-Envirocorp Pte Ltd is Eco Frontier Singapore Pte Ltd, incorporated in Singapore and the ultimate holding entity is SK Ecoplant Co. Ltd, incorporated in the Republic of Korea. |
The only group in which the results of the company are consolidated is that headed by TES-Envirocorp Pte Ltd. Consolidated financial statements for TES-Envirocorp Pte Ltd are available from No. 9 Benoi Sector, Singapore 629844. |
GOLDBERG ENTERPRISES LTD (REGISTERED NUMBER: 05708703) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
13. | FINANCIAL RISK MANAGEMENT AND POLICIES |
The Group and Company are exposed to the financial risks arising from its operations and the use of financial instruments. Key financial risks are interest rate risk, credit risk, liquidity risk and foreign currency risk. |
Interest rate risk |
Interest rate risk is the risk that the fair value of future cash flows will fluctuate because of change in the market interest rates. The Group's and Company's exposure to interest rate risk arises primarily from interest-bearing loans given to subsidiaries and related companies. |
Inter-company loans are disclosed in the Related Party note to the financial statements. |
The direct risks of interest rate volatility, whilst experienced at subsidiary company level through recharge of group borrowing costs, are entirely contingent on the strength of the group. |
Credit risk |
Credit risk relates to the risk that a counterparty would default on its contractual obligations resulting in a loss to the company. The Group and the Company's exposure to credit risk arises primarily from trade and other receivables amounts due from subsidiary undertakings. No other financial assets carry a significant credit risk. |
The Group adopts a policy of trading only with recognised and creditworthy third parties. It is the Group's policy that customers who wish to trade on credit terms are subject to credit verification procedures. |
Regardless of any wider Group analysis of credit risk, a significant increase in exposure to risk is presumed if a debtor is more than 90 days past due in making contractual payments. |
The Group is exposed where counterparties are engaged in similar activities or activities in the same geographical region or have economic features that would affect their ability to meet their contractual obligations to be similarly affected by changes in economic, political or other conditions. |
Risk mitigation for the Group comes with the global diversification of activities although inherently similar in nature. |
Liquidity risk |
Liquidity risk is the risk that the Group or Company will encounter difficulty in meeting financial obligations due to shortages of funds. As these risks typically manifest the mismatch of the maturity of obligations with the availability of funds, the Group manages flexibility through stand-by credit facilities at the global group level. This factor weighs indirectly on the subsidiary companies and groups however the management of the funds to meet individual company requirements is not carried out at company level and therefore is contingent on the Group as a whole. The directors take assurances from the global group and the strength of its balance sheet and total equity in excess of £100m. |
Foreign currency risk |
As a result of the Group's funding being denominated in multiple currencies due to significant overseas operations, the Group's and Company Balance Sheets can be affected significantly by movements in these exchange rates. |
Functional currencies are primarily S$, US$, EUR, GBP and AUD. Such exposures are kept to an acceptable level by natural hedges from matching assets and liabilities across the globe although individual components viewed in isolation can have more pronounced movements with no obvious hedging. The impact of foreign currency movements is disclosed in the operating profit note. |