Company Registration No. NI659632 (Northern Ireland)
GOLDEN GARDEN 2019 LTD
UNAUDITED FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
GOLDEN GARDEN 2019 LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
GOLDEN GARDEN 2019 LTD
COMPANY INFORMATION
- 1 -
Director
Jon Xue Wang
Company number
NI659632
Registered office
140 Longstone Street
Lisburn
Co Antrim
BT28 1TR
Accountants
Johnston Kennedy DFK
10 Pilots View
Heron Road
Belfast
BT3 9LE
Business address
140 Longstone Street
Lisburn
Co Antrim
BT28 1TR
Bankers
Ulster Bank
PO Box 232
11-16 Donegall Square East
Belfast
BT1 5UB
GOLDEN GARDEN 2019 LTD
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
11,163
13,323
Tangible assets
4
6,312
14,149
17,475
27,472
Current assets
Stocks
2,645
3,078
Debtors
5
3,058
3,058
Cash at bank and in hand
3,228
25,079
8,931
31,215
Creditors: amounts falling due within one year
6
(34,315)
(40,744)
Net current liabilities
(25,384)
(9,529)
Total assets less current liabilities
(7,909)
17,943
Provisions for liabilities
8
-
(2,500)
Net (liabilities)/assets
(7,909)
15,443
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
(8,009)
15,343
Total equity
(7,909)
15,443
The notes on pages 4 to 8 form part of these financial statements
Compiled without audit or independent verification
GOLDEN GARDEN 2019 LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 3 -
Directors' statement in respect of the financial statements
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 March 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 of the Companies Act 2006.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the Financial Reporting Standard FRS 102 1A - Small Entities.
The financial statements were approved by the board of directors and authorised for issue on 24 December 2024 and are signed on its behalf by:
Jon Xue Wang
...............................
Jon Xue Wang
Director
Company Registration No. NI659632
The notes on pages 4 to 8 form part of these financial statements
Compiled without audit or independent verification
GOLDEN GARDEN 2019 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Golden Garden 2019 Ltd is a private company limited by shares incorporated in Northern Ireland. The registered office and principal place of business is 140 Longstone Street, Lisburn, Co Antrim, BT28 1TR.
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 £.
The financial statements have been prepared under the historical cost convention.
The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
5 year straight line
Equipment
5 year straight line
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.
1.5
Stocks
Stocks are stated at the lower of cost and net realisable value.
1.6
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.
GOLDEN GARDEN 2019 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.7
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 with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit or loss account in other administrative expenses.
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. Any losses arising from impairment are recognised in the profit or loss account in other administrative expenses.
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
GOLDEN GARDEN 2019 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
Dividends to the company's ordinary shareholders are recognised as a liability of the company when approved by the company's director.
1.12
Shares are included in shareholders funds. Other instruments are classified as liabilities if not included in shareholders funds if they contain an obligation to transfer economic benefits. The finance cost recognised in the profit and loss account in respect of the capital instruments other than equity shares is allocated to periods over the term of the instrument at a constant rate on the carrying amount.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
10
10
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
21,603
Amortisation and impairment
At 1 April 2023
8,280
Amortisation charged for the year
2,160
At 31 March 2024
10,440
Carrying amount
At 31 March 2024
11,163
At 31 March 2023
13,323
GOLDEN GARDEN 2019 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Tangible fixed assets
Leasehold improvements
Equipment
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
3,000
36,189
39,189
Depreciation and impairment
At 1 April 2023
2,300
22,740
25,040
Depreciation charged in the year
600
7,237
7,837
At 31 March 2024
2,900
29,977
32,877
Carrying amount
At 31 March 2024
100
6,212
6,312
At 31 March 2023
700
13,449
14,149
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
3,058
3,058
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,220
8,419
Taxation and social security
10,649
18,142
Other creditors
8,659
5,149
Accruals and deferred income
8,787
9,034
34,315
40,744
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
8
2,500
GOLDEN GARDEN 2019 LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
2024
Balances:
£
2024
Movements in the year:
£
Liability at 1 April 2023
2,500
Credit to profit or loss
(2,500)
Liability at 31 March 2024
-
9
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
10
Financial commitments
The company has no financial commitments as at 31 March 2024.
11
Capital commitments
The company has no capital commitments as at 31 March 2024.
12
Control
The company is controlled by the director.
13
Related party transactions
The balance on the director's loan account at the year end amounted to £8,659 (2023: £5,149 creditor) and is included within creditors due within one year. No interest is charged on this loan.