Registration number:
Golden Heights Property Limited
for the Year Ended 31 December 2023
Golden Heights Property Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Golden Heights Property Limited
Company Information
Directors |
Mr D Tawil Mr J Tawil |
Company secretary |
Mr D Tawil |
Registered office |
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Accountants |
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Golden Heights Property Limited
(Registration number: 04931235)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
129 |
129 |
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Retained earnings |
(2,029,175) |
(1,890,190) |
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Shareholders' deficit |
(2,029,046) |
(1,890,061) |
Golden Heights Property Limited
(Registration number: 04931235)
Balance Sheet as at 31 December 2023
For the financial 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.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Golden Heights Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
The principal place of business is:
Alka House
17c Dollis Avenue
Finchley
London
N3 1DN
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1a for Small Entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Euro (€) and figures are shown to the nearest whole Euro.
Going concern
The company meets its day to day working capital requirements through the support of its creditors.
Revenue recognition
Turnover represents net invoiced sales of services, excluding value added tax.
Golden Heights Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
15% on reducing balance |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Golden Heights Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Golden Heights Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Golden Heights Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2023 |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Investment properties |
2023 |
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At 1 January |
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At 31 December |
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The investment property was valued at €1,500,000 in December 2023 by the director J Tawil.
There has been no valuation of investment property by an independent valuer.
Debtors |
Current |
2023 |
2022 |
Trade debtors |
- |
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- |
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Golden Heights Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Creditors |
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
- |
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Amounts owed to group undertakings |
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Taxation and social security |
- |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
€ |
No. |
€ |
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129 |
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129 |
Loans and borrowings |
Current loans and borrowings
2023 |
2022 |
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Bank borrowings |
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Bank borrowings
The loan from Deutsche Bank is secured by way of a mortgage over a property.
Golden Heights Property Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Related party transactions |
Transactions with directors and shareholders
As at balance sheet date, the company owed €51,381 (2022: €47,311) to Mr J Tawil, a director and shareholder of the company.
As at balance sheet date, the company owed €637 (2022: €637) to Mrs J Tawil, a shareholder of the company.
Golden Gates Limited
A company in which J Tawil is a director.
At the balance sheet date, the company owed Golden Gates Limited €53,174 (2022: €50,591) in respect of expenses paid on its behalf.
Kolapore Limited
A connected company.
Included within other payables is the amount of € 3,280,707(2022: €3,028,644) which is due and payable to the related party, Kolapore Limited. Interest rate is variable and currently charged at 5% per annum and the loan is repayable in full on demand.