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Registration number: 04931235

Golden Heights Property Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Golden Heights Property Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Golden Heights Property Limited

Company Information

Directors

Mr D Tawil

Mr J Tawil

Company secretary

Mr D Tawil

Registered office

9A Burroughs Gardens
London
NW4 4AU

Accountants

Ripe LLP
Chartered Accountants9A Burroughs Gardens
London
NW4 4AU

 

Golden Heights Property Limited

(Registration number: 04931235)
Balance Sheet as at 31 December 2023

Note

2023

2022

Fixed assets

 

Tangible assets

4

10,295

12,112

Investment property

5

1,500,000

1,500,000

 

1,510,295

1,512,112

Current assets

 

Debtors

6

-

5,666

Cash at bank and in hand

 

12,357

13,894

 

12,357

19,560

Creditors: Amounts falling due within one year

7

(3,551,698)

(3,421,733)

Net current liabilities

 

(3,539,341)

(3,402,173)

Net liabilities

 

(2,029,046)

(1,890,061)

Capital and reserves

 

Called up share capital

8

129

129

Retained earnings

(2,029,175)

(1,890,190)

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 December 2024 and signed on its behalf by:
 

.........................................
Mr J Tawil
Director

 

Golden Heights Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
9A Burroughs Gardens
London
NW4 4AU
England

The principal place of business is:
Alka House
17c Dollis Avenue
Finchley
London
N3 1DN

2

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined either by the director or by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Golden Heights Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 €

Total

Cost or valuation

At 1 January 2023

157,392

157,392

At 31 December 2023

157,392

157,392

Depreciation

At 1 January 2023

145,280

145,280

Charge for the year

1,817

1,817

At 31 December 2023

147,097

147,097

Carrying amount

At 31 December 2023

10,295

10,295

At 31 December 2022

12,112

12,112

5

Investment properties

2023

At 1 January

1,500,000

At 31 December

1,500,000

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.

6

Debtors

Current

2023

2022

Trade debtors

-

5,666

 

-

5,666

 

Golden Heights Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Note

2023

2022

Due within one year

 

Loans and borrowings

9

163,299

291,678

Trade creditors

 

-

252

Amounts owed to group undertakings

10

53,174

50,591

Taxation and social security

 

-

119

Other creditors

 

3,335,225

3,079,093

 

3,551,698

3,421,733

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

No.

Ordinary shares of €1.29 each

100

129

100

129

       

9

Loans and borrowings

Current loans and borrowings

2023

2022

Bank borrowings

163,299

291,678

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

10

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.