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COMPANY REGISTRATION NUMBER: 07242211
Golden Orb Solutions Limited
Unaudited Financial Statements
30 April 2024
Golden Orb Solutions Limited
Financial Statements
Year ended 30 April 2024
Contents
Page
Officers and professional advisers
1
Director's report
2
Statement of income and retained earnings
3
Statement of financial position
4
Notes to the financial statements
6
Golden Orb Solutions Limited
Officers and Professional Advisers
Director
Mr Egerton
Registered office
Parkside Road
Lowton
Warrington
Cheshire
England
WA3 1PG
Accountants
Katie Johnson ACMA CGMA
Chartered accountants
Parkside Road
Lowton
Warrington
Cheshire
WA3 1PG
Bankers
Bank of Scotland
3 Town Quay
Southampton
SO14 2AQ
Golden Orb Solutions Limited
Director's Report
Year ended 30 April 2024
The director presents his report and the unaudited financial statements of the company for the year ended 30 April 2024 .
Director
The director who served the company during the year was as follows:
Mr Egerton
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 31 January 2025 and signed on behalf of the board by:
Mr Egerton
Director
Registered office:
Parkside Road
Lowton
Warrington
Cheshire
England
WA3 1PG
Golden Orb Solutions Limited
Statement of Income and Retained Earnings
Year ended 30 April 2024
2024
2023
Note
£
£
Turnover
3,584,765
3,579,663
Cost of sales
1,231,395
1,213,058
------------
------------
Gross profit
2,353,370
2,366,605
Distribution costs
109,521
125,920
Administrative expenses
1,960,331
2,397,464
Other operating income
169
7,636
------------
------------
Operating profit/(loss)
283,687
( 149,143)
Interest payable and similar expenses
65,459
42,545
------------
------------
Profit/(loss) before taxation
5
218,228
( 191,688)
Tax on profit/(loss)
---------
---------
Profit/(loss) for the financial year and total comprehensive income
218,228
( 191,688)
---------
---------
Retained (losses)/earnings at the start of the year
( 139,216)
52,472
---------
---------
Retained earnings/(losses) at the end of the year
79,012
( 139,216)
---------
---------
All the activities of the company are from continuing operations.
Golden Orb Solutions Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
48,418
75,610
Current assets
Debtors
7
779,088
653,715
Cash at bank and in hand
1,413
342
---------
---------
780,501
654,057
Creditors: amounts falling due within one year
8
700,536
863,337
---------
---------
Net current assets/(liabilities)
79,965
( 209,280)
---------
---------
Total assets less current liabilities
128,383
( 133,670)
Creditors: amounts falling due after more than one year
9
43,201
Provisions
Pensions and similar obligations
6,070
5,446
---------
---------
Net assets/(liabilities)
79,112
( 139,116)
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
79,012
( 139,216)
--------
---------
Shareholders funds/(deficit)
79,112
( 139,116)
--------
---------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Golden Orb Solutions Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 31 January 2025 , and are signed on behalf of the board by:
Mr Egerton
Director
Company registration number: 07242211
Golden Orb Solutions Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Parkside Road, Lowton, Warrington, Cheshire, WA3 1PG, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
20% straight line
Fixtures & Fittings
-
33% straight line
Motor Vehicles
-
25% straight line
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 48 (2023: 46 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
27,800
39,771
--------
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 May 2023
192,249
11,637
355,656
69,070
628,612
Additions
608
608
---------
--------
---------
--------
---------
At 30 April 2024
192,249
12,245
355,656
69,070
629,220
---------
--------
---------
--------
---------
Depreciation
At 1 May 2023
135,224
11,637
340,572
65,569
553,002
Charge for the year
14,678
203
10,000
2,919
27,800
---------
--------
---------
--------
---------
At 30 April 2024
149,902
11,840
350,572
68,488
580,802
---------
--------
---------
--------
---------
Carrying amount
At 30 April 2024
42,347
405
5,084
582
48,418
---------
--------
---------
--------
---------
At 30 April 2023
57,025
15,084
3,501
75,610
---------
--------
---------
--------
---------
7. Debtors
2024
2023
£
£
Trade debtors
646,833
559,525
Other debtors
132,255
94,190
---------
---------
779,088
653,715
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
382,835
548,441
Trade creditors
179,028
246,273
Social security and other taxes
350,665
161,892
Other creditors
( 211,992)
( 93,269)
---------
---------
700,536
863,337
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
43,201
--------
----
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr Egerton
( 86,433)
( 7,560)
27,500
( 66,493)
--------
-------
--------
--------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr Egerton
( 28,505)
( 57,927)
(86,432)
--------
--------
----
--------