Company registration number 05049269 (England and Wales)
GOLDMAY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
GOLDMAY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
GOLDMAY LIMITED
COMPANY INFORMATION
Directors
Dr R H Mather
Dr T M Butler
Dr S A Rowe
Dr E J Allsop
Dr E V Funnell
Dr L M Bullock
Dr W K Aston
Dr E Baker
Secretary
Dr R H Mather
Company number
05049269
Registered office
Wessex House
Teign Road
Newton Abbot
Devon
TQ12 4AA
Accountants
Darnells Chartered Accountants
Quay House
Quay Road
Newton Abbot
Devon
TQ12 2BU
Business address
Chilcote Surgery
Hampton Avenue
St Marychurch
Torquay
Devon
TQ1 3LA
GOLDMAY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
31 March 2024
30 June 2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,167,808
1,179,514
Investments
3
358,697
252,694
1,526,505
1,432,208
Current assets
Debtors
5
25,220
43,270
Cash at bank and in hand
31,887
46,758
57,107
90,028
Creditors: amounts falling due within one year
6
(65,734)
(64,912)
Net current (liabilities)/assets
(8,627)
25,116
Total assets less current liabilities
1,517,878
1,457,324
Creditors: amounts falling due after more than one year
7
(634,544)
(657,143)
Provisions for liabilities
(11,676)
(11,671)
Government grants
(78,619)
(82,486)
Net assets
793,039
706,024
Capital and reserves
Called up share capital
8
1,060
1,060
Revaluation reserve
9
50,000
50,000
Capital redemption reserve
50
50
Profit and loss reserves
741,929
654,914
Total equity
793,039
706,024
GOLDMAY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -

For the financial period 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 members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
Dr R H Mather
Director
Company registration number 05049269 (England and Wales)
GOLDMAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Goldmay Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wessex House, Teign Road, Newton Abbot, Devon, TQ12 4AA.

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, modified to include the revaluation of freehold and leasehold properties. The principal accounting policies adopted are set out below.

These financial statements for the period ended 31 March 2024 are the first financial statements of Goldmay Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 July 2022. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

The company has shortened its reporting period from 30 June 2024 to 31 March 2024 to coincide with the accounting period of the associated partnership in which the company has an interest. The comparative accounting period is for the 12 months to 30 June 2023.

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 other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
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:

Land and buildings Freehold
None - but see note below re Porta Cabins
Plant and machinery
25% per annum on a reducing balance basis
Fixtures, fittings & equipment
15% per annum on a reducing balance basis

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.

GOLDMAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

Freehold buildings are not depreciated on the grounds that the useful economic life and residual value are such that any depreciation charge would be insignificant.

 

The depreciation charged on land and buildings in note (5) relates to that regarding Porta Cabin costs which are depreciated at 5% straight line in line with the release of the associated deferred grant.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

1.5
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, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

GOLDMAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
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.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Government Grants

Grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2023
Number
Number
Total
8
10
GOLDMAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 6 -
3
Fixed asset investments
2024
2023
£
£
Loans to group undertakings and participating interests
358,697
252,694
Movements in fixed asset investments
Loans to associates
£
Cost or valuation
At 1 July 2023
252,694
Additions
106,003
At 31 March 2024
358,697
Carrying amount
At 31 March 2024
358,697
At 30 June 2023
252,694

The investment loan above represents the company's current balance in an associated partnership in which both the directors and the company are partners.

 

In the previous year this loan was included under debtors, but has been moved to investments on the grounds that it represents the company's interest in the partnership. The comparatives have been restated accordingly.

4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Fixtures and fittings
Total
£
£
£
£
Cost or valuation
At 1 July 2023
1,150,000
17,324
142,516
1,309,840
Additions
-
0
-
1,990
1,990
At 31 March 2024
1,150,000
17,324
144,506
1,311,830
Depreciation and impairment
At 1 July 2023
33,192
14,747
82,389
130,328
Depreciation charged in the period
6,223
483
6,988
13,694
At 31 March 2024
39,415
15,230
89,377
144,022
Carrying amount
At 31 March 2024
1,110,585
2,094
55,129
1,167,808
At 30 June 2023
1,116,808
2,578
60,128
1,179,514
GOLDMAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
4
Tangible fixed assets
(Continued)
- 7 -

Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been approximately £1,166,010 (2023 - £1,172,233, being cost £1,205,425 (2023 - £1,205,425 and depreciation £39,415 (2023 - £33,192).

The revaluation surplus is disclosed in note 9 to the financial statements.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
25,220
43,270

The loan by the company of £252,594 to an associated partnership has been moved to fixed asset investments - see note 3 to the financial statements.

6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
30,302
31,494
Corporation tax
33,877
33,318
Other creditors
1,555
100
65,734
64,912

The bank loan is secured against the property held by the company.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
634,544
657,143

The bank loan is secured against the property held by the company.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares A, B, C, G, I, K, M, P, Q and R of £1 each
1,060
1,060
1,060
1,060
GOLDMAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 8 -
9
Revaluation reserve
2024
2023
£
£
At the beginning and end of the period
50,000
50,000
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