Company registration number 13566993 (England and Wales)
GOLDCREST REACH LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
GOLDCREST REACH LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
GOLDCREST REACH LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
31 December 2023
30 September 2022
Notes
£
£
£
£
Fixed assets
Investments
4
569,885
955,500
Current assets
Debtors
6
321,497
100
Creditors: amounts falling due within one year
7
(427,000)
(982,120)
Net current liabilities
(105,503)
(982,020)
Net assets/(liabilities)
464,382
(26,520)
Capital and reserves
Called up share capital
8
103
100
Profit and loss reserves
464,279
(26,620)
Total equity
464,382
(26,520)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
Mr S Smogur
Director
Company Registration No. 13566993
GOLDCREST REACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Goldcrest Reach Limited is a private company limited by shares incorporated in England and Wales. The registered office is Millbuck Close, Elgin Drive, Swindon, United Kingdom, SN2 8XU.
1.1
Reporting period
In the prior period the accounting period of the company had been extended from 31 August 2022 to 30 September 2022. Accordingly, the prior financial statements were prepared from the date of incorporation on 16 August 2021 to 30 September 2022.
In the current period the accounting period of the company has been changed from 30 September to 31 December so as to be coterminous with the year end of its parent company. Accordingly, the current financial statements are prepared for 15 months from 1 October 2022 to 31 December 2023.
Comparative amounts presented in the financial statements (including the related notes) are therefore not entirely comparable.
1.2
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Goldcrest Reach Limited is a wholly owned subsidiary of Handel Group Limited and the results of Goldcrest Reach Limited are included in the consolidated financial statements of Handel Group Limited which are available from its registered office, The Colour Hub, Millbuck Close, Elgin Drive, Swindon, Wiltshire, United Kingdom, SN2 8XU.
GOLDCREST REACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.3
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
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.
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.
GOLDCREST REACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.9
Distributions to equity holders
Dividends and other distributions to the company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the company's shareholders. These amounts are recognised in the statement of changes in equity.
1.10
Exceptional items are those which are separately identified by virtue of their size or nature to allow a full understanding of the underlying performance of the company.
GOLDCREST REACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Investments in subsidiaries
The company conducts impairment reviews of investments in subsidiaries whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable or tests for impairment annually in accordance with the relevant accounting standards. Determining whether an asset is impaired requires an estimation of the recoverable amount which requires the company to estimate the value in use which is based on future cash flows and a suitable discount factor in order to calculate the present value. Where the actual cash flows are less than expected, an impairment loss may arise. After reviewing the business environment and the company's strategies and past performance of its cash generating units, management concluded that there was no impairment of investments in subsidiaries at the current year end.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2022
Number
Number
Total
2
2
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
569,885
955,500
GOLDCREST REACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 October 2022
955,500
Additions
301,501
Other movement
(277,500)
At 31 December 2023
979,501
Impairment
At 1 October 2022
-
Impairment losses
409,616
At 31 December 2023
409,616
Carrying amount
At 31 December 2023
569,885
At 30 September 2022
955,500
All investments are secured by a fixed and floating charge held by the bank.
The holding in Severn Media Group Holdings Limited, and by extension the indirect holdings listed above, were acquired in January 2023, and the holding in Jafre Limited was acquired in February 2023.
Other movements relate to a reduction to the initially agreed purchase price in respect of Goldcrest (Adhesive) Products Limited, which was enacted in September 2023.
5
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Severn Media Group Holdings Limited
Millbuck Close, Elgin Drive, Swindon, SN2 8XU
Ordinary
91.00
-
Severn Media Group Limited
Millbuck Close, Elgin Drive, Swindon, SN2 8XU
Ordinary
-
91.00
Severnprint Holdings Limited
Millbuck Close, Elgin Drive, Swindon, SN2 8XU
Ordinary
-
91.00
Severnprint Limited
St Anns Manor, 6-8 St Ann Street, Salisbury, SP1 2DN
Ordinary
-
91.00
Goldcrest (Adhesive) Products Limited
Millbuck Close, Elgin Drive, Swindon, SN2 8XU
Ordinary
100.00
-
Jafre Limited
Millbuck Close, Elgin Drive, Swindon, SN2 8XU
Ordinary
100.00
-
The holding in Goldcrest (Adhesive) Products Limited was disposed of on 31 October 2024.
Severnprint Limited entered administration in February 2024.
GOLDCREST REACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
321,394
Other debtors
103
100
321,497
100
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
7
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
211,000
704,620
Other creditors
216,000
277,500
427,000
982,120
Amounts owed to group underatkings are unsecured, interest free and repayable on demand.
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary of £1 each
103
100
103
100
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Robert Hull
Statutory Auditor:
Azets Audit Services
10
Financial commitments, guarantees and contingent liabilities
During the period, the company formed part of an unlimited multilateral guarantee in respect of the invoice discounting facilities across other group companies. As such the company is jointly and severally liable for the amounts owed by the other group companies at the balance sheet date. At the period end, the total extent of this guarantee amounted to £341,013.
There were no financial commitments, guarantees or contingent liabilities at 31 December 2023 (2022: £Nil).
GOLDCREST REACH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 8 -
11
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
12
Parent company
On 12 October 2023 Handel Group Limited acquired the shares of the company. Therefore Handel Group Limited is the immediate parent company of Goldcrest Reach Limited, and the smallest and largest group for which consolidated accounts are prepared and of which the company is a member. The group accounts can be obtained from the registered office of Handel Group Limited, which is Millbuck Close, Elgin Drive, Swindon, United Kingdom, SN2 8XU.