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Registered number: 10994979










GOLD RENOVATIONS (PROPERTIES) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2024

 
GOLD RENOVATIONS (PROPERTIES) LIMITED
REGISTERED NUMBER: 10994979

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
150

Investment property
 5 
215,000
890,542

  
215,000
890,692

Current assets
  

Stocks
  
471,219
365,741

Debtors: amounts falling due within one year
 6 
990
396

Cash at bank and in hand
 7 
55,015
3,678

  
527,224
369,815

Creditors: amounts falling due within one year
 8 
(317,656)
(332,360)

Net current assets
  
 
 
209,568
 
 
37,455

Total assets less current liabilities
  
424,568
928,147

Creditors: amounts falling due after more than one year
 9 
(143,836)
(600,913)

Provisions for liabilities
  

Deferred tax
 11 
-
(10,670)

  
 
 
-
 
 
(10,670)

Net assets
  
280,732
316,564


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
 12 
280,730
316,562

  
280,732
316,564


Page 1

 
GOLD RENOVATIONS (PROPERTIES) LIMITED
REGISTERED NUMBER: 10994979

BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 January 2025.




L D Smith
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
GOLD RENOVATIONS (PROPERTIES) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Gold Renovations (Properties) Limited is a private company limited by shares in England and Wales. The registered office is 601 London Road, Westcliff on Sea, Essex, SS0 9PE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
GOLD RENOVATIONS (PROPERTIES) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.6

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
GOLD RENOVATIONS (PROPERTIES) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

  
2.8

Investment property

Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of income and retained earnings.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees




The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 5

 
GOLD RENOVATIONS (PROPERTIES) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 September 2023
899



At 31 August 2024

899



Depreciation


At 1 September 2023
749


Charge for the year on owned assets
150



At 31 August 2024

899



Net book value



At 31 August 2024
-



At 31 August 2023
150


5.


Investment property


Leasehold investment property

£



Valuation


At 1 September 2023
890,542


Disposals
(675,542)



At 31 August 2024
215,000

The 2024 valuations were made by the director, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
-
848,014

-
848,014

Page 6

 
GOLD RENOVATIONS (PROPERTIES) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

6.


Debtors

2024
2023
£
£


Prepayments and accrued income
250
396

Deferred taxation
740
-

990
396



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
55,015
3,678

55,015
3,678



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
-
29,764

Other creditors
315,766
300,796

Accruals and deferred income
1,890
1,800

317,656
332,360


Page 7

 
GOLD RENOVATIONS (PROPERTIES) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
143,836
600,913

143,836
600,913


The following liabilities were secured:

2024
2023
£
£



Bank loans
-
600,913

-
600,913

Details of security provided:

Bank loans are secured by ways of a legal charge over the companies leasehold properties.

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Repayable by instalments
-
600,913

-
600,913

The bank loans are interest-only and repayable by monthly instalments over 25 years.


10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£




Amounts falling due after more than 5 years

Bank loans
143,836
600,913

143,836
600,913


Page 8

 
GOLD RENOVATIONS (PROPERTIES) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

11.


Deferred taxation




2024


£






At beginning of year
(10,670)


Utilised in year
11,410



At end of year
740

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
-
(38)

Tax losses carried forward
3,490
-

Fair value movement
(2,750)
(10,632)

740
(10,670)


12.


Reserves

Profit and loss account

The profit and loss account comprises the retained profits and losses of the company, of which £11,725 (2023 : £31,896) is non-distributable as at 31 August 2024 as it relates to gain on fair value adjustments to investment property.


13.


Controlling party

The company is controlled by it's director.


Page 9