Company registration number 08533461 (England and Wales)
GOLDMIX LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
GOLDMIX LIMITED
COMPANY INFORMATION
Directors
Togs Limited
Mr R A Toghill
(Appointed 11 March 2024)
Company number
08533461
Registered office
Langford Manor Cottage, Lower Swell
Taunton
Somerset
United Kingdom
TA3 6PH
Auditor
Darnells Audit Limited
3rd Floor
The Forum
Barnfield Road
Exeter
Devon
EX1 1QR
GOLDMIX LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
GOLDMIX LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,090,569
1,084,485
Investments
5
302
-
0
1,090,871
1,084,485
Current assets
Stocks
6
8,271,570
6,213,648
Debtors
7
1,281,644
14,923
Cash at bank and in hand
105,870
17,748
9,659,084
6,246,319
Creditors: amounts falling due within one year
8
(10,250,929)
(6,881,310)
Net current liabilities
(591,845)
(634,991)
Total assets less current liabilities
499,026
449,494
Provisions for liabilities
(3,539)
-
0
Net assets
495,487
449,494
Capital and reserves
Called up share capital
9
14
14
Profit and loss reserves
495,473
449,480
Total equity
495,487
449,494

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 13 March 2025 and are signed on its behalf by:
Mr R A Toghill
Director
Company registration number 08533461 (England and Wales)
GOLDMIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information

Goldmix Limited is a private company limited by shares incorporated in England and Wales. The registered office is Langford Manor Cottage, Lower Swell, Taunton, Somerset, United Kingdom, TA3 6PH.

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 £1.

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:

 

 

The financial statements of the company are consolidated in the financial statements of Togs Limited. These consolidated financial statements are available from its registered office at Orchard Works, 4 Ashton Road, Marsh Barton, Exeter EX2 8LN.

1.2
Going concern

These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will 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.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for property sales, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Revenue is recognised to the extent that there is a right to consideration, and is recorded at the value of the consideration due.

Revenue and profit on property development are recognised at the point of legal completion, net of incentives. Revenue from land sales is recognised on the unconditional exchange of contracts. If a contract for a land sale is conditional, revenue is only recognised when the conditions are satisfied.

GOLDMIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.4
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, other than freehold land, less their residual values over their useful lives on the following bases:

Land and buildings Freehold
2% per annum on a straight-line basis
Fixtures, fittings & equipment
15% per annum on a straight-line 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.

1.5
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.

1.6
Stocks

Land for development and developments under construction are valued at the lower of cost and net realisable value.

 

Cost includes direct costs, directly attributable overheads and borrowing costs that are directly attributable to the acquisition of land for development and subsequent construction.

 

On initial recognition, land is included within developments at its fair value, which is its cost to the company. Stock of land is recognised at the time a liability is recognised; either on unconditional exchange of contract or once the acquisition has completed.

 

Where a development is in progress, net realisable value is assessed by considering the expected future revenues and total costs to complete the development, including direct costs and directly attributable overheads.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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.

GOLDMIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
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.

1.9
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.

GOLDMIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 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.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Work in progress

The company's work in progress comprises land for development and building costs for the construction of mixed residential and commercial use schemes.

 

When reviewing the valuation of work in progress for any impairment, the directors consider the current market conditions in the construction industry and the anticipated saleability of the development plots in the future.

 

At 30 June 2024 the carrying value of work in progress was £8,277,837 (2023: £6,213,648).

3
Employees

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

2024
2023
Number
Number
Total
1
1
GOLDMIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2023
1,081,217
4,469
1,085,686
Additions
-
0
11,660
11,660
At 30 June 2024
1,081,217
16,129
1,097,346
Depreciation and impairment
At 1 July 2023
1,201
-
0
1,201
Depreciation charged in the year
3,604
1,972
5,576
At 30 June 2024
4,805
1,972
6,777
Carrying amount
At 30 June 2024
1,076,412
14,157
1,090,569
At 30 June 2023
1,080,016
4,469
1,084,485

The carrying value of land and buildings comprises:

2024
2023
£
£
Freehold
1,076,412
1,080,016
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
302
-
0

Fixed assets investments represents a 50% interest in each of the share capitals of Zeath @ The Bay Limited and Zeath Developments Limited, both of which are companies registered in England & Wales.

GOLDMIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
5
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in associates
£
Cost or valuation
At 1 July 2023
-
Additions
302
At 30 June 2024
302
Carrying amount
At 30 June 2024
302
At 30 June 2023
-
6
Stocks
2024
2023
£
£
Work in progress
8,271,570
6,213,648
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
250,050
1,602
Amounts owed by undertakings in which the company has a participating interest
45,462
-
0
Other debtors
981,850
11,999
Prepayments and accrued income
4,282
1,322
1,281,644
14,923

Included in other debtors is a balance of £920,810 (2023: £Nil) held in trust in favour of Nat West Bank - see note 11 to the financial statements.

GOLDMIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
1,113,925
-
0
Trade creditors
49,955
-
0
Amounts owed to group undertakings
9,070,175
6,869,082
Corporation tax
8,572
-
0
Other creditors
302
5,580
Accruals and deferred income
8,000
6,648
10,250,929
6,881,310

The short term bank loan is repayable within 12 months and is secured by a fixed charge on one of the sites and by a floating charge over the assets of both the company and Togs Limited, the parent company. A personal guarantee has also been provided by the director.

 

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
1,400
1,400
14
14
10
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 is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Sean Murphy BA FCA
Statutory Auditor:
Darnells Audit Limited
Date of audit report:
17 March 2025
GOLDMIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
11
Financial commitments, guarantees and contingent liabilities

The company has given a commitment to Devon County Council for the construction of a road, supported by a guarantee from Nat West Bank. As part of the consideration for the guarantee provided by the bank, the company has deposited £920,810 in a bank account which is held in trust for Nat West Bank until the work is completed.

 

There is a cross guarantee between the company and other group companies covering all bank borrowings in favour of National Westminster Bank Plc.

12
Related party transactions
Transactions with related parties
Sale of services
Purchase of services
2024
2023
2024
2023
£
£
£
£
Other related parties
4,000
-
111,040
125,855
2024
2023
Amounts due to related parties
£
£
Other related parties
1,000
5,580

Other related parties represent companies in which the director has an interest.

 

The company is a wholly-owned subsidiary of Togs Limited, a company registered in England & Wales that prepares publicly available consolidated financial statements, and is therefore exempt under FRS 102 from disclosing intra-group related party transactions.

13
Parent company

The ultimate parent company is Togs Limited, a company registered in England & Wales. Its registered office is Orchard Works, 4 Ashton Road, Marsh Barton, Exeter, Devon, EX2 8LN.

 

The ultimate controlling party is Mr R A Toghill, the majority shareholder.

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