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Company No: 04586053 (England and Wales)

GOLD EAGLE INVESTMENTS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

GOLD EAGLE INVESTMENTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

GOLD EAGLE INVESTMENTS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
GOLD EAGLE INVESTMENTS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,403 4,167
Investment property 4 2,790,000 2,790,000
Investments 5 44,064 34,210
2,835,467 2,828,377
Current assets
Cash at bank and in hand 51,500 36,432
51,500 36,432
Creditors: amounts falling due within one year 6 ( 881,144) ( 889,238)
Net current liabilities (829,644) (852,806)
Total assets less current liabilities 2,005,823 1,975,571
Creditors: amounts falling due after more than one year 7 ( 1,735,452) ( 1,735,452)
Provision for liabilities 8 ( 177,060) ( 177,060)
Net assets 93,311 63,059
Capital and reserves
Called-up share capital 4 4
Revaluation reserve 1,171,584 1,171,584
Profit and loss account ( 1,078,277 ) ( 1,108,529 )
Total shareholder's funds 93,311 63,059

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Gold Eagle Investments Limited (registered number: 04586053) were approved and authorised for issue by the Director. They were signed on its behalf by:

N Seneviratne
Director

24 March 2025

GOLD EAGLE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
GOLD EAGLE INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Gold Eagle Investments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director confirms that he is satisfied that the company will have adequate support and resources to continue in business for the foreseeable future. For this reason, he adopts the going concern basis in preparing the accounts.

Turnover

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.

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Land and buildings 25 % reducing balance
Plant and machinery etc. 25 % reducing balance

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.

**Revaluation of tangible fixed assets**

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Investment property

Investment property is carried at fair value determined annually by the director or external valuers 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 profit or loss.

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.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Valuation of investments

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Pensions

**Defined contribution pension plan**

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including the director 2 2

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 April 2023 45,939 21,967 67,906
At 31 March 2024 45,939 21,967 67,906
Accumulated depreciation
At 01 April 2023 43,642 20,097 63,739
Charge for the financial year 2,297 467 2,764
At 31 March 2024 45,939 20,564 66,503
Net book value
At 31 March 2024 0 1,403 1,403
At 31 March 2023 2,297 1,870 4,167

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 2,790,000
As at 31 March 2024 2,790,000

Historic cost

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

2024 2023
£ £
Historic cost 1,618,418 1,618,418

5. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 34,210 34,210
Movement in fair value 9,854 9,854
At 31 March 2024 44,064 44,064
Carrying value at 31 March 2024 44,064 44,064
Carrying value at 31 March 2023 34,210 34,210

The market value of the listed investment at 31 March 2024 was £44,064(2023: £34,210).

6. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to director 317,365 305,410
Other loans 118,376 118,376
Accruals 415,738 425,955
Other taxation and social security 11,330 11,719
Other creditors 18,335 27,778
881,144 889,238

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 1,215,208 1,215,208
Other creditors 520,244 520,244
1,735,452 1,735,452

The bank loans are secured against the assets of the company, and the director has given additional personal guarantees.The bank loan is fully repayable within 5 years. All other loans are unsecured.

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 177,060) ( 177,060)
At the end of financial year ( 177,060) ( 177,060)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 177,060) ( 281,180)
Tax losses carry forward 0 104,120
( 177,060) ( 177,060)

9. Financial commitments

Pensions

The company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 2,210 2,210

10. Related party transactions

Included within other creditors is a balance of £317,365 (2023: £305,410) owed to N Seneviratne, the director. This balance is unsecured and interest free, with no fixed repayment terms.

11. Ultimate controlling party

The ultimate controlling party is the director, N Seneviratne.