| REGISTERED NUMBER: 08155957 (England and Wales) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| AUDITED CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| GOLDSTROM LIMITED |
| REGISTERED NUMBER: 08155957 (England and Wales) |
| GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| AUDITED CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| GOLDSTROM LIMITED |
| GOLDSTROM LIMITED (REGISTERED NUMBER: 08155957) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 3 |
| Report of the Independent Auditors | 5 |
| Consolidated Income Statement | 9 |
| Consolidated Other Comprehensive Income | 10 |
| Consolidated Balance Sheet | 11 |
| Company Balance Sheet | 12 |
| Consolidated Statement of Changes in Equity | 13 |
| Company Statement of Changes in Equity | 14 |
| Consolidated Cash Flow Statement | 15 |
| Notes to the Consolidated Cash Flow Statement | 16 |
| Notes to the Consolidated Financial Statements | 17 |
| GOLDSTROM LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants and Statutory Auditor |
| 34 Waterloo Road |
| Wolverhampton |
| West Midlands |
| WV1 4DG |
| GOLDSTROM LIMITED (REGISTERED NUMBER: 08155957) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| The directors present their strategic report of the company and the group for the year ended 30 September 2024. |
| REVIEW OF BUSINESS |
| The group has over the past year managed to successfully navigate the continued raw material supply challenges as well as the huge impact of the energy crisis. Labour shortage continues to be a limiting factor this year which the group has had to address but will have, undoubtedly, affected the performance of the group as well as many of our suppliers and customers. |
| The group continues to drive energy efficiency as well as productivity improvements. This work will continue into the new year to mitigate further energy and raw material cost increases as much as possible. There has been several projects completed in the year resulting in reduced energy and carbon footprint with more planned for the following year. |
| The packaging sector has remained buoyant throughout the year, both for food and non-food items. The drive towards easily recyclable flexible film materials has continued at pace. Many new medium and high barrier applications have been introduced with several still in trial stages. |
| The combination of highly skilled and motivated people with good infrastructure and sound finances gives the group a strong position to serve the UK market with more of high quality and cost-effective flexible packaging with fast deliveries going forward. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The group faces a number of risks and uncertainties that may have an impact on its operation or future performance. |
| It is important for the Board to effectively manage risk and opportunities in seeking to achieve the group's objectives. The directors have overall responsibility for risk management and internal control systems. |
| The risks and uncertainties described below represent those which the directors consider to be the most significant in achieving the group's objectives. |
| UK economic conditions - The current economic conditions in the UK have not had a detrimental effect on the group but it is still a risk and uncertainty for the future. |
| Exchange rate and interest rate fluctuations - These will impact on the operational and finance costs of the group. |
| Law and regulations - Violations in food hygiene regulations could lead to reputations damage and loss in income. |
| Competition - Any new competitors in the industry or in the area could be a risk to the group. |
| ON BEHALF OF THE BOARD: |
| GOLDSTROM LIMITED (REGISTERED NUMBER: 08155957) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group in the year under review was that of the printing, conversion and distribution of polythene packaging film. |
| DIVIDENDS |
| Interim dividends were paid throughout the year totalling £154,402. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report. |
| KEY PERFORMANCE INDICATORS |
| Given the straightforward nature of the business, the director's are of the opinion that analysis using KPI's is not necessary for an understanding of the development, performance or position of the company. |
| GOING CONCERN |
| No material uncertainties that cast doubt about the ability of the group to continue as a going concern have been identified by the directors. Based on their assessment of the group's financial position, the group's directors have a reasonable expectation that the group will be able to continue in operational existence for the foreseeable future. Therefore, they continue to adopt the going concern basis of accounting in preparing the financial statements. |
| DIRECTORS' RESPONSIBILITIES STATEMENT |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| GOLDSTROM LIMITED (REGISTERED NUMBER: 08155957) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| AUDITORS |
| The auditors, Crombies Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| GOLDSTROM LIMITED |
| Opinion |
| We have audited the financial statements of Goldstrom Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2024 and of the group's profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| GOLDSTROM LIMITED |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Directors' Responsibilities Statement set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| GOLDSTROM LIMITED |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
| -the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
| -we identified the laws and regulations applicable to the company through discussions with directors and other management |
| -we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental (including Waste Electrical and Electronic Equipment recycling (WEEE) Regulations 2013) and health and safety legislation; |
| -we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
| -identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
| We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
| -making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
| -considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
| To address the risk of fraud through management bias and override of controls, we: |
| -performed analytical procedures to identify any unusual or unexpected relationships; |
| -tested journal entries to identify unusual transactions; |
| -assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and |
| -investigated the rationale behind significant or unusual transactions. |
| In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
| -agreeing financial statement disclosures to underlying supporting documentation; |
| -reading the minutes of meetings of those charged with governance; |
| -enquiring of management as to actual and potential litigation and claims; and |
| -reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors. |
| There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
| Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| GOLDSTROM LIMITED |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Accountants and Statutory Auditor |
| 34 Waterloo Road |
| Wolverhampton |
| West Midlands |
| WV1 4DG |
| GOLDSTROM LIMITED (REGISTERED NUMBER: 08155957) |
| CONSOLIDATED |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 11,561,933 | 10,250,421 |
| Cost of sales | 9,146,551 | 8,070,980 |
| GROSS PROFIT | 2,415,382 | 2,179,441 |
| Administrative expenses | 2,112,367 | 1,963,819 |
| 303,015 | 215,622 |
| Other operating income | - | 117,504 |
| OPERATING PROFIT | 4 | 303,015 | 333,126 |
| Interest payable and similar expenses | 5 | 176,327 | 131,024 |
| PROFIT BEFORE TAXATION | 126,688 | 202,102 |
| Tax on profit | 6 | (143,957 | ) | (24,957 | ) |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 270,645 | 227,059 |
| GOLDSTROM LIMITED (REGISTERED NUMBER: 08155957) |
| CONSOLIDATED |
| OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 270,645 | 227,059 |
| OTHER COMPREHENSIVE INCOME |
| Purchase of own shares | - | (164,521 | ) |
| Income tax relating to other comprehensive income |
- |
- |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
- |
(164,521 |
) |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
270,645 |
62,538 |
| Total comprehensive income attributable to: |
| Owners of the parent | 270,645 | 62,538 |
| GOLDSTROM LIMITED (REGISTERED NUMBER: 08155957) |
| CONSOLIDATED BALANCE SHEET |
| 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 9 | 1,705,725 | 1,928,099 |
| Investments | 10 | - | - |
| 1,705,725 | 1,928,099 |
| CURRENT ASSETS |
| Stocks | 11 | 1,852,364 | 1,546,688 |
| Debtors | 12 | 2,882,896 | 2,282,365 |
| Cash at bank | 369,210 | 53,003 |
| 5,104,470 | 3,882,056 |
| CREDITORS |
| Amounts falling due within one year | 13 | 4,883,980 | 3,954,194 |
| NET CURRENT ASSETS/(LIABILITIES) | 220,490 | (72,138 | ) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
1,926,215 |
1,855,961 |
| CREDITORS |
| Amounts falling due after more than one year |
14 |
(199,268 |
) |
(226,085 |
) |
| PROVISIONS FOR LIABILITIES | 16 | (317,196 | ) | (336,368 | ) |
| NET ASSETS | 1,409,751 | 1,293,508 |
| CAPITAL AND RESERVES |
| Called up share capital | 17 | 3,570 | 3,570 |
| Share premium | 18 | 98,930 | 98,930 |
| Capital redemption reserve | 18 | 2,935 | 2,935 |
| Retained earnings | 18 | 1,304,316 | 1,188,073 |
| SHAREHOLDERS' FUNDS | 1,409,751 | 1,293,508 |
| The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2025 and were signed on its behalf by: |
| M Jarvstrom - Director |
| GOLDSTROM LIMITED (REGISTERED NUMBER: 08155957) |
| COMPANY BALANCE SHEET |
| 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 9 |
| Investments | 10 |
| CURRENT ASSETS |
| Debtors | 12 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 13 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 17 |
| Share premium | 18 |
| Capital redemption reserve | 18 |
| Retained earnings | 18 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 154,263 | 297,674 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| GOLDSTROM LIMITED (REGISTERED NUMBER: 08155957) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Called up |
| share | Retained | Share |
| capital | earnings | premium |
| £ | £ | £ |
| Balance at 1 October 2022 | 4,049 | 1,280,416 | 98,930 |
| Changes in equity |
| Issue of share capital | (479 | ) | - | - |
| Dividends | - | (154,402 | ) | - |
| Total comprehensive income | - | 62,059 | - |
| Balance at 30 September 2023 | 3,570 | 1,188,073 | 98,930 |
| Changes in equity |
| Dividends | - | (154,402 | ) | - |
| Total comprehensive income | - | 270,645 | - |
| Balance at 30 September 2024 | 3,570 | 1,304,316 | 98,930 |
| Capital |
| redemption | Other | Total |
| reserve | reserves | equity |
| £ | £ | £ |
| Balance at 1 October 2022 | 2,456 | - | 1,385,851 |
| Changes in equity |
| Issue of share capital | - | - | (479 | ) |
| Dividends | - | - | (154,402 | ) |
| Total comprehensive income | 479 | - | 62,538 |
| Balance at 30 September 2023 | 2,935 | - | 1,293,508 |
| Changes in equity |
| Dividends | - | - | (154,402 | ) |
| Total comprehensive income | - | - | 270,645 |
| Balance at 30 September 2024 | 2,935 | - | 1,409,751 |
| GOLDSTROM LIMITED (REGISTERED NUMBER: 08155957) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Called up |
| share | Retained | Share |
| capital | earnings | premium |
| £ | £ | £ |
| Balance at 1 October 2022 |
| Changes in equity |
| Issue of share capital | ( |
) | - |
| Dividends | - | ( |
) | - |
| Total comprehensive income | - | - |
| Balance at 30 September 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - |
| Total comprehensive income | - | - |
| Balance at 30 September 2024 |
| Capital |
| redemption | Other | Total |
| reserve | reserves | equity |
| £ | £ | £ |
| Balance at 1 October 2022 |
| Changes in equity |
| Issue of share capital | - | - | ( |
) |
| Dividends | - | - | ( |
) |
| Total comprehensive income |
| Balance at 30 September 2023 |
| Changes in equity |
| Dividends | - | - | ( |
) |
| Total comprehensive income |
| Balance at 30 September 2024 |
| GOLDSTROM LIMITED (REGISTERED NUMBER: 08155957) |
| CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 827,232 | 600,231 |
| Interest paid | (156,064 | ) | (111,701 | ) |
| Interest element of hire purchase payments paid |
(20,263 |
) |
(19,323 |
) |
| Tax paid | (40,091 | ) | (1,020 | ) |
| Net cash from operating activities | 610,814 | 468,187 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (60,044 | ) | (468,455 | ) |
| Sale of tangible fixed assets | - | 8,199 |
| Net cash from investing activities | (60,044 | ) | (460,256 | ) |
| Cash flows from financing activities |
| Capital repayments in year | (80,161 | ) | 152,221 |
| Amount introduced by directors | 77,201 | - |
| Amount withdrawn by directors | (77,201 | ) | - |
| Share buyback | - | (165,000 | ) |
| Equity dividends paid | (154,402 | ) | (154,402 | ) |
| Net cash from financing activities | (234,563 | ) | (167,181 | ) |
| Increase/(decrease) in cash and cash equivalents | 316,207 | (159,250 | ) |
| Cash and cash equivalents at beginning of year |
2 |
53,003 |
212,253 |
| Cash and cash equivalents at end of year | 2 | 369,210 | 53,003 |
| GOLDSTROM LIMITED (REGISTERED NUMBER: 08155957) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation | 126,688 | 202,102 |
| Depreciation charges | 282,417 | 296,731 |
| Loss on disposal of fixed assets | - | 1,615 |
| Finance costs | 176,327 | 131,024 |
| 585,432 | 631,472 |
| Increase in stocks | (305,676 | ) | (187,010 | ) |
| (Increase)/decrease in trade and other debtors | (473,719 | ) | 279,698 |
| Increase/(decrease) in trade and other creditors | 1,021,195 | (123,929 | ) |
| Cash generated from operations | 827,232 | 600,231 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 30 September 2024 |
| 30.9.24 | 1.10.23 |
| £ | £ |
| Cash and cash equivalents | 369,210 | 53,003 |
| Year ended 30 September 2023 |
| 30.9.23 | 1.10.22 |
| £ | £ |
| Cash and cash equivalents | 53,003 | 212,253 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1.10.23 | Cash flow | At 30.9.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 53,003 | 316,207 | 369,210 |
| 53,003 | 316,207 | 369,210 |
| Debt |
| Finance leases | (376,978 | ) | 80,161 | (296,817 | ) |
| (376,978 | ) | 80,161 | (296,817 | ) |
| Total | (323,975 | ) | 396,368 | 72,393 |
| GOLDSTROM LIMITED (REGISTERED NUMBER: 08155957) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Goldstrom Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Basis of consolidation |
| The consolidated financial statements comprise the accounts of Goldstrom Limited and its wholly owned subsidiary, TCL Packaging Limited, made up to 30th September 2024. TCL Packaging Limited operates in the polythene packaging film industry. |
| Significant judgements and estimates |
| Management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 id the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
| There are no key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Stocks |
| Raw material stocks are valued on an average cost basis. Work in Progress is valued based on the degree of completion reached at the balance sheet date. Finished Goods are valued at 90% of the selling value. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| GOLDSTROM LIMITED (REGISTERED NUMBER: 08155957) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries | 2,294,858 | 2,096,513 |
| Social security costs | 802 | - |
| 2,295,660 | 2,096,513 |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Salary employees | 25 | 23 |
| Wages employees | 51 | 45 |
| The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2023 - NIL). |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration | 31,488 | 35,313 |
| GOLDSTROM LIMITED (REGISTERED NUMBER: 08155957) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Hire of plant and machinery | 22,981 | 14,837 |
| Depreciation - owned assets | 255,268 | 213,711 |
| Depreciation - assets on hire purchase contracts | 27,150 | 83,020 |
| Loss on disposal of fixed assets | - | 1,615 |
| Auditors' remuneration | 7,504 | 11,966 |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank interest | 117,773 | 80,494 |
| Sales finance charge | 32,460 | 31,207 |
| Interest payable | 5,831 | - |
| Hire purchase | 20,263 | 19,323 |
| 176,327 | 131,024 |
| 6. | TAXATION |
| Analysis of the tax credit |
| The tax credit on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax | (24,052 | ) | (53,540 | ) |
| Overprovision in respect of prior years | (100,733 | ) | (7,518 | ) |
| Total current tax | (124,785 | ) | (61,058 | ) |
| Deferred tax | (19,172 | ) | 36,101 |
| Tax on profit | (143,957 | ) | (24,957 | ) |
| GOLDSTROM LIMITED (REGISTERED NUMBER: 08155957) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 6. | TAXATION - continued |
| Reconciliation of total tax credit included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax | 126,688 | 202,102 |
| Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2023 - 22 %) |
24,071 |
44,462 |
| Effects of: |
| Expenses not deductible for tax purposes | 385 | 434 |
| Depreciation in excess of capital allowances | 26,740 | - |
| Adjustments to tax charge in respect of previous periods | (100,734 | ) | (7,518 | ) |
| R&D enhanced expenditure | (51,195 | ) | (53,540 | ) |
| Deferred Tax | (19,172 | ) | 4,333 |
| Super deduction | - | (13,128 | ) |
| R&D Tax credits | (24,052 | ) | - |
| Total tax credit | (143,957 | ) | (24,957 | ) |
| Tax effects relating to effects of other comprehensive income |
| There were no tax effects for the year ended 30 September 2024. |
| 2023 |
| Gross | Tax | Net |
| £ | £ | £ |
| Purchase of own shares | (164,521 | ) | - | (164,521 | ) |
| 7. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| 8. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Ordinary A shares of 1 each |
| Interim | 154,402 | 154,402 |
| GOLDSTROM LIMITED (REGISTERED NUMBER: 08155957) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 9. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures |
| Plant and | and | Motor |
| machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 October 2023 | 7,121,658 | 411,310 | 106,591 | 7,639,559 |
| Additions | 60,044 | - | - | 60,044 |
| At 30 September 2024 | 7,181,702 | 411,310 | 106,591 | 7,699,603 |
| DEPRECIATION |
| At 1 October 2023 | 5,334,793 | 357,917 | 18,750 | 5,711,460 |
| Charge for year | 244,650 | 20,768 | 17,000 | 282,418 |
| At 30 September 2024 | 5,579,443 | 378,685 | 35,750 | 5,993,878 |
| NET BOOK VALUE |
| At 30 September 2024 | 1,602,259 | 32,625 | 70,841 | 1,705,725 |
| At 30 September 2023 | 1,786,865 | 53,393 | 87,841 | 1,928,099 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and | Motor |
| machinery | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 October 2023 | 3,735,194 | 106,591 | 3,841,785 |
| Transfer to ownership | (3,362,734 | ) | - | (3,362,734 | ) |
| At 30 September 2024 | 372,460 | 106,591 | 479,051 |
| DEPRECIATION |
| At 1 October 2023 | 3,027,306 | 18,750 | 3,046,056 |
| Charge for year | 10,150 | 17,000 | 27,150 |
| Transfer to ownership | (3,003,754 | ) | - | (3,003,754 | ) |
| At 30 September 2024 | 33,702 | 35,750 | 69,452 |
| NET BOOK VALUE |
| At 30 September 2024 | 338,758 | 70,841 | 409,599 |
| At 30 September 2023 | 707,888 | 87,841 | 795,729 |
| GOLDSTROM LIMITED (REGISTERED NUMBER: 08155957) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 10. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 11. | STOCKS |
| Group |
| 2024 | 2023 |
| £ | £ |
| Stocks | 1,451,912 | 1,025,410 |
| Work-in-progress | 150,574 | 146,071 |
| Finished goods | 249,878 | 375,207 |
| 1,852,364 | 1,546,688 |
| 12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Trade debtors | 2,468,635 | 2,026,363 |
| Other debtors | - | 510 |
| Tax | 180,351 | 53,540 |
| Prepayments | 233,910 | 201,952 |
| 2,882,896 | 2,282,365 |
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Hire purchase contracts (see note 15) | 97,549 | 150,893 |
| Trade creditors | 2,390,667 | 1,951,564 |
| Amounts owed to group undertakings | - | - |
| Tax | - | 38,065 |
| Social security and other taxes | 317,212 | 288,850 |
| Sales financing account | 1,984,791 | 1,460,140 | - | - |
| Accrued expenses | 93,761 | 64,682 |
| 4,883,980 | 3,954,194 |
| GOLDSTROM LIMITED (REGISTERED NUMBER: 08155957) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts (see note 15) | 199,268 | 226,085 |
| 15. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year | 97,549 | 150,893 |
| Between one and five years | 199,268 | 226,085 |
| 296,817 | 376,978 |
| 16. | PROVISIONS FOR LIABILITIES |
| Group |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 317,196 | 336,368 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 October 2023 | 336,368 |
| Provided during year | (19,172 | ) |
| Balance at 30 September 2024 | 317,196 |
| 17. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary A | 1 | 3,515 | 3,515 |
| Ordinary B | 1 | 55 | 55 |
| 3,570 | 3,570 |
| GOLDSTROM LIMITED (REGISTERED NUMBER: 08155957) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 18. | RESERVES |
| Group |
| Capital |
| Retained | Share | redemption |
| earnings | premium | reserve | Totals |
| £ | £ | £ | £ |
| At 1 October 2023 | 1,188,073 | 98,930 | 2,935 | 1,289,938 |
| Profit for the year | 270,645 | 270,645 |
| Dividends | (154,402 | ) | (154,402 | ) |
| At 30 September 2024 | 1,304,316 | 98,930 | 2,935 | 1,406,181 |
| Company |
| Capital |
| Retained | Share | redemption |
| earnings | premium | reserve | Totals |
| £ | £ | £ | £ |
| At 1 October 2023 | 118,820 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 30 September 2024 | 118,681 |