Company No:
Contents
| Directors | S George |
| E George |
| Secretary | E George |
| Registered office | The Copse Farm |
| Wray Lane | |
| Reigate | |
| Surrey | |
| RH2 0HU | |
| United Kingdom |
| Company number | 01023403 (England and Wales) |
| Accountant | Kreston Reeves LLP |
| Springfield House | |
| Springfield Road | |
| Horsham | |
| West Sussex | |
| RH12 2RG |
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| 38,281 | 24,645 | |||
| Current assets | ||||
| Stocks | 4 |
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| Debtors | 5 |
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| 34,923 | 27,000 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current liabilities | (55,103) | (60,650) | ||
| Total assets less current liabilities | (16,822) | (36,005) | ||
| Net liabilities | (
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| Capital and reserves | ||||
| Called-up share capital |
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| Profit and loss account | (
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| Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of Goldseal Estates Limited (registered number:
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E George
Director |
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.
The company is a private company, limited by shares and is incorporated in England and Wales with the registration number 01023403. The registered address of the company is The Copse Farm, Wray Lane, Reigate, Surrey, RH2 0HU.
The principal activity of the company in the year under review was that of farming, stable care services and dog walking facilities.
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:
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The company's ability to trade is dependent upon the support of the directors and bank loan. The directors have considered the level of cash reserves held, the expected level of income and expenditure for the 12 month period from authorising these financial statements and their plans for the company for the future. Taking all of these factors into account the directors consider that the company can continue in operational existence for the foreseeable future and it is therefore reasonable to prepare the financial statements on a going concern basis.
Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so 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.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
| Land and buildings |
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| Plant and machinery |
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| Office equipment |
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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.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Land and buildings | Plant and machinery | Office equipment | Total | ||||
| £ | £ | £ | £ | ||||
| Cost | |||||||
| At 15 October 2023 |
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| Additions |
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| At 14 October 2024 |
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| Accumulated depreciation | |||||||
| At 15 October 2023 |
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| Charge for the financial year |
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| At 14 October 2024 |
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| Net book value | |||||||
| At 14 October 2024 |
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| At 14 October 2023 |
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| 2024 | 2023 | ||
| £ | £ | ||
| Stocks |
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| 2024 | 2023 | ||
| £ | £ | ||
| Deferred tax asset |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank overdrafts |
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| Amounts owed to directors |
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| Accruals |
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| 2024 | 2023 | ||
| £ | £ | ||
| At the beginning of financial year |
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| Credited to the Profit and Loss Account |
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| At the end of financial year |
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The deferred taxation balance is made up as follows:
| 2024 | 2023 | ||
| £ | £ | ||
| Accelerated capital allowances | (
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| Tax losses carry forward |
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Mr E George, director and shareholder, continued to provide an interest free loan to the company. During the year Mr E George further advanced funds totalling £11,000 (2023 - £1,500). The balance at the year end totalled £80,000 (2023 - £69,000) and is included within other creditors. He has given an undertaking not to withdraw his loan until the company has positive reserves.