Silverfin false false 14/10/2024 15/10/2023 14/10/2024 S George 11/07/2013 E George 01/01/1996 03 June 2025 The principal activity of the company in the year under review was that of farming, stable care services
and dog walking facilities.
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Company No: 01023403 (England and Wales)

GOLDSEAL ESTATES LIMITED

Unaudited Financial Statements
For the financial year ended 14 October 2024
Pages for filing with the registrar

GOLDSEAL ESTATES LIMITED

Unaudited Financial Statements

For the financial year ended 14 October 2024

Contents

GOLDSEAL ESTATES LIMITED

COMPANY INFORMATION

For the financial year ended 14 October 2024
GOLDSEAL ESTATES LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 14 October 2024
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
GOLDSEAL ESTATES LIMITED

BALANCE SHEET

As at 14 October 2024
GOLDSEAL ESTATES LIMITED

BALANCE SHEET (continued)

As at 14 October 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 38,281 24,645
38,281 24,645
Current assets
Stocks 4 27,000 27,000
Debtors 5 7,923 0
34,923 27,000
Creditors: amounts falling due within one year 6 ( 90,026) ( 87,650)
Net current liabilities (55,103) (60,650)
Total assets less current liabilities (16,822) (36,005)
Net liabilities ( 16,822) ( 36,005)
Capital and reserves
Called-up share capital 56 56
Profit and loss account ( 16,878 ) ( 36,061 )
Total shareholders' deficit ( 16,822) ( 36,005)

For the financial year ending 14 October 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Goldseal Estates Limited (registered number: 01023403) were approved and authorised for issue by the Board of Directors on 03 June 2025. They were signed on its behalf by:

E George
Director
GOLDSEAL ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 14 October 2024
GOLDSEAL ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 14 October 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

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 £.

Going concern

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.

Turnover

Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Finance costs

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.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery 25 % reducing balance
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

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.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 3

3. Tangible assets

Land and buildings Plant and machinery Office equipment Total
£ £ £ £
Cost
At 15 October 2023 26,499 30,610 8,016 65,125
Additions 0 20,586 0 20,586
At 14 October 2024 26,499 51,196 8,016 85,711
Accumulated depreciation
At 15 October 2023 11,192 22,656 6,632 40,480
Charge for the financial year 1,927 4,562 461 6,950
At 14 October 2024 13,119 27,218 7,093 47,430
Net book value
At 14 October 2024 13,380 23,978 923 38,281
At 14 October 2023 15,307 7,954 1,384 24,645

4. Stocks

2024 2023
£ £
Stocks 27,000 27,000

5. Debtors

2024 2023
£ £
Deferred tax asset 7,923 0

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 7,626 17,050
Amounts owed to directors 80,000 69,000
Accruals 2,400 1,600
90,026 87,650

7. Deferred tax

2024 2023
£ £
At the beginning of financial year 0 0
Credited to the Profit and Loss Account 7,923 0
At the end of financial year 7,923 0

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 5,826) 0
Tax losses carry forward 13,749 0
7,923 0

8. Related party transactions

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.