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COMPANY REGISTRATION NUMBER: 06377628
Golden Ventures Limited
Filleted Unaudited Financial Statements
30 September 2024
Golden Ventures Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
Current assets
Stocks
1,422,681
Debtors
4
53,305
16,596
Cash at bank and in hand
41,776
58,512
--------
------------
95,081
1,497,789
Creditors: amounts falling due within one year
5
339,030
1,568,739
---------
------------
Net current liabilities
243,949
70,950
---------
--------
Total assets less current liabilities
( 243,949)
( 70,950)
Creditors: amounts falling due after more than one year
6
8,717
21,447
---------
--------
Net liabilities
( 252,666)
( 92,397)
---------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
( 252,668)
( 92,399)
---------
--------
Shareholders deficit
( 252,666)
( 92,397)
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Golden Ventures Limited
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 14 June 2025 , and are signed on behalf of the board by:
Mr F Ladak
Director
Company registration number: 06377628
Golden Ventures Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 1, Excelsior House, 3 -5 Balfour Road, Ilford Essex, IG1 4HP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. For this purpose, the directors have considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements. The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Debtors
2024
2023
£
£
Other debtors
53,305
16,596
--------
--------
5. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
12,500
12,500
Trade creditors
4,067
62,289
Other creditors
322,463
1,493,950
---------
------------
339,030
1,568,739
---------
------------
6. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
8,717
21,447
-------
--------
Bank Loan - The terms of repayment for the bank loan is by monthly instalments. The rate of interest payable is at a fixed rate of 2.5%
7. Financial instruments
The basic financial instruments are measured at cost or fair value. These consist of bank balances, debtors and creditors. Debtors and creditors are measured at the undiscounted amount of cash value expected to be received or paid.
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr A Ladak
( 265,480)
( 5,295)
256,500
( 14,275)
Mr F Ladak
( 304,215)
( 4,295)
192,305
( 116,205)
---------
-------
---------
---------
( 569,695)
( 9,590)
448,805
( 130,480)
---------
-------
---------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr A Ladak
( 275,459)
( 16,521)
26,500
( 265,480)
Mr F Ladak
( 168,422)
( 140,521)
4,728
( 304,215)
---------
---------
--------
---------
( 443,881)
( 157,042)
31,228
( 569,695)
---------
---------
--------
---------
9. Related party transactions
The company had the following related party transaction and balances: At 30 September 2024, other creditors include amounts due from related parties amounting to £2,466 (2023:Creditor £2,466), in respect of loans to related party companies. The companies are related parties by virtue of the significant common influence exerted by the directors and shareholders. The loans are interest free, unsecured and repayable on demand.