Registered number
02597849
Proofgolden Limited
Report and Financial Statements
31 October 2024
Proofgolden Limited
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Strategic report 3
Independent auditor's report 4 to 5
Income statement 6
Statement of financial position 7
Statement of changes in equity 8
Statement of cash flows 9
Notes to the financial statements 10 to 16
Proofgolden Limited
Company Information
Directors
J Eddleston
D Eddleston
S Lee
Auditors
Glen C Rodger Limited
Cragside House
Heaton Road
Newcastle upon Tyne
NE6 1SE
Registered office
Salvus House
Aykley Heads
Durham
DH1 5TS
Registered number
02597849
Proofgolden Limited
Registered number: 02597849
Directors' Report
The directors present their report and financial statements for the year ended 31 October 2024.
Principal activities
The company's principal activity during the year continued to be travel agents and tour operators. The company trades under the names Mainstreet USA, Freedom USA and Bermuda Island Holidays.
Directors
The following persons served as directors during the year:
J Eddleston
D Eddleston
S Lee
Directors' responsibilities
The directors are responsible for preparing the report and 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 (Financial Reporting Standard 102 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 of the profit or loss of the company 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 estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:
so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
he 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 company's auditor is aware of that information.
This report was approved by the board on 8 January 2025 and signed on its behalf.
D Eddleston
Director
Proofgolden Limited
Strategic Report
Review of the business
During the 2024 financial year the company saw a reduction in turnover after the post-COVID travel situation settled down. Although turnover reduced, the company did see an increase in the number of bookings for first class and business class bookings. These bookings are generally greater in value from a turnover perspective but the margins generated on such bookings are not as high as other bookings. This resulted in a lower gross profit margin for the year.

Sterling also remained relatively weak against the US dollar, with the exchange rate not as good as had been hoped which also resulted in lower margins being achieved.
Key performance indicators
2024 2023
£ £
Turnover 11,812,679 12,891,333
Gross profit 1,366,556 1,586,003
Operating profit 420,171 1,065,120
Gross profit margin 11.57% 12.30%
Future developments
The company has been developing a new online booking system which it hopes to launch early in 2025, making it simpler for agents to book with the company and should lead to an increase in turnover.
Principal risks and uncertainties
The performance of the Company can be impacted by a number of non-financial risks outside of its control, including war, pandemics, ash clouds and airline failures. These risks are regularly reviewed by the board of directors and approriate processes put in place to monitor and mitigate risks where possible.
This report was approved by the board on 8 January 2025 and signed on its behalf.
D Eddleston
Director
Proofgolden Limited
Independent auditor's report
to the members of Proofgolden Limited
Opinion
We have audited the financial statements of Proofgolden Limited (the 'company') for the year ended 31 October 2024 which comprise the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including 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 the 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 company's affairs as at 31 October 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor’s 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 an auditor’s report 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:
• Making enquiries of directors and management as to where they consider there to be susceptibility to fraud and whether they have any knowledge or suspicion of fraud;
• obtaining an understanding of the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;
• assessing the design effectiveness of the controls in place to prevent and detect fraud;
• assessing the risk of management override, including identifying and testing journal entries.
A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
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 an auditor's report 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.
R A Purvis
(Senior Statutory Auditor) Cragside House
for and on behalf of Heaton Road
Glen C Rodger Limited Newcastle upon Tyne
Statutory Auditor
8 January 2025 NE6 1SE
Proofgolden Limited
Income Statement
for the year ended 31 October 2024
Notes 2024 2023
£ £
Turnover 2 11,812,679 12,891,333
Cost of sales (10,446,123) (11,305,330)
Gross profit 1,366,556 1,586,003
Administrative expenses (966,394) (537,229)
Other operating income 20,009 16,346
Operating profit 3 420,171 1,065,120
Interest receivable 151,432 118,337
Profit on ordinary activities before taxation 571,603 1,183,457
Tax on profit on ordinary activities 6 (143,134) (266,510)
Profit for the financial year 428,469 916,947
Proofgolden Limited
Statement of Financial Position
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 7 4,461 5,249
Investments 8 465,000 465,000
469,461 470,249
Current assets
Debtors 9 1,288,874 829,025
Cash at bank and in hand 4,116,055 4,181,437
5,404,929 5,010,462
Creditors: amounts falling due within one year 10 (3,149,031) (3,183,919)
Net current assets 2,255,898 1,826,543
Total assets less current liabilities 2,725,359 2,296,792
Provisions for liabilities
Deferred taxation 11 (5,908) (5,810)
Net assets 2,719,451 2,290,982
Capital and reserves
Called up share capital 12 100,000 100,000
Other reserves 13 21,632 21,632
Profit and loss account 14 2,597,819 2,169,350
Total equity 2,719,451 2,290,982
D Eddleston
Director
Approved by the board on 8 January 2025
Proofgolden Limited
Statement of Changes in Equity
for the year ended 31 October 2024
Share Fair value Profit Total
capital reserve and loss
account
£ £ £ £
At 1 November 2022 100,000 21,632 1,304,403 1,426,035
Profit for the financial year 916,947 916,947
Dividends (52,000) (52,000)
At 31 October 2023 100,000 21,632 2,169,350 2,290,982
At 1 November 2023 100,000 21,632 2,169,350 2,290,982
Profit for the financial year 428,469 428,469
At 31 October 2024 100,000 21,632 2,597,819 2,719,451
Proofgolden Limited
Statement of Cash Flows
for the year ended 31 October 2024
Notes 2024 2023
£ £
Operating activities
Profit for the financial year 428,469 916,947
Adjustments for:
Interest receivable (151,432) (118,337)
Tax on profit on ordinary activities 143,134 266,510
Depreciation 788 930
Increase in debtors (459,849) (424,757)
Increase/(decrease) in creditors 88,706 (381,108)
49,816 260,185
Interest received 151,432 118,337
Corporation tax paid (266,630) (44,145)
Cash (used in)/generated by operating activities (65,382) 334,377
Financing activities
Equity dividends paid - (52,000)
Cash used in financing activities - (52,000)
Net cash (used)/generated
Cash (used in)/generated by operating activities (65,382) 334,377
Cash used in financing activities - (52,000)
Net cash (used)/generated (65,382) 282,377
Cash and cash equivalents at 1 November 4,181,437 3,899,060
Cash and cash equivalents at 31 October 4,116,055 4,181,437
Cash and cash equivalents comprise:
Cash at bank 4,116,055 4,181,437
Proofgolden Limited
Notes to the Accounts
for the year ended 31 October 2024
1 Summary of significant accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of flights and holidays and commissions earned from acting as a travel agent and is recognised on the date of outbound departure.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Fixtures, fittings, tools and equipment 33% straight line
Investment property
Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.

At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Analysis of turnover 2024 2023
£ £
Sale of travel and related services 11,812,679 12,891,333
By geographical market:
UK 11,812,679 12,891,333
3 Operating profit 2024 2023
£ £
This is stated after charging:
Depreciation of owned fixed assets 788 930
Auditors' remuneration for audit services 12,400 12,400
Auditors' remuneration for other services 15,130 1,830
Key management personnel compensation (including directors' emoluments) 420,560 91,368
4 Directors' emoluments 2024 2023
£ £
Emoluments 94,643 90,513
Company contributions to defined contribution pension plans 325,917 855
420,560 91,368
Highest paid director:
Emoluments 34,894 25,840
Company contributions to defined contribution pension plans 200,000 -
234,894 25,840
Number of directors to whom retirement benefits accrued: 2024 2023
Number Number
Defined contribution plans 3 1
5 Staff costs 2024 2023
£ £
Wages and salaries 458,867 394,172
Social security costs 32,408 29,579
Other pension costs 332,728 7,047
824,003 430,798
Average number of employees during the year Number Number
Administration 5 5
Sales 13 12
18 17
6 Taxation 2024 2023
£ £
Analysis of charge in period
Current tax:
UK corporation tax on profits of the period 143,036 266,630
Deferred tax:
Origination and reversal of timing differences 98 (120)
Tax on profit on ordinary activities 143,134 266,510
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2024 2023
£ £
Profit on ordinary activities before tax 571,603 1,183,457
Standard rate of corporation tax in the UK 25% 23%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax 142,901 272,195
Effects of:
Expenses not deductible for tax purposes 197 (5,496)
Capital allowances for period in excess of depreciation (62) (69)
Current tax charge for period 143,036 266,630
Factors that may affect future tax charges
7 Tangible fixed assets
Plant and machinery
At cost
£
Cost or valuation
At 1 November 2023 189,907
At 31 October 2024 189,907
Depreciation
At 1 November 2023 184,658
Charge for the year 788
At 31 October 2024 185,446
Carrying amount
At 31 October 2024 4,461
At 31 October 2023 5,249
8 Investments
Other
investments
£
Fair value
At 1 November 2023 465,000
At 31 October 2024 465,000
Historical cost
At 1 November 2023 438,294
At 31 October 2024 438,294
A valuation of the investment property held by the company was undertaken by the directors on 31 October 2024 by the directors, taking into account properties similar to those held by the company. The directors are of the opinion that this valuation reflects the fair value of the investment property at the balance sheet date.
9 Debtors 2024 2023
£ £
Other debtors 92,606 64,412
Prepayments and accrued income 1,196,268 764,613
1,288,874 829,025
10 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 237,235 259,102
Corporation tax 143,036 266,630
Other taxes and social security costs 8,078 8,421
Other creditors 79,724 20,652
Accruals and deferred income 2,680,958 2,629,114
3,149,031 3,183,919
11 Deferred taxation 2024 2023
£ £
Accelerated capital allowances 5,908 5,810
2024 2023
£ £
At 1 November 5,810 5,930
Charged/(credited) to the profit and loss account 98 (120)
At 31 October 5,908 5,810
12 Share capital Nominal 2024 2024 2023
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 100,000 100,000 100,000
13 Other reserves 2024 2023
Fair value reserve £ £
At 1 November 21,632 21,632
At 31 October 21,632 21,632
14 Profit and loss account 2024 2023
£ £
At 1 November 2,169,350 1,304,403
Profit for the financial year 428,469 916,947
Dividends - (52,000)
At 31 October 2,597,819 2,169,350
15 Related party transactions
D & J Eddleston, directors, were owed £51,224 at 31 October 2024 (2023 - £896). This amount is interest free and repayable on demand.
16 Controlling party
The company is controlled by D Eddleston, director.
17 Presentation currency
The financial statements are presented in Sterling.
18 Legal form of entity and country of incorporation
Proofgolden Limited is a private company limited by shares and incorporated in England.
19 Principal place of business
The address of the company's principal place of business is:
Salvus House
Aykley Heads
Durham
DH1 5TS
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