Company registration number 10052674 (England and Wales)
GOLDEN AGE HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
GOLDEN AGE HOLDINGS LIMITED
COMPANY INFORMATION
Director
Mr W R J Chelsom
Company number
10052674
Registered office
Heritage House
Clifton Road
Blackpool
FY4 4QA
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
GOLDEN AGE HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Director's responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 34
GOLDEN AGE HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The director presents the strategic report for the year ended 31 December 2024.

 

Introduction

During the year 2024, the group remained focused on its core activities of designing, manufacturing and supplying decorative contract lighting to the hospitality and marine markets globally. As for most companies around the world in many different market sectors, trading conditions remained challenging but the group continued to win a large number of high profile projects among hotels and cruise ships worldwide. Those markets nevertheless continued to be restrained by the long-term effects of the Covid pandemic, the ongoing war in Europe and the Middle East, anxieties surrounding elections in the UK and the USA and a general nervousness about world trade. Against a backdrop of those conditions, the director was satisfied to make a trading profit whilst continuing to push forward for future growth in the years to come.

Fair Review of the Business

Sales turnover for the year reached £11.4m which was a slight reduction as against the previous year’s trading. A number of significant projects which were supposed to come to fruition in the 2024 year were delayed with deliveries moving into 2025. The group showed an operating profit of £124,133. The board of directors of the trading subsidiary continued to meet on a monthly basis to review monthly management accounts and discuss overall strategy in order to steer the group forward successfully. This has always enabled a good degree of agility and flexibility in current and forward planning to ensure robust and long-term thinking when considering the ups and downs of the hospitality contract market. Stock levels, cash flow, debtors, creditors, all overheads and the group sales strategy are reviewed at a granular level to ensure all employees are supported in driving the business forward. A number of cost cutting initiatives including staff redundancies were implemented during the year and these show substantial savings in expenditure within budget forecasts for 2025.

 

There is a continuing strategy to push for long-term growth whilst moving forward prudently in the world’s difficult trading conditions. The new ERP and CRM computer systems introduced at the beginning of the year have allowed a much greater in-depth review of all sections of the business enabling more depth of management information on which to build future policies. The group continues to create market leading designs for the hospitality sector and the decision was taken to cease producing a paper catalogue but to go forward with an extremely strong and market leading website making products and all other group information readily available to worldwide specifiers.

Principal Risks and Uncertainties

There are probably more uncertainties in world trade today than at any time in the last 20 or 30 years. Conflicts continue in Europe and the Middle East and global trading policies are changing faster and more dramatically than at any time in recent memory. However, the group has a wide market base with exports accounting for approximately half the total turnover, those exports being spread between Europe the USA and other global markets. The group sells to a full cross-section of hotels from three star to six star as well as many different levels of cruise ships. The ability to offer unique custom product to ever more discerning designers has opened doors to many clients which may be closed to our competitors. A principal risk and uncertainty for the group continues to be that of foreign exchange markets, given the high-level of importing and exporting of goods. However, by operating multiple currency accounts, this risk is mitigated. The director continues to watch closely fluctuations in international freight rates, global inflation, risks of recession and other macro issues.

Development and Performance

Although sales turnover was not as high as anticipated, the group contained overheads extremely well. These included a number of one off expenses which will not repeat in 2025. All expenditure was carefully planned and budgeted for as will be the case going forward. The group continues to have a good pipeline of work particularly for the second half of 2025. Additional members of the international sales team were recruited during the year giving good potential for ongoing increased sales.

GOLDEN AGE HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Key Perfomance Indicators

In a challenging year, the director was satisfied to report a profit and good containment of expenditure. Turnover was down 3.3% to £11.4m but that had been expected and was reflected in the budget. We identified the drop earlier in the year and made several cuts which allowed us to break even in the year. The sales turnover was made up from orders generated across numerous sectors and geographical markets with many standout projects worldwide. The redundancies made in the year will reduce costs going forward without impacting the group's performance. Stock levels are very closely monitored so that they balance client demand and the cash flow, the year end figure was lower than the previous year but that has since reduced further to below £2.1m at the end of May 2025.

Other information and explanations

The director is happy with the split of turnover between UK and export sales. With almost no history of long term sales into eastern Europe or the war torn part of the Middle East, the group turnover has not been affected. The implementation of a totally new computer system did impact the whole business with certain directors and middle management having to devote much time to its successful start-up. That is now running smoothly allowing the director to refocus on a sales drive for future growth. Much effort has gone into designing market leading new product ranges to be launched in Spring and Autumn 2025 and the director is confident they will be greatly appreciated in the market. The investment into a brand-new website will undoubtedly also pay dividends. All the sales team have begun a major drive to enhance customer relationships and work closely with the decision makers throughout all sectors of the market. The director feels confident that with a return to more normal trading conditions, the group is well placed to move forward very successfully.

On behalf of the board

Mr W R J Chelsom
Director
5 August 2025
GOLDEN AGE HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The director presents his annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company during the period was that of a holding company.

 

The principal activity of the trading subsidiary continued to be that of designing, manufacturing and supplying decorative contract lighting.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £196,802. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr W R J Chelsom
Financial instruments
Liquidity risk

The group manages its cash requirements in order to maximise interest income and minimise interest expense, whilst ensuring the group has sufficient liquid resources to meet the operating needs of the business.

Interest rate risk

Although the group does not currently have any third party borrowings, the group is exposed to fair value interest rate risk on its overseas operations due to the purchasing power parity. The group manages this risk by monitoring the markets and exchange rates and hedging where necessary.

Foreign currency risk

The group’s principal foreign currency exposures arise from trading with overseas companies. Group policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.

Research and development

The group performs Research & Development on lighting solutions for customers, as well as developing new unique products to enhance its product range. The Research & Development involves making improvements to various characteristics including energy usage, brightness, light diffraction as well as developments in manufacturing techniques and use of new materials, driven by new designs and concepts.

Auditor

The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.

 

MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

GOLDEN AGE HOLDINGS LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of trueDevelopment and performance and Principal Risks and Uncertainties.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr W R J Chelsom
Director
5 August 2025
GOLDEN AGE HOLDINGS LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

GOLDEN AGE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GOLDEN AGE HOLDINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of Golden Age Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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 Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 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 director's 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 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 director 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 director is 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.

GOLDEN AGE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GOLDEN AGE HOLDINGS LIMITED
- 7 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

Matters on which we are required to report by exception

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:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing 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 director either intends to liquidate the parent company or to cease operations, or has no realistic alternative but to do so.

Auditor 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.

GOLDEN AGE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GOLDEN AGE HOLDINGS LIMITED
- 8 -

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud, are detailed below.

 

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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.

Lindsey Shepherd FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Preston, United Kingdom
6 August 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
GOLDEN AGE HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
as restated
Notes
£
£
Turnover
3
11,430,976
11,825,550
Cost of sales
(6,319,495)
(6,345,910)
Gross profit
5,111,481
5,479,640
Distribution costs
(553,397)
(552,120)
Administrative expenses
(4,433,951)
(4,370,319)
Operating profit
4
124,133
557,201
Interest receivable and similar income
8
25,122
32,342
Interest payable and similar expenses
9
(49,536)
(44,618)
Profit before taxation
99,719
544,925
Tax on profit
10
(15,906)
(146,251)
Profit for the financial year
25
83,813
398,674
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

GOLDEN AGE HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
14
(59,342)
(108,587)
Other intangible assets
14
163,857
146,028
Total intangible assets
104,515
37,441
Tangible assets
12
263,702
216,902
Investments
13
787
787
369,004
255,130
Current assets
Stocks
16
2,413,436
2,577,267
Debtors
17
1,684,067
1,129,762
Cash at bank and in hand
696,014
1,048,786
4,793,517
4,755,815
Creditors: amounts falling due within one year
19
(3,118,260)
(2,862,957)
Net current assets
1,675,257
1,892,858
Total assets less current liabilities
2,044,261
2,147,988
Provisions for liabilities
23
(87,880)
(78,618)
Net assets
1,956,381
2,069,370
Capital and reserves
Called up share capital
22
20
20
Other reserves
81,298
81,298
Profit and loss reserves
25
1,875,063
1,988,052
Total equity
1,956,381
2,069,370
The financial statements were approved and signed by the director and authorised for issue on 5 August 2025
05 August 2025
Mr W R J Chelsom
Director
GOLDEN AGE HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
1,639,317
1,639,317
Current assets
Debtors
17
94,575
6,732
Cash at bank and in hand
351,873
826,751
446,448
833,483
Creditors: amounts falling due within one year
19
(1,112,436)
(1,493,371)
Net current liabilities
(665,988)
(659,888)
Total assets less current liabilities
973,329
979,429
Capital and reserves
Called up share capital
22
20
20
Other reserves
81,298
81,298
Profit and loss reserves
25
892,011
898,111
Total equity
973,329
979,429
The financial statements were approved and signed by the director and authorised for issue on 5 August 2025
05 August 2025
Mr W R J Chelsom
Director
Company Registration No. 10052674
GOLDEN AGE HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Merger relief reserve
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 December 2023:
Balance at 1 January 2023
20
81,298
1,797,435
1,878,753
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
398,674
398,674
Dividends
11
-
-
(208,057)
(208,057)
Balance at 31 December 2023
20
81,298
1,988,052
2,069,370
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
83,813
83,813
Dividends
11
-
-
(196,802)
(196,802)
Balance at 31 December 2024
20
81,298
1,875,063
1,956,381
GOLDEN AGE HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Merger relief reserve
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 December 2023:
Balance at 1 January 2023
20
81,298
905,566
986,884
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
200,602
200,602
Dividends
11
-
-
(208,057)
(208,057)
Balance at 31 December 2023
20
81,298
898,111
979,429
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
190,702
190,702
Dividends
11
-
-
(196,802)
(196,802)
Balance at 31 December 2024
20
81,298
892,011
973,329
GOLDEN AGE HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
31
(99,401)
273,052
Interest paid
(49,536)
(44,618)
Income taxes refunded/(paid)
38,661
(140)
Net cash (outflow)/inflow from operating activities
(110,276)
228,294
Investing activities
Purchase of intangible assets
(33,266)
(113,137)
Purchase of tangible fixed assets
(99,367)
(58,004)
Interest received
25,122
32,342
Net cash used in investing activities
(107,511)
(138,799)
Financing activities
Repayment of borrowings
-
(112,884)
Dividends paid to equity shareholders
(196,802)
(208,057)
Net cash used in financing activities
(196,802)
(320,941)
Net decrease in cash and cash equivalents
(414,589)
(231,446)
Cash and cash equivalents at beginning of year
1,048,786
1,280,232
Cash and cash equivalents at end of year
634,197
1,048,786
Relating to:
Cash at bank and in hand
696,014
1,048,786
Bank overdrafts included in creditors payable within one year
(61,817)
-
GOLDEN AGE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
1
Accounting policies
Company information

Golden Age Holdings Limited (“the company”) is a private company limited by shares incorporated in England and Wales. The registered office is Heritage House, Clifton Road, Blackpool, FY4 4QA.

 

The group consists of Golden Age Holdings Limited and its subsidiaries, Chelsom Limited and Chelsom Hong Kong Limited.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

GOLDEN AGE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated financial statements incorporate those of Golden Age Holdings Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits) except for Chelsom Hong Kong Limited. Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

 

Chelsom Hong Kong Limited, a wholly owned subsidiary, was dormant throughout the year. Chelsom Hong Kong Limited's results were not consolidated in these group accounts as permitted by section 405 of the Companies Act 2006 as their results are immaterial to both the group's financial performance as well as the individual company's financial performance and are not required to show a true and fair view.

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.4
Going concern

The first four months of 2025 have been very profitable to the group which is a direct result of having cut costs last October , implementing a bold price rise in January 2025 and constantly dealing with the fallout from Duty issues caused by The USA. Although the year started with a much lower order book, monthly order intake has matched the monthly turnover so after almost 5 months of trading we still have an order book of just over £3m and a trading profit in excess of £500k for the year to date. Cash flow has not been an issue and with continued support from HSBC, the Director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods or upon receipt of non-refundable consideration), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets - goodwill

Negative goodwill represents the excess of the fair value of net assets acquired over the cost of acquisition of a business. It is initially recognised as a negative asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

GOLDEN AGE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website and software
10% straight line
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
5% straight line
Fixtures and fittings
10% reducing balance
Computers
33% straight line
Motor vehicles
25% reducing balance

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 recognised in the profit and loss account.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

GOLDEN AGE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

GOLDEN AGE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Classification of financial liabilities

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

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 group after deducting all of its liabilities.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

GOLDEN AGE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.19
Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.

 

Sales and trade receivables are translated using the foreign currency spot rate for the month in which the transaction occurred and purchases and trade payables are recorded at an average monthly rate based on spot and expiring forward contract rates.

 

Transactions in foreign currencies are to be recorded at the rate ruling at the date of the transaction to be in line with FRS102. Adjustments have been included within the accounts to follow this treatment. All differences are taken to profit and loss account.

GOLDEN AGE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.20

Research and development

Research and development costs are written off to the profit and loss account in the year in which they are incurred.

 

Chelsom Limited performs Research & Development on lighting solutions for customers, as well as developing new unique products to enhance its product range. The Research & Development involves making improvements to various characteristics including energy usage, brightness, light diffraction as well as developments in manufacturing techniques and use of new materials, driven by new designs and concepts.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Discontinued stock provision

Within the accounts, a provision is required for stock held that has been discontinued. Stock is deemed as discontinued when there has been no movement on the stock for a period of time, and it is not deemed saleable for a value in excess of cost. Management review the full stock listing on an annual basis for items of stock which are to be deemed discontinued and as such require a provision against.

 

The actual level of stock write off may differ from the estimated provision.

Recoverability of trade debtors

At each balance sheet date, management undertake an assessment of the recoverability of trade debtors based upon their knowledge of the customers, ageing of the balances outstanding and previous write off history. Where necessary, an impairment is recorded as a doubtful debt.

 

The actual level of debt collected may differ from the estimated level of recovery.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2024
2023
as restated
£
£
Turnover analysed by class of business
Lighting sales
11,430,976
11,825,550
GOLDEN AGE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 22 -
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
5,034,646
4,666,967
Rest of the world
6,396,330
7,158,583
11,430,976
11,825,550
2024
2023
£
£
Other revenue
Interest income
25,122
32,342
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
-
0
(56,442)
Depreciation of owned tangible fixed assets
52,567
62,124
Amortisation of intangible assets
(33,808)
(43,770)
Operating lease charges
223,566
220,235

Exchange differences recognised in profit or loss during the year, except for those arising on financial instruments measured at fair value through profit or loss, amounted to £0 (2023 - £56,442).

5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
6,100
5,100
Audit of the financial statements of the company's subsidiaries
17,100
15,950
23,200
21,050
GOLDEN AGE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
6
6
-
-
Administrative and factory staff
56
61
-
-
Total
62
67
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,344,156
2,356,801
-
0
-
0
Social security costs
238,674
248,819
-
-
Pension costs
279,659
295,635
-
0
-
0
2,862,489
2,901,255
-
0
-
0
7
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
11,953
15,363
Company pension contributions to defined contribution schemes
24,000
24,000
35,953
39,363

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

8
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
25,122
32,342
GOLDEN AGE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
49,536
42,263
Other interest on financial liabilities
-
2,355
Total finance costs
49,536
44,618
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
6,644
38,129
Deferred tax
Origination and reversal of timing differences
9,298
82,520
Changes in tax rates
-
0
5,191
Adjustment in respect of prior periods
(36)
20,411
Total deferred tax
9,262
108,122
Total tax charge
15,906
146,251

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
99,719
544,925
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
24,930
128,166
Tax effect of expenses that are not deductible in determining taxable profit
3,823
4,862
Tax effect of income not taxable in determining taxable profit
-
0
(320)
Gains not taxable
704
-
0
Adjustments in respect of prior years
(36)
20,411
Group relief
(1,274)
(1,207)
Depreciation on assets not qualifying for tax allowances
1,464
726
Amortisation on assets not qualifying for tax allowances
(12,312)
(11,582)
Deferred tax rate change
-
0
5,195
Marginal relief
(1,393)
-
0
Taxation charge
15,906
146,251
GOLDEN AGE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
196,802
208,057
12
Tangible fixed assets
Group
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
36,419
261,271
406,566
46,243
750,499
Additions
-
0
91,712
-
0
7,655
99,367
Disposals
-
0
-
0
(361,558)
-
0
(361,558)
At 31 December 2024
36,419
352,983
45,008
53,898
488,308
Depreciation and impairment
At 1 January 2024
5,399
122,850
391,490
13,858
533,597
Depreciation charged in the year
1,821
32,600
10,142
8,004
52,567
Eliminated in respect of disposals
-
0
-
0
(361,558)
-
0
(361,558)
At 31 December 2024
7,220
155,450
40,074
21,862
224,606
Carrying amount
At 31 December 2024
29,199
197,533
4,934
32,036
263,702
At 31 December 2023
31,020
138,421
15,076
32,385
216,902
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
787
787
1,639,317
1,639,317
GOLDEN AGE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Fixed asset investments
(Continued)
- 26 -
Movements in fixed asset investments
Group
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
787
Carrying amount
At 31 December 2024
787
At 31 December 2023
787
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
1,639,317
Carrying amount
At 31 December 2024
1,639,317
At 31 December 2023
1,639,317
14
Intangible fixed assets
Group
Goodwill
Website and software
Total
£
£
£
Cost
At 1 January 2024
(492,446)
151,503
(340,943)
Additions - separately acquired
-
0
33,266
33,266
At 31 December 2024
(492,446)
184,769
(307,677)
Amortisation and impairment
At 1 January 2024
(383,859)
5,475
(378,384)
Amortisation charged for the year
(49,245)
15,437
(33,808)
At 31 December 2024
(433,104)
20,912
(412,192)
Carrying amount
At 31 December 2024
(59,342)
163,857
104,515
At 31 December 2023
(108,587)
146,028
37,441
GOLDEN AGE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
14
Intangible fixed assets
(Continued)
- 27 -

The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.

 

The negative goodwill has arisen on the consolidation of the wholly owned subsidiary Chelsom Limited. This goodwill is being amortised over 10 years.

15
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Chelsom Hong Kong Limited
6th Floor, Wyndham Place, 40-44 Wyndham Street, Central, Hong Kong
Ordinary shares
0
100.00
Chelsom Limited
Heritage House, Clifton Road, Blackpool FY4 4QA
Ordinary shares
100.00
-
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
2,413,436
2,577,267
-
0
-
0
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,303,429
553,428
-
0
-
0
Corporation tax recoverable
-
0
70,739
-
0
-
0
Other debtors
111,160
25,275
94,575
6,732
Prepayments and accrued income
269,478
480,320
-
0
-
0
1,684,067
1,129,762
94,575
6,732
GOLDEN AGE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
18
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
1,414,589
566,699
n/a
n/a
Carrying amount of financial liabilities
Measured at amortised cost
2,960,107
2,736,828
n/a
n/a

As permitted by the reduced disclosure framework within FRS 102, the company has taken advantage of the exemption from disclosing the carrying amount of certain classes of financial instruments, denoted by 'n/a' above.

 

19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
61,817
-
0
-
0
-
0
Payments received on account
1,680,369
1,779,494
-
0
-
0
Trade creditors
984,869
419,431
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
922,142
1,301,123
Corporation tax payable
12,555
37,989
-
0
-
0
Other taxation and social security
145,598
88,140
3,518
3,518
Other creditors
185,520
228,250
180,672
180,671
Accruals and deferred income
47,532
309,653
6,104
8,059
3,118,260
2,862,957
1,112,436
1,493,371

The overdraft is secured by way of a fixed charge over book and other debts, goodwill, uncalled share capital and intellectual property and a floating charge over all other assets.

20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank overdrafts
61,817
-
0
-
0
-
0
Payable within one year
61,817
-
0
-
0
-
0
GOLDEN AGE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
279,659
295,635

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
20
20
20
20

The ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.

23
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
87,880
78,618
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
78,618
-
Charge to profit or loss
9,262
-
Liability at 31 December 2024
87,880
-
24
Merger relief reserve
2024
2023
Group and company
£
£
At the beginning and end of the year
81,298
81,298
GOLDEN AGE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
24
Merger relief reserve
(Continued)
- 30 -

The merger relief reserve arose on the share exchange transaction which took place during a previous year, in accordance with section 612 of the Companies Act 2006, represents the excess of the fair value of the shares issued over the nominal value of those shares.

25
Profit and loss reserves
Group
Company
2024
2023
2024
2023
as restated
as restated
£
£
£
£
At the beginning of the year
1,988,052
1,797,435
898,111
905,566
Profit for the year
83,813
398,674
190,702
200,602
Dividends
(196,802)
(208,057)
(196,802)
(208,057)
At the end of the year
1,875,063
1,988,052
892,011
898,111

The profit and loss account represents cumulative profits or losses, net of dividends paid.

26
Financial commitments, guarantees and contingent liabilities

On 8 September 2022, Chelsom Limited were issued with a copyright infringement claim from a lighting company in Spain over some of their lighting designs. No provision has been made in the accounts relating to this claim and there is no possibility of reimbursement by insurers. Significant progress has been made in 2024 and The Directors now expect the claim to be settled before the end of the current financial year with no further costs and no compensation payable on either side.

 

During the year the group entered into forward contracts to buy US Dollar ($) at a certain rate. The amount of contracts not drawn down at the year end equates to £1,852,808 in sterling (2023: £1,010,892).

GOLDEN AGE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
27
Operating lease commitments
Lessee

Operating lease payments represent rentals payable by the subsidiary for the lease on its registered office, vehicle leases for the cars used by the company's directors and equipment leases used within the subsidiary.

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
315,567
347,740
-
-
Between two and five years
888,985
952,103
-
-
In over five years
189,000
401,500
-
-
1,393,552
1,701,343
-
-
28
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel, including the director, is as follows.

2024
2023
£
£
Aggregate compensation
597,544
589,741
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Rent
Commission
2024
2023
2024
2023
£
£
£
£
Group
Key management personnel
122,000
122,000
-
-
Other related parties
-
-
20,000
20,000

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Director
180,672
180,672
GOLDEN AGE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
28
Related party transactions
(Continued)
- 32 -
Company
Director
180,672
180,672

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Key management personnel
94,012
6,732
Company
Key management personnel
94,012
6,732
29
Controlling party

The controlling parties of the group is the company director, Mr W R J Chelsom, and his close family.

30
Analysis of changes in net funds - group
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,048,786
(352,772)
696,014
Bank overdrafts
-
0
(61,817)
(61,817)
1,048,786
(414,589)
634,197
GOLDEN AGE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 33 -
31
Cash generated from group operations
2024
2023
£
£
Profit for the period after tax
83,813
398,674
Adjustments for:
Taxation charged
15,906
146,251
Finance costs
49,536
44,618
Investment income
(25,122)
(32,342)
Amortisation and impairment of intangible assets
(33,808)
(43,770)
Depreciation and impairment of tangible fixed assets
52,567
62,124
Movements in working capital:
Decrease in stocks
163,831
175,226
(Increase) in debtors
(625,044)
(349,576)
Increase/(decrease) in creditors
218,920
(128,153)
Cash (absorbed by)/generated from operations
(99,401)
273,052
32
Prior period adjustment
Reconciliation of changes in equity - group
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Total adjustments
-
Profit as previously reported
398,674
Profit as adjusted
398,674
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Total adjustments
-
Profit as previously reported
200,602
Profit as adjusted
200,602
GOLDEN AGE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
32
Prior period adjustment
(Continued)
- 34 -
Notes to reconciliation
Prior year reclassification

A prior period adjustment has been recorded in Chelsom Limited to reallocate carriage recharges (£367,314) as turnover. These were incorrectly credited to distribution costs in the previous year.

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