| REGISTERED NUMBER: 05593821 (England and Wales) |
| Goldex Investments Limited |
| Group Strategic Report, Report of the Director and |
| Consolidated Financial Statements for the Year Ended 31 October 2024 |
| REGISTERED NUMBER: 05593821 (England and Wales) |
| Goldex Investments Limited |
| Group Strategic Report, Report of the Director and |
| Consolidated Financial Statements for the Year Ended 31 October 2024 |
| Goldex Investments Limited (Registered number: 05593821) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 31 October 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Director | 4 |
| Report of the Independent Auditors | 6 |
| Consolidated Statement of Comprehensive Income | 10 |
| Consolidated Statement of Financial Position | 11 |
| Company Statement of Financial Position | 12 |
| Consolidated Statement of Changes in Equity | 13 |
| Company Statement of Changes in Equity | 14 |
| Consolidated Statement of Cash Flows | 15 |
| Notes to the Consolidated Statement of Cash Flows | 16 |
| Notes to the Consolidated Financial Statements | 17 |
| Goldex Investments Limited |
| Company Information |
| for the Year Ended 31 October 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: | Jon Spurling FCCA |
| AUDITORS: |
| 424 Margate Road |
| Westwood |
| Ramsgate |
| Kent |
| CT12 6SJ |
| Goldex Investments Limited (Registered number: 05593821) |
| Group Strategic Report |
| for the Year Ended 31 October 2024 |
| The directors present their Strategic Report for the year ended 31 October 2024. |
| OBJECTIVES |
| The Group's main objectives are to increase revenues by way of increased market penetration by attracting customers from competitors, together with the establishment of new Costa Coffee shops throughout the South East of England. |
| REVIEW OF BUSINESS |
| In the past year Goldex Investments Ltd and its subsidiary companies have maintained their share of the market with their existing stores. The turnover of Goldex Investments Ltd is derived from running Kent based stores, managing the trading activities of its subsidiary companies and other trading activities. |
| Turnover for the year was £12,972,324, giving a gross profit for the year of £3,920,740, an slight increase from last year of £3,847,787. |
| This increase in performance is due to a variety of factors: Firstly, there was stability in the cost of living crisis and strong macroeconomic performance across the country which boosted the disposable income of individuals and families. Furthermore, on an internal level the company was able to focus on carrying out an audit of high and low selling products and align their offerings to products displaying consistently strong demand amongst the customer base. |
| The company was also able to significantly reduce its purchases by focusing on eliminating stock of low selling products and transferring stock between stores instead of making new purchases. Furthermore, the company was also able to significantly reduce its total expenditures due to stability in the energy market as the volatility in the market due to geopolitical shocks subsided and the company was able to lock in better rates compared to previous periods. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| A key risk to the company is its dependence upon the Costa Coffee franchise and competitor pricing positions. The focus for Goldex Investments Ltd is to continue to deliver quality products with a range of price points to ensure value for all customers. |
| From a climate related perspective, the company understands that there can be a variety of risks and opportunities. Key climate related risks which can affect the company can be extreme weather events such as floods, storms and heatwaves which can impact company operations through closures or additional costs and thereby resulting in financial losses. Furthermore, policy and regulatory changes by the government can also affect company operations whereby there can be increased carbon and green levy taxes. |
| There are significant opportunities arising from a climate related perspective, these can include the investment in energy efficiency equipment and infrastructure which can result in lower operating costs and a reduction in carbon footprint. The risks associated with policy and regulatory changes can be offset by incentives offered to shift towards low emission green energy sources which would not be as susceptible to geopolitical shocks thereby resulting in a stability in energy costs. |
| The directors have plans and procedures in place to mitigate any risks and uncertainties affecting the company operations and that of its customers and suppliers. |
| KEY PERFORMANCE INDICATORS |
| The directors consider that, in view of the nature of the company's business and its management structure, analysis of KPIs are not necessary to enable evaluation of its performance. |
| Goldex Investments Limited (Registered number: 05593821) |
| Group Strategic Report |
| for the Year Ended 31 October 2024 |
| GOING CONCERN |
| The financial statements are prepared on the going concern basis. |
| ON BEHALF OF THE BOARD: |
| Goldex Investments Limited (Registered number: 05593821) |
| Report of the Director |
| for the Year Ended 31 October 2024 |
| The director presents his group report with the financial statements of the company and the group for the year ended |
| 31 October 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the group in the year under review was that of managing coffee shops and refitting restaurants. |
| DIVIDENDS |
| The total distribution of dividends for the year ended 31 October 2024 was £175,000. |
| FUTURE DEVELOPMENTS |
| The director of the group proposes to continue their expansion of acquiring shops under the Costa Franchise chain throughout the South East of England. |
| DIRECTOR |
| POLITICAL AND CHARITABLE DONATIONS |
| The group did not make any political donations during the year. |
| EMPLOYEES |
| It is the policy of the Group to encourage and develop all members of staff to realise their maximum potential. The Group supports the principle of equal opportunities in employment and opposes all forms of unlawful or unfair discrimination on the grounds of race, age, nationality, religion, ethnic or national origin, marital status or disability. It is also the policy of the Group, where possible, to give sympathetic consideration to disabled persons in their application for employment within the Group and to protect the interests of existing members of the staff who are disabled. |
| DIRECTOR'S RESPONSIBILITIES STATEMENT |
| The director is responsible for preparing the Group Strategic Report, the Report of the Director 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are 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 group's auditors are aware of that information. |
| Goldex Investments Limited (Registered number: 05593821) |
| Report of the Director |
| for the Year Ended 31 October 2024 |
| AUDITORS |
| The auditors, Spurling Cannon Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Goldex Investments Limited |
| Opinion |
| We have audited the financial statements of Goldex Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of 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: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 31 October 2024 and of the group's loss for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 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 the 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 director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
| 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. |
| In connection with our audit of the financial statements, 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 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. |
| Report of the Independent Auditors to the Members of |
| Goldex Investments Limited |
| 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 Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Director 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of director's remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of director |
| As explained more fully in the Director's Responsibilities Statement set out on page four, 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 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 group's and 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 group or the parent company or to cease operations, or has no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| Goldex Investments Limited |
| Auditors' 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 a Report of the Auditors 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: |
| Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:- |
| - The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
| - We identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience of the business sector; |
| - We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, taxation and legislation data protection, anti-bribery, employment and health and safety legislation; |
| - We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and |
| - Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
| We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
| - Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
| - Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
| To address the risk of fraud through management bias and override of controls, we: |
| - Performed analytical procedures to identify any unusual or unexpected relationships; |
| - Tested journal entries to identify unusual transactions; |
| - Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
| - Investigated the rationale behind significant or unusual transactions. |
| In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included but were not limited to: |
| - Agreeing financial statement disclosures to underlying supporting documentation; and |
| - Enquiring of management as to actual and potential litigation and claims. |
| Report of the Independent Auditors to the Members of |
| Goldex Investments Limited |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| 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 a Report of the Auditors 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. |
| for and on behalf of |
| 424 Margate Road |
| Westwood |
| Ramsgate |
| Kent |
| CT12 6SJ |
| Goldex Investments Limited (Registered number: 05593821) |
| Consolidated |
| Statement of Comprehensive |
| Income |
| for the Year Ended 31 October 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 3 | 12,972,324 | 13,303,150 |
| Cost of sales | 9,051,584 | 9,455,272 |
| GROSS PROFIT | 3,920,740 | 3,847,878 |
| Administrative expenses | 4,450,933 | 4,405,976 |
| (530,193 | ) | (558,098 | ) |
| Other operating income | 282,560 | 450,230 |
| (247,633 | ) | (107,868 | ) |
| Interest receivable and similar income | 68,141 | 63,470 |
| (179,492 | ) | (44,398 | ) |
| Interest payable and similar expenses | 5 | 22,396 | 21,383 |
| LOSS BEFORE TAXATION | 6 | (201,888 | ) | (65,781 | ) |
| Tax on loss | 8 | 72,972 | 74,641 |
| LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE LOSS FOR THE YEAR | (274,860 | ) | (140,422 | ) |
| Loss attributable to: |
| Owners of the parent | (274,860 | ) | (140,422 | ) |
| Total comprehensive loss attributable to: |
| Owners of the parent | (274,860 | ) | (140,422 | ) |
| Goldex Investments Limited (Registered number: 05593821) |
| Consolidated Statement of Financial Position |
| 31 October 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 | - | - |
| Tangible assets | 12 | 2,983,310 | 2,601,083 |
| Investments | 13 |
| Interest in associate | 113 | 71 |
| Other investments | 3 | 3 |
| 2,983,426 | 2,601,157 |
| CURRENT ASSETS |
| Inventories | 14 | 95,895 | 107,300 |
| Debtors | 15 | 19,143,868 | 18,207,931 |
| Cash at bank and in hand | 1,270,851 | 2,120,000 |
| 20,510,614 | 20,435,231 |
| CREDITORS |
| Amounts falling due within one year | 16 | 8,799,441 | 7,679,667 |
| NET CURRENT ASSETS | 11,711,173 | 12,755,564 |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 14,694,599 | 15,356,721 |
| CREDITORS |
| Amounts falling due after more than one year |
17 |
(245,747 |
) |
(440,642 |
) |
| PROVISIONS FOR LIABILITIES | 21 | (194,789 | ) | (212,156 | ) |
| NET ASSETS | 14,254,063 | 14,703,923 |
| CAPITAL AND RESERVES |
| Called up share capital | 22 | 380 | 400 |
| Capital redemption reserve | 140 | 120 |
| Retained earnings | 14,253,543 | 14,703,403 |
| SHAREHOLDERS' FUNDS | 27 | 14,254,063 | 14,703,923 |
| The financial statements were approved by the director and authorised for issue on 29 July 2025 and were signed by: |
| D S Brar - Director |
| Goldex Investments Limited (Registered number: 05593821) |
| Company Statement of Financial Position |
| 31 October 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 |
| Tangible assets | 12 |
| Investments | 13 |
| CURRENT ASSETS |
| Inventories | 14 |
| Debtors | 15 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 16 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
17 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 21 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 22 |
| Capital redemption reserve |
| Retained earnings |
| SHAREHOLDERS' FUNDS | 27 |
| Company's (loss)/profit for the financial year |
(60,191 |
) |
114,855 |
| The financial statements were approved by the director and authorised for issue on |
| Goldex Investments Limited (Registered number: 05593821) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 31 October 2024 |
| Called up | Capital |
| share | Retained | redemption | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 November 2022 | 400 | 15,018,825 | 120 | 15,019,345 |
| Changes in equity |
| Deficit for the year | - | (140,422 | ) | - | (140,422 | ) |
| Total comprehensive loss | - | (140,422 | ) | - | (140,422 | ) |
| Dividends | - | (175,000 | ) | - | (175,000 | ) |
| Balance at 31 October 2023 | 400 | 14,703,403 | 120 | 14,703,923 |
| Changes in equity |
| Deficit for the year | - | (274,860 | ) | - | (274,860 | ) |
| Total comprehensive loss | - | (274,860 | ) | - | (274,860 | ) |
| Reduction in share capital | (20 | ) | - | 20 | - |
| Dividends | - | (175,000 | ) | - | (175,000 | ) |
| Balance at 31 October 2024 | 380 | 14,253,543 | 140 | 14,254,063 |
| Goldex Investments Limited (Registered number: 05593821) |
| Company Statement of Changes in Equity |
| for the Year Ended 31 October 2024 |
| Called up | Capital |
| share | Retained | redemption | Total |
| capital | earnings | reserve | equity |
| £ | £ | £ | £ |
| Balance at 1 November 2022 |
| Changes in equity |
| Profit for the year | - | 114,855 | - | 114,855 |
| Total comprehensive income | - |
| Dividends | - | ( |
) | - | ( |
) |
| Balance at 31 October 2023 |
| Changes in equity |
| Deficit for the year | - | (60,191 | ) | - | (60,191 | ) |
| Total comprehensive loss | - | ( |
) | ( |
) |
| Reduction in share capital | (20 | ) | - | 20 | - |
| Dividends | - | ( |
) | - | ( |
) |
| Balance at 31 October 2024 |
| Goldex Investments Limited (Registered number: 05593821) |
| Consolidated Statement of Cash Flows |
| for the Year Ended 31 October 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 558,603 | (1,337,344 | ) |
| Interest paid | (22,396 | ) | (21,383 | ) |
| Tax paid | 10,024 | (186,592 | ) |
| Net cash from operating activities | 546,231 | (1,545,319 | ) |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (1,277,784 | ) | (760,420 | ) |
| Purchase of fixed asset investments | (42 | ) | (22 | ) |
| Sale of tangible fixed assets | 153,000 | 158,334 |
| Loans to associates | (29,802 | ) | (63,534 | ) |
| Interest received | 68,141 | 63,470 |
| Net cash from investing activities | (1,086,487 | ) | (602,172 | ) |
| Cash flows from financing activities |
| Loan repayments in year | (220,248 | ) | (286,200 | ) |
| Hire purchase finance in year | 62,282 | - |
| Amount introduced by directors | 24,073 | 433 |
| Equity dividends paid | (175,000 | ) | (175,000 | ) |
| Net cash from financing activities | (308,893 | ) | (460,767 | ) |
| Decrease in cash and cash equivalents | (849,149 | ) | (2,608,258 | ) |
| Cash and cash equivalents at beginning of year |
2 |
2,120,000 |
4,728,258 |
| Cash and cash equivalents at end of year | 2 | 1,270,851 | 2,120,000 |
| Goldex Investments Limited (Registered number: 05593821) |
| Notes to the Consolidated Statement of Cash Flows |
| for the Year Ended 31 October 2024 |
| 1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Loss before taxation | (201,888 | ) | (65,781 | ) |
| Depreciation charges | 765,893 | 626,017 |
| Profit on disposal of fixed assets | (23,336 | ) | (12,336 | ) |
| Finance costs | 22,396 | 21,383 |
| Finance income | (68,141 | ) | (63,470 | ) |
| 494,924 | 505,813 |
| Decrease/(increase) in inventories | 11,405 | (23,716 | ) |
| Increase in trade and other debtors | (898,360 | ) | (2,452,339 | ) |
| Increase in trade and other creditors | 950,634 | 632,898 |
| Cash generated from operations | 558,603 | (1,337,344 | ) |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Year ended 31 October 2024 |
| 31.10.24 | 1.11.23 |
| £ | £ |
| Cash and cash equivalents | 1,270,851 | 2,120,000 |
| Year ended 31 October 2023 |
| 31.10.23 | 1.11.22 |
| £ | £ |
| Cash and cash equivalents | 2,120,000 | 4,728,258 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.11.23 | Cash flow | At 31.10.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 2,120,000 | (849,149 | ) | 1,270,851 |
| 2,120,000 | (849,149 | ) | 1,270,851 |
| Debt |
| Finance leases | - | (62,282 | ) | (62,282 | ) |
| Debts falling due within 1 year | (287,276 | ) | (25,621 | ) | (312,897 | ) |
| Debts falling due after 1 year | (440,642 | ) | 245,869 | (194,773 | ) |
| (727,918 | ) | 157,966 | (569,952 | ) |
| Total | 1,392,082 | (691,183 | ) | 700,899 |
| Goldex Investments Limited (Registered number: 05593821) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 31 October 2024 |
| 1. | STATUTORY INFORMATION |
| Goldex Investments Ltd is a private company, limited by shares, registered in England and Wales. The Company's registered number and registered office address can be found on the General Information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The Director has prepared financial projections, taking into consideration the current economic conditions |
| and has, at the time of approving these accounts, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the |
| going concern basis of accounting in preparing the accounts. |
| Basis of consolidation |
| The Group financial statements consolidate the financial statements of the Company drawn up to 31 October each year. All intra-group transactions, balances, income and expenses are eliminated on consolidation. The results of the subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed. |
| Income recognition |
| Income represents the fair value of consideration received or receivable derived from the provision of goods and services to customers during the year (excluding value added tax) and is recognised when the group becomes entitled to it. |
| Goodwill |
| Goodwill arising on the acquisition of subsidiary undertakings and businesses, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life, which is 5 years. Provision is made for any impairment. |
| Tangible fixed assets |
| Short leasehold | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Office equipment | - |
| Investments in subsidiaries and associates |
| Investments in subsidiary and associate undertakings are recognised at cost. |
| Inventories |
| Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first out) method. Provision is made for obsolete or defective stock where appropriate. |
| Goldex Investments Limited (Registered number: 05593821) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The Group enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties. |
| Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| Taxation |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Employee benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | TURNOVER |
| The turnover and loss before taxation are attributable to the one principal activity of the group. |
| An analysis of turnover by class of business is given below: |
| 2024 | 2023 |
| £ | £ |
| Coffee shop sales | 12,605,931 | 13,126,169 |
| Shop refitting | 55,681 | 24,179 |
| Fitness sales | 310,712 | 152,802 |
| 12,972,324 | 13,303,150 |
| Goldex Investments Limited (Registered number: 05593821) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries | 4,862,743 | 4,516,713 |
| Social security costs | 337,560 | 284,968 |
| Other pension costs | 65,612 | 60,121 |
| 5,265,915 | 4,861,802 |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Directors | 1 | 1 |
| Administrative staff | 22 | 58 |
| Shop staff | 250 | 238 |
| 2024 | 2023 |
| £ | £ |
| Director's remuneration | 9,056 | 9,000 |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | 1 | 1 |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank interest | 13,460 | 20,790 |
| Bank loan interest | 2,962 | - |
| Hire purchase interest | 1,183 | - |
| Other interest | 4,791 | 593 |
| 22,396 | 21,383 |
| 6. | LOSS BEFORE TAXATION |
| The loss is stated after charging/(crediting): |
| 2024 | 2023 |
| £ | £ |
| Other operating leases | 864,409 | 920,341 |
| Depreciation - owned assets | 765,893 | 626,019 |
| Profit on disposal of fixed assets | (23,336 | ) | (12,336 | ) |
| Goldex Investments Limited (Registered number: 05593821) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 7. | AUDITORS' REMUNERATION |
| 2024 | 2023 |
| £ | £ |
| Fees payable to the company's auditors for the audit of the company's financial statements |
6,000 |
6,030 |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the loss for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax | 89,223 | 26,763 |
| Adjustment in respect of |
| previous periods | 1,116 | 30 |
| Total current tax | 90,339 | 26,793 |
| Deferred tax | (17,367 | ) | 47,848 |
| Tax on loss | 72,972 | 74,641 |
| UK corporation tax has been charged at 25 % (2023 - 22.52 %). |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Loss before tax | (201,888 | ) | (65,781 | ) |
| Loss multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 22.518 %) |
(50,472 |
) |
(14,813 |
) |
| Effects of: |
| Expenses not deductible for tax purposes | 2,092 | 1,438 |
| Depreciation in excess of capital allowances | 116,456 | 68,307 |
| Utilisation of tax losses | (3,534 | ) | (24,062 | ) |
| Increase / (release) of deferred tax provision | (17,367 | ) | 47,848 |
| Loss on disposal of assets | (5,833 | ) | (2,778 | ) |
| Provision for tax amendment | 1,116 | 30 |
| Mixed rate of tax charge | (145 | ) | (1,329 | ) |
| Overprovision in subsidiary | 30,659 | - |
| Total tax charge | 72,972 | 74,641 |
| Deferred tax has been provided on accelerated capital allowances at the substantively enacted rate of 25%. Deferred tax is expected to become chargeable in line with writing down allowances and depreciation charges. |
| Goldex Investments Limited (Registered number: 05593821) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
| 10. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Ordinary shares of £1 each |
| Interim | 175,000 | 175,000 |
| 11. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| At 1 November 2023 |
| and 31 October 2024 | 1,917,956 |
| AMORTISATION |
| At 1 November 2023 |
| and 31 October 2024 | 1,917,956 |
| NET BOOK VALUE |
| At 31 October 2024 | - |
| At 31 October 2023 | - |
| Company |
| Goodwill |
| £ |
| COST |
| At 1 November 2023 |
| and 31 October 2024 |
| AMORTISATION |
| At 1 November 2023 |
| and 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| Goldex Investments Limited (Registered number: 05593821) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 12. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures |
| Short | and | Motor | Office |
| leasehold | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 November 2023 | 3,156,811 | 4,165,065 | 498,728 | 19,372 | 7,839,976 |
| Additions | 1,102,531 | 159,953 | 15,300 | - | 1,277,784 |
| Disposals | - | - | (174,425 | ) | - | (174,425 | ) |
| At 31 October 2024 | 4,259,342 | 4,325,018 | 339,603 | 19,372 | 8,943,335 |
| DEPRECIATION |
| At 1 November 2023 | 2,090,781 | 2,901,421 | 232,383 | 14,308 | 5,238,893 |
| Charge for year | 456,206 | 245,782 | 59,988 | 3,917 | 765,893 |
| Eliminated on disposal | - | - | (44,761 | ) | - | (44,761 | ) |
| At 31 October 2024 | 2,546,987 | 3,147,203 | 247,610 | 18,225 | 5,960,025 |
| NET BOOK VALUE |
| At 31 October 2024 | 1,712,355 | 1,177,815 | 91,993 | 1,147 | 2,983,310 |
| At 31 October 2023 | 1,066,030 | 1,263,644 | 266,345 | 5,064 | 2,601,083 |
| Company |
| Fixtures |
| Short | and | Motor | Office |
| leasehold | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 November 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 October 2024 |
| DEPRECIATION |
| At 1 November 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 October 2024 |
| NET BOOK VALUE |
| At 31 October 2024 |
| At 31 October 2023 |
| Goldex Investments Limited (Registered number: 05593821) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 13. | FIXED ASSET INVESTMENTS |
| Group |
| Shares in | Interest |
| group | in |
| undertakings | associate | Totals |
| £ | £ | £ |
| COST |
| At 1 November 2023 | 3 | 71 | 74 |
| Additions | - | 42 | 42 |
| At 31 October 2024 | 3 | 113 | 116 |
| NET BOOK VALUE |
| At 31 October 2024 | 3 | 113 | 116 |
| At 31 October 2023 | 3 | 71 | 74 |
| Company |
| Shares in | Interest |
| group | in |
| undertakings | associate | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 November 2023 | 71 | 1,774,695 |
| Additions | 42 |
| At 31 October 2024 | 1,774,737 |
| NET BOOK VALUE |
| At 31 October 2024 | 1,774,737 |
| At 31 October 2023 | 1,774,695 |
| Cost or valuation at 31 October 2024 is represented by: |
| Shares in | Interest |
| group | in |
| undertakings | associate | Totals |
| £ | £ | £ |
| Valuation in 2024 | 1,774,624 | 113 | 1,774,737 |
| Goldex Investments Limited (Registered number: 05593821) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 13. | FIXED ASSET INVESTMENTS - continued |
| The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: Warwick House, Park Corner Road, Southfleet, Gravesend, Kent, England, DA13 9LN |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| Profit/(loss) for the year | ( |
) |
| Registered office: Warwick House, Park Corner Road, Southfleet, Gravesend, Kent, England, DA13 9LN |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Registered office: Warwick House, Park Corner Road, Southfleet, Gravesend, Kent, England, DA13 9LN |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| Loss for the year | ( |
) | ( |
) |
| Associated companies |
| Registered office: Warwick House, Park Corner Road, Southfleet, Gravesend, Kent, England, DA13 9LN |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| Loss for the year | ( |
) | ( |
) |
| Goldex Investments Limited (Registered number: 05593821) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 13. | FIXED ASSET INVESTMENTS - continued |
| Registered office: Warwick House, Park Corner Road, Southfleet, Gravesend, Kent, England, DA13 9LN |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| The fixed asset investments of the Company relate to wholly owned subsidiary companies, that are included within these consolidated Group statements, and associate companies as detailed above. The Group has no other fixed or current asset investments. |
| 14. | INVENTORIES |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Inventories | 95,895 | 107,300 |
| 15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Trade debtors | 104,244 | 36,905 |
| Amounts owed by associates | 943,977 | 914,175 |
| Other debtors | 14,567,697 | 13,732,000 |
| Directors' current accounts | 2,517,010 | 2,541,083 | 2,517,010 | 2,541,083 |
| Tax | 857,808 | 825,960 |
| Prepayments and accrued income | 153,132 | 157,808 |
| 19,143,868 | 18,207,931 |
| Goldex Investments Limited (Registered number: 05593821) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 18) | 312,897 | 287,276 |
| Hire purchase contracts (see note 19) | 11,308 | - |
| Trade creditors | 1,013,572 | 752,708 |
| Amounts owed to group undertakings | - | - |
| Corporation tax | 64,214 | (29,927 | ) |
| S.455 tax liability | 329,300 | 291,230 | 329,300 | 291,230 |
| Social security and other taxes | 108,567 | 83,442 |
| VAT | 356,692 | 456,320 | 238,403 | 325,166 |
| Other creditors | 6,465,531 | 5,648,637 |
| Accruals | 137,360 | 189,981 |
| 8,799,441 | 7,679,667 |
| 17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank loans (see note 18) | 194,773 | 440,642 |
| Hire purchase contracts (see note 19) | 50,974 | - |
| 245,747 | 440,642 |
| 18. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank loans | 312,897 | 287,276 |
| Amounts falling due between one and two | years: |
| Bank loans | 158,629 | 287,276 |
| Amounts falling due between two and five | years: |
| Bank loans | 36,144 | 153,366 |
| Goldex Investments Limited (Registered number: 05593821) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 19. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year | 11,308 | - |
| Between one and five years | 50,974 | - |
| 62,282 | - |
| Group |
| Non-cancellable operating | leases |
| 2024 | 2023 |
| £ | £ |
| Within one year | 449,212 | 492,127 |
| Between one and five years | 1,228,889 | 972,997 |
| In more than five years | 1,179,794 | 968,044 |
| 2,857,895 | 2,433,168 |
| Company |
| Non-cancellable operating | leases |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 20. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Bank loans | 507,670 | 727,918 |
| HSBC Bank PLC hold fixed and floating charges, and a composite guarantee over the group's assets. |
| Goldex Investments Limited (Registered number: 05593821) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 21. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 2024 | 2023 | 2024 | 2023 |
| £ | £ | £ | £ |
| Deferred tax | 194,789 | 212,156 | 134,438 | 151,677 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 November 2023 | 212,156 |
| Credit to Statement of Comprehensive Income during year | (17,367 | ) |
| Balance at 31 October 2024 | 194,789 |
| Company |
| Deferred |
| tax |
| £ |
| Balance at 1 November 2023 |
| Credit to Statement of Comprehensive Income during year | ( |
) |
| Balance at 31 October 2024 |
| Deferred tax assets and liabilities are offset only where the Group has a legally enforceable right to do so and where the assets and liabilities relate to income taxes levied by the same taxation authority on the same taxable entity or another entity within the Group. |
| There is no expiry date on timing difference, unused tax losses or tax credits. |
| 22. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary A | £1 | 380 | 380 |
| NIL | Ordinary C | £1 | - | 20 |
| 380 | 400 |
| 23. | CONTINGENT LIABILITIES |
| Goldex Investments Ltd is part of a group VAT registration with its subsidiary undertaking, Goldex Investments (Kent) Limited with Goldex Investments (Kent) South Limited, Goldex Chatham Dockside Ltd and Goldex Fitness Limited. In accordance with HMRC regulations all members of a VAT group are jointly and severally liable for the liability of all members of the group. |
| At the balance sheet date the total group VAT creditor amounted to £542007 Of this liability £356,692 is included within creditors in the the Consolidated Balance Sheet of Goldex Investments Ltd. |
| Goldex Investments Limited (Registered number: 05593821) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 24. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 October 2024 and 31 October 2023: |
| 2024 | 2023 |
| £ | £ |
| D S Brar |
| Balance outstanding at start of year | 2,541,085 | 2,541,516 |
| Amounts advanced | 75,448 | 78,569 |
| Amounts repaid | (99,523 | ) | (79,000 | ) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | 2,517,010 | 2,541,085 |
| 25. | RELATED PARTY DISCLOSURES |
| Entities over which the entity has control, joint control or significant influence |
| 2024 | 2023 |
| £ | £ |
| Management charge income | 362,000 | 324,000 |
| Amount due to related parties | 5,895,079 | 5,868,554 |
| Goldex Investments Limited manages the trade of Goldex Investments (Kent) Limited, a company owned by the director, D Brar. |
| Key management personnel of the entity or its parent (in the aggregate) |
| 2024 | 2023 |
| £ | £ |
| Shop refitting sales | 54,255 | 24,179 |
| Rent paid | 148,500 | 141,000 |
| Management charges | 15,565 | 7,710 |
| Costs paid on behalf of related party | 15,126 | 58,187 |
| Amount due from related party | 15,419,493 | 13,879,293 |
| Guarantees from related party on behalf of the company | 250,000 | 250,000 |
| 26. | ULTIMATE CONTROLLING PARTY |
| The controlling party is D S Brar. |
| Goldex Investments Limited (Registered number: 05593821) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 October 2024 |
| 27. | RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS |
| Group |
| 2024 | 2023 |
| £ | £ |
| Loss for the financial year | (274,860 | ) | (140,422 | ) |
| Dividends | (175,000 | ) | (175,000 | ) |
| Purchase of own shares |
| Net reduction of shareholders' funds | (449,860 | ) | (315,422 | ) |
| Opening shareholders' funds | 14,703,923 | 15,019,345 |
| Closing shareholders' funds | 14,254,063 | 14,703,923 |
| Company |
| 2024 | 2023 |
| £ | £ |
| (Loss)/profit for the financial year | ( |
) |
| Dividends | ( |
) | ( |
) |
| Purchase of own shares |
| Reduction in share capital |
| Net reduction of shareholders' funds | (235,191 | ) | (60,145 | ) |
| Opening shareholders' funds | 15,677,435 | 15,737,580 |
| Closing shareholders' funds | 15,442,244 | 15,677,435 |
| 28. | GUARANTEE IN RELATION TO SUBSIDIARY AUDIT EXEMPTION |
| The parent company has provided guarantees covering all the outstanding liabilities of its trading subsidiary companies as at the balance sheet date, in accordance with section 479C of the Companies Act 2006. As a result, the following subsidiary entities of the company are exempt from the requirements of the Companies Act 2006 relating to the audit of accounts under section 479A of the Companies Act 2006: |
| Goldex Investments (Sussex) Ltd (07851583) |
| Goldex Chatham Dockside Ltd (13231034) |
| Goldex Fitness Limited (13692548) |