IRIS Accounts Production v25.2.0.378 02645067 Board of Directors Board of Directors 31.12.24 1.1.24 31.12.24 31.12.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. wholesale of footwear true true true false true true false false false false true false Ordinary 0 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 02645067 2023-12-31 02645067 2024-12-31 02645067 2024-01-01 2024-12-31 02645067 2022-12-31 02645067 2023-01-01 2023-12-31 02645067 2023-12-31 02645067 ns15:EnglandWales 2024-01-01 2024-12-31 02645067 ns14:PoundSterling 2024-01-01 2024-12-31 02645067 ns10:Director1 2024-01-01 2024-12-31 02645067 ns10:Director2 2024-01-01 2024-12-31 02645067 ns10:Consolidated 2024-12-31 02645067 ns10:ConsolidatedGroupCompanyAccounts 2024-01-01 2024-12-31 02645067 ns10:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02645067 ns10:Consolidated ns10:MediumEntities 2024-01-01 2024-12-31 02645067 ns10:Consolidated ns10:Audited 2024-01-01 2024-12-31 02645067 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-01-01 2024-12-31 02645067 ns10:Medium-sizedCompaniesRegimeForAccounts 2024-01-01 2024-12-31 02645067 ns10:Consolidated 2024-01-01 2024-12-31 02645067 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-01-01 2024-12-31 02645067 ns10:Consolidated ns10:Medium-sizedCompaniesRegimeForAccounts 2024-01-01 2024-12-31 02645067 ns10:FullAccounts 2024-01-01 2024-12-31 02645067 ns5:Subsidiary1 2024-01-01 2024-12-31 02645067 1 2024-01-01 2024-12-31 02645067 ns10:OrdinaryShareClass1 2024-01-01 2024-12-31 02645067 ns10:RegisteredOffice 2024-01-01 2024-12-31 02645067 ns10:Consolidated 2023-01-01 2023-12-31 02645067 ns5:CurrentFinancialInstruments 2024-12-31 02645067 ns5:CurrentFinancialInstruments 2023-12-31 02645067 ns5:Non-currentFinancialInstruments 2024-12-31 02645067 ns5:Non-currentFinancialInstruments 2023-12-31 02645067 ns5:ShareCapital 2024-12-31 02645067 ns5:ShareCapital 2023-12-31 02645067 ns5:CapitalRedemptionReserve 2024-12-31 02645067 ns5:CapitalRedemptionReserve 2023-12-31 02645067 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 02645067 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 02645067 ns5:ShareCapital 2022-12-31 02645067 ns5:RetainedEarningsAccumulatedLosses 2022-12-31 02645067 ns5:CapitalRedemptionReserve 2022-12-31 02645067 ns5:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 02645067 ns5:CapitalRedemptionReserve 2023-01-01 2023-12-31 02645067 ns5:ShareCapital 2024-01-01 2024-12-31 02645067 ns5:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 02645067 ns5:CapitalRedemptionReserve 2024-01-01 2024-12-31 02645067 ns5:IntangibleAssetsOtherThanGoodwill 2024-01-01 2024-12-31 02645067 ns5:PatentsTrademarksLicencesConcessionsSimilar 2024-01-01 2024-12-31 02645067 ns5:LeaseholdImprovements 2024-01-01 2024-12-31 02645067 ns5:PlantMachinery 2024-01-01 2024-12-31 02645067 ns5:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 02645067 ns5:PatentsTrademarksLicencesConcessionsSimilar 2024-12-31 02645067 ns5:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 02645067 ns5:LeaseholdImprovements 2023-12-31 02645067 ns5:PlantMachinery 2023-12-31 02645067 ns5:LeaseholdImprovements 2024-12-31 02645067 ns5:PlantMachinery 2024-12-31 02645067 ns5:LeaseholdImprovements 2023-12-31 02645067 ns5:PlantMachinery 2023-12-31 02645067 ns5:CostValuation 2023-12-31 02645067 1 ns5:Subsidiary1 2024-01-01 2024-12-31 02645067 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-12-31 02645067 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2023-12-31 02645067 ns5:BetweenOneTwoYears ns5:Non-currentFinancialInstruments 2024-12-31 02645067 ns5:BetweenOneTwoYears ns5:Non-currentFinancialInstruments 2023-12-31 02645067 ns5:WithinOneYear 2024-12-31 02645067 ns5:WithinOneYear 2023-12-31 02645067 ns5:BetweenOneFiveYears 2024-12-31 02645067 ns5:BetweenOneFiveYears 2023-12-31 02645067 ns5:AllPeriods 2024-12-31 02645067 ns5:AllPeriods 2023-12-31 02645067 ns5:Secured 2024-12-31 02645067 ns5:Secured 2023-12-31 02645067 ns10:OrdinaryShareClass1 2024-12-31 02645067 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 02645067 ns5:CapitalRedemptionReserve 2023-12-31

REGISTERED NUMBER: 02645067 (England and Wales)

Goldline (UK) Limited

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2024

| Goldline (UK) Limited (Registered number: 02645067) |

Contents of the Consolidated Financial Statements

for the Year Ended 31 December 2024

Page |

| Company Information | 1 |

| Group Strategic Report | 2 |

| Report of the Directors | 4 |

| Report of the Independent Auditors | 5 |

| Consolidated Income Statement | 9 |

| Consolidated Other Comprehensive Income | 10 |

| Consolidated Balance Sheet | 11 |

| Company Balance Sheet | 12 |

| Consolidated Statement of Changes in Equity | 13 |

| Company Statement of Changes in Equity | 14 |

| Consolidated Cash Flow Statement | 15 |

| Notes to the Consolidated Cash Flow Statement | 16 |

| Notes to the Consolidated Financial Statements | 18 |

| Goldline (UK) Limited |

Company Information

for the Year Ended 31 December 2024

| DIRECTORS: | P Higham

| W Kellingray

| REGISTERED OFFICE: | 23 Lamport Close

| Kettering Park Way

| Kettering

| Northamptonshire

| NN15 6XY

| REGISTERED NUMBER: | 02645067 (England and Wales)

| AUDITORS: | Kilby Fox

| Statutory Auditor

| 4 Pavilion Court

| 600 Pavilion Drive

| Northampton Business Park

| Northampton

| Northamptonshire

| NN4 7SL

| Goldline (UK) Limited (Registered number: 02645067) |

Group Strategic Report

for the Year Ended 31 December 2024

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

The last 12 months have proved to be as challenging as mentioned in my 2023 report.

The retail market place continues to be very competitive with retailers managing their stock levels and changing their buying patterns from previous seasons, i.e. shorter lead times, smaller units, providing newness to their customers in order to bolster their top line earnings and at the same time minimising margin increases.

Inflation and interest rates appear to be relatively stable. However, the impact of other rising costs borne by the end consumer has lessened their appetite for 'throw away fashion' and we predict this behaviour will continue for a foreseeable future.

The business has been successful in developing and expanding range of core products to existing customers and this is has reflected in the sales growth.

PRINCIPAL RISKS AND UNCERTAINTIES

As with all small business, we are exposed to a number of principal risks (mostly out of our control) which affect operations and financial performance:

- Foreign Exchange - Although the direct impact of fluctuations in foreign exchange to the business is limited, there is, however an indirect impact in price negotiations with customers.

Fluctuations experienced by our customers directly impact on their margins. as they would need to pass this onto their customers to maintain their margin which they are very resistant in doing. As a result we are experiencing a "push back" on our margins making price negotiations extremely difficult.

- Credit Management - Due to the downturn in the economic markets, our business sector has been particularly affected with companies either being placed into administration or not being in a position to meet their commitments. In order to implement good business practice, we have implemented rigorous controls, i.e.:

- conducting background checks,

- monitoring and reviewing trading results and

- wherever possible having our customers credit insured.

FUTURE PERFORMANCE

The world landscape is ever changing with much unpredictability and uncertainty. Due to these circumstances, it has become an extremely difficult task to plan/forecast the business future. We are taking a very cautious approach in defining our forward strategy.

Our focus in 2025 it to continue to develop our customer base in order to maintain and possibly grow both our headline and bottomline earnings.

We continue to explore new sourcing opportunities in China, SE Asia to be able to offer our customers best value for money.

| Goldline (UK) Limited (Registered number: 02645067) |

Group Strategic Report

for the Year Ended 31 December 2024

FINANCIAL PERFORMANCE

Key performance indicators (year on year):

- Turnover Growth of 12.6% which was 4.7% better than budgeted

- Gross Margin Achieved of 13.7% against a budget of 14%

- Overheads increased by 2.2%

In our opinion the business has performed well under the current economic climate.

- With the changes and challenges in the market we made strategic decisions with regard to our sourcing and hence invested in travel accordingly.

- The stringent requirements of the customer in terms of Social and Ethical Standards as well as the high level of quality standards and compliance has necessitated the expenditure on our infrastructure in China. This we believe, although at a cost will reap us the returns in the near future.

The objective in 2024 was to maintain margins and if possible, to grow the turnover with key strategic customers which was achieved.

SOCIAL AND ETHICAL STANDARDS

We are aware of the issues surrounding both social and ethical standards in the manufacture of footwear in the far East and particularly China. We have a robust ESG policy and apply stringent checks and procedures to continually monitor the operations of our suppliers to ensure they meet the standards required by both Goldline and our customers.

ON BEHALF OF THE BOARD:

P Higham - Director

2 April 2025

| Goldline (UK) Limited (Registered number: 02645067) |

Report of the Directors

for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

DIVIDENDS

The Directors propose a final dividend of £11.77 per share which, subject to the cashflow of the company, will be paid during the next financial financial year but after the date of the directors report.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

P Higham

W Kellingray

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- | select suitable accounting policies and then apply them consistently;

- | make judgements and 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and 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 directors are 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 each director 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.

AUDITORS

The auditors, Kilby Fox, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P Higham - Director

2 April 2025

Report of the Independent Auditors to the Members of

Goldline (UK) Limited

Opinion

We have audited the financial statements of Goldline (UK) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 December 2024 and of the group's profit 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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.

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 Directors 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 Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of

Goldline (UK) Limited

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 Directors.

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 directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of

Goldline (UK) 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:

Identifying and assessing potential risks related to irregularities.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

Audit response to risks identified

- the nature of the industry and sector, control environment and business performance including the design of the Company's remuneration policies, key drivers for directors’ remuneration, bonus levels and performance targets;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed among the audit engagement team and involving relevant internal specialists, including tax specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

Audit response to risks identified

As a result of performing the above, we identified revenue recognition as a key audit matter related to the potential risk of fraud.

Our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation and claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reading minutes of meetings of those charged with governance

Report of the Independent Auditors to the Members of

Goldline (UK) Limited

- obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

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.

Frances Tebbutt ACA FCCA FMAAT (Senior Statutory Auditor)

for and on behalf of Kilby Fox

Statutory Auditor

4 Pavilion Court

600 Pavilion Drive

Northampton Business Park

Northampton

Northamptonshire

NN4 7SL

3 April 2025

| Goldline (UK) Limited (Registered number: 02645067) |

Consolidated

Income Statement

for the Year Ended 31 December 2024

| 2024 |  | 2023

| Notes | £ | £ |

TURNOVER | 12,532,382 |  | 11,122,619 |  |

Cost of sales | 10,977,035 |  | 9,755,047 |  |

GROSS PROFIT | 1,555,347 |  | 1,367,572 |  |

Administrative expenses | 1,537,225 |  | 1,171,932 |  |

18,122 |  | 195,640 |  |

Other operating income | 69,712 |  | 51,763 |  |

OPERATING PROFIT | 4 | 87,834 |  | 247,403 |  |

Interest receivable and similar income | 209 |  | 16 |  |

88,043 |  | 247,419 |  |

Interest payable and similar expenses | 5 | 10,003 |  | 10,118 |  |

PROFIT BEFORE TAXATION | 78,040 |  | 237,301 |  |

Tax on profit | 6 | - |  | - |  |

PROFIT FOR THE FINANCIAL YEAR | 78,040 |  | 237,301 |  |

Profit attributable to:

Owners of the parent | 78,040 |  | 237,301 |  |

| Goldline (UK) Limited (Registered number: 02645067) |

Consolidated

Other Comprehensive Income

for the Year Ended 31 December 2024

| 2024 |  | 2023

| Notes | £ | £ |

PROFIT FOR THE YEAR | 78,040 |  | 237,301 |  |

OTHER COMPREHENSIVE INCOME |

Share buy back nominal value of shares | 458 |  | - |  |

Share buy back consideration | (91,600 | ) | - |  |

Income tax relating to components of other comprehensive income | - |  | - |  |

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX | (91,142 | ) | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | (13,102 | ) | 237,301 |  |

Total comprehensive income attributable to:

Owners of the parent | (13,102 | ) | 237,301 |  |

| Goldline (UK) Limited (Registered number: 02645067) |

Consolidated Balance Sheet

31 December 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 9 | - |  | - |  |

Tangible assets | 10 | 43,838 |  | 53,265 |  |

Investments | 11 | - |  | - |  |

43,838 |  | 53,265 |  |

CURRENT ASSETS

Stocks | 12 | 78,736 |  | 346,853 |  |

Debtors | 13 | 2,230,719 |  | 1,487,726 |  |

Cash at bank and in hand | 21,659 |  | 66,189 |  |

2,331,114 |  | 1,900,768 |  |

CREDITORS

Amounts falling due within one year | 14 | 2,027,363 |  | 1,531,810 |  |

NET CURRENT ASSETS | 303,751 |  | 368,958 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 347,589 |  | 422,223 |  |

CREDITORS

Amounts falling due after more than one year | 15 | - |  | 37,037 |  |

NET ASSETS | 347,589 |  | 385,186 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 2,042 |  | 2,500 |  |

Capital redemption reserve | 20 | 458 |  | - |  |

Retained earnings | 20 | 345,089 |  | 382,686 |  |

SHAREHOLDERS' FUNDS | 347,589 |  | 385,186 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 2 April 2025 and were signed on its behalf by:

W Kellingray - Director

P Higham - Director

| Goldline (UK) Limited (Registered number: 02645067) |

Company Balance Sheet

31 December 2024

| 2024 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 9 | - |  | - |  |

Tangible assets | 10 | 35,955 |  | 43,491 |  |

Investments | 11 | 94 |  | 94 |  |

36,049 |  | 43,585 |  |

CURRENT ASSETS

Stocks | 12 | 78,736 |  | 346,853 |  |

Debtors | 13 | 2,231,352 |  | 1,490,443 |  |

Cash at bank and in hand | 21,096 |  | 47,722 |  |

2,331,184 |  | 1,885,018 |  |

CREDITORS

Amounts falling due within one year | 14 | 2,023,459 |  | 1,512,279 |  |

NET CURRENT ASSETS | 307,725 |  | 372,739 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 343,774 |  | 416,324 |  |

CREDITORS

Amounts falling due after more than one year | 15 | - |  | 37,037 |  |

NET ASSETS | 343,774 |  | 379,287 |  |

CAPITAL AND RESERVES

Called up share capital | 19 | 2,042 |  | 2,500 |  |

Capital redemption reserve | 20 | 458 |  | - |  |

Retained earnings | 20 | 341,274 |  | 376,787 |  |

SHAREHOLDERS' FUNDS | 343,774 |  | 379,287 |  |

Company's profit for the financial year | 80,124 |  | 239,512 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 2 April 2025 and were signed on its behalf by:

P Higham - Director

W Kellingray - Director

| Goldline (UK) Limited (Registered number: 02645067) |

Consolidated Statement of Changes in Equity

for the Year Ended 31 December 2024

| Called up |  | Capital |

| share |  | Retained |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 January 2023 | 2,500 |  | 145,385 |  | - |  | 147,885 |  |

Changes in equity

Total comprehensive income | - |  | 237,301 |  | - |  | 237,301 |  |

Balance at 31 December 2023 | 2,500 |  | 382,686 |  | - |  | 385,186 |  |

Changes in equity

Issue of share capital | (458 | ) | - |  | - |  | (458 | ) |

Dividends | - |  | (24,037 | ) | - |  | (24,037 | ) |

Total comprehensive income | - |  | (13,560 | ) | 458 |  | (13,102 | ) |

Balance at 31 December 2024 | 2,042 |  | 345,089 |  | 458 |  | 347,589 |  |

| Goldline (UK) Limited (Registered number: 02645067) |

Company Statement of Changes in Equity

for the Year Ended 31 December 2024

| Called up |  | Capital |

| share |  | Retained |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 January 2023 | 2,500 |  | 137,275 |  | - |  | 139,775 |  |

Changes in equity

Total comprehensive income | - |  | 239,512 |  | - |  | 239,512 |  |

Balance at 31 December 2023 | 2,500 |  | 376,787 |  | - |  | 379,287 |  |

Changes in equity

Issue of share capital | (458 | ) | - |  | - |  | (458 | ) |

Dividends | - |  | (24,037 | ) | - |  | (24,037 | ) |

Total comprehensive income | - |  | (11,476 | ) | 458 |  | (11,018 | ) |

Balance at 31 December 2024 | 2,042 |  | 341,274 |  | 458 |  | 343,774 |  |

| Goldline (UK) Limited (Registered number: 02645067) |

Consolidated Cash Flow Statement

for the Year Ended 31 December 2024

| 2024 |  | 2023

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | (876,159 | ) | 1,137,708 |  |

Interest paid | (10,003 | ) | (10,118 | ) |

Net cash from operating activities | (886,162 | ) | 1,127,590 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (6,933 | ) | (40,202 | ) |

Interest received | 209 |  | 16 |  |

Net cash from investing activities | (6,724 | ) | (40,186 | ) |

Cash flows from financing activities

Loan repayments in year | (111,111 | ) | (111,111 | ) |

Amount introduced by directors | 25,000 |  | - |  |

Share buyback | (91,600 | ) | - |  |

Net cash from financing activities | (177,711 | ) | (111,111 | ) |

(Decrease)/increase in cash and cash equivalents | (1,070,597 | ) | 976,293 |  |

Cash and cash equivalents at beginning of year | 2 | (188,177 | ) | (1,164,470 | ) |

Cash and cash equivalents at end of year | 2 | (1,258,774 | ) | (188,177 | ) |

| Goldline (UK) Limited (Registered number: 02645067) |

Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 December 2024

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2024 |  | 2023

£ | £ |

| Profit before taxation | 78,040 |  | 237,301 |  |

| Depreciation charges | 16,361 |  | 16,979 |  |

| Finance costs | 10,003 |  | 10,118 |  |

| Finance income | (209 | ) | (16 | ) |

104,195 |  | 264,382 |  |

| Decrease/(increase) in stocks | 268,116 |  | (41,492 | ) |

| (Increase)/decrease in trade and other debtors | (767,993 | ) | 941,002 |  |

| Decrease in trade and other creditors | (480,477 | ) | (26,184 | ) |

| Cash generated from operations | (876,159 | ) | 1,137,708 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 December 2024

| 31.12.24 |  | 1.1.24

£ | £ |

| Cash and cash equivalents | 21,659 |  | 66,189 |  |

| Bank overdrafts | (1,280,433 | ) | (254,366 | ) |

(1,258,774 | ) | (188,177 | ) |

| Year ended 31 December 2023

| 31.12.23 |  | 1.1.23

£ | £ |

| Cash and cash equivalents | 66,189 |  | 26,058 |  |

| Bank overdrafts | (254,366 | ) | (1,190,528 | ) |

(188,177 | ) | (1,164,470 | ) |

| Goldline (UK) Limited (Registered number: 02645067) |

Notes to the Consolidated Cash Flow Statement

for the Year Ended 31 December 2024

3. | ANALYSIS OF CHANGES IN NET DEBT

| At 1.1.24 | Cash flow | At 31.12.24

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 66,189 |  | (44,530 | ) | 21,659 |  |

| Bank overdrafts | (254,366 | ) | (1,026,067 | ) | (1,280,433 | ) |

(188,177 | ) | (1,070,597 | ) | (1,258,774 | ) |

| Debt

| Debts falling due within 1 year | (111,111 | ) | 74,074 |  | (37,037 | ) |

| Debts falling due after 1 year | (37,037 | ) | 37,037 |  | - |  |

(148,148 | ) | 111,111 |  | (37,037 | ) |

| Total | (336,325 | ) | (959,486 | ) | (1,295,811 | ) |

| Goldline (UK) Limited (Registered number: 02645067) |

Notes to the Consolidated Financial Statements

for the Year Ended 31 December 2024

1. | STATUTORY INFORMATION

| Goldline (UK) Limited 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.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Software are being amortised evenly over their estimated useful life of three years.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Property improvements | - | over the period of the lease

| Plant and machinery | - | 20% on reducing balance

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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 balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

| Foreign currencies

| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

| Goldline (UK) Limited (Registered number: 02645067) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Pension costs and other post-retirement 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. | EMPLOYEES AND DIRECTORS

| 2024 |  | 2023

£ | £ |

| Wages and salaries | 641,141 |  | 624,723 |  |

| Social security costs | 70,532 |  | 67,369 |  |

| Other pension costs | 220,538 |  | 257,545 |  |

932,211 |  | 949,637 |  |

| The average number of employees during the year was as follows:

| 2024 |  | 2023

| Administration | 3 |  | 3 |  |

| Sales | 9 |  | 9 |  |

12 |  | 12 |  |

| 2024 |  | 2023

£ | £ |

| Directors' remuneration | 219,162 |  | 231,338 |  |

| Directors' pension contributions to money purchase schemes | 8,366 |  | 9,254 |  |

| The number of directors to whom retirement benefits were accruing was as follows:

| Money purchase schemes | 2 |  | 2 |  |

| Information regarding the highest paid director is as follows:

| 2024 |  | 2023

£ | £ |

| Emoluments etc | 110,730 |  | 130,129 |  |

| Pension contributions to money purchase schemes | 4,429 |  | 5,206 |  |

4. | OPERATING PROFIT

| The operating profit is stated after charging:

| 2024 |  | 2023

£ | £ |

| Depreciation - owned assets | 16,360 |  | 16,979 |  |

| Auditors' remuneration | 10,676 |  | 9,191 |  |

| Foreign exchange differences | 1,232 |  | 23,177 |  |

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2024 |  | 2023

£ | £ |

| Invoice discounting | 10,003 |  | 10,118 |  |

| Goldline (UK) Limited (Registered number: 02645067) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

6. | TAXATION

| Analysis of the tax charge

| No liability to UK corporation tax arose for the year ended 31 December 2024 nor for the year ended 31 December 2023.

| Tax effects relating to effects of other comprehensive income |

| 2024 |

| Gross |  | Tax |  | Net |

£ | £ | £ |

| Share buy back nominal value of shares | 458 |  | - |  | 458 |  |

| Share buy back consideration | (91,600 | ) | - |  | (91,600 | ) |

(91,142 | ) | - |  | (91,142 | ) |

7. | INDIVIDUAL INCOME STATEMENT

| 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.

8. | DIVIDENDS

| 2024 |  | 2023

£ | £ |

| Ordinary shares of £1 each

| Final | 24,037 |  | - |  |

9. | INTANGIBLE FIXED ASSETS

| Group

| Software

£ |

| COST

| At 1 January 2024

| and 31 December 2024 | 43,900 |  |

| AMORTISATION

| At 1 January 2024

| and 31 December 2024 | 43,900 |  |

| NET BOOK VALUE

| At 31 December 2024 | - |  |

| At 31 December 2023 | - |  |

| Goldline (UK) Limited (Registered number: 02645067) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

9. | INTANGIBLE FIXED ASSETS - continued

| Company

| Software

£ |

| COST

| At 1 January 2024

| and 31 December 2024 | 43,900 |  |

| AMORTISATION

| At 1 January 2024

| and 31 December 2024 | 43,900 |  |

| NET BOOK VALUE

| At 31 December 2024 | - |  |

| At 31 December 2023 | - |  |

10. | TANGIBLE FIXED ASSETS

| Group

| Property |  | Plant and |

| improvements |  | machinery |  | Totals

£ | £ | £ |

| COST

| At 1 January 2024 | 60,114 |  | 220,286 |  | 280,400 |  |

| Additions | - |  | 6,933 |  | 6,933 |  |

| Disposals | - |  | (31,934 | ) | (31,934 | ) |

| At 31 December 2024 | 60,114 |  | 195,285 |  | 255,399 |  |

| DEPRECIATION

| At 1 January 2024 | 51,136 |  | 175,999 |  | 227,135 |  |

| Charge for year | 1,737 |  | 14,623 |  | 16,360 |  |

| Eliminated on disposal | - |  | (31,934 | ) | (31,934 | ) |

| At 31 December 2024 | 52,873 |  | 158,688 |  | 211,561 |  |

| NET BOOK VALUE

| At 31 December 2024 | 7,241 |  | 36,597 |  | 43,838 |  |

| At 31 December 2023 | 8,978 |  | 44,287 |  | 53,265 |  |

| Goldline (UK) Limited (Registered number: 02645067) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

10. | TANGIBLE FIXED ASSETS - continued

| Company

| Property |  | Plant and |

| improvements |  | machinery |  | Totals

£ | £ | £ |

| COST

| At 1 January 2024 | 27,346 |  | 217,382 |  | 244,728 |  |

| Additions | - |  | 6,934 |  | 6,934 |  |

| Disposals | - |  | (31,934 | ) | (31,934 | ) |

| At 31 December 2024 | 27,346 |  | 192,382 |  | 219,728 |  |

| DEPRECIATION

| At 1 January 2024 | 27,346 |  | 173,891 |  | 201,237 |  |

| Charge for year | - |  | 14,470 |  | 14,470 |  |

| Eliminated on disposal | - |  | (31,934 | ) | (31,934 | ) |

| At 31 December 2024 | 27,346 |  | 156,427 |  | 183,773 |  |

| NET BOOK VALUE

| At 31 December 2024 | - |  | 35,955 |  | 35,955 |  |

| At 31 December 2023 | - |  | 43,491 |  | 43,491 |  |

11. | FIXED ASSET INVESTMENTS

| Company

| Shares in

| group

| undertakings

£ |

| COST

| At 1 January 2024

| and 31 December 2024 | 94 |  |

| NET BOOK VALUE

| At 31 December 2024 | 94 |  |

| At 31 December 2023 | 94 |  |

| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

| Subsidiary

| Goldline Asia Trading Limited

| Registered office: Rooms 904-908, 9/F, Kai Tak Commercial Building, 317-319 Des Voeux Road Central, Hong Kong

| Nature of business: Footwear wholesale

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

| Goldline (UK) Limited (Registered number: 02645067) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

12. | STOCKS

| Group |  | Company |

2024 | 2023 | 2024 | 2023 |

£ | £ | £ | £ |

| Stocks | 78,736 |  | 346,853 |  | 78,736 |  | 346,853 |  |

13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2024 | 2023 | 2024 | 2023 |

£ | £ | £ | £ |

| Trade debtors | 1,844,671 |  | 1,303,316 |  | 1,844,671 |  | 1,303,316 |  |

| Amounts owed by group undertakings | - |  | - |  | 16,571 |  | - |  |

| Other debtors | 303,259 |  | 75,299 |  | 287,321 |  | 75,299 |  |

| Sundry debtors and prepayments | 67,988 |  | 70,411 |  | 67,988 |  | 73,128 |  |

| Directors' current accounts | - |  | 25,000 |  | - |  | 25,000 |  |

| Tax | 10,647 |  | 10,647 |  | 10,647 |  | 10,647 |  |

| VAT | 4,154 |  | 3,053 |  | 4,154 |  | 3,053 |  |

2,230,719 |  | 1,487,726 |  | 2,231,352 |  | 1,490,443 |  |

14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| Group |  | Company |

2024 | 2023 | 2024 | 2023 |

£ | £ | £ | £ |

| Bank loans and overdrafts (see note 16) | 1,317,470 |  | 365,477 |  | 1,317,470 |  | 365,477 |  |

| Trade creditors | 536,825 |  | 1,033,361 |  | 536,825 |  | 1,017,600 |  |

| Social security and other taxes | 26,698 |  | 27,661 |  | 26,698 |  | 27,661 |  |

| Proposed dividends | 24,037 |  | - |  | 24,037 |  | - |  |

| Accruals and deferred income | 122,333 |  | 105,311 |  | 118,429 |  | 101,541 |  |

2,027,363 |  | 1,531,810 |  | 2,023,459 |  | 1,512,279 |  |

15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| Group |  | Company |

2024 | 2023 | 2024 | 2023 |

£ | £ | £ | £ |

| Bank loans (see note 16) | - |  | 37,037 |  | - |  | 37,037 |  |

| Goldline (UK) Limited (Registered number: 02645067) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

16. | 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 overdrafts | 1,280,433 |  | 254,366 |  | 1,280,433 |  | 254,366 |  |

| Bank loans | 37,037 |  | 111,111 |  | 37,037 |  | 111,111 |  |

1,317,470 |  | 365,477 |  | 1,317,470 |  | 365,477 |  |

| Amounts falling due between one and two | years: |

| Bank loans - 1-2 years | - |  | 37,037 |  | - |  | 37,037 |  |

17. | LEASING AGREEMENTS

| Minimum lease payments fall due as follows:

| Group

| Non-cancellable |

| operating leases |

2024 | 2023 |

£ | £ |

| Within one year | 131,730 |  | 123,778 |  |

| Between one and five years | 76,900 |  | 5,538 |  |

208,630 |  | 129,316 |  |

| Company

| Non-cancellable |

| operating leases |

2024 | 2023 |

£ | £ |

| Within one year | 131,730 |  | 123,778 |  |

| Between one and five years | 76,900 |  | 5,538 |  |

208,630 |  | 129,316 |  |

| Goldline (UK) Limited (Registered number: 02645067) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

18. | SECURED DEBTS

| The following secured debts are included within creditors:

| Group |  | Company |

2024 | 2023 | 2024 | 2023 |

£ | £ | £ | £ |

| Bank overdrafts | 1,280,433 |  | 254,366 |  | 1,280,433 |  | 254,366 |  |

| Bank loans | 37,037 |  | 148,148 |  | 37,037 |  | 148,148 |  |

1,317,470 |  | 402,514 |  | 1,317,470 |  | 402,514 |  |

| The bank holds a debenture creating a fixed and floating charge over the assets of the company, a charge over the debtor book and a counter indemnity.

19. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 2,042 | Ordinary | £1 | 2,042 |  | 2,500 |  |

| (2023 - 2,500 )

20. | RESERVES

| Group

| Capital |

| Retained |  | redemption |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 January 2024 | 382,686 |  | - |  | 382,686 |  |

| Profit for the year | 78,040 |  | 78,040 |  |

| Dividends | (24,037 | ) | (24,037 | ) |

| Purchase of own shares | (91,600 | ) | 458 |  | (91,142 | ) |

| At 31 December 2024 | 345,089 |  | 458 |  | 345,547 |  |

| Company

| Capital |

| Retained |  | redemption |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 January 2024 | 376,787 |  | - |  | 376,787 |  |

| Profit for the year | 80,124 |  | 80,124 |  |

| Dividends | (24,037 | ) | (24,037 | ) |

| Purchase of own shares | (91,600 | ) | 458 |  | (91,142 | ) |

| At 31 December 2024 | 341,274 |  | 458 |  | 341,732 |  |

| Goldline (UK) Limited (Registered number: 02645067) |

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 December 2024

21. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024 | 2023 |

£ | £ |

| P Higham

| Balance outstanding at start of year | 25,000 |  | 25,000 |  |

| Amounts repaid | (25,000 | ) | - |  |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | - |  | 25,000 |  |

22. | RELATED PARTY DISCLOSURES

| 51% of the company is owned by Pinpoint Investments Limited which is incorporated in Guernsey.

| P Higham a director of Goldline (UK) Limited received a loan of £25,000 from the company in September 2019. The balance outstanding as at the 31 December 2024 is £nil (2023 : £25,000).

| On 20th December 2013 Goldline (UK) Limited entered into a lease agreement for new office premises at a cost of £93,280 per annum with Newstone Properties Limited, a company with mutual Shareholders as Goldline (UK) Limited. On 17th December 2013 Goldline (UK) Limited signed a guarantee agreement with National Westminster Bank Plc on behalf of Newstone Properties Limited to the value of £900,000. The guarantee is payable to the bank on demand.

| Goldline Asia Limited is a wholly owned subsidiary of Goldline UK Limited. As at the 31 December 2024 Goldline Asia Limited owe Goldline (UK) Limited £16,571 (2023 : £18,433).

23. | ULTIMATE CONTROLLING PARTY

| The controlling party is Stephen Ball as the ultimate beneficial owner of the Trust.

| The ultimate controlling party is Stephen Ball as the ultimate beneficial owner of the Trust.

24. | CONTINGENT ASSET

| The company has trading losses available to carry forward which will crystalise in the future when the company makes profits chargeable to corporation tax.