Goldmedal Foods Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
9 Berners Place
London
W1T 3AD
United Kingdom

These financial statements were authorised for issue by the Board on 29 September 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Goldmedal Foods Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Improvements to property	15% on written down value
Plant & machinery	15% on written down value
Fixtures & fittings	15% on written down value
Computer equipment	15% on written down value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Goldmedal Foods Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4

Taxation

Tax charged/(credited) in the profit and loss account

	2024 £	2023 £
Current taxation
UK corporation tax adjustment to prior periods	(37)	-
Deferred taxation
Arising from origination and reversal of timing differences	(620)	(2,265)
Tax receipt in the income statement	(657)	(2,265)

Goldmedal Foods Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

5	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2024	97,275	97,275
At 31 December 2024	97,275	97,275
Amortisation
At 1 January 2024	97,275	97,275
At 31 December 2024	97,275	97,275
Carrying amount
At 31 December 2024	-	-

6	Tangible assets

	Improvement to property £	Fixtures and fittings £	Plant and machinery £	Office equipment £	Total £
Cost or valuation
At 1 January 2024	13,638	54,336	11,168	25,266	104,408
At 31 December 2024	13,638	54,336	11,168	25,266	104,408
Depreciation
At 1 January 2024	7,963	39,382	5,671	23,959	76,975
Charge for the year	851	2,243	825	196	4,115
At 31 December 2024	8,814	41,625	6,496	24,155	81,090
Carrying amount
At 31 December 2024	4,824	12,711	4,672	1,111	23,318
At 31 December 2023	5,675	14,954	5,497	1,306	27,432

7

Stocks

	2024 £	2023 £
Finished goods	4,000	4,000

Goldmedal Foods Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

8

Debtors

	2024 £	2023 £
Trade debtors	105	2,047
Prepayments	1,799	1,467
Other debtors	199	155
VAT	2,244	2,014
	4,347	5,683

Goldmedal Foods Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

9

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	11	40,000	40,000
Trade creditors		35,744	42,996
Accruals and deferred income		3,070	2,800
Other creditors		138	-
Pension		236	236
Corporation tax		-	36
PAYE and NIC		761	1,272
		79,949	87,340

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	11	71,190	84,693

10	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	1,000	1,000	1,000	1,000

11	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	16,668	26,668
Shareholders loan	54,522	58,025
	71,190	84,693

Current loans and borrowings

	2024 £	2023 £
Other borrowings	40,000	40,000

12	Related party transactions

Goldmedal Foods Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Summary of transactions with other related parties

One of the directors of this company is also a director of another UK company.

Expenditure with and payables to related parties

2024	Other related parties £
Purchase of goods	207,533
Amounts payable to related party	39,390

2023	Other related parties £
Purchase of goods	167,654
Amounts payable to related party	43,066