REGISTERED NUMBER: 03784659 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

GOLDFAYRE TRADING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr M Hafiz

Mr B Hafiz

Mr M J Hafiz

Mrs R Hafiz

SECRETARY:

Mr B Hafiz

REGISTERED OFFICE:

24 Wheel Forge Way

Trafford Park

Manchester

M17 1EH

REGISTERED NUMBER:

03784659 (England and Wales)

ACCOUNTANTS:

Dunhams

Chartered Accountants

11 Warwick Road

Old Trafford

Stretford

Manchester

M16 0QQ

FIXED ASSETS

Tangible assets

4

436,952

439,427

CURRENT ASSETS

Stocks

5

76,150

84,650

Debtors

6

474,499

812,585

Cash at bank and in hand

1,185,295

493,619

1,735,944

1,390,854

CREDITORS

Amounts falling due within one year

7

1,438,091

1,371,945

NET CURRENT ASSETS

297,853

18,909

TOTAL ASSETS LESS CURRENT LIABILITIES

734,805

458,336

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

734,705

458,236

SHAREHOLDERS' FUNDS

734,805

458,336

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

Mr M Hafiz - Director

1.	STATUTORY INFORMATION

Goldfayre Trading 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

During the year to 30 June 2020, the company experienced trading difficulties due to the restrictions placed on businesses by the UK government. Restrictions were enforced to stop the spread of Covid 19. The company did continue to trade throughout the restrictions at a reduced capacity, and the directors have such control on the business, That even though the business has been affected it will continue to be a going concern for the following 12 months and it is correct to prepare the financial statements on the going concern basis.

Significant judgements and estimates

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales taxes or duty.

The following criteria must also be met before revenue is recognised:

Sale of goods

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

Interest income

Revenue is recognised as interest using the effective interest method.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and fixtures

-

25% on cost

Motor vehicles

-

25% on cost

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended.

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition, as follows:

Raw materials, consumables and goods for resale - purchase cost on a first-in, first-out basis

Net realisable value is based on estimated selling price less any further costs expected to be incurred to completion and disposal.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Short-term debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

Hire purchase and leasing commitments

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the group, and hire purchase contracts are capitalised in the balance sheet and are depreciated over the shorter of the lease term and the asset’s useful lives. A corresponding liability is recognised for the lower of the fair value of the leased asset and the present value of the minimum lease payments in the balance sheet. Lease payments are apportioned between the reduction of the lease liability and finance charges in the income statement so as to achieve a constant rate of interest on the

remaining balance of the liability.

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term. Lease incentives are recognised over the lease term on a straight line basis.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

Computer

property

fixtures

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

502,250

36,085

8,200

3,917

550,452

Additions

-

12,500

-

-

12,500

At 31 December 2024

502,250

48,585

8,200

3,917

562,952

DEPRECIATION

At 1 January 2024

67,618

34,336

8,200

871

111,025

Charge for year

10,045

4,169

-

761

14,975

At 31 December 2024

77,663

38,505

8,200

1,632

126,000

NET BOOK VALUE

At 31 December 2024

424,587

10,080

-

2,285

436,952

At 31 December 2023

434,632

1,749

-

3,046

439,427

5.

STOCKS

2024

2023

£

£

Stocks

76,150

84,650

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

435,699

683,771

Other debtors

-

10,702

Directors' current accounts

-

94,500

VAT

26,936

19,994

Prepayments

11,864

3,618

474,499

812,585

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

722,639

790,779

Tax

98,510

39,487

Social security and other taxes

5,837

4,148

Directors' current accounts

106,291

238,208

Accrued expenses

504,814

299,323

1,438,091

1,371,945

8.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

There is a charge over the assets of the company in favour of HSBC Bank plc in order to secure overdraft and borrowing facilities.

9.	RELATED PARTY DISCLOSURES

The directors, Mr M Hafiz, Mr B Hafiz and Mr M J Hafiz each own a 25% share in the business premises from which the company operates. Rent of £81,200 (2023 - £90,000) has been paid to the three individuals in the 12 month period to 31st December 2024.

10.	ULTIMATE CONTROLLING PARTY

As director and holder of 51% of the issued ordinary share capital of the company, Mr M Hafiz is considered to be the ultimate controlling party of the company.