REGISTERED NUMBER: NI026862 (Northern Ireland)

FINANCIAL STATEMENTS

FOR THE PERIOD 1 MARCH 2024 TO 31 MAY 2025

FOR

GOLDEN GLEN LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

8

DIRECTORS:

Ms J M Higginson

W C S Ly

A H D Ly

REGISTERED OFFICE:

16 Lissue Walk

Lissue Industrial Estate East

Lisburn

Co. Antrim

BT28 2LU

REGISTERED NUMBER:

NI026862 (Northern Ireland)

AUDITORS:

Baker Tilly Mooney Moore

Statutory Auditors

17 Clarendon Road

Belfast

BT1 3BG

BANKERS:

Bank of Ireland

1 Donegall Square South

Belfast

Co. Antrim

BT1 5LR

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

95,331

148,016

95,331

148,016

CURRENT ASSETS

Stocks

6

714,468

1,012,419

Debtors

7

2,662,308

889,191

Cash at bank

1,067,478

2,816,577

4,444,254

4,718,187

CREDITORS

Amounts falling due within one year

8

1,173,941

1,261,246

NET CURRENT ASSETS

3,270,313

3,456,941

TOTAL ASSETS LESS CURRENT LIABILITIES

3,365,644

3,604,957

CREDITORS

Amounts falling due after more than one year

9

-

(11,108

)

PROVISIONS FOR LIABILITIES

(7,215

)

(18,008

)

NET ASSETS

3,358,429

3,575,841

CAPITAL AND RESERVES

Called up share capital

300

300

Retained earnings

3,358,129

3,575,541

SHAREHOLDERS' FUNDS

3,358,429

3,575,841

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 19 December 2025 and were signed on its behalf by:

W C S Ly - Director

1.	STATUTORY INFORMATION

Golden Glen Limited is a private company, limited by shares , registered in Northern Ireland. 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.

Significant judgements and estimates

In preparing these financial statements the directors have made the following judgements:

Establish whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and the business in general.

Consider the recoverability of trade debtors and the need for impairment provisions. These considerations are undertaken regularly by the directors, and especially at the year end date. Factors taken into account include historical experience, current market conditions and knowledge of the sector. Amounts identified as irrecoverable will be provided against in the relevant period.

Consider the valuation of stock and the requirement for write down provisions. These considerations are undertaken regularly by the directors, and especially at the year end date. Factors taken into account include historical experience, germination rates and knowledge of the sector. Stock identified as impaired will be written down in value in the relevant period.

The directors also consider the depreciation rates on an annual basis to ensure there is sufficient evidence to support these and that the estimates remain reasonable.

Turnover

Turnover comprises the value of sales to customers of goods in the normal course of business excluding VAT and trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of two years.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimate useful life:

Plant and equipment

20% reducing balance

Fixtures and fittings

20% reducing balance

Computers

33% straight line

Motor vehicles

20% straight line or 25% 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.

Financial instruments

All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors

Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

- Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

Taxation

Taxation for the period 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 period 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 obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Impairment of fixed assets

Fixed assets are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. Fixed assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 27 (2024 - 31 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 March 2024

and 31 May 2025

98,537

AMORTISATION

At 1 March 2024

and 31 May 2025

98,537

NET BOOK VALUE

At 31 May 2025

-

At 29 February 2024

-

5.	TANGIBLE FIXED ASSETS

Fixtures,

Plant and

fittings

Motor

Computer

machinery

& equipment

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 March 2024

286,848

128,575

525,026

165,675

1,106,124

Additions

-

12,222

-

794

13,016

At 31 May 2025

286,848

140,797

525,026

166,469

1,119,140

DEPRECIATION

At 1 March 2024

232,711

113,293

476,496

135,608

958,108

Charge for period

12,996

6,590

30,826

15,289

65,701

At 31 May 2025

245,707

119,883

507,322

150,897

1,023,809

NET BOOK VALUE

At 31 May 2025

41,141

20,914

17,704

15,572

95,331

At 29 February 2024

54,137

15,282

48,530

30,067

148,016

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 March 2024

and 31 May 2025

83,310

DEPRECIATION

At 1 March 2024

49,986

Charge for period

15,620

At 31 May 2025

65,606

NET BOOK VALUE

At 31 May 2025

17,704

At 29 February 2024

33,324

6.

STOCKS

31.5.25

29.2.24

£

£

Finished goods

714,468

1,012,419

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.25

29.2.24

£

£

Trade debtors

554,609

753,007

Amounts owed by group undertakings

2,008,432

-

Other debtors

99,267

136,184

2,662,308

889,191

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.25

29.2.24

£

£

Hire purchase contracts

6,943

16,662

Trade creditors

958,139

924,314

Taxation and social security

176,773

229,459

Other creditors

32,086

90,811

1,173,941

1,261,246

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.25

29.2.24

£

£

Hire purchase contracts

-

11,108

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.25

29.2.24

£

£

Hire purchase contracts

6,943

27,770

The balances are secured upon the assets which they finance.

The group banking facilities are secured by a debenture over the assets and undertakings of the company. A keyman life policy in the name of Mr W C Ly has been assigned to the bank together with personal guarantees from the directors. In addition, directors loans and intercompany loans have been subordinated to the bank.

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified opinion

As the previous financial statements were unaudited we have not been able to reconcile the physical inventories held at 29 February 2024 amounting to £1,012,419 to the company records. Consequently we were unable to determine whether any adjustment of this amount at 29 February 2024 was required or whether there was any consequential effect on the cost of sales for the period ended 31 May 2025.

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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for small entities, in the circumstances set out in note ten to the financial statements, 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 qualified opinion.

Joanne Small (Senior Statutory Auditor)

for and on behalf of Baker Tilly Mooney Moore

12.	RELATED PARTY DISCLOSURES

The company has taken the exemption contained in FRS 102 Section 33.1A - "Related Party Disclosure" not to disclose any transactions with its parent undertakings, fellow subsidiary undertakings or the associated undertakings of any group company on the grounds that it is a 100% owned subsidiary and the consolidated accounts of Camseng International Foods Limited, in which the company is included, are publicly available.

No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 33.

13.	ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of ultimate parent company Camseng International Foods Limited, a company registered in Northern Ireland.

The largest and smallest group in which the results of this company are consolidated is that headed by Camseng International Foods Limited, registered in Northern Ireland. These financial statements are available to the public from Companies House.

The company is controlled by the Ly family by virtue of their share ownership of the parent undertaking.