Company registration number 2789602 (England and Wales)
GOLDFORTUNE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
GOLDFORTUNE LIMITED
COMPANY INFORMATION
Director
Mr B Kumar
Secretary
Mr S Kumar
Company number
2789602
Registered office
3rd Floor
44 Peter Street
Manchester
M2 5GP
Auditor
Mitchell Charlesworth (Audit) Limited
3rd Floor
44 Peter Street
Manchester
M2 5GP
GOLDFORTUNE LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 33
GOLDFORTUNE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 1 -

The director presents the strategic report for the year ended 30 June 2025.

Review of the business

Revenue for the year is £9.6 m. The net loss before tax is £1.2m.

Principal risks and uncertainties

The key business risks and uncertainties affecting the company are related to competition from other wholesalers and national retailers, employee retention, exchange rate fluctuations, and macro-economic factors including Brexit and the cost of living crisis.

Development and performance

1. Implementing a new ERP system to integrate with the existing financial package to automate and streamline all existing processes within the business. Phase 1 has already been implemented, phase 2 is in the process of being implemented.

2. Promoting own branded products to major retailers across the world. Selling branded products will improve the margin and will help the business remain profitable.

3. The company is continuing to explore new territories across the world to enhance the image of its branded garments and to obtain a higher global market share.

4. The focus is also on developing and improving the digital channels of the revenue from both B2B and B2C. The company is continuing target marketing to generate more revenue through its websites by using up to date technologies.

5. The company will also focus on customer service including short lead-times.

6. The company has re-introduced historic accounts to the customer base in order to build up contract sales with large UK retail partners and the company has brought on branded partners to help grow the sales with branded partners.

7. The company has started conversations and relationships with European retailers with a focus on going Export sales.

8. The company has reduced head office headcount in order to strengthen the business for the future with key senior team members driving business.

Key performance indicators

The company’s financial risk management objective is to seek to make neither profit nor loss from exposure to currency or interest rate risks. Its policy is to finance working capital through retained earnings and through borrowings at prevailing market rates.

The company does not use hedge accounting. Its policy is to finance fixed assets through fixed rate borrowings for a term broadly expected to match the useful economic lives of the assets.

The Directors do not consider any other risks attaching to the use of financial instruments to be material to an assessment of its financial position.

On behalf of the board

Mr B Kumar
Director
19 March 2026
GOLDFORTUNE LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2025
- 2 -

The director presents his annual report and financial statements for the year ended 30 June 2025.

Principal activities

The principal activity of the company and group continued to be that of wholesalers or garments and investment property companies.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £146,067. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr B Kumar
Statement of director's responsibilities

The director is responsible for preparing the Annual Report 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). 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 group and company, 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;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

GOLDFORTUNE LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 3 -
Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of political donations and expenditure, charitable donations, financial instruments, and the miscellaneous items.

On behalf of the board
Mr B Kumar
Director
19 March 2026
GOLDFORTUNE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GOLDFORTUNE LIMITED
- 4 -
Opinion

We have audited the financial statements of Goldfortune Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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, seen as at the date the original financial statements were approved, of the state of the group's and the parent company's affairs as at 30 June 2025 and of the group's loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice seen as at the date the original financial statements were approved; and

- have been prepared in accordance with the requirements of the Companies Act 2006. as they have effect under the Companies (Revision of Defective Accounts and Reports) Regulations 2008

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 Auditor's 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 we have fulfilled our other ethical responsibilities in accordance with these requirements.

Material uncertainty related to going concern

We draw attention to note 1.4 in the financial statements, which highlights the fact that there is a loss before tax of £1,262,528, and there are net current liabilities of £971,894. These conditions indicate that a material uncertainty exists that may cast doubt on the company’s ability to continue as a going concern. Note 1.4 provides an explanation of the circumstances surrounding this. Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

- T he information given in the strategic report and the director's r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the director's report have been prepared in accordance with applicable legal requirements.

GOLDFORTUNE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GOLDFORTUNE LIMITED
- 5 -
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 their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the director's r eport.

We have nothing to report in respect of the following matters in relation to which 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 director

As explained more fully in the director's r esponsibilities s tatement, 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 is 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 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 parent company or to cease operations, or has no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

GOLDFORTUNE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GOLDFORTUNE LIMITED
- 6 -
Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

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:

- the nature of the industry and sector, control environment and business performance;

- the company's own assessment of the risks that irregularities may occur either as a result of fraud or error;

- the results of our enquiries of management and members of the Board of Directors of 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 non-compliance;

- 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; and

- the matters discussed among the audit engagement team 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 company for fraud and identified the greatest potential for fraud in the following area:

i) Presentation of the company's Profit and Loss account, ii) Revenue recognition, and iii) Stock existence and valuation. 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 framework 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 Health and Safety regulations, and importing regulations.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included Data Protection Regulations.

GOLDFORTUNE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GOLDFORTUNE LIMITED
- 7 -
Audit response to risks identified

As a result of performing the above, we identified i) Presentation of the company's Profit and Loss account, ii) Revenue recognition, and iii) Stock existence and valuation as the key audit matters related to the p otential risk of fraud.

In addition to the above, our procedures to respond to risks identified included the following:

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations described above as having a d irect effect on the f inancial s tatements;

- enquiring of management and members of the Board of Directors 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 and reviewing correspondence with relevant authorities where matters identified were significant; 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 and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of revised financial statements is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with the Companies (Revision of Defective Accounts and Reports) Regulations 2008. 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 an auditor's report 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.

Jonathan Lucas (Senior Statutory Auditor)
For and on behalf of Mitchell Charlesworth (Audit) Limited, Statutory Auditor
Accountants
3rd Floor
44 Peter Street
Manchester
M2 5GP
19 March 2026
GOLDFORTUNE LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
- 8 -
2025
2024
as restated
Notes
£
£
Turnover
3
9,605,855
10,767,850
Cost of sales
(7,682,634)
(8,056,992)
Gross profit
1,923,221
2,710,858
Administrative expenses
(3,261,337)
(3,882,320)
Other operating income
170,292
175,095
Operating loss
5
(1,167,824)
(996,367)
Interest receivable and similar income
9
5,661
13,878
Interest payable and similar expenses
10
5,431
(41,864)
Fair value gains and losses on investment properties
15
(105,796)
1,220,000
(Loss)/profit before taxation
(1,262,528)
195,647
Tax on (loss)/profit
11
(39,769)
(634,001)
Loss for the financial year
27
(1,302,297)
(438,354)
Loss for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
GOLDFORTUNE LIMITED
GROUP BALANCE SHEET
AS AT 30 JUNE 2025
30 June 2025
- 9 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
13
24,301
25,377
Tangible assets
14
43,251
176,622
Investment property
15
3,550,000
3,550,000
3,617,552
3,751,999
Current assets
Stocks
18
1,047,129
1,149,694
Debtors
19
3,102,005
3,706,487
Cash at bank and in hand
14,693
327,846
4,163,827
5,184,027
Creditors: amounts falling due within one year
20
(4,995,811)
(4,724,917)
Net current (liabilities)/assets
(831,984)
459,110
Total assets less current liabilities
2,785,568
4,211,109
Creditors: amounts falling due after more than one year
21
(151,418)
(168,364)
Provisions for liabilities
Deferred tax liability
24
677,124
637,355
(677,124)
(637,355)
Net assets
1,957,026
3,405,390
Capital and reserves
Called up share capital
26
2
2
Revaluation reserve
27
498,919
498,919
Profit and loss reserves
27
1,458,105
2,906,469
Total equity
1,957,026
3,405,390
The financial statements were approved and signed by the director and authorised for issue on 19 March 2026
19 March 2026
Mr B Kumar
Director
Company registration number 2789602 (England and Wales)
GOLDFORTUNE LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2025
30 June 2025
- 10 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Investments
16
450,002
450,002
Current assets
Debtors
19
2
2
Net current assets
2
2
Net assets
450,004
450,004
Capital and reserves
Called up share capital
26
2
2
Profit and loss reserves
27
450,002
450,002
Total equity
450,004
450,004

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £146,067 (2024 - £254,083 profit).

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

The financial statements were approved and signed by the director and authorised for issue on 19 March 2026
19 March 2026
Mr B Kumar
Director
Company registration number 2789602 (England and Wales)
GOLDFORTUNE LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 30 June 2024:
Balance at 1 July 2023
2
498,919
3,598,906
4,097,827
Year ended 30 June 2024:
Loss and total comprehensive income
-
-
(438,354)
(438,354)
Dividends
12
-
-
(254,083)
(254,083)
Balance at 30 June 2024
2
498,919
2,906,469
3,405,390
Year ended 30 June 2025:
Loss and total comprehensive income
-
-
(1,302,297)
(1,302,297)
Dividends
12
-
-
(146,067)
(146,067)
Balance at 30 June 2025
2
498,919
1,458,105
1,957,026
GOLDFORTUNE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 30 June 2024:
Balance at 1 July 2023
2
450,002
450,004
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
254,083
254,083
Dividends
12
-
(254,083)
(254,083)
Balance at 30 June 2024
2
450,002
450,004
Year ended 30 June 2025:
Profit and total comprehensive income
-
146,067
146,067
Dividends
12
-
(146,067)
(146,067)
Balance at 30 June 2025
2
450,002
450,004
GOLDFORTUNE LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
- 13 -
2025
2024
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
29
(354,284)
(144,106)
Interest paid
5,431
(41,864)
Income taxes paid
-
0
(52,482)
Net cash outflow from operating activities
(348,853)
(238,452)
Investing activities
Purchase of tangible fixed assets
105,036
(4,421)
Proceeds from disposal of tangible fixed assets
110,996
-
Interest received
5,661
13,878
Net cash generated from investing activities
221,693
9,457
Financing activities
Proceeds from borrowings
-
1,711
Repayment of borrowings
1,737
-
Repayment of bank loans
(166,667)
(166,666)
Payment of finance leases obligations
(3,698)
(2,712)
Dividends paid to equity shareholders
(146,067)
(254,083)
Net cash used in financing activities
(314,695)
(421,750)
Net decrease in cash and cash equivalents
(441,855)
(650,745)
Cash and cash equivalents at beginning of year
327,846
978,591
Cash and cash equivalents at end of year
(114,009)
327,846
Relating to:
Cash at bank and in hand
14,693
327,846
Bank overdrafts included in creditors payable within one year
(128,702)
-
GOLDFORTUNE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
- 14 -
1
Accounting policies
Company information

Goldfortune Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 3rd Floor, 44 Peter Street, Manchester, M2 5GP.

The group consists of Goldfortune Ltd and all of its subsidiaries.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Goldfortune Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 30 June 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

GOLDFORTUNE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 15 -
1.4
Going concern

At the time of approving the financial statements the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The business is a going concern, with a solid foundation and strategic plans in place to sustain operations and meet its financial obligations in the foreseeable future. By focusing on core competencies, optimizing operational efficiency, and capitalizing on market opportunities, the company is positioned to build profitability and generate positive cash flows. These cash inflows will support ongoing operational needs, service debt commitments, and fund growth initiatives. Management remains confident in the business’s ability to adapt to market conditions, maintain adequate liquidity, and execute strategies that drive long-term value creation. Through disciplined financial management, innovation, and customer-centric solutions, the organization anticipates sustained viability, ensuring continuity and reinforcing stakeholder confidence in its future prospects. The Directors’ intention is to fund the company with their own funds if necessary.

The directors have prepared cash flow forecasts, incorporating £640,000 anticipated from property disposals. Furthermore, suppliers continue to support the business through extended credit periods. The company maintains an active invoice discounting facility and has an available overdraft facility of £300,000 to provide additional liquidity headroom. Based on these mitigating factors, the directors are satisfied that the company has adequate resources to continue as a going concern.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.

Revenue from rents received is recognised on an accruals basis over the period to which it relates.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Head lease
over remaining period
Intellectual property
5% reducing balance
GOLDFORTUNE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 16 -
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% and 10% reducing balance
Leasehold land and buildings
10% reducing balance
Fixtures and fittings
25% reducing balance
Computers
10% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

GOLDFORTUNE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 17 -
1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

GOLDFORTUNE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 18 -
1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest m ethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

GOLDFORTUNE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 19 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

GOLDFORTUNE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
1
Accounting policies
(Continued)
- 20 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

GOLDFORTUNE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 21 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The items in the financial statements where judgements and estimates have been made, include:

Fair value of investment properties

Fair value gains or losses are recognised as the Directors or an external valuer assess the value of the properties by considering the general market conditions and sales of similar properties in similar areas.

Slow moving and obsolete stocks

Stock provisions are recognised where there are indicators of recoverable value being lower than cost. In establishing the level of provisioning required, management consider discontinued lines, and slow moving or obsolete stock.

Recoverability of debtors

Bad debts are recognised where there are indicators of non-recoverability, and appropriate action has been taken to recover the debt unsuccessfully. When assessing recoverability, the directors consider factors such as the ageing of the receivables, past experience of recoverability, and the credit profile of individual groups of customers.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sales of garments
9,433,841
10,664,537
Rent
167,652
90,000
Insurance
4,362
13,313
9,605,855
10,767,850
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
9,605,855
10,767,850
2025
2024
£
£
Other revenue
Interest income
5,661
13,878
Rental income arising from investment properties
167,652
154,312
GOLDFORTUNE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 22 -
4
Exceptional item
2025
2024
£
£
Expenditure
Exceptional item - Fees in relation to legal dispute
-
400,000

A legal case had been brought against Bournedell Limited in relation to an ex-employee, this has been through mediation and the defendants, one of whom is Bournedell Limited, is liable to pay £400,000.

5
Operating loss
2025
2024
£
£
Operating loss for the year is stated after charging:
Exchange losses
14,106
24,550
Depreciation of owned tangible fixed assets
12,569
23,215
Loss on disposal of tangible fixed assets
10,566
-
Amortisation of intangible assets
1,076
1,091
Operating lease charges
26,956
29,565
6
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
350
325
Audit of the financial statements of the company's subsidiaries
18,385
17,675
18,735
18,000
For other services
Taxation compliance services
1,365
1,300
All other non-audit services
7,940
7,590
9,305
8,890
GOLDFORTUNE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 23 -
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Directors
7
7
1
1
Administration
10
10
-
-
Warehouse
16
21
-
-
Others
31
33
-
-
Total
64
71
1
1

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
2,034,955
2,080,539
-
0
-
0
Social security costs
209,655
203,176
-
-
Pension costs
30,387
29,971
-
0
-
0
2,274,997
2,313,686
-
0
-
0
8
Director's remuneration
2025
2024
£
£
Remuneration for qualifying services
437,839
437,839
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
140,000
140,000
9
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
5,661
13,878
GOLDFORTUNE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 24 -
10
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
(9,287)
37,123
Other interest on financial liabilities
1,737
1,712
Interest on finance leases and hire purchase contracts
2,119
1,651
Other interest
-
1,378
Total finance costs
(5,431)
41,864
11
Taxation
2025
2024
£
£
Current tax
Adjustments in respect of prior periods
-
0
(7,039)
Deferred tax
Origination and reversal of timing differences
39,769
216,040
Adjustment in respect of prior periods
-
0
425,000
Total deferred tax
39,769
641,040
Total tax charge
39,769
634,001

The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
(Loss)/profit before taxation
(1,262,528)
195,647
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(315,632)
48,912
Tax effect of expenses that are not deductible in determining taxable profit
-
0
107,824
Gains not taxable
(26,449)
-
0
Unutilised tax losses carried forward
-
0
56,564
Adjustments in respect of prior years
-
0
(7,039)
Depreciation on assets not qualifying for tax allowances
2,707
2,740
Under/(over) provided in prior years
-
0
425,000
Other tax adjustments
(1)
-
0
Deferred tax not recognised
379,144
-
0
Taxation charge
39,769
634,001
GOLDFORTUNE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 25 -
12
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Interim paid
146,067
254,083
13
Intangible fixed assets
Group
Head lease
Intellectual property
Total
£
£
£
Cost
At 1 July 2024 and 30 June 2025
35,040
6,393
41,433
Amortisation and impairment
At 1 July 2024
15,190
866
16,056
Amortisation charged for the year
800
276
1,076
At 30 June 2025
15,990
1,142
17,132
Carrying amount
At 30 June 2025
19,050
5,251
24,301
At 30 June 2024
19,850
5,527
25,377
The company had no intangible fixed assets at 30 June 2025 or 30 June 2024.
GOLDFORTUNE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 26 -
14
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2024
235,985
49,517
491,249
6,978
24,061
807,790
Additions
-
0
-
0
760
-
0
-
0
760
Disposals
(235,985)
(27,520)
(12,077)
-
0
(15,661)
(291,243)
At 30 June 2025
-
0
21,997
479,932
6,978
8,400
517,307
Depreciation and impairment
At 1 July 2024
130,189
17,688
460,414
2,858
20,019
631,168
Depreciation charged in the year
-
0
3,183
7,963
412
1,011
12,569
Eliminated in respect of disposals
(130,189)
(16,691)
(9,927)
-
0
(12,874)
(169,681)
At 30 June 2025
-
0
4,180
458,450
3,270
8,156
474,056
Carrying amount
At 30 June 2025
-
0
17,817
21,482
3,708
244
43,251
At 30 June 2024
105,796
31,829
30,835
4,120
4,042
176,622
The company had no tangible fixed assets at 30 June 2025 or 30 June 2024.
15
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 July 2024 and 30 June 2025
3,550,000
-

The fair value of the investment properties known as 140 Cheetham Hill Road, Manchester, and 45-47 Ranelagh Street, Liverpool were arrived at on the basis of a valuation carried out by the Directors, on 24 February 2025.

The fair value of the investment properties known as 9 Knowsley Street, Cheetham Hill, 13 Stock Street, Cheetham Hill, and 15 Stock Street, Cheetham Hill w ere arrived at on the basis of a valuation carried out by Mark Warburton Chartered Surveyors, on 24 February 2025, who are not connected with the company.

The valuation s w ere made on an open market value basis by reference to market evidence of transaction prices for similar properties.

The directors believe that the valuation s represent the fair value of the properties at the year-end.

No depreciation is provided in respect of these properties.

GOLDFORTUNE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 27 -
16
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
17
-
0
-
0
450,002
450,002
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2024 and 30 June 2025
450,002
Carrying amount
At 30 June 2025
450,002
At 30 June 2024
450,002
17
Subsidiaries

Details of the company's subsidiaries at 30 June 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Bournedell Limited
140 Cheetham Hill Road, Manchester, United Kingdom, M8 8PZ
Ordinary
100.00
Sanjeev 1979 Limited
140 Cheetham Hill Road, Manchester, United Kingdom, M8 8PZ
Ordinary
100.00
18
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Finished goods and goods for resale
1,047,129
1,149,694
-
0
-
0
GOLDFORTUNE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 28 -
19
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,418,109
1,689,523
-
0
-
0
Unpaid share capital
2
2
2
2
Corporation tax recoverable
6,993
6,992
-
0
-
0
Other debtors
1,663,900
2,004,087
-
0
-
0
Prepayments and accrued income
13,001
5,883
-
0
-
0
3,102,005
3,706,487
2
2
20
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
22
281,480
166,667
-
0
-
0
Obligations under finance leases
23
4,169
3,699
-
0
-
0
Other borrowings
22
138,741
137,004
-
0
-
0
Payments received on account
770,785
470,800
-
0
-
0
Trade creditors
3,021,919
2,933,603
-
0
-
0
Settlement due
120,000
-
0
-
0
-
0
Other taxation and social security
397,628
432,494
-
-
Other creditors
162,964
60,425
-
0
-
0
Accruals and deferred income
98,125
520,225
-
0
-
0
4,995,811
4,724,917
-
0
-
0
21
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
22
-
0
152,778
-
0
-
0
Obligations under finance leases
23
11,418
15,586
-
0
-
0
Settlement due
140,000
-
0
-
0
-
0
151,418
168,364
-
-
GOLDFORTUNE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 29 -
22
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
152,778
319,445
-
0
-
0
Bank overdrafts
128,702
-
0
-
0
-
0
Other loans
138,741
137,004
-
0
-
0
420,221
456,449
-
-
Payable within one year
420,221
303,671
-
0
-
0
Payable after one year
-
0
152,778
-
0
-
0

Facilities with Santander are secured by:

A first ranking legal charge over the properties situated at 13 Stocks Street, Manchester, 1 5 Stocks Street, Manchester, and 9 Knowsley Street, Manchester.

A fixed and floating charge over all freehold and leasehold property owned by the company as well as the assets of the company.

A cross guarantee between Sanjeev Limited, Bournedell Limited and Goldfortune Limited.

The Business Interruption bank loan received from Santander in the year is a fixed loan, repayable over 6 years, with an interest rate of 4% above base rate. Under the terms of the loan, interest will be payable by the company 12 months after drawdown.

23
Finance lease obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
4,169
3,699
-
0
-
0
In two to five years
11,418
15,586
-
0
-
0
15,587
19,285
-
-

Finance lease payments represent rentals payable by the company for a commercial vehicle. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

GOLDFORTUNE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 30 -
24
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
52,124
11,419
Tax losses
-
(104,064)
Revaluations
625,000
730,000
677,124
637,355
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 July 2024
637,355
-
Charge to profit or loss
39,769
-
Liability at 30 June 2025
677,124
-

T he deferred tax liability set out above is expected to reverse within 36 months and relates to accelerated capital allowances that are expected to mature within the same period.

25
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
30,387
29,971

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

GOLDFORTUNE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 31 -
26
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of 1p each
200
200
2
2
27
Reserves
Profit and loss reserves

The profit and loss reserve reflects the cumulative losses recognised by the company after taking account of results for the current and prior financial periods.

28
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
21,472
31,289
-
-
Between two and five years
18,196
39,669
-
-
39,668
70,958
-
-
Lessor

The group has operating lessor leases for properties.

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
167,652
154,312
-
-
GOLDFORTUNE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 32 -
29
Cash absorbed by group operations
2025
2024
£
£
Loss after taxation
(1,302,297)
(438,354)
Adjustments for:
Taxation charged
39,769
634,001
Finance costs
(5,431)
41,864
Investment income
(5,661)
(13,878)
Loss on disposal of tangible fixed assets
10,566
-
Fair value gain on investment properties
(105,796)
(1,220,000)
Amortisation and impairment of intangible assets
1,076
1,091
Depreciation and impairment of tangible fixed assets
12,569
23,215
Movements in working capital:
Decrease/(increase) in stocks
102,565
(192,718)
Decrease in debtors
604,482
1,287,514
Increase/(decrease) in creditors
293,874
(266,841)
Cash absorbed by operations
(354,284)
(144,106)
30
Analysis of changes in net debt - group
1 July 2024
Cash flows
30 June 2025
£
£
£
Cash at bank and in hand
327,846
(313,153)
14,693
Bank overdrafts
-
0
(128,702)
(128,702)
327,846
(441,855)
(114,009)
Borrowings excluding overdrafts
(456,449)
164,930
(291,519)
Obligations under finance leases
(19,285)
3,698
(15,587)
(147,888)
(273,227)
(421,115)
GOLDFORTUNE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2025
- 33 -
31
Prior period adjustment
Reconciliation of changes in equity - group
The prior period adjustments do not give rise to any effect upon total equity.
2024
£
Analysis of the effect upon equity
Revaluation reserve
(420,000)
Profit and loss reserves
420,000
-
Reconciliation of changes in loss for the previous financial period
2024
£
Adjustments to prior year
Revaluation on property
1,220,000
Loss as previously reported
(1,658,354)
Loss as adjusted
(438,354)
Reconciliation of changes in equity - company
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in profit for the previous financial period
2024
£
Adjustments to prior year
Total adjustments
-
Profit as previously reported
254,083
Profit as adjusted
254,083
Notes to reconciliation

During the year ended 3 0 June 2025, an error had been identified in the financial statements for the year ended 3 0 June 2024. A transaction relating to the gain on the revaluation of investment properties was incorrectly recognised in Other Comprehensive Income. Under FRS 102, this transaction should have been recognised in Profit or Loss.

2025-06-30 2024-07-01 false false CCH Software CCH Accounts Production 2025.300 Mr B Kumar Mr S Kumar false 2789602 bus:Consolidated 2024-07-01 2025-06-30 2789602 2024-07-01 2025-06-30 2789602 bus:Director1 2024-07-01 2025-06-30 2789602 bus:CompanySecretary1 2024-07-01 2025-06-30 2789602 bus:RegisteredOffice 2024-07-01 2025-06-30 2789602 2025-06-30 2789602 bus:Consolidated 2025-06-30 2789602 bus:Consolidated 2023-07-01 2024-06-30 2789602 2023-07-01 2024-06-30 2789602 core:IntangibleAssetsOtherThanGoodwill bus:Consolidated 2025-06-30 2789602 core:IntangibleAssetsOtherThanGoodwill bus:Consolidated 2024-06-30 2789602 core:PatentsTrademarksLicencesConcessionsSimilar bus:Consolidated 2025-06-30 2789602 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill bus:Consolidated 2025-06-30 2789602 core:PatentsTrademarksLicencesConcessionsSimilar bus:Consolidated 2024-06-30 2789602 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill bus:Consolidated 2024-06-30 2789602 bus:Consolidated 2024-06-30 2789602 core:LandBuildings core:OwnedOrFreeholdAssets bus:Consolidated 2025-06-30 2789602 core:LandBuildings core:LeasedAssetsHeldAsLessee bus:Consolidated 2025-06-30 2789602 core:FurnitureFittings bus:Consolidated 2025-06-30 2789602 core:ComputerEquipment bus:Consolidated 2025-06-30 2789602 core:MotorVehicles bus:Consolidated 2025-06-30 2789602 core:LandBuildings core:OwnedOrFreeholdAssets bus:Consolidated 2024-06-30 2789602 core:LandBuildings core:LeasedAssetsHeldAsLessee bus:Consolidated 2024-06-30 2789602 core:FurnitureFittings bus:Consolidated 2024-06-30 2789602 core:ComputerEquipment bus:Consolidated 2024-06-30 2789602 core:MotorVehicles bus:Consolidated 2024-06-30 2789602 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2025-06-30 2789602 core:CurrentFinancialInstruments bus:Consolidated 2024-06-30 2789602 2024-06-30 2789602 core:Non-currentFinancialInstruments bus:Consolidated 2025-06-30 2789602 core:Non-currentFinancialInstruments bus:Consolidated 2024-06-30 2789602 core:CurrentFinancialInstruments 2025-06-30 2789602 core:CurrentFinancialInstruments 2024-06-30 2789602 core:ShareCapital bus:Consolidated 2025-06-30 2789602 core:ShareCapital bus:Consolidated 2024-06-30 2789602 core:RevaluationReserve bus:Consolidated 2025-06-30 2789602 core:RevaluationReserve bus:Consolidated 2024-06-30 2789602 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2025-06-30 2789602 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2024-06-30 2789602 core:ShareCapital 2025-06-30 2789602 core:ShareCapital 2024-06-30 2789602 core:RetainedEarningsAccumulatedLosses 2025-06-30 2789602 core:RetainedEarningsAccumulatedLosses 2024-06-30 2789602 core:ShareCapital bus:Consolidated 2023-06-30 2789602 core:SharePremium bus:Consolidated 2023-06-30 2789602 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-06-30 2789602 bus:Consolidated 2023-06-30 2789602 core:ShareCapital 2023-06-30 2789602 core:RetainedEarningsAccumulatedLosses 2023-06-30 2789602 2023-06-30 2789602 core:IntangibleAssetsOtherThanGoodwill 2024-07-01 2025-06-30 2789602 core:PatentsTrademarksLicencesConcessionsSimilar 2024-07-01 2025-06-30 2789602 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-07-01 2025-06-30 2789602 core:LandBuildings core:OwnedOrFreeholdAssets 2024-07-01 2025-06-30 2789602 core:LandBuildings core:LongLeaseholdAssets 2024-07-01 2025-06-30 2789602 core:FurnitureFittings 2024-07-01 2025-06-30 2789602 core:ComputerEquipment 2024-07-01 2025-06-30 2789602 core:MotorVehicles 2024-07-01 2025-06-30 2789602 core:UKTax bus:Consolidated 2024-07-01 2025-06-30 2789602 core:UKTax bus:Consolidated 2023-07-01 2024-06-30 2789602 bus:Consolidated 1 2024-07-01 2025-06-30 2789602 bus:Consolidated 1 2023-07-01 2024-06-30 2789602 bus:Consolidated 2 2024-07-01 2025-06-30 2789602 bus:Consolidated 2 2023-07-01 2024-06-30 2789602 bus:Consolidated 3 2024-07-01 2025-06-30 2789602 bus:Consolidated 3 2023-07-01 2024-06-30 2789602 bus:Consolidated 4 2024-07-01 2025-06-30 2789602 bus:Consolidated 4 2023-07-01 2024-06-30 2789602 core:PatentsTrademarksLicencesConcessionsSimilar bus:Consolidated 2024-06-30 2789602 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill bus:Consolidated 2024-06-30 2789602 bus:Consolidated 2024-06-30 2789602 core:PatentsTrademarksLicencesConcessionsSimilar bus:Consolidated 2024-07-01 2025-06-30 2789602 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill bus:Consolidated 2024-07-01 2025-06-30 2789602 core:LandBuildings core:OwnedOrFreeholdAssets bus:Consolidated 2024-06-30 2789602 core:LandBuildings core:LeasedAssetsHeldAsLessee bus:Consolidated 2024-06-30 2789602 core:FurnitureFittings bus:Consolidated 2024-06-30 2789602 core:ComputerEquipment bus:Consolidated 2024-06-30 2789602 core:MotorVehicles bus:Consolidated 2024-06-30 2789602 core:LandBuildings core:OwnedOrFreeholdAssets bus:Consolidated 2024-07-01 2025-06-30 2789602 core:LandBuildings core:LeasedAssetsHeldAsLessee bus:Consolidated 2024-07-01 2025-06-30 2789602 core:FurnitureFittings bus:Consolidated 2024-07-01 2025-06-30 2789602 core:ComputerEquipment bus:Consolidated 2024-07-01 2025-06-30 2789602 core:MotorVehicles bus:Consolidated 2024-07-01 2025-06-30 2789602 core:Subsidiary1 2024-07-01 2025-06-30 2789602 core:Subsidiary2 2024-07-01 2025-06-30 2789602 core:Subsidiary1 1 2024-07-01 2025-06-30 2789602 core:Subsidiary2 2 2024-07-01 2025-06-30 2789602 core:CurrentFinancialInstruments bus:Consolidated 2025-06-30 2789602 core:CurrentFinancialInstruments bus:Consolidated 1 2025-06-30 2789602 core:CurrentFinancialInstruments bus:Consolidated 1 2024-06-30 2789602 core:CurrentFinancialInstruments 2 2025-06-30 2789602 core:CurrentFinancialInstruments 3 2025-06-30 2789602 core:WithinOneYear bus:Consolidated 2025-06-30 2789602 core:WithinOneYear bus:Consolidated 2024-06-30 2789602 core:CurrentFinancialInstruments core:WithinOneYear 2025-06-30 2789602 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 2789602 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2025-06-30 2789602 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2024-06-30 2789602 core:Non-currentFinancialInstruments core:AfterOneYear 2025-06-30 2789602 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 2789602 core:Non-currentFinancialInstruments 2025-06-30 2789602 core:Non-currentFinancialInstruments 2024-06-30 2789602 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2024-06-30 2789602 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 1 2025-06-30 2789602 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 1 2024-06-30 2789602 core:CurrentFinancialInstruments core:WithinOneYear 2 2025-06-30 2789602 core:CurrentFinancialInstruments core:WithinOneYear 2 2024-06-30 2789602 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 3 2025-06-30 2789602 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 3 2024-06-30 2789602 core:Non-currentFinancialInstruments core:AfterOneYear 4 2025-06-30 2789602 core:Non-currentFinancialInstruments core:AfterOneYear 4 2024-06-30 2789602 core:WithinOneYear 2025-06-30 2789602 core:WithinOneYear 2024-06-30 2789602 core:BetweenTwoFiveYears bus:Consolidated 2025-06-30 2789602 core:BetweenTwoFiveYears bus:Consolidated 2024-06-30 2789602 core:BetweenTwoFiveYears 2025-06-30 2789602 core:BetweenTwoFiveYears 2024-06-30 2789602 bus:PrivateLimitedCompanyLtd 2024-07-01 2025-06-30 2789602 bus:FRS102 2024-07-01 2025-06-30 2789602 bus:Audited 2024-07-01 2025-06-30 2789602 bus:ConsolidatedGroupCompanyAccounts 2024-07-01 2025-06-30 2789602 bus:FullAccounts 2024-07-01 2025-06-30 xbrli:pure xbrli:shares iso4217:GBP