Goldflag Ltd

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 7

Goldflag Ltd

(Registration number: 03805697)
Statement of Financial Position as at 31 January 2026

	Note	2026 £	2025 £
Fixed assets
Tangible assets	4	849,064	885,175
Current assets
Debtors	5	2,609	16,464
Cash at bank and in hand		3,761	6,738
		6,370	23,202
Creditors: Amounts falling due within one year	6	(577,909)	(630,967)
Net current liabilities		(571,539)	(607,765)
Total assets less current liabilities		277,525	277,410
Creditors: Amounts falling due after more than one year	6	(341,250)	(363,750)
Provisions for liabilities		(2,205)	(7,021)
Net liabilities		(65,930)	(93,361)
Capital and reserves
Called up share capital		2	2
Profit and loss account		(65,932)	(93,363)
Shareholders' deficit		(65,930)	(93,361)

For the financial year ending 31 January 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 30 June 2026 and signed on its behalf by:
 

Mr S A Maskell Director

Goldflag Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2026

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
47 Boutport Street
Barnstaple
Devon
EX31 1SQ

Principal activity

The principal activity of the company is operating a seasonal campsite

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

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

Basis of preparation

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

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Goldflag Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2026 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

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

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

Tax

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

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

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

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

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Depreciation

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

Asset class	Depreciation method and rate
Fixtures and fittings	20% Straight Line
Motor vehicles	25% Straight Line
Freehold improvements	5% Straight Line

Goldflag Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2026 (continued)

2	Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Borrowings

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

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

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

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Goldflag Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2026 (continued)

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2025 - 3).

4	Tangible assets

	Land and buildings £	Freehold Improvements £	Fixtures and fittings £	Motor vehicles  £	Total £
Cost or valuation
At 1 February 2025	652,474	215,310	63,635	28,418	959,837
Additions	-	-	1,737	-	1,737
Disposals	-	-	-	(28,418)	(28,418)
At 31 January 2026	652,474	215,310	65,372	-	933,156
Depreciation
At 1 February 2025	-	19,560	47,997	7,105	74,662
Charge for the year	-	10,766	5,769	-	16,535
Eliminated on disposal	-	-	-	(7,105)	(7,105)
At 31 January 2026	-	30,326	53,766	-	84,092
Carrying amount
At 31 January 2026	652,474	184,984	11,606	-	849,064
At 31 January 2025	652,474	195,750	15,638	21,313	885,175

Included within the net book value of land and buildings above is £652,474 (2025 - £652,474) in respect of freehold land and buildings.
 

Goldflag Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2026 (continued)

5

Debtors

	2026 £	2025 £
Other debtors	2,609	16,213
Prepayments	-	251
	2,609	16,464

6

Creditors

Creditors: amounts falling due within one year

	Note	2026 £	2025 £
Due within one year
Loans and borrowings		22,500	25,223
Trade creditors		3,113	4,213
Taxation and social security		32,270	4,719
Accruals and deferred income		4,741	4,515
Other creditors		515,285	592,297
		577,909	630,967

Creditors: amounts falling due after more than one year

	Note	2026 £	2025 £
Due after one year
Loans and borrowings		341,250	363,750

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

Goldflag Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2026 (continued)

8	Related party transactions

Transactions with directors

2026	At 1 February 2025 £	Advances (from) director £	At 31 January 2026 £
Directors	(592,297)	77,012	(515,285)

2025	At 1 February 2024 £	Advances to director £	At 31 January 2025 £
Directors	(555,617)	(36,680)	(592,297)