Proofgolden Limited

Registered number

02597849

Proofgolden Limited

Report and Financial Statements

31 October 2025

Proofgolden Limited
Report and accounts
Contents




	Page

Company information	1
Directors' report	2
Strategic report	3
Independent auditor's report	4 to 5
Income statement	6
Statement of financial position	7
Statement of changes in equity	8
Statement of cash flows	9
Notes to the financial statements	10 to 18

Proofgolden Limited

Company Information

Directors

J Eddleston

D Eddleston

S Lee

Auditors

Glen C Rodger Limited

3rd Floor Cragside House

Heaton Road

Newcastle upon Tyne

NE6 1SE

Registered office

3rd Floor Cragside House

Heaton Road

Newcastle upon Tyne

NE6 1SE

Registered number

02597849

Proofgolden Limited
Registered number:		02597849
Directors' Report

The directors present their report and financial statements for the year ended 31 October 2025.

Principal activities
The company's principal activity during the year continued to be travel agents and tour operators. The company trades under the names Mainstreet USA, Freedom USA and Bermuda Island Holidays.

Directors
The following persons served as directors during the year:

	J Eddleston
	D Eddleston
	S Lee

Directors' responsibilities

The directors are responsible for preparing the report and financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
●	select suitable accounting policies and then apply them consistently;
●	make judgements and 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 company will continue in business.

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


Disclosure of information to auditors

Each person who was a director at the time this report was approved confirms that:
●	so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
●	he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.


This report was approved by the board on 22 January 2026 and signed on its behalf.



D Eddleston
Director

Proofgolden Limited
Strategic Report

Review of the business
During the 2025 financial year the company had a 5.7% increase in turnover, although trade was more difficult with the current economic climate and customers looking for deals which resulted in profit margins being lower than the previous year. The directors, were however, pleased with the results for the year and the continued growth of the company.

Key performance indicators
	2024	2023
£		£
Turnover	12,484,482	11,812,679
Gross profit	1,127,673	1,366,556
Operating profit	157,532	420,171

Gross profit margin	9.03%	11.57%

Future developments
The company is continuing to develop its online booking system to make it simpler for agents to book with the company and should lead to further increases in turnover.

Principal risks and uncertainties
The performance of the Company can be impacted by a number of non-financial risks outside of its control, including war, pandemics, ash clouds and airline failures. These risks are regularly reviewed by the board of directors and appropriate processes put in place to monitor and mitigate risks where possible.


This report was approved by the board on 22 January 2026 and signed on its behalf.



D Eddleston
Director

Proofgolden Limited
Independent auditor's report
to the members of Proofgolden Limited

Opinion

We have audited the financial statements of Proofgolden Limited (the 'company') for the year ended 31 October 2025 which comprise the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity, the 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 the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
●	give a true and fair view of the state of the company's affairs as at 31 October 2025 and of its profit for the year then ended;
●	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
●	have been prepared in accordance with the requirements of the Companies Act 2006.


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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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 directors are 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 the audit:
●	the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
●	the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.
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, or returns adequate for our audit have not been received from branches not visited by us; or
●	the 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 directors
As explained more fully in the directors’ responsibilities statement, the directors are 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: • Making enquiries of directors and management as to where they consider there to be susceptibility to fraud and whether they have any knowledge or suspicion of fraud; • obtaining an understanding of the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; • assessing the design effectiveness of the controls in place to prevent and detect fraud; • assessing the risk of management override, including identifying and testing journal entries.
A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at 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 Chapter 3 of Part 16 of the Companies Act 2006. 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.


T W Duffy
(Senior Statutory Auditor)		3rd Floor Cragside House
for and on behalf of		Heaton Road
Glen C Rodger Limited
Statutory Auditor		Newcastle upon Tyne
22 January 2026		NE6 1SE

Proofgolden Limited
Income Statement
for the year ended 31 October 2025


Notes		2025		2024
£			£

Turnover	2	12,484,482		11,812,679

Cost of sales		(11,356,809)		(10,446,123)

Gross profit		1,127,673		1,366,556

Administrative expenses		(990,410)		(966,394)
Other operating income		20,269		20,009

Operating profit	3	157,532		420,171

Interest receivable		130,074		151,432
Interest payable	6	(9)		-

Profit on ordinary activities before taxation		287,597		571,603

Tax on profit on ordinary activities	7	(73,502)		(143,134)

Profit for the financial year		214,095		428,469

Proofgolden Limited
Statement of Financial Position
as at 31 October 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	8		3,791			4,461
Investments	9		465,000			465,000
			468,791			469,461

Current assets
Debtors	10	759,624			1,288,874
Cash at bank and in hand		4,160,165			4,116,055
		4,919,789			5,404,929

Creditors: amounts falling due within one year	11	(2,493,640)			(3,149,031)

Net current assets			2,426,149			2,255,898

Total assets less current liabilities			2,894,940			2,725,359


Provisions for liabilities
Deferred taxation	12		(7,394)			(5,908)

Net assets			2,887,546			2,719,451

Capital and reserves
Called up share capital	13		100,000			100,000
Other reserves	14		21,632			21,632
Profit and loss account	15		2,765,914			2,597,819

Total equity			2,887,546			2,719,451




D Eddleston
Director
Approved by the board on 22 January 2026

Proofgolden Limited
Statement of Changes in Equity
for the year ended 31 October 2025

Share		Other		Profit		Total
capital		reserves		and loss
account
£		£		£		£

At 1 November 2023	100,000		21,632		2,169,350		2,290,982

Profit for the financial year					428,469		428,469


At 31 October 2024	100,000		21,632		2,597,819		2,719,451



At 1 November 2024	100,000		21,632		2,597,819		2,719,451

Profit for the financial year					214,095		214,095

Dividends					(46,000)		(46,000)

At 31 October 2025	100,000		21,632		2,765,914		2,887,546

Proofgolden Limited
Statement of Cash Flows
for the year ended 31 October 2025

Notes	2025		2024
£		£
Operating activities
Profit for the financial year	214,095		428,469

Adjustments for:
Interest receivable	(130,074)		(151,432)
Interest payable	9		-
Tax on profit on ordinary activities	73,502		143,134
Depreciation	670		788
Decrease/(increase) in debtors	529,250		(459,849)
(Decrease)/increase in creditors	(597,949)		88,706
	89,503		49,816

Interest received	130,074		151,432
Interest paid	(9)		-
Corporation tax paid	(129,458)		(266,630)

Cash generated by/(used in) operating activities	90,110		(65,382)

Financing activities
Equity dividends paid	(46,000)		-

Cash used in financing activities	(46,000)		-

Net cash generated/(used)
Cash generated by/(used in) operating activities	90,110		(65,382)
Cash used in financing activities	(46,000)		-

Net cash generated/(used)	44,110		(65,382)

Cash and cash equivalents at 1 November	4,116,055		4,181,437
Cash and cash equivalents at 31 October	4,160,165		4,116,055

Cash and cash equivalents comprise:
Cash at bank	4,160,165		4,116,055

Proofgolden Limited
Notes to the Accounts
for the year ended 31 October 2025

1	Summary of significant accounting policies

	Basis of preparation
	The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of flights and holidays and commissions earned from acting as a travel agent and is recognised on the date of outbound departure.

	Tangible fixed assets

	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Plant and machinery			15% reducing balance
	Fixtures, fittings, tools and equipment			33% straight line


	Investment property
	Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss.

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Analysis of turnover					2025		2024
£							£

	Sale of goods					12,484,482		11,812,679

	By geographical market:

	UK					12,484,482		11,812,679


3	Operating profit					2025		2024
£							£
	This is stated after charging:

	Depreciation of owned fixed assets					670		788
	Auditors' remuneration for audit services					12,400		12,400
	Auditors' remuneration for other services					15,235		15,130
	Key management personnel compensation (including directors' emoluments)					340,869		420,560
	Carrying amount of stock sold					11,356,809		10,446,123


4	Directors' emoluments					2025		2024
£							£

	Emoluments					110,869		94,643
	Company contributions to defined contribution pension plans					230,951		325,917
						341,820		420,560


	Highest paid director:
	Emoluments					32,110		34,894
	Company contributions to defined contribution pension plans					90,000		200,000
						122,110		234,894


	Number of directors to whom retirement benefits accrued:					2025		2024
Number							Number

	Defined contribution plans					3		3


5	Staff costs					2025		2024
£							£

	Wages and salaries					555,712		458,867
	Social security costs					51,948		32,408
	Other pension costs					239,074		332,728
						846,734		824,003


	Average number of employees during the year					Number	Number

	Administration					5		5
	Sales					13		13
						18		18


6	Interest payable					2025		2024
£							£

	Bank loans and overdrafts					9		-


7	Taxation					2025		2024
£							£
	Analysis of charge in period
	Current tax:
	UK corporation tax on profits of the period					72,016		143,036

	Deferred tax:
	Origination and reversal of timing differences					1,486		98


	Tax on profit on ordinary activities					73,502		143,134


	Factors affecting tax charge for period
	The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:

						2025		2024
£							£
	Profit on ordinary activities before tax					287,597		571,603

	Standard rate of corporation tax in the UK					25%		25%

£							£
	Profit on ordinary activities multiplied by the standard rate of corporation tax					71,899		142,901

	Effects of:
	Capital allowances for period in excess of depreciation					117		135

	Current tax charge for period					72,016		143,036


	Factors that may affect future tax charges



8	Tangible fixed assets
								Plant and machinery
								At cost
£
	Cost or valuation
	At 1 November 2024							189,907
	At 31 October 2025							189,907

	Depreciation
	At 1 November 2024							185,446
	Charge for the year							670
	At 31 October 2025							186,116

	Carrying amount
	At 31 October 2025							3,791
	At 31 October 2024							4,461



9	Investments

Other
investments
£
	Cost
	At 1 November 2024							465,000

	At 31 October 2025							465,000

	Historical cost
	At 1 November 2024							438,294
	At 31 October 2025							438,294

	A valuation of the investment property held by the company was undertaken by the directors on 31 October 2025 by the directors, taking into account properties similar to those held by the company. The directors are of the opinion that this valuation reflects the fair value of the investment property at the balance sheet date.

10	Debtors					2025		2024
£							£

	Other debtors					66,327		92,606
	Prepayments and accrued income					693,297		1,196,268
						759,624		1,288,874


11	Creditors: amounts falling due within one year					2025		2024
£							£

	Trade creditors					78,784		237,235
	Corporation tax					85,594		143,036
	Other taxes and social security costs					24,904		8,078
	Other creditors					68,953		79,724
	Accruals and deferred income					2,235,405		2,680,958
						2,493,640		3,149,031


12	Deferred taxation					2025		2024
£							£

	Accelerated capital allowances					7,394		5,908


						2025		2024
£							£

	At 1 November					5,908		5,810
	Charged to the profit and loss account					1,486		98

	At 31 October					7,394		5,908



13	Share capital	Nominal		2025		2025		2024
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		100,000		100,000		100,000


14	Other reserves					2025		2024
	Revaluation reserve					£	£

	At 1 November					21,632		21,632

	At 31 October					21,632		21,632


15	Profit and loss account					2025		2024
£							£

	At 1 November					2,597,819		2,169,350
	Profit for the financial year					214,095		428,469
	Dividends					(46,000)		-

	At 31 October					2,765,914		2,597,819


16	Dividends					2025		2024
£							£

	Dividends on ordinary shares (note 15)					46,000		-



17	Related party transactions

	D & J Eddleston, directors, were owed £960 at 31 October 2024 (2024 - £51,224). This amount is interest free and repayable on demand.


18	Controlling party

	The company is controlled by D Eddleston, director.


19	Presentation currency

	The financial statements are presented in Sterling.


20	Legal form of entity and country of incorporation

	Proofgolden Limited is a private company limited by shares and incorporated in England.


21	Principal place of business

	The address of the company's principal place of business and registered office is:

	Salvus House
	Aykley Heads
	Durham
	DH1 5TS