Goldvale Developments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07981146 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

FOR

GOLDVALE DEVELOPMENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr P F Doyle

REGISTERED OFFICE:

Capability House

Wrest Park

Silsoe

Bedford

MK45 4HR

BUSINESS ADDRESS:

Wrest Park Enterprise Centre

Building 52

Wrest Park

Silsoe

Beds

MK45 4HS

REGISTERED NUMBER:

07981146 (England and Wales)

ACCOUNTANTS:

Foxley Kingham

Chartered Accountants

Prospero House

46-48 Rothesay Road

Luton

Bedfordshire

LU1 1QZ

FIXED ASSETS

Tangible assets

4

17,985

31,141

CURRENT ASSETS

Stocks

5

2,192,153

1,763,925

Debtors

6

2,632,625

830,817

Cash at bank

107,561

1,652,324

4,932,339

4,247,066

CREDITORS

Amounts falling due within one year

7

3,658,194

3,464,613

NET CURRENT ASSETS

1,274,145

782,453

TOTAL ASSETS LESS CURRENT LIABILITIES

1,292,130

813,594

CREDITORS

Amounts falling due after more than one year

8

123,987

5,743

NET ASSETS

1,168,143

807,851

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

1,168,142

807,850

SHAREHOLDERS' FUNDS

1,168,143

807,851

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

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

(b)

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

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

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

The financial statements were approved by the director on 6 December 2019 and were signed by:

Mr P F Doyle - Director

1.	STATUTORY INFORMATION

Goldvale Developments Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover in the profit and loss represents the net invoiced amount, excluding value added tax.

Tangible fixed assets

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

Motor vehicles

-

Straight line over 3 years

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

COST

At 1 April 2018

and 31 March 2019

39,470

DEPRECIATION

At 1 April 2018

8,329

Charge for year

13,156

At 31 March 2019

21,485

NET BOOK VALUE

At 31 March 2019

17,985

At 31 March 2018

31,141

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

Motor

vehicles

£

COST

At 1 April 2018

and 31 March 2019

17,475

DEPRECIATION

At 1 April 2018

8,148

Charge for year

5,825

At 31 March 2019

13,973

NET BOOK VALUE

At 31 March 2019

3,502

At 31 March 2018

9,327

5.

STOCKS

2019

2018

£

£

Work-in-progress

2,192,153

1,763,925

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

2,554,040

818,489

VAT

78,585

12,328

2,632,625

830,817

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

-

369,729

Hire purchase contracts (see note 9)

5,743

5,790

Trade creditors

300,967

64,875

Tax

88,443

74,756

Social security and other taxes

12,620

1,875

Other creditors

13

2,150

Directors' loan accounts

2,466,658

2,462,838

Accrued expenses

783,750

482,600

3,658,194

3,464,613

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans - 1-2 years

123,987

-

Hire purchase contracts (see note 9)

-

5,743

123,987

5,743

9.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2019

2018

£

£

Net obligations repayable:

Within one year

5,743

5,790

Between one and five years

-

5,743

5,743

11,533

10.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

123,987

369,729

Hire purchase contracts

5,743

11,533

129,730

381,262

The existing loan was fully repaid and discharged after the balance sheet date when the site was sold.

The new bank loan is secured by way of a fixed charge over the site in work in progress to which it relates.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr P F Doyle.