Goldex Investments (Sussex) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07851583 (England and Wales)

Goldex Investments (Sussex) Ltd

Unaudited Financial Statements for the Year Ended 31 October 2019

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

D Brar

S Brar

REGISTERED OFFICE:

Warwick House

Park Corner Road

Southfleet

Gravesend

Kent

DA13 9LN

REGISTERED NUMBER:

07851583 (England and Wales)

ACCOUNTANTS:

Aggarwal & Co Limited

Chartered Accountants

5 London Road

Rainham

Gillingham

Kent

ME8 7RG

FIXED ASSETS

Tangible assets

4

981,902

1,019,031

CURRENT ASSETS

Inventories

37,938

37,118

Debtors

5

88,042

507,215

Cash at bank and in hand

205,181

116,607

331,161

660,940

CREDITORS

Amounts falling due within one year

6

453,807

369,574

NET CURRENT (LIABILITIES)/ASSETS

(122,646

)

291,366

TOTAL ASSETS LESS CURRENT LIABILITIES

859,256

1,310,397

PROVISIONS FOR LIABILITIES

9

53,131

39,455

NET ASSETS

806,125

1,270,942

CAPITAL AND RESERVES

Called up share capital

150

150

Retained earnings

805,975

1,270,792

SHAREHOLDERS' FUNDS

806,125

1,270,942

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

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

The directors acknowledge their 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 16 March 2020 and were signed on its behalf by:

D Brar - Director

1.	STATUTORY INFORMATION

Goldex Investments (Sussex) Ltd 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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial

Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly

owned subsidiaries within the group.

Income recognition

Income is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value

added tax and other sales taxes. Income is recognised when the company becomes entitled to receive it.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Land and buildings

-

Over the term of the lease

Plant and machinery etc

-

25% on reducing balance and 15% on reducing balance

Inventories

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net

realisable value. Cost is calculated using the FIFO (first-in, first out) method. Provision is made for obsolete or defective

stock where appropriate.

Financial instruments

The Company enters into basic financial instruments that result in the recognition of financial assets and liabilities like

trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

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 statement of financial position date.

Taxation

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

financial position 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

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme

are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 110 (2018 - 113 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 November 2018

596,503

1,224,429

1,820,932

Additions

61,235

69,829

131,064

At 31 October 2019

657,738

1,294,258

1,951,996

DEPRECIATION

At 1 November 2018

224,413

577,488

801,901

Charge for year

68,714

99,479

168,193

At 31 October 2019

293,127

676,967

970,094

NET BOOK VALUE

At 31 October 2019

364,611

617,291

981,902

At 31 October 2018

372,090

646,941

1,019,031

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Amounts owed by group undertakings

25,684

441,441

Other debtors

62,358

65,774

88,042

507,215

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

299,628

235,602

Taxation and social security

93,046

86,026

Other creditors

61,133

47,946

453,807

369,574

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

343,222

342,305

Between one and five years

814,883

778,741

In more than five years

588,696

640,033

1,746,801

1,761,079

8.	SECURED DEBTS

HSBC Bank PLC hold a composite guarantee over the company's assets, the loan is within the parent company.

9.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

53,131

39,455

Deferred

tax

£

Balance at 1 November 2018

39,455

Provision for year

13,676

Balance at 31 October 2019

53,131

10.	CONTINGENT LIABILITIES

Goldex Investments (Sussex) Ltd is part of a group VAT registration Goldex Investments Ltd and its subsidiary

undertakings, and with Goldex Investments (Kent) Ltd. In accordance with HMRC regulations all members of a VAT group

are jointly and severally liable for the liability of all members of the group. The total VAT liability amounted to £44,927 at

the Balance Sheet date. Of this liability £10,429 is included within the Balance Sheet of Goldex Investments (Sussex) Ltd,

and by the date of the Report of the Directors, was fully paid.

11.	ULTIMATE CONTROLLING PARTY

Goldex Investments (Sussex) Ltd is a wholly owned subsidiary of Goldex Investments Ltd, a company incorporated in

England and Wales whose registered office address is Warwick House, Park Corner Road, Southfleet, Gravesend, DA13

9LN.