Goldberg Enterprises Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05708703

GOLDBERG ENTERPRISES LTD

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Tangible assets

4

100,888

90,061

CURRENT ASSETS

Debtors

5

233,867

249,410

Cash at bank and in hand

7,453

41,367

241,320

290,777

CREDITORS

Amounts falling due within one year

6

1,204,570

500,696

NET CURRENT LIABILITIES

(963,250

)

(209,919

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(862,362

)

(119,858

)

CAPITAL AND RESERVES

Called up share capital

8

2

2

Retained earnings

9

(862,364

)

(119,860

)

SHAREHOLDERS' FUNDS

(862,362

)

(119,858

)

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 June 2020 and were signed on its behalf by:

J P Doble - Director

1.	STATUTORY INFORMATION

Goldberg Enterprises Ltd is a private company, limited by shares, registered in England and Wales. The company's registered

office is Unit 5 Radius Park, Faggs Road, Feltham, England, TW14 0NG.

The financial statements are presented in 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" and the Companies Act 2006. There have been no material departures

from that standard. The financial statements have been prepared on a going concern basis under the historical cost convention.

Going concern

As at 31 December 2019, the company's liabilities exceed its assets. The company is dependent on the continued support of its

creditors and in particular, from other group companies. Despite this, having reviewed the company's forecasts and projections,

and as the company's ultimate parent undertaking has confirmed that it will provide financial support to the company if

required, the directors have a reasonable expectation that the company has adequate resources to continue in operational

existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial

statements.

Cash Flow Statement

The company has taken advantage of the reduced disclosure exemption from the requirements of Section 7

Statement of Cash Flows paragraph 3.1B.

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.

Judgements

The company considers on an annual basis the judgements that are made by management when applying its significant

accounting policies that would have the most significant effect on amounts that are recognised in the financial statements.

The directors consider there are no such significant judgements.

Key accounting estimates and assumptions

In the application of the company's accounting policies, the directors are required to make estimates and assumptions about the

carrying amounts 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.

The company does not have any key assumptions concerning the future, or other key sources of estimation uncertainty in the

reporting year that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities

within the next financial year.

Turnover

Turnover represents the net invoiced value of sales of goods and services, net of value added tax. The company's policy is to

recognise a sale when substantively all the risks and rewards in connection with the goods and services have been passed to the

buyer.

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.

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

20% on cost

Tangible fixed assets are included at cost less accumulated depreciation and impairment losses.

The assets' residual values and useful lives are reviewed and adjusted if appropriate each reporting period. The effect of any

change is accounted for prospectively.

Following the change of ownership, the company changed its depreciation policy from either 15% or 25% on a reducing

balance basis to 20% straight line. This new policy was applied to all assets from their date of acquisition and resulted in a

reduction in the net book value of assets by £22,670. This was written off to the Profit and Loss Account in the year.

Impairment of non-financial assets

At each reporting date, non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine

whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable

amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying

amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an

impairment loss is recognised immediately in profit and loss.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and

liabilities like trade and other accounts receivable and payable and loans from related parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future

payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or

receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the

undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment

and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when they are extinguished (ie. when the obligation is discharged, cancelled or expires).

Cash and cash equivalents includes cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts, when

applicable, are shown within borrowings.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated

using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain

items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that

have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the

directors consider it to be more likely than not that there will be suitable taxable profits from which the future reversal of the

underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the average tax rates

which would apply when the timing differences are expected to reverse, based on tax rates and laws that have been enacted by

the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either

in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the

tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Foreign currencies

Foreign currency transactions are translated into the functional currency using the spot rate exchange rates at the dates of the

transactions.

At the period end, foreign currency monetary items are translated using the closing rate. Non--monetary items measured at

historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair

value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange

rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and Loss Account.

Operating lease 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 scheme are charged to profit or loss

in the period to which they relate.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past

event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably

estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Short term employee benefits

Short term employee benefits are recognised as an expense in the period in which they are incurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 56 (2018 - 50 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2019

7,521

94,910

9,250

53,043

164,724

Additions

657

15,353

-

39,287

55,297

At 31 December 2019

8,178

110,263

9,250

92,330

220,021

DEPRECIATION

At 1 January 2019

2,869

48,428

9,250

14,116

74,663

Charge for year

2,519

21,622

-

20,329

44,470

At 31 December 2019

5,388

70,050

9,250

34,445

119,133

NET BOOK VALUE

At 31 December 2019

2,790

40,213

-

57,885

100,888

At 31 December 2018

4,652

46,482

-

38,927

90,061

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

158,280

175,196

Other debtors

33,830

250

Corporation tax recoverable

2,288

2,288

Director's current account

3,209

1,575

Prepayments and accrued income

36,260

70,101

233,867

249,410

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

-

1,200

Trade creditors

35,588

97,188

Amounts owed to group undertakings

1,089,190

156,620

Corporation tax

-

1,761

Social security and other taxes

31,458

55,861

VAT

14,553

66,684

Other creditors

33,781

115,382

Accruals and deferred income

-

6,000

1,204,570

500,696

7.	LEASING AGREEMENTS

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

2019

2018

£

£

Within one year

79,600

79,600

Between one and five years

19,900

99,500

99,500

179,100

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

2

Ordinary

£1

2

2

Ordinary shares have equal rights with regards to voting, participation and dividends.

9.

RESERVES

Retained

earnings

£

At 1 January 2019

(119,860

)

Deficit for the year

(742,504

)

At 31 December 2019

(862,364

)

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ewen Dyer BA CA (Senior Statutory Auditor)

for and on behalf of Martin Aitken & Co Ltd

11.	PENSION COMMITMENTS

The company operates a defined contribution scheme, the assets of which are held in separate funds. The amount paid and

charged in the profit and loss account amounted to £26,108 (2018: £45,744). At 31 December 2019, £13,123 (2018: £nil) was

due to the pension company.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 December 2019 and the period ended

31 December 2018:

2019

2018

£

£

J P Doble

Balance outstanding at start of year

1,575

(8,425

)

Amounts advanced

3,634

10,000

Amounts repaid

(2,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

3,209

1,575

The director's loan account is unsecured, interest free and has no fixed terms for repayment. The loan will however, be repaid

within 9 months of the balance sheet date.

13.	RELATED PARTY DISCLOSURES

Directors' loan account information is included in note 14 to the financial statements.

The total compensation of Key Management Personnel for the year was £99,363 (2018: £69,495).

As at 31 December 2019, the company was owed £33,680 by Stock Must Go Limited, a fellow group undertaking in relation to

an inter-company loan (2018: £97,000 was owed to Stock Must Go Limited). This balance is unsecured, interest free and is

repayable on demand. In addition, during the year ended 31 December 2019, the company made sales to Stock Must Go Limited

of £70,672 (2018: £72,521) and included in trade debtors as at 31 December 2019 is a balance due by Stock Must Go Limited

of £nil (2018: £5,370).

14.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax

authorities and assist with the preparation of the financial statements.

15.	CONTROLLING PARTY

The company is a wholly owned subsidiary undertaking of Technology Supplies International Ltd., registered at 3 Drummond

Crescent, Riverside Business Park, Irvine, Scotland, KA11 5AN. On 29 March 2019, Technology Supplies International Ltd.

became a subsidiary undertaking of Tes-Amm Europe Holdings Ltd. The ultimate controlling party is Tes-Envirocorp Pte Ltd, a

company registered in Singapore.

Tes-Envirocorp Pte Ltd is the parent of the only group to which Goldberg Enterprises Ltd belongs and for which consolidated

accounts are drawn up. Consolidated financial statements for Tes-Envirocorp Pte Ltd are available from No. 9 Benoi Sector,

Singapore 629844.

16.	CHANGE IN ACCOUNTING REFERENCE DATE

Due to a change in the company's ownership in March 2019, as detailed above, the company shortened its accounting period to

31 December 2018 to bring its period end date into line with that of its new ultimate parent undertaking. The comparative

figures represent the results for the period from 26 February 2018 to 31 December 2018.