Goldhope Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC174245 (Scotland)

Unaudited Financial Statements

for the Period 1 May 2019 to 1 May 2020

for

Goldhope Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

E D Lonie

J D Lonie

REGISTERED OFFICE:

11 Alva Street

Edinburgh

EH2 4PH

REGISTERED NUMBER:

SC174245 (Scotland)

ACCOUNTANTS:

LinklatersCA

8 Darnaway Street

Edinburgh

EH3 6BG

FIXED ASSETS

Tangible assets

4

-

44,598

Investment property

5

-

1,033,429

-

1,078,027

CURRENT ASSETS

Debtors

6

969,019

38,018

Cash at bank

-

93,436

969,019

131,454

CREDITORS

Amounts falling due within one year

7

19,732

35,033

NET CURRENT ASSETS

949,287

96,421

TOTAL ASSETS LESS CURRENT LIABILITIES

949,287

1,174,448

PROVISIONS FOR LIABILITIES

-

8,345

NET ASSETS

949,287

1,166,103

CAPITAL AND RESERVES

Called up share capital

1

1

Fair value reserve

8

-

(59,339

)

Retained earnings

949,286

1,225,441

SHAREHOLDERS' FUNDS

949,287

1,166,103

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 1 May 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 1 May 2020 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 4 February 2021 and were signed on its behalf by:

J D Lonie - Director

1.	STATUTORY INFORMATION

Goldhope Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery

-

10% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on cost

Investment property

Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains where applicable at the rate expected to apply when the property is sold.

Taxation

Taxation for the period 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 period 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2019 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 May 2019

95,657

19,031

11,273

125,961

Additions

4,148

-

-

4,148

Disposals

(99,805

)

(19,031

)

(11,273

)

(130,109

)

At 1 May 2020

-

-

-

-

DEPRECIATION

At 1 May 2019

52,746

18,894

9,723

81,363

Charge for period

4,706

34

1,217

5,957

Eliminated on disposal

(57,452

)

(18,928

)

(10,940

)

(87,320

)

At 1 May 2020

-

-

-

-

NET BOOK VALUE

At 1 May 2020

-

-

-

-

At 30 April 2019

42,911

137

1,550

44,598

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2019

1,033,429

Additions

42,618

Disposals

(910,000

)

Revaluations

(166,047

)

At 1 May 2020

-

NET BOOK VALUE

At 1 May 2020

-

At 30 April 2019

1,033,429

Fair value at 1 May 2020 is represented by:

£

Valuation in 2002

691,270

Valuation in 2012

(1,169,308

)

Valuation in 2017

418,699

Valuation in 2020

(166,047

)

Valuation in 2020

(910,000

)

Cost

1,135,386

If investment property had not been revalued it would have been included at the following historical cost:

2020

2019

£

£

Cost

1,135,386

1,092,768

Investment property was valued on a fair value basis on 23 March 2020 by D M Hall, Chartered Surveyors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

-

28,322

Other debtors

969,019

9,696

969,019

38,018

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

-

29

Taxation and social security

18,207

24,479

Other creditors

1,525

10,525

19,732

35,033

8.

RESERVES

Fair

value

reserve

£

At 1 May 2019

(59,339

)

Revaluation in year

59,339

At 1 May 2020

-

9.	ULTIMATE CONTROLLING PARTY

The controlling party is E D Lonie.

10.	MERGER WITH PARENT COMPANY

The merger of the company with parent company, Silvermills Estates and Land Ltd, took place on 1 May 2020.