Goldex Investments (Kent) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08742589 (England and Wales)

Goldex Investments (Kent) Limited

Unaudited Financial Statements for the Year Ended 31 October 2020

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

D Brar

REGISTERED OFFICE:

Warwick House

Park Corner Road

Betsham

Southfleet

Kent

DA13 9LN

REGISTERED NUMBER:

08742589 (England and Wales)

ACCOUNTANTS:

Aggarwal & Co Limited

Chartered Accountants

5 London Road

Rainham

Gillingham

Kent

ME8 7RG

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,381,405

1,490,754

1,381,405

1,490,754

CURRENT ASSETS

Inventories

46,188

48,633

Debtors

6

2,617,764

1,638,790

Cash at bank and in hand

188,783

357,102

2,852,735

2,044,525

CREDITORS

Amounts falling due within one year

7

568,763

630,505

NET CURRENT ASSETS

2,283,972

1,414,020

TOTAL ASSETS LESS CURRENT LIABILITIES

3,665,377

2,904,774

PROVISIONS FOR LIABILITIES

10

140,266

154,614

NET ASSETS

3,525,111

2,750,160

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

3,525,011

2,750,060

SHAREHOLDERS' FUNDS

3,525,111

2,750,160

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2020 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 and authorised for issue on 10 June 2021 and were signed by:

D Brar - Director

1.	STATUTORY INFORMATION

Goldex Investments (Kent) 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.

Income recognition

Income represents net invoiced sales of goods and services, excluding value added tax. Income is recognised when the company becomes entitled to receive it.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

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

-

15% on reducing balance

Inventories

Inventories 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) basis. Provision is made for obsolete or defective inventories 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.

Going concern

In common with many other companies, the impact of the COVID-19 virus and the measures being taken to control its spread, have had a detrimental affect on the business, as the lockdowns and social restrictions curtailed the company's income.

However, taking into consideration the UK Government's financial support, the directors planning and the expansion of take-away income streams, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future and that revenues will recover in due course.

Government grants

Government grants in relation to COVID-19 are recognised on the accruals basis and credited to the Income Statement and any related expenditure is charged to the Income Statement.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 78 (2019 - 190 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 November 2019

and 31 October 2020

95,000

AMORTISATION

At 1 November 2019

and 31 October 2020

95,000

NET BOOK VALUE

At 31 October 2020

-

At 31 October 2019

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 November 2019

736,571

1,926,652

2,663,223

Additions

82,914

39,008

121,922

At 31 October 2020

819,485

1,965,660

2,785,145

DEPRECIATION

At 1 November 2019

335,524

836,945

1,172,469

Charge for year

65,925

165,346

231,271

At 31 October 2020

401,449

1,002,291

1,403,740

NET BOOK VALUE

At 31 October 2020

418,036

963,369

1,381,405

At 31 October 2019

401,047

1,089,707

1,490,754

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

2,617,764

1,638,790

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

265,650

376,021

Taxation and social security

251,883

192,124

Other creditors

51,230

62,360

568,763

630,505

8.	LEASING AGREEMENTS

The total operating lease commitment at the Balance Sheet date is £3,994,004.

9.	SECURED DEBTS

HSBC Bank PLC holds a composite guarantee over the company's assets, the loan is within Goldex Investments Ltd, a company controlled by the director.

10.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

140,266

154,614

Deferred

tax

£

Balance at 1 November 2019

154,614

Credit to Income Statement during year

(14,348

)

Balance at 31 October 2020

140,266

11.	CONTINGENT LIABILITIES

Goldex Investments (Kent) Ltd is part of a group VAT registration Goldex Investments Ltd and its subsidiary undertakings, and with Goldex Investments (Sussex) 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.

At the balance sheet date, the group accounts included a total group VAT debtor amounting to £78,034. Of this amount £25,236 is included within debtors in the balance sheet of Goldex Investments (Kent) Ltd.

12.	RELATED PARTY DISCLOSURES

Included within debtors is the amount of £2,465,041 due from Goldex Investments Ltd and £69,733 from Goldeggs Properties Ltd, companies of the director is a mutual director.