Old Gold Technologies Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 11787081 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2023

for

Old Gold Technologies Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J E Day

C J Day

G Douglas

G E G Waud

E J N Seyfried

REGISTERED OFFICE:

315, Regents Park Road

Finchley Central

London

N3 1DP

BUSINESS ADDRESS:

Unit 9,

Fosseway Business Park

Moreton-in-Marsh

Stratford Road

Gloucestershire

GL56 9NQ

REGISTERED NUMBER:

11787081 (England and Wales)

ACCOUNTANTS:

Proview Accountants

315, Regents Park Road

Finchley Central

London

N3 1DP

FIXED ASSETS

Tangible assets

4

181,721

128,286

CURRENT ASSETS

Stocks

5

19,976

4,980

Debtors

6

96,441

43,681

Cash at bank

53,408

107,052

169,825

155,713

CREDITORS

Amounts falling due within one year

7

287,322

202,493

NET CURRENT LIABILITIES

(117,497

)

(46,780

)

TOTAL ASSETS LESS CURRENT LIABILITIES

64,224

81,506

CREDITORS

Amounts falling due after more than one year

8

17,955

24,693

NET ASSETS

46,269

56,813

CAPITAL AND RESERVES

Called up share capital

10

3,165

2,815

Share premium

1,324,136

881,485

Retained earnings

(1,281,032

)

(827,487

)

SHAREHOLDERS' FUNDS

46,269

56,813

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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 29 March 2023 and were signed on its behalf by:

C J Day - Director

E J N Seyfried - Director

1.	STATUTORY INFORMATION

Old Gold Technologies 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.

Going concern

At the time of approving these financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Based on these indications the directors believe that it remains appropriate to prepare the financial statements on a going concern basis. However, these circumstances represent a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern and, therefore, to continue realising its assets and discharging its liabilities in the normal course of business. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefit associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts from the provision of services is recognised by reference to the stages of completion when the stage of completion, costs incurred and the cost to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total cost. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent the expenses recognised that are recoverable.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 25% on reducing balance

Computer equipment 25% on reducing balance

Website development costs 20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into pounds sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into pounds sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Website

Computer

and

development

equipment

fittings

costs

Totals

£

£

£

£

COST

At 1 February 2022

4,690

1,464

154,265

160,419

Additions

854

779

86,291

87,924

At 31 January 2023

5,544

2,243

240,556

248,343

DEPRECIATION

At 1 February 2022

1,629

631

29,873

32,133

Charge for year

979

403

33,107

34,489

At 31 January 2023

2,608

1,034

62,980

66,622

NET BOOK VALUE

At 31 January 2023

2,936

1,209

177,576

181,721

At 31 January 2022

3,061

833

124,392

128,286

5.

STOCKS

31.1.23

31.1.22

£

£

Stocks

19,976

4,980

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.23

31.1.22

£

£

Trade debtors

6,516

24,246

Other debtors

89,925

19,435

96,441

43,681

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.23

31.1.22

£

£

Bank loans and overdrafts (see note 9)

7,000

7,000

Trade creditors

105,427

108,933

Taxation and social security

20,886

16,804

Other creditors

154,009

69,756

287,322

202,493

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.23

31.1.22

£

£

Bank loans (see note 9)

17,955

24,693

9.

LOANS

An analysis of the maturity of loans is given below:

31.1.23

31.1.22

£

£

Amounts falling due within one year or on demand:

Bank loans

7,000

7,000

Amounts falling due between one and two years:

Bank loans - 1-2 years

7,000

7,000

Amounts falling due between two and five years:

Bank loans - 2-5 years

10,955

17,693

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.23

31.1.22

value:

£

£

316,459

Ordinary Shares

£0.01

3,165

2,815

On incorporation, 180,000 Ordinary shares of £0.01 were issued for cash at par.

On 1 May 2019, the Company allotted 5,000 Ordinary shares of £0.01 for cash at par.

On 15 May 2019, the Company allotted 4,000 Ordinary shares of £0.01 at a premium of £0.05 per share.

On 1 July 2019, the Company allotted 8,000 Ordinary shares of £0.01 at a premium of £0.05 per share.

On 18 November 2019, the Company allotted 14,576 Ordinary shares of £0.01 at a premium of £9.60 per share.

On 20 November 2019, the Company allotted 12,918 Ordinary shares of £0.01 at a premium of £9.60 per share.

On 31 January 2020, the Company allotted 1,041 Ordinary shares of £0.01 at a premium of £9.60 per share.

On 4 February 2020, the Company allotted 1,042 Ordinary shares of £0.01 at a premium of £9.60 per share.

On 21 February 2020, the Company allotted 500 Ordinary shares of £0.01 at a premium of £9.60 per share.

On 14 October 2020, the Company allotted 15,625 Ordinary shares of £0.01 at a premium of £9.60 per share.

On 23 October 2020, the Company allotted 800 Ordinary shares of £0.01 at a premium of £12.50 per share.

On 22 March 2021, the company allotted 10,417 Ordinary shares of £0.01 at a premium of £9.60 per share.

On 12 May 2021, the company allotted 8,000 Ordinary shares of £0,01 at a premium of £12.50 per share.

On 11 October 2021, the company allotted 11,200 Ordinary shares of £0.01 at a premium of £12.50 per share.

On 17 January 2022, the company allotted 8,400 Ordinary shares of £0.01 at a premium of £12.50 per share.

On 22 March 2022, the company allotted 65,491 Ordinary shares of £0.01 at a premium of £12.50 per share.

On 4 April 2022, the company allotted 2,300 Ordinary shares at £0.01 at a premium of £12.50 per share.

On 5 July 2022, the company allotted 800 Ordinary shares at £0.01 at a premium of £12.50 per share.

On 6 July 2022, the company allotted 800 Ordinary shares at £0.01 at a premium of £12.50 per share.

On 29 July 2022, the company allotted 640 Ordinary shares at £0.01 at a premium of £12.50 per share.

On 27 September 2022, the company allotted 4,000 Ordinary shares at £0.01 at a premium of £12.50 per share.

On 28 September 2022, the company allotted 4,000 Ordinary shares at £0.01 at a premium of £12.50 per share.

On 11 November 2022, the company allotted 400 Ordinary shares at £0.01 at a premium of £12.50 per share.

On 29 November 2022, the company allotted 4,000 Ordinary shares at £0.01 at a premium of £12.50 per share.

On 1 December 2022, the company allotted 2,400 Ordinary shares at £0.01 at a premium of £12.50 per share.

On 2 December 2022, the company allotted 800 Ordinary shares at £0.01 at a premium of £12.50 per share.

On 22 December 2022, the company allotted 400 Ordinary shares at £0.01 at a premium of £12.50 per share.

On 31 January 2023, the company allotted 800 Ordinary shares at £0.01 at a premium of £12.50 per share.

11.	RELATED PARTY DISCLOSURES

Clerical Connections Limited and Discourse Direct Ltd

Clerical Connections Limited and Discourse Direct Ltd, companies under the control of the director, Mr E Seyfried has provided management consultancy services to the company and has charged an amount of £29,696 (2022: £59,167) during this financial year.

Jordasic UK Limited

Jordasic UK Limited, a company under the control of the director, Mr C Day has provided management consultancy services to the company and has charged an amount of £41,302 (2022: £32,400) during this financial year.