ACCOUNTS - Final Accounts preparation

GOLD (ANGMERING) LIMITED - Company Information

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Registered number: 11158361

GOLD (ANGMERING) LIMITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2022

GOLD (ANGMERING) LIMITED

REGISTERED NUMBER: 11158361

BALANCE SHEET

AS AT 31 MARCH 2022

		2022		2021 (restated)
Note		£		£


Current assets
Stocks	4	-		4,390,881
Debtors: amounts falling due within one year	5	15,868		461,536
Cash at bank and in hand		139,465		105,700
		155,333		4,958,117
Creditors: amounts falling due within one year	6	(342,937)		(5,436,396)
Net current liabilities			(187,604)		(478,279)
Total assets less current liabilities			(187,604)		(478,279)

Net liabilities			(187,604)		(478,279)

Capital and reserves
Called up share capital	100	100
Profit and loss account	(187,704)	(478,379)
	(187,604)	(478,279)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

Mr Bradley Gold

Director

Date: 31 March 2023

The notes on pages 2 to 5 form part of these financial statements.

Page 1

GOLD (ANGMERING) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

1.	General information

Gold (Angmering) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11158361. The registered office is 4 Churchill Court, Hortons Way, Westerham, TN16 1BT. The principal activity of the company is property development.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on the going concern basis. The directors have considered the outlook for the Company, it’s likely cashflows that arise in the twelve months following approval of the financial statements and the support that the parent company, Gold Property Developments Limited, has indicated it will make available to the company, if necessary, during the going concern period. Taking all these factors into consideration, the directors are confident that the Company will be able to meet it’s obligations as and when they fall due and, accordingly, believe it appropriate to adopt the going concern basis of preparation.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 2

GOLD (ANGMERING) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Employees

The average monthly number of employees, including directors, during the year was 3 (2021 - 3).

4.	Stocks
		2022	2021
		£	£

Work in progress	-	4,390,881
	-	4,390,881

Page 3

GOLD (ANGMERING) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

Debtors

					2022	2021
					£	£


Trade debtors	-	3,538
Amounts owed by group undertakings	129	50,000
Other debtors	15,739	22,998
Prepayments and accrued income	-	385,000
	15,868	461,536

6.	Creditors: Amounts falling due within one year
		2022	2021 (restated)
		£	£

Bank loans and overdrafts	-	228,364
Trade creditors	122,116	89,941
Amounts owed to group undertakings	209,821	4,865,509
Other taxation and social security	-	7,540
Accruals and deferred income	11,000	245,042
	342,937	5,436,396

7.	Prior year adjustment

The financial statements for the year ended 31 March 2022 include prior year adjustments due to errors made in the prior year accounts regarding presentation of debtors and creditors.
There is an increase to accruals of £245,042 to recognise costs incurred, of which £126,421 was charged to cost of sales and £118,621 was included in stock, which were erroneously omitted from the financial statements in the year to 31 March 2021.
There is an increase to amounts owed to group companies and loan interest paid of £186,841 to recognise interest costs on intercompany loans in the prior year which was erroneously omitted from the financial statements at 31 March 2021.
There is an adjustment to reduce trade creditors and increase amounts owed by group companies by £155,488 and to increase both amounts due and from group companies by £50,000 to correctly disclose group balances at 31 March 2021.
There has been an adjustment to classify all creditors as short term at 31 March 2021 in the absence of any formal agreement to the contrary at 31 March 2021.
The net impact of all prior year adjustments is a reduction in profit and an increase in net liabilities of £313,262.

Page 4

GOLD (ANGMERING) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

8.	Related party transactions
	As permitted by FRS 102, the company has taken advantage of the exemption from disclosing the transaction entered into between wholly owned group companies and those group company transactions that have been performed on an arm's length basis. During the year the Company paid interest of £50,596 (2021: £75,996) to an entity in which a director has a material interest.

9.	Controlling party

The immediate parent undertaking during the year is Gold Property Developments Limited, a company registered in the United Kingdom. The largest and smallest group in which the results of the Company are consolidated is that of Gold Property Holdings Limited and the consolidated financial statements may be obtained from 4 Churchill Court, Hortons Way, Westerham, TN16 1BT.

10.	Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2022 was unqualified.

The audit report was signed on 31 March 2023 by Ian Daniels (Senior Statutory Auditor) on behalf of Haysmacintyre LLP.

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