Goldstar Fitted Furniture Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04451482 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

GOLDSTAR FITTED FURNITURE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P A Green

Mrs M Green

REGISTERED OFFICE:

Grafton House

81 Chorley Old Road

Bolton

Lancashire

BL1 3AJ

REGISTERED NUMBER:

04451482 (England and Wales)

ACCOUNTANTS:

P B Syddall & Co

Chartered Accountants

Grafton House

81 Chorley Old Road

Bolton

Lancashire

BL1 3AJ

BANKERS:

The Royal Bank of Scotland plc

Horwich Branch

29 Lee Lane

Bolton

Lancashire

BL6 7AY

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

37,551

46,803

37,551

46,803

CURRENT ASSETS

Stocks

6,000

6,500

Debtors

7

1,468

1,209

Cash at bank

11,741

13,927

19,209

21,636

CREDITORS

Amounts falling due within one year

8

172,318

170,729

NET CURRENT LIABILITIES

(153,109

)

(149,093

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(115,558

)

(102,290

)

CREDITORS

Amounts falling due after more than one year

9

-

333

NET LIABILITIES

(115,558

)

(102,623

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(115,560

)

(102,625

)

SHAREHOLDERS' FUNDS

(115,558

)

(102,623

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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 14 May 2024 and were signed on its behalf by:

P A Green - Director

Mrs M Green - Director

1.	STATUTORY INFORMATION

Goldstar Fitted Furniture 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention.

TURNOVER

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

GOODWILL

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of ten years.

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.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% 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.

HIRE PURCHASE AND LEASING COMMITMENTS

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2023

and 31 March 2024

60,000

AMORTISATION

At 1 April 2023

and 31 March 2024

60,000

NET BOOK VALUE

At 31 March 2024

-

At 31 March 2023

-

6.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 April 2023

and 31 March 2024

283,731

64,942

348,673

DEPRECIATION

At 1 April 2023

250,787

51,083

301,870

Charge for year

5,787

3,465

9,252

At 31 March 2024

256,574

54,548

311,122

NET BOOK VALUE

At 31 March 2024

27,157

10,394

37,551

At 31 March 2023

32,944

13,859

46,803

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2023

and 31 March 2024

15,250

DEPRECIATION

At 1 April 2023

6,672

Charge for year

2,145

At 31 March 2024

8,817

NET BOOK VALUE

At 31 March 2024

6,433

At 31 March 2023

8,578

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

126

126

Social security and other

taxes

152

230

Prepayments

1,190

853

1,468

1,209

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Hire purchase contracts

333

4,000

Trade creditors

3,419

3,384

VAT

3,459

4,383

Directors current account

163,857

157,792

Accruals and deferred income

1,170

1,170

Accrued expenses

80

-

172,318

170,729

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Hire purchase contracts

-

333

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are Mr P A Green and Mrs M Green by virtue of their ownership of 100% of the shares issued.