Company Registration No. 08662696 (England and Wales)
Gold Vault Ltd
Unaudited accounts
for the year ended 31 August 2023
Gold Vault Ltd
Unaudited accounts
Contents
Gold Vault Ltd
Company Information
for the year ended 31 August 2023
Company Number
08662696 (England and Wales)
Registered Office
65 Woodgrange Avenue
Harrow
HA3 0XG
Accountants
RMR Partnership LLP
3rd Floor, Vyman House
104 College Road
Harrow
Middlesex
HA1 1BQ
Gold Vault Ltd
Statement of financial position
as at 31 August 2023
Tangible assets
45,871
2,821
Inventories
278,430
246,517
Cash at bank and in hand
46,829
98,147
Creditors: amounts falling due within one year
(531,716)
(575,930)
Net current assets
199,427
248,740
Total assets less current liabilities
245,298
251,561
Creditors: amounts falling due after more than one year
(163,916)
(173,674)
Called up share capital
1
1
Profit and loss account
81,381
77,886
Shareholders' funds
81,382
77,887
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 31 May 2024 and were signed on its behalf by
Mr Atif Yaqoob
Director
Company Registration No. 08662696
Gold Vault Ltd
Notes to the Accounts
for the year ended 31 August 2023
Gold Vault Ltd is a private company, limited by shares, registered in England and Wales, registration number 08662696. The registered office is 65 Woodgrange Avenue, Harrow, HA3 0XG.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% as per reducing balance method
Motor vehicles
20% as per reducing balance method
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Gold Vault Ltd
Notes to the Accounts
for the year ended 31 August 2023
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 September 2022
5,695
-
5,695
At 31 August 2023
5,695
44,354
50,049
At 1 September 2022
2,874
-
2,874
Charge for the year
564
740
1,304
At 31 August 2023
3,438
740
4,178
At 31 August 2023
2,257
43,614
45,871
At 31 August 2022
2,821
-
2,821
Amounts falling due within one year
Trade debtors
396,036
480,006
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
36,832
-
Obligations under finance leases and hire purchase contracts
10,656
-
Trade creditors
101,481
253,626
Taxes and social security
-
2,529
Loans from directors
381,150
306,171
7
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
121,292
173,674
Obligations under finance leases and hire purchase contracts
42,624
-
8
Average number of employees
During the year the average number of employees was 1 (2022: 1).
