Goldmax Resources Limited - Period Ending 2015-03-31

 
 
 
 
 
 
 
  Goldmax Resources Limited
 
  Unaudited Abbreviated Accounts
  Year Ended 31 March 2015
 
  Company Registration Number: 03975616

Goldmax Resources Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Goldmax Resources Limited
Abbreviated Balance Sheet
31 March 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets		2			1,236,882			1,270,196
Current assets
Debtors					66,717			170,493
Cash at bank and in hand					242			1,341
					66,959			171,834
Creditors: Amounts falling due within one year					(2,647,223)			(2,605,141)
Net current liabilities					(2,580,264)			(2,433,307)
Net liabilities					(1,343,382)			(1,163,111)
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					(1,343,482)			(1,163,211)
Shareholders' deficit					(1,343,382)			(1,163,111)

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Goldmax Resources Limited
Abbreviated Balance Sheet
31 March 2015 ......... continued

For the year ending 31 March 2015 the company was entitled to exemption 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 in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 9 June 2016

Mr D Griffith
Director

Company Registration Number: 03975616

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Goldmax Resources Limited
Notes to the Abbreviated Accounts
Year Ended 31 March 2015 ......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Going concern

The financial statements have been prepared on the going concern basis. The company is dependent on its director and the bank for funding. This support has been provided since the company incorporated and the director expects it to continue to be available, although this cannot be guaranteed and no formal loan agreements are in place.

Following the year end the bank are seeking the collection of the loans.

Turnover

Turnover represents the fair value of consideration receivable, excluding Value Added Tax, in the ordinary course of business for services provided. Revenue is recognised on the provision of the service.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Asset class	Depreciation method and rate
Freehold Property	2% straight line
Plant & Machinery	20% reducing balance
Motor Vehicles	20% reducing balance

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 3

Goldmax Resources Limited
Notes to the Abbreviated Accounts
Year Ended 31 March 2015 ......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2014		1,539,705			1,539,705
At 31 March 2015		1,539,705			1,539,705
Depreciation
At 1 April 2014		269,509			269,509
Charge for the year		33,314			33,314
At 31 March 2015		302,823			302,823
Net book value
At 31 March 2015		1,236,882			1,236,882
At 31 March 2014		1,270,196			1,270,196

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Country of incorporation	Holding	Proportion of voting rights and shares held	Principal activity
Subsidiary undertakings
A1 Commerce (Holdings) Limited	England & Wales	Ordinary shares	100.00%	Other business activities

The loss for the financial period of A1 Commerce (Holdings) Limited was £22,245 and the aggregate amount of capital and reserves at the end of the period was (£981,350).

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		988,136			986,944

Page 4

Goldmax Resources Limited
Notes to the Abbreviated Accounts
Year Ended 31 March 2015 ......... continued

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

5

Control

The immediate parent company is Challenges Property Limited .
 

Page 5