Goldmine Associates Limited 31/05/2018 iXBRL

Goldmine Associates Limited 31/05/2018 iXBRL

GOLDMINE ASSOCIATES LIMITED - Company Information

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Company registration number: 5220918
Goldmine Associates Limited
Trading as Dobern Property Management
Unaudited filleted financial statements
31 May 2018
Goldmine Associates Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Goldmine Associates Limited
Directors and other information
Directors Mrs DG Kingston
Mrs HR Kingston
LD Kingston
RM Kingston
Secretary RM Kingston
Company number 5220918
Registered office Constable House
5 Bulwer Road
New Barnet
Hertfordshire
EN5 5JD
Business address PO Box 1289
Ilford
Essex
IG2 7BS
Accountant DK Business Services Limited
438 Ley Street
Ilford
Essex
IG2 7BS
Bankers Bank of Scotland plc
600 Gorgie Road
Edinburgh
EH11 3XP
Solicitors Howard Schneider Spiro Steele
Constable House
5 Bulwer Road
New Barnet, Hertfordshire
EN5 5JD
Goldmine Associates Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Goldmine Associates Limited
Year ended 31 May 2018
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Goldmine Associates Limited for the year ended 31 May 2018 as set out on pages 6 to 10 from the company's accounting records and from information and explanations you have given me.
As a practising member of The Association of International Accountants, I am subject to its ethical and other professional requirements which are detailed at www.aiaworldwide.com/guidance-ethics.
This report is made solely to the board of directors of Goldmine Associates Limited, as a body, in accordance with the terms of my engagement letter dated 21 June 2018. My work has been undertaken solely to prepare for your approval the financial statements of Goldmine Associates Limited and state those matters that we have agreed to state to the board of directors of Goldmine Associates Limited as a body, in this report in accordance with the requirements of The Association of International Accountants as detailed at www.aiaworldwide.com. www.aiaworldwide.com. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Goldmine Associates Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Goldmine Associates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Goldmine Associates Limited. You consider that Goldmine Associates Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Goldmine Associates Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
DK Business Services Limited
Accountants and Business Advisors
438 Ley Street
Ilford
Essex
IG2 7BS
21 June 2018
Goldmine Associates Limited
Statement of financial position
31 May 2018
2018 2017
Note £ £ £ £
Current assets
Debtors 4 29,854 92,518
Cash at bank and in hand 101,469 88,644
_______ _______
131,323 181,162
Creditors: amounts falling due
within one year 5 ( 108,787) ( 160,038)
_______ _______
Net current assets 22,536 21,124
_______ _______
Total assets less current liabilities 22,536 21,124
_______ _______
Net assets 22,536 21,124
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 22,534 21,122
_______ _______
Shareholders funds 22,536 21,124
_______ _______
For the year ending 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 21 June 2018 , and are signed on behalf of the board by:
LD Kingston
Director
Company registration number: 5220918
Goldmine Associates Limited
Statement of changes in equity
Year ended 31 May 2018
Called up share capital Profit and loss account Total
£ £ £
At 1 June 2016 2 21,609 21,611
Profit/(loss) for the year ( 487) ( 487)
_______ _______ _______
Total comprehensive income for the year - ( 487) ( 487)
_______ _______ _______
At 31 May 2017 and 1 June 2017 2 21,122 21,124
Profit/(loss) for the year 1,412 1,412
_______ _______ _______
Total comprehensive income for the year - 1,412 1,412
_______ _______ _______
At 31 May 2018 2 22,534 22,536
_______ _______ _______
Goldmine Associates Limited
Notes to the financial statements
Year ended 31 May 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Constable House, 5 Bulwer Road, New Barnet, Hertfordshire, EN5 5JD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 June 2016. Details of how FRS 102 has affected the reported financial position and financial performance is given in note .
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Debtors
2018 2017
£ £
Trade debtors 15,294 64,091
Amounts owed by group undertakings and undertakings in which the company has a participating interest 14,140 27,823
Other debtors 420 604
_______ _______
29,854 92,518
_______ _______
5. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 71,920 113,526
Corporation tax 348 -
Other creditors 36,519 46,512
_______ _______
108,787 160,038
_______ _______