Golden Crown Management Ltd Company Accounts

Golden Crown Management Ltd Company Accounts


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COMPANY REGISTRATION NUMBER: 07237701
Golden Crown Management Ltd
Filleted Unaudited Financial Statements
30 April 2017
Golden Crown Management Ltd
Financial Statements
Year ended 30 April 2017
Contents
Page
Officers and professional advisers
1
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
Golden Crown Management Ltd
Officers and Professional Advisers
Director
Mr Rasheed Ali
Registered office
No 2 Silkwood Office Park
Fryers Way
Wakefield
WF5 9TJ
Accountants
Parsons
Chartered Accountants
No 2 Silkwood Office Park
Fryers Way
Wakefield
West Yorkshire
WF5 9TJ
Golden Crown Management Ltd
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Golden Crown Management Ltd
Year ended 30 April 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Golden Crown Management Ltd for the year ended 30 April 2017, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Golden Crown Management Ltd in accordance with the terms of our engagement letter dated 27 March 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Golden Crown Management Ltd and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Golden Crown Management Ltd and its director for our work or for this report.
It is your duty to ensure that Golden Crown Management Ltd 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 Golden Crown Management Ltd. You consider that Golden Crown Management Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Golden Crown Management Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Parsons Chartered Accountants
No 2 Silkwood Office Park Fryers Way Wakefield West Yorkshire WF5 9TJ
5 December 2017
Golden Crown Management Ltd
Statement of Financial Position
30 April 2017
2017
2016
Note
£
£
Fixed assets
Tangible assets
7
43,843
15,782
Investments
8
100
100
--------
--------
43,943
15,882
Current assets
Stocks
8,258
Debtors
9
555,600
382,256
Cash at bank and in hand
158,284
117,698
---------
---------
722,142
499,954
Creditors: amounts falling due within one year
10
358,117
227,520
---------
---------
Net current assets
364,025
272,434
---------
---------
Total assets less current liabilities
407,968
288,316
Creditors: amounts falling due after more than one year
11
16,936
7,816
Provisions
536
---------
---------
Net assets
391,032
279,964
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
390,932
279,864
---------
---------
Member funds
391,032
279,964
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Golden Crown Management Ltd
Statement of Financial Position (continued)
30 April 2017
These financial statements were approved by the board of directors and authorised for issue on 5 December 2017 , and are signed on behalf of the board by:
Mr Rasheed Ali
Director
Company registration number: 07237701
Golden Crown Management Ltd
Notes to the Financial Statements
Year ended 30 April 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is No 2 Silkwood Office Park, Fryers Way, Wakefield, WF5 9TJ.
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 the 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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
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. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
33% straight line
Fixtures and fittings
-
33% straight line
Motor vehicles
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
4. Employee numbers
The average number of persons employed by the company during the year, including the director, amounted to 23 (2016: 17 ).
5. Director's remuneration
The director's aggregate remuneration in respect of qualifying services was:
2017
2016
£
£
Remuneration
11,042
10,633
--------
--------
6. Dividends
2017
2016
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
18,500
31,770
--------
--------
7. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2016
2,824
11,842
40,662
55,328
Additions
49,699
49,699
-------
--------
--------
---------
At 30 April 2017
2,824
11,842
90,361
105,027
-------
--------
--------
---------
Depreciation
At 1 May 2016
1,459
11,348
26,739
39,546
Charge for the year
767
494
20,377
21,638
-------
--------
--------
---------
At 30 April 2017
2,226
11,842
47,116
61,184
-------
--------
--------
---------
Carrying amount
At 30 April 2017
598
43,245
43,843
-------
--------
--------
---------
At 30 April 2016
1,365
494
13,923
15,782
-------
--------
--------
---------
8. Investments
Shares in group undertakings
£
Cost
At 1 May 2016
200
Disposals
( 100)
----
At 30 April 2017
100
----
Impairment
At 1 May 2016
100
Disposals
( 100)
----
At 30 April 2017
----
Carrying amount
At 30 April 2017
100
----
At 30 April 2016
100
----
Subsidiaries, associates and other investments
Class of share
Percentage of shares held
Subsidiary undertakings
GCSM Ltd
Ordinary Class1
100
9. Debtors
2017
2016
£
£
Trade debtors
425,270
368,033
Amounts owed by group undertakings
110,137
Called up share capital not paid
100
100
Director's loan account
13,290
Other debtors
20,093
833
---------
---------
555,600
382,256
---------
---------
10. Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
212,959
68,695
Trade creditors
722
Amounts owed to group undertakings
2,898
Corporation tax
23,386
49,563
Social security and other taxes
86,221
79,827
Obligations under finance leases and hire purchase contracts
15,025
5,279
Director loan accounts
89
Amounts owed to connected company
86
Other creditors
19,629
21,258
---------
---------
358,117
227,520
---------
---------
11. Creditors: amounts falling due after more than one year
2017
2016
£
£
Other creditors
16,936
7,816
--------
-------
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2017
2016
£
£
Included in provisions
536
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2017
2016
£
£
Accelerated capital allowances
536
----
----
13. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2017
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr Rasheed Ali
13,290
( 13,379)
( 89)
--------
--------
----
2016
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr Rasheed Ali
( 2,032)
15,322
13,290
-------
--------
--------
14. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2017
2016
2017
2016
£
£
£
£
GCSM Ltd
( 423,939)
110,137
---------
----
---------
----
Golden Crown CCTV Ltd
11,860
Golden Crown Healthcare Ltd
8,233
GC Keyholding Ltd
( 86)