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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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GOLDFLEET MANAGEMENT LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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FOR |
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GOLDFLEET MANAGEMENT LIMITED |
GOLDFLEET MANAGEMENT LIMITED (REGISTERED NUMBER: 02344820) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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GOLDFLEET MANAGEMENT LIMITED |
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COMPANY INFORMATION |
for the year ended 31 December 2018 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Accountants |
Griffins Court |
24-32 London Road |
NEWBURY |
Berkshire |
RG14 1JX |
GOLDFLEET MANAGEMENT LIMITED (REGISTERED NUMBER: 02344820) |
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BALANCE SHEET |
31 December 2018 |
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31/12/18 | 31/12/17 |
Notes | $ | $ | $ | $ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Share premium | 10 |
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Retained earnings | 10 |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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. |
GOLDFLEET MANAGEMENT LIMITED (REGISTERED NUMBER: 02344820) |
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BALANCE SHEET - continued |
31 December 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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GOLDFLEET MANAGEMENT LIMITED (REGISTERED NUMBER: 02344820) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2018 |
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1. | STATUTORY INFORMATION |
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Goldfleet Management Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements are prepared in US dollar which is the functional currency of the company and rounded to the |
nearest $. |
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The significant accounting policies applied in the preparation of these financial statements are set out below. These policies |
have been consistently applied to all years presented unless otherwise stated. |
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Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that |
affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues |
and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those |
estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts |
recognised in the financial statements. |
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Revenue recognition |
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The key judgements made by management in respect of revenue is the point at which that revenue should be recognised. |
Management consider the underlying contract terms and conclude upon the most appropriate point of the cycle at which |
to recognise revenue based upon the these terms and in particular where the risks and rewards of ownership transfer. |
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Tangible fixed assets |
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Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The |
actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual |
value assessment consider issues such as the remaining life of the asset and the projected disposal value. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. |
Turnover relates to the sales within the worldwide market. The policy adopted for the recognition of turnover is as |
follows: |
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Rendering of services |
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When the outcome of a transaction can be estimated reliably, turnover from the rendering of services is recognised as the |
service is performed. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the costs |
of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: |
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Tanks - 7 to 20 years straight line |
Fixtures & fittings - 5 to 20 years straight line |
Motor vehicles - 5 years straight line |
GOLDFLEET MANAGEMENT LIMITED (REGISTERED NUMBER: 02344820) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet |
date. |
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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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into dollar at the rates of exchange ruling at the balance sheet date. |
Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. |
Exchange differences are taken into account in arriving at the operating result. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme |
are charged to profit or loss in the period to which they relate. |
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Impairments |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet |
date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and |
compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is |
recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation |
decrease. |
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Provisions |
Provisions are recognised when the company has a legal or constructive obligation at the report date as a result of a past |
event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be |
reliably estimated. |
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Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. |
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Short-term employee benefits |
Short-term employee benefits are recognised as an expense in the period in which they are incurred. |
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Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction |
price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
GOLDFLEET MANAGEMENT LIMITED (REGISTERED NUMBER: 02344820) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Investments |
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. |
Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can |
otherwise be measured reliably. If the fair value can't be measured reliably investments are measured at cost less |
impairment. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
$ |
COST |
At 1 January 2018 |
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Additions |
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Disposals | ( |
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At 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
$ | $ | $ |
COST |
At 1 January 2018 |
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1,016,080 |
Disposals |
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( |
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At 31 December 2018 |
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950,000 |
NET BOOK VALUE |
At 31 December 2018 |
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950,000 |
At 31 December 2017 |
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1,016,080 |
GOLDFLEET MANAGEMENT LIMITED (REGISTERED NUMBER: 02344820) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2018 |
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5. | FIXED ASSET INVESTMENTS - continued |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Registered office: Griffins Court, 24-32 London Road, Newbury, Berkshire, United Kingdom, RG14 1JX |
Nature of business:
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Class of shares: | holding |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/18 | 31/12/17 |
$ | $ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/18 | 31/12/17 |
$ | $ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31/12/18 | 31/12/17 |
$ | $ |
Within one year |
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Between one and five years |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/12/18 | 31/12/17 |
value: | $ | $ |
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Ordinary | £1 | 1,593 | 1,593 |
GOLDFLEET MANAGEMENT LIMITED (REGISTERED NUMBER: 02344820) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2018 |
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10. | RESERVES |
Retained | Share |
earnings | premium | Totals |
$ | $ | $ |
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At 1 January 2018 |
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3,529,809 |
Profit for the year |
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Dividends | ( |
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Translation difference | (37,241 | ) | - | (37,241 | ) |
At 31 December 2018 |
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3,652,344 |
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11. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial |
Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly |
owned subsidiaries within the group. |