Registered number:
FOR THE PERIOD ENDED 31 MARCH 2022
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GOLD PROPERTY HOLDINGS LIMITED
COMPANY INFORMATION
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GOLD PROPERTY HOLDINGS LIMITED
CONTENTS
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GOLD PROPERTY HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 MARCH 2022
The directors present their group strategic review for the period ended 31 March 2022.
Gold Property Holdings Limited (GPH) was incorporated on 25 August 2021 in order to undertake a group reorganisation of Gold Property Developments Limited (GPD) and its subsidiaries (collectively the GPD Group). GPH acquired GPD through a share for share exchange and no change in ultimate ownership of the GPD Group arose as a result of the reorganisation. The GPD Group undertakes residential property developments in the South East of England and has been operating for more than 20 years. It is proud to have a reputation for well-designed properties built to an exceptionally high standard and with the local community in mind. Developments range from 2 bedroom apartments to detached 5 bedroom family homes. GPD's website can be found at www.goldproperty.co.uk.
The year ended 31 March 2022 was challenging for the Group. Trade was disrupted by the Covid pandemic and the resultant economic uncertainties. Material price inflation caused pressure on the profit margins of the projects. Following a takeover of another business, various costs were uncovered which were not disclosed during the due diligence process. These factors combined resulted in a few unprofitable developments.
During the period the Group also acquired a freehold property from which the business now operates.
The directors have overall responsibility for the establishment and oversight of the risk management framework. Senior management is responsible for developing and monitoring the risk management policies for regular reporting to the directors.
The risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risk and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in the market conditions and the Group's activities. The directors consider that the Group is exposed to the following principal risks and uncertainties.
Material Cost Risk:
Material cost risk specifically relates to the uncertainty surrounding the price of raw materials required for the Group's production processes. Significant increases in material costs can erode profit margins and impact overall financial performance. Mitigation Strategies for Material Cost Risk: Developing a diversified supplier base to reduce dependence on a single source for critical materials.
∙Entering into long-term contracts with suppliers to lock in prices and reduce exposure to fluctuating costs.
∙Engaging in collaborative partnerships with suppliers to explore cost-saving opportunities.
∙Implementing effective inventory management to optimize material usage and reduce waste.
Operational Risk: Operational risk covers a wide range of potential hazards resulting from inadequate or failed internal processes, human error, system failures, and external events. These risks can disrupt business operations, lead to financial
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GOLD PROPERTY HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
loss, and harm the organisation's reputation.
Mitigation Strategies for Operational Risk:
∙Implementing strong internal controls and conducting regular risk assessments to identify and address operational vulnerabilities.
∙Providing comprehensive training to employees to enhance skills and awareness in their respective roles.
∙Developing robust contingency and disaster recovery plans to ensure business continuity during adverse events.
∙Inspecting sites and operations frequently to ensure compliance with safety procedures.
Health and safety risk: The Group’s operations comprise construction activities that may pose hazards to workers and the public, including falling objects, electrical accidents, slips, hazardous materials exposure, and machinery incidents. Mitigation Strategy for Health and Safety Risk
∙Comprehensive Site Risk Assessment: Assess all potential hazards before starting construction and implement necessary control measures.
∙Safety Training and Awareness: Provide thorough safety training for workers, subcontractors, and staff.
∙Mandate the use of appropriate PPE on-site.
∙Site Organization and Signage: Clearly mark hazardous areas and use safety signs throughout the site.
∙Regular Equipment Inspection: Maintain and inspect construction machinery regularly.
∙Fire Safety Measures: Install fire safety equipment and conduct fire drills.
∙Control of Hazardous Materials: Follow proper handling and disposal protocols for hazardous materials.
∙Traffic Management: If near public roads, implement a traffic management plan.
∙Site Security: Secure the site perimeter to prevent unauthorized access.
∙Health Monitoring: Regularly monitor workers' health and provide medical support as needed.
∙Regular Safety Inspections: Conduct routine safety inspections.
∙Communication and Reporting: Encourage open communication and anonymous reporting of safety concerns.
Interest rate risk: Interest rate risk is a critical concern for property developers in the UK, given the capital-intensive nature of their business and reliance on borrowed funds. As interest rates rise, so do the costs of borrowing, putting strain on cash flow and reducing project profitability. Additionally, higher interest rates can make certain projects economically unviable, leading to a slowdown in new developments. The impact of interest rate changes extends to property demand, as higher borrowing costs deter potential homebuyers, reducing overall demand and affecting developers' ability to sell completed units. Moreover, property valuations can be negatively affected, as higher interest rates lead to discounted future cash flows and lower property values, potentially limiting developers' borrowing capacity. Refinancing existing loans becomes challenging with rising interest rates, as developers may face higher monthly payments or reduced loan amounts. Indirectly, construction costs may increase due to reduced activity or higher borrowing costs for construction companies. Mitigation Strategy for Interest Rate Risk
∙Effective cash flow management, risk assessment, and diversification of the portfolio with projects at different stages of development spreads the impact of interest rate changes by utilising cash generative projects to finance early-stage developments.
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GOLD PROPERTY HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
∙Long-term planning incorporating interest rate scenarios assists the Board in anticipating risks and allowing the Group to adjust its strategies accordingly.
The directors consider the following as key performance indicators:
Project Cost Control: Robust control mechanisms aimed at meticulously monitoring project expenses and costs. This ensures that all spending is rigorously aligned with the approved budget. Project Completion Date Tracking: Implementation of a diligent project progress monitoring system to closely track the project's timeline against the projected completion date. By continuously evaluating progress, potential delays can be identified early on, enabling timely corrective actions to keep the project on track for successful and timely completion. Short-Term Cash Flow Assessment: The comprehensive short-term cash flow analysis is reviewed on a weekly basis, to ensure that the Group maintains a healthy and stable financial position. This safeguards against any potential variances in cash reserves, ensuring they remain above the pre-determined threshold. Cash flow challenges are identified and managed by utilising contingency plans to proactively address any shortfalls and maintain liquidity. Overheads Management: A rigorous monthly monitoring system is used to meticulously track and analyse overhead expenses to ensure that overhead expenses are aligned with the agreed budget.
Despite the business making significant losses over the past 2 years the Group was cash generative, and losses were largely because of provisions for future loss-making contracts which are recognised when they are forecast.
Cash generated in the year amounted to over £600k mainly due to selling the developments at Faversham and Angmering as well as the residue of Headcorn. The Group also acquired a freehold property for £1.2m during the year where the headquarters are now located. This property will be partially rented in the future to derive a return on this investment.
This report was approved by the board and signed on its behalf.
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GOLD PROPERTY HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2022
The directors present their report and the financial statements for the period ended 31 March 2022.
The company was incorporated on 25 August 2021.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The consolidated loss for the period, after taxation, amounted to £8,259,762 (2021 - loss £6,989,537).
The directors who served during the period were:
The Company maintains appropriate Directors’ and Officers’ liability insurance cover in respect of any potential legal action brought against its Directors. The Company has also indemnified each Director to the extent permitted by law against any liability incurred in relation to acts or omissions arising in the ordinary course of their duties. The indemnity arrangements were in force throughout the year (and at the date of approval of the financial statements) and are qualifying indemnity provisions under the Companies Act 2006.
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GOLD PROPERTY HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
There have been no significant events affecting the Group since the year end.
This report was approved by the board and signed on its behalf.
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GOLD PROPERTY HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOLD PROPERTY HOLDINGS LIMITED
We have audited the financial statements of Gold Property Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 March 2022, which comprise the Group Profit and Loss Account, the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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GOLD PROPERTY HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOLD PROPERTY HOLDINGS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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GOLD PROPERTY HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOLD PROPERTY HOLDINGS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the company and industry, we identified that principal risks of non-compliance with laws and regulations related to regulatory requirements for the real estate industry, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income tax, payroll tax and sales tax. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statement (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries and management bias in accounting estimate. Audit procedures performed by the engagement team included:
∙Inspecting correspondence with regulators and tax authorities;
∙Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
∙Evaluating management’s controls designed to prevent and detect irregularities;
∙Identifying and testing accounting journal entries, in particular those journal entries which exhibited the characteristics we had identified as possible indicators of irregularities; and
∙Challenging assumptions and judgements made by management in their critical accounting estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our
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GOLD PROPERTY HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GOLD PROPERTY HOLDINGS LIMITED (CONTINUED)
Auditors' Report.
In the previous accounting period, the directors of the Group took advantage of audit exemption under S477 of the Companies Act 2006. Therefore, the prior period consolidated financial statements were not subject to audit.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
10 Queen Street Place
EC4R 1AG
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GOLD PROPERTY HOLDINGS LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 MARCH 2022
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GOLD PROPERTY HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2022
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GOLD PROPERTY HOLDINGS LIMITED
REGISTERED NUMBER: 13584430
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 20 to 39 form part of these financial statements.
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GOLD PROPERTY HOLDINGS LIMITED
REGISTERED NUMBER: 13584430
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2022
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 20 to 39 form part of these financial statements.
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GOLD PROPERTY HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2022
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GOLD PROPERTY HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2021
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GOLD PROPERTY HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2022
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GOLD PROPERTY HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2022
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GOLD PROPERTY HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
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GOLD PROPERTY HOLDINGS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 MARCH 2022
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GOLD PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
Gold Property Holding Limited is a private company, limited by shares, registered in England and Wales, registration number 13584430. The registered office and trading address is 4 Churchill Court, Hortons Way, Westerham, England, TN16 1BT.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements. The loss dealt with in the profit and loss for the Company for the period ended 31 March 2022 was £3,020,215.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases. On 14 October 2021 the Company issued 3,000,000 Redeemable Preference shares of £1 each, 22 A Ordinary shares of £1 each and 100 ordinary shares of £1 each in a share for share exchange with the shareholders of Gold Property Developments Limited to undertake a group reconstruction whereby the Company became the new parent company of Gold Property Developments Limited. There were no changes in the ultimate equity holders nor in their relative rights and, accordingly as permitted by FRS 102:19.27 the group reconstruction has been accounted for under the merger accounting method. Under the merger accounting method the subsidiaries are treated as if they had always been a member of the group and the investment in shares in group companies in the Company's balance sheet are recorded at the nominal value of the shares issued. The assets and liabilities of the acquired companies are not adjusted to fair value at the date of acquisition, although appropriate adjustments are made when necessary to achieve uniformity of accounting policies. The shares issued to implement the group reconstruction are treated in the group accounts as if they had always been in issue.
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GOLD PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Consolidated Profit and Loss Account in the same period as the related expenditure.
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GOLD PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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GOLD PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on cost on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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GOLD PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
2.Accounting policies (continued)
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GOLD PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
2.Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. In the group financial statements, joint ventures are accounted for using the equity method. If losses are accumulated the group stops using the equity method when its investment reaches zero and does not resume use of the equity method until such time as its share of joint venture profits have offset all joint venture losses that were not recognised during the period when use of the equity method was suspended
In the parent company financial statements investments in subsidiaries and joint ventures are accounted for at cost less impairment.
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GOLD PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
Analysis of turnover by country of destination:
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GOLD PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
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GOLD PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
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GOLD PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
12.Taxation (continued)
Subject to agreement with HMRC, the Group has taxable losses available for use against future trading profits of approximately £14,090,000 (2021: £3,110,000).
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GOLD PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
On 1 April 2020, group took control of Southmill Limited (now renamed Gold Property Construction Limited), with legal control being obtained on 3 June 2020. As control was obtained on 1 April 2020 this date has been taken as the effective date of acquisition.
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GOLD PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
At the date of acquisition, the assets and liabilities acquired were as follows:
In the opinion of the directors, the book values were the same as the fair values. The consideration given was £1 and goodwill of £1,490,516 arose on acquisition.
The directors have considered the trading performance of Gold Property Construction Limited and consider that the goodwill should be fully impaired in the year ended 31 March 2021.
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15.Tangible fixed assets (continued)
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GOLD PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
With the exception of Gold Property Developments Limited, all subsidiares are indirectly held.
The registered office of each subsidiary above is the same as Gold Property Holdings Limited's registered office as disclosed on the Company information page at the front of these financial statements.
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GOLD PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
The 2022 and 2021 valuations were made by the directors, on an open market value for existing use basis.
The 2022 and 2021 valuations were made by the directors, on an open market value for existing use basis.
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GOLD PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
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GOLD PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
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GOLD PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
Merger Reserve
Profit and loss account
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GOLD PROPERTY HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £107,518 (2021 - £19,027). Contributions totalling £11,016 (2021 - £7,527) were payable to the fund at the reporting date and are included in creditors.
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