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Registration number: 07956756

Aled Godfrey Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2018

 

Aled Godfrey Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Aled Godfrey Ltd

Company Information

Directors

Mr A Godfrey

Miss A W Williams

Registered office

Wenallt
Forest Road
Lampeter
Ceredigion
SA48 8AN

Accountants

PJE Chartered Accountants
23, College Street
Lampeter
Ceredigion
SA48 7DY

 

Aled Godfrey Ltd

(Registration number: 07956756)
Balance Sheet as at 31 March 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

10,205

1,342

Current assets

 

Debtors

5

1,410

412

Cash at bank and in hand

 

6,242

5,346

 

7,652

5,758

Creditors: Amounts falling due within one year

6

(24,508)

(14,384)

Net current liabilities

 

(16,856)

(8,626)

Total assets less current liabilities

 

(6,651)

(7,284)

Provisions for liabilities

(813)

757

Net liabilities

 

(7,464)

(6,527)

Capital and reserves

 

Called up share capital

10

10

Profit and loss account

(7,474)

(6,537)

Total equity

 

(7,464)

(6,527)

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Aled Godfrey Ltd

(Registration number: 07956756)
Balance Sheet as at 31 March 2018 (continued)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The profit and loss account and directors’ report have not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small and micro companies regime.

Approved and authorised by the Board on 26 October 2018 and signed on its behalf by:
 

.........................................

Mr A Godfrey

Director

 

Aled Godfrey Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018

1

General information

The company is a incorporated in England & Wales.

The address of its registered office is:
Wenallt
Forest Road
Lampeter
Ceredigion
SA48 8AN

The company registration number is 07956756.

These financial statements were authorised for issue by the Board on 26 October 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

Despite current liabilities exceeding net assets, the directors believe it appropriate to prepare the accounts on a going concern basis on the grounds that the directors agree to subordinate their claim to amounts owed to them below those of other creditors and also believe there are sufficient funds available to settle third party debts as and when they fall due.

 

Aled Godfrey Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% on cost

 

Aled Godfrey Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Aled Godfrey Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2017 - 2).

4

Tangible assets

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2017

9,753

9,753

Additions

12,567

12,567

Disposals

(9,500)

(9,500)

At 31 March 2018

12,820

12,820

Depreciation

At 1 April 2017

8,411

8,411

Charge for the year

2,564

2,564

Eliminated on disposal

(8,360)

(8,360)

At 31 March 2018

2,615

2,615

Carrying amount

At 31 March 2018

10,205

10,205

At 31 March 2017

1,342

1,342

 

Aled Godfrey Ltd

Notes to the Financial Statements for the Year Ended 31 March 2018 (continued)

5

Debtors

2018
£

2017
£

Trade debtors

-

86

Other debtors

1,410

326

Total current trade and other debtors

1,410

412

6

Creditors

Note

2018
£

2017
£

Due within one year

 

Bank loans and overdrafts

7

10,000

-

Trade creditors

 

243

86

Amounts owed to group undertakings and undertakings in which the company has a participating interest

13,450

13,507

Other creditors

 

815

791

 

24,508

14,384

7

Loans and borrowings

2018
£

2017
£

Current loans and borrowings

Bank borrowings

10,000

-