Goyals Holdings Limited |
Notes to the Accounts |
for the year ended 31 March 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
over 3 years |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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2 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
- |
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- |
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3 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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Additions |
4,473 |
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At 31 March 2023 |
4,473 |
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Depreciation |
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Charge for the year |
1,491 |
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At 31 March 2023 |
1,491 |
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Net book value |
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At 31 March 2023 |
2,982 |
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4 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Other debtors |
- |
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6,878 |
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5 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Director's loan account |
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342,858 |
|
539,587 |
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Taxation and social security costs |
3,610 |
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- |
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Other creditors |
1,250 |
|
975 |
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347,718 |
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540,562 |
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All balances on director's loan account attract a nil rate of interest and are repayable on demand. |
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6 |
Related party transactions |
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The company's income is derived from a single customer, who is related to the director. The business transactions are undertaken at arm's length. |
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7 |
Other information |
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Goyals Holdings Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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28 Bridge Street |
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Maidenhead |
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Berks |
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SL6 8BJ |