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REGISTERED NUMBER: 07975848 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

GOODSWENS GARAGE LIMITED

GOODSWENS GARAGE LIMITED (Registered number: 07975848)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GOODSWENS GARAGE LIMITED

Company Information
for the Year Ended 31 March 2023







DIRECTORS: G Goodswen
C J Goodswen
Mrs M Goodswen





SECRETARY:





REGISTERED OFFICE: 60 High Road
Wortwell
Harleston
Norfolk
IP20 0EF





REGISTERED NUMBER: 07975848 (England and Wales)





ACCOUNTANTS: Calum Ward & Co Ltd
Market House
Church Street
Harleston
Norfolk
IP20 9BB

GOODSWENS GARAGE LIMITED (Registered number: 07975848)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 51,306 67,505

CURRENT ASSETS
Stocks 6,690 5,150
Debtors 5 32,943 44,321
Cash at bank and in hand 170,874 149,101
210,507 198,572
CREDITORS
Amounts falling due within one year 6 132,215 119,397
NET CURRENT ASSETS 78,292 79,175
TOTAL ASSETS LESS CURRENT
LIABILITIES

129,598

146,680

PROVISIONS FOR LIABILITIES 7 9,138 11,132
NET ASSETS 120,460 135,548

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 8 120,360 135,448
SHAREHOLDERS' FUNDS 120,460 135,548

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

GOODSWENS GARAGE LIMITED (Registered number: 07975848)

Balance Sheet - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 November 2023 and were signed on its behalf by:




G Goodswen - Director



C J Goodswen - Director


GOODSWENS GARAGE LIMITED (Registered number: 07975848)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

GOODSWENS GARAGE LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Office equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

GOODSWENS GARAGE LIMITED (Registered number: 07975848)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 12 ) .

4. TANGIBLE FIXED ASSETS
Plant and Office Motor Computer
machinery equipment vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 96,271 5,002 126,404 1,352 229,029
Additions 746 123 7,000 - 7,869
Disposals - - (13,350 ) - (13,350 )
At 31 March 2023 97,017 5,125 120,054 1,352 223,548
DEPRECIATION
At 1 April 2022 71,139 3,946 85,087 1,352 161,524
Charge for year 3,881 769 8,918 - 13,568
Eliminated on disposal - - (2,850 ) - (2,850 )
At 31 March 2023 75,020 4,715 91,155 1,352 172,242
NET BOOK VALUE
At 31 March 2023 21,997 410 28,899 - 51,306
At 31 March 2022 25,132 1,056 41,317 - 67,505

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 30,811 42,158
Prepayments 2,132 2,163
32,943 44,321

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 41,955 36,911
Tax 16,250 16,903
VAT 16,037 17,754
Other creditors 3,555 4,610
Directors' loan accounts 52,468 41,419
Accrued expenses 1,950 1,800
132,215 119,397

7. PROVISIONS FOR LIABILITIES
31.3.23 31.3.22
£    £   
Deferred tax 9,138 11,132

GOODSWENS GARAGE LIMITED (Registered number: 07975848)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 April 2022 11,132
Provided during year (1,994 )
Balance at 31 March 2023 9,138

8. RESERVES
Retained
earnings
£   

At 1 April 2022 135,448
Profit for the year 60,112
Dividends (75,200 )
At 31 March 2023 120,360