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Filleted

Registration number: 06503975

Leigh Goodchild Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Leigh Goodchild Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

Leigh Goodchild Limited

Company Information

Director

Mr L J Goodchild

Registered office

15 Faulkland View
Peasedown St John
Bath
Somerset
BA2 8TG

 

Leigh Goodchild Limited

(Registration number: 06503975)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

15,750

18,000

Tangible assets

6

24,738

15,841

 

40,488

33,841

Current assets

 

Stocks

7

1,706

1,414

Debtors

8

11,454

7,652

Cash at bank and in hand

 

9,031

13,306

 

22,191

22,372

Creditors: Amounts falling due within one year

9

(40,635)

(45,638)

Net current liabilities

 

(18,444)

(23,266)

Total assets less current liabilities

 

22,044

10,575

Creditors: Amounts falling due after more than one year

9

-

(5,000)

Net assets

 

22,044

5,575

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

21,044

4,575

Total equity

 

22,044

5,575

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Leigh Goodchild Limited

(Registration number: 06503975)
Balance Sheet as at 28 February 2023

Approved and authorised by the director on 24 November 2023
 

.........................................
Mr L J Goodchild
Director

   
     
 

Leigh Goodchild Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
15 Faulkland View
Peasedown St John
Bath
Somerset
BA2 8TG

These financial statements were authorised for issue by the director on 24 November 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Leigh Goodchild Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet 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 etc

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years straight line

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.

 

Leigh Goodchild Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

Leigh Goodchild Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 1).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

3,026

3,571

Amortisation expense

2,250

2,250

 

Leigh Goodchild Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2022

45,000

45,000

At 28 February 2023

45,000

45,000

Amortisation

At 1 March 2022

27,000

27,000

Amortisation charge

2,250

2,250

At 28 February 2023

29,250

29,250

Carrying amount

At 28 February 2023

15,750

15,750

At 28 February 2022

18,000

18,000

Revalued assets for the year ended 28 February 2022

6

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 March 2022

26,422

3,953

30,375

Additions

43,400

54

43,454

Disposals

(39,065)

-

(39,065)

At 28 February 2023

30,757

4,007

34,764

Depreciation

At 1 March 2022

12,842

1,692

14,534

Charge for the year

2,563

463

3,026

Eliminated on disposal

(7,534)

-

(7,534)

At 28 February 2023

7,871

2,155

10,026

Carrying amount

At 28 February 2023

22,886

1,852

24,738

At 28 February 2022

13,580

2,261

15,841

 

Leigh Goodchild Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

7

Stocks

2023
£

2022
£

Other inventories

1,706

1,414

8

Debtors

2023
£

2022
£

Trade debtors

11,142

7,139

Provision for impairment of debtors

(188)

-

Prepayments

500

513

11,454

7,652

 

Leigh Goodchild Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

11

-

3,333

Trade creditors

 

1,405

902

Taxation and social security

 

3,159

1,772

Other related parties

 

28,518

30,916

Corporation tax liability

 

5,213

6,375

Other creditors

 

2,340

2,340

 

40,635

45,638

Due after one year

 

Loans and borrowings

11

-

5,000

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

-

5,000

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

HP and finance lease liabilities

-

5,000

 

Leigh Goodchild Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

2023
£

2022
£

Current loans and borrowings

HP and finance lease liabilities

-

3,333

12

Related party transactions

Transactions with directors

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Mr L J Goodchild

Interest free loan repayable on demand

(30,916)

24,000

(21,602)

(28,518)

         
       

 

2022

At 1 March 2021
£

Advances to director
£

Repayments by director
£

At 28 February 2022
£

Mr L J Goodchild

Interest free loan repayable on demand

(26,925)

17,414

(21,405)

(30,916)