Bright AccountsProduction v1.0.0 v1.0.0 2022-04-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is that of painters and decorators. 14 November 2023 0 0 05400346 2023-03-31 05400346 2022-03-31 05400346 2021-03-31 05400346 2022-04-01 2023-03-31 05400346 2021-04-01 2022-03-31 05400346 uk-bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05400346 uk-curr:PoundSterling 2022-04-01 2023-03-31 05400346 uk-bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 05400346 uk-bus:FullAccounts 2022-04-01 2023-03-31 05400346 uk-core:ShareCapital 2023-03-31 05400346 uk-core:ShareCapital 2022-03-31 05400346 uk-core:RetainedEarningsAccumulatedLosses 2023-03-31 05400346 uk-core:RetainedEarningsAccumulatedLosses 2022-03-31 05400346 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-03-31 05400346 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-03-31 05400346 uk-bus:FRS102 2022-04-01 2023-03-31 05400346 uk-core:Goodwill 2022-04-01 2023-03-31 05400346 uk-core:PlantMachinery 2022-04-01 2023-03-31 05400346 uk-core:MotorVehicles 2022-04-01 2023-03-31 05400346 uk-core:Goodwill 2022-03-31 05400346 uk-core:Goodwill 2023-03-31 05400346 uk-core:CurrentFinancialInstruments 2023-03-31 05400346 uk-core:CurrentFinancialInstruments 2022-03-31 05400346 uk-core:WithinOneYear 2023-03-31 05400346 uk-core:WithinOneYear 2022-03-31 05400346 uk-core:WithinOneYear 2023-03-31 05400346 uk-core:WithinOneYear 2022-03-31 05400346 uk-core:WithinOneYear 2023-03-31 05400346 uk-core:WithinOneYear 2022-03-31 05400346 uk-core:AfterOneYear 2023-03-31 05400346 uk-core:AfterOneYear 2022-03-31 05400346 uk-core:AfterOneYear 2023-03-31 05400346 uk-core:AfterOneYear 2022-03-31 05400346 uk-core:BetweenOneTwoYears 2023-03-31 05400346 uk-core:BetweenOneTwoYears 2022-03-31 05400346 uk-core:BetweenTwoFiveYears 2023-03-31 05400346 uk-core:BetweenTwoFiveYears 2022-03-31 05400346 uk-core:BetweenOneFiveYears 2023-03-31 05400346 uk-core:BetweenOneFiveYears 2022-03-31 05400346 uk-core:OtherMiscellaneousReserve 2022-03-31 05400346 uk-core:OtherMiscellaneousReserve 2022-04-01 2023-03-31 05400346 uk-core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 05400346 uk-core:TaxLossesCarry-forwardsDeferredTax 2023-03-31 05400346 uk-core:OtherDeferredTax 2023-03-31 05400346 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2023-03-31 05400346 uk-core:OtherMiscellaneousReserve 2023-03-31 05400346 2022-04-01 2023-03-31 05400346 uk-bus:CompanySecretary1 2022-04-01 2023-03-31 05400346 uk-bus:Director1 2022-04-01 2023-03-31 05400346 uk-bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
 
 
Company Registration Number: 05400346
 
 
Godstone Decorators Limited
 
Unaudited Financial Statements
 
for the financial year ended 31 March 2023



Godstone Decorators Limited
Company Registration Number: 05400346
BALANCE SHEET
as at 31 March 2023

2023 2022
Notes £ £
 
Fixed Assets
Intangible assets 5 4,392 8,779
Tangible assets 6 24,788 24,604
───────── ─────────
29,180 33,383
───────── ─────────
 
Current Assets
Stocks 7 11,000 5,490
Debtors 8 82,977 41,594
Cash and cash equivalents 7,146 20,597
───────── ─────────
101,123 67,681
───────── ─────────
Creditors: amounts falling due within one year 9 (67,354) (58,475)
───────── ─────────
Net Current Assets 33,769 9,206
───────── ─────────
Total Assets less Current Liabilities 62,949 42,589
 
Creditors:
amounts falling due after more than one year 10 (22,372) (26,329)
 
Provisions for liabilities 12 (5,617) (4,675)
───────── ─────────
Net Assets 34,960 11,585
═════════ ═════════
 
Capital and Reserves
Called up share capital 2 2
Retained earnings 34,958 11,583
───────── ─────────
Shareholders' Funds 34,960 11,585
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.
           
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 14 November 2023 and signed on its behalf by
           
           
           
________________________________          
Mr. M Wrath          
Director          
           



Godstone Decorators Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 March 2023

   
1. General Information
 
Godstone Decorators Limited is a company limited by shares incorporated in the United Kingdom. Unit C Dixon Centre, 157-159 Reepham Road, Hellesdon, Norwich, Norfolk, NR6 5PA, England is the registered office, which is also the principal place of business of the company. The nature of the company’s operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 March 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of work and materials supplied by the company, exclusive of trade discounts and value added tax.
 
Intangible assets
 
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 10 years, which is estimated to be the period during which benefits are expected to arise.  On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Equipment - 15% Reducing balance
  Motor vehicles - 25% Reducing balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing and hire purchases
Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account.
 
Stocks
Stocks are valued at the lower of cost and net realisable value.  Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items.  Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Pensions
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. Annual contributions payable to the company's pension scheme are charged to the Profit and Loss Account in the period to which they relate.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 5, (2022 - 5).
       
4. Dividends 2023 2022
  £ £
Dividends on equity shares:
 
Ordinary Shares - Interim paid 50,000 54,000
  ═════════ ═════════
     
5. Intangible assets
   
  Goodwill
  £
Cost
At 1 April 2022 78,000
  ─────────
 
At 31 March 2023 78,000
  ─────────
Amortisation
At 1 April 2022 69,221
Charge for financial year 4,387
  ─────────
At 31 March 2023 73,608
  ─────────
Net book value
At 31 March 2023 4,392
  ═════════
At 31 March 2022 8,779
  ═════════
         
6. Tangible assets
  Equipment Motor Total
    vehicles  
       
  £ £ £
Cost
At 1 April 2022 4,236 40,080 44,316
Additions 83 5,995 6,078
  ───────── ───────── ─────────
At 31 March 2023 4,319 46,075 50,394
  ───────── ───────── ─────────
Depreciation
At 1 April 2022 1,547 18,165 19,712
Charge for the financial year 415 5,479 5,894
  ───────── ───────── ─────────
At 31 March 2023 1,962 23,644 25,606
  ───────── ───────── ─────────
Net book value
At 31 March 2023 2,357 22,431 24,788
  ═════════ ═════════ ═════════
At 31 March 2022 2,689 21,915 24,604
  ═════════ ═════════ ═════════
           
6.1. Tangible assets continued
 
Included above are assets held under finance leases or hire purchase contracts as follows:
 
  2023   2022  
  Net Depreciation Net Depreciation
  book value charge book value charge
  £ £ £ £
 
Motor vehicles 19,584 4,530 18,566 4,675
  ═════════ ═════════ ═════════ ═════════
       
7. Stocks 2023 2022
  £ £
 
Materials 11,000 5,490
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
8. Debtors 2023 2022
  £ £
 
Trade debtors 81,238 40,005
Prepayments and accrued income 1,739 1,589
  ───────── ─────────
  82,977 41,594
  ═════════ ═════════
       
9. Creditors 2023 2022
Amounts falling due within one year £ £
 
Bank loan 3,854 3,854
Net obligations under finance leases
and hire purchase contracts 6,257 5,320
Trade creditors 8,607 6,972
Taxation  (Note 11) 24,162 20,587
Directors' current accounts 20,856 16,529
Other creditors 236 1,921
Accruals 3,382 3,292
  ───────── ─────────
  67,354 58,475
  ═════════ ═════════
       
10. Creditors 2023 2022
Amounts falling due after more than one year £ £
 
Bank loan 9,428 13,302
Finance leases and hire purchase contracts 12,944 13,027
  ───────── ─────────
  22,372 26,329
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 9) 3,854 3,854
Repayable between one and two years 3,854 3,854
Repayable between two and five years 5,574 9,448
  ───────── ─────────
  13,282 17,156
  ═════════ ═════════
 
 
Net obligations under finance leases
and hire purchase contracts
Repayable within one year 6,257 5,320
Repayable between one and five years 12,944 13,027
  ───────── ─────────
  19,201 18,347
  ═════════ ═════════
       
11. Taxation 2023 2022
  £ £
 
Creditors:
VAT 1,257 6,520
Corporation tax 18,573 10,322
PAYE / NI 4,332 3,745
  ───────── ─────────
  24,162 20,587
  ═════════ ═════════
       
12. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total
  allowances  
     
  2023 2022
  £ £
 
At financial year start 4,675 1,884
Charged to profit and loss 942 2,791
  ───────── ─────────
At financial year end 5,617 4,675
  ═════════ ═════════
   
13. Pension costs - defined contribution
 
The company operates a defined contribution pension scheme.  The assets of the scheme are held separately from those of the company in an independently administered fund.  Pension costs amounted to £8,848 (2022 - £8,888).
           
14. Related party transactions
 
During the year dividends totalling £50,000 were voted to the directors.
   
15. Controlling interest
 
The company is under the joint control of the directors.