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REGISTERED NUMBER: 04716961 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 September 2023

for

Goodwin Electronics Limited

Goodwin Electronics Limited (Registered number: 04716961)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

Goodwin Electronics Limited

Company Information
for the Year Ended 30 September 2023







DIRECTORS: J K Owen
P Fenner





REGISTERED OFFICE: 6 Lumina Martindale Road
Croft Business Park
Bromborough
Wirral
CH62 3PT





REGISTERED NUMBER: 04716961 (England and Wales)





ACCOUNTANTS: Dufton Kellner Limited
Chartered Accountants
Barnston House
Beacon Lane
Heswall
Wirral
Merseyside
CH60 0EE

Goodwin Electronics Limited (Registered number: 04716961)

Balance Sheet
30 September 2023

30.9.23 30.9.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - 148

CURRENT ASSETS
Stocks 309,770 335,781
Debtors 5 90,574 111,529
Cash at bank and in hand 2,030 2,509
402,374 449,819
CREDITORS
Amounts falling due within one year 6 285,805 394,269
NET CURRENT ASSETS 116,569 55,550
TOTAL ASSETS LESS CURRENT
LIABILITIES

116,569

55,698

CREDITORS
Amounts falling due after more than one
year

7

98,764

39,706
NET ASSETS 17,805 15,992

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 17,705 15,892
SHAREHOLDERS' FUNDS 17,805 15,992

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

Goodwin Electronics Limited (Registered number: 04716961)

Balance Sheet - continued
30 September 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 November 2023 and were signed on its behalf by:





J K Owen - Director


Goodwin Electronics Limited (Registered number: 04716961)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

Goodwin Electronics 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Deferred income
During the year certain customers pay amounts on account in anticipation of future work to be undertaken. Any such work undertaken at the year-end but not complete is included in work in progress. Any payments relating solely to work to be carried out in the next financial year is included in creditors as deferred income.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 6 ) .

Goodwin Electronics Limited (Registered number: 04716961)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2022
and 30 September 2023 273
DEPRECIATION
At 1 October 2022 125
Charge for year 148
At 30 September 2023 273
NET BOOK VALUE
At 30 September 2023 -
At 30 September 2022 148

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Trade debtors 67,310 96,830
Other debtors 23,264 14,699
90,574 111,529

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Bank loans and overdrafts 28,832 8,752
Trade creditors 96,291 173,368
Taxation and social security 37,877 11,463
Other creditors 122,805 200,686
285,805 394,269

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.23 30.9.22
£    £   
Bank loans 33,824 39,706
Other creditors 64,940 -
98,764 39,706

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 10,295 16,177

Goodwin Electronics Limited (Registered number: 04716961)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

30.9.23 30.9.22
£    £   
Factoring 40,035 66,014

HSBC Invoice Finance (UK) Limited have a floating charge over the debts of the company.

9. OTHER FINANCIAL COMMITMENTS

At the year-end the company was committed to the following lease payments:

Rent £153,000 (2022 - £2,108) - £34,000 per year for five years.
Vehicle hire £ 6,250 (2022 - £10,418)- £4,167 per year. Eighteen months remaining.
Equipment hire £ Nil (2022 - £1,098)

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following loans from directors subsisted during the years ended 30 September 2023 and 30 September 2022:

30.9.23 30.9.22
£    £   
J K Owen
Balance outstanding at start of year (74,030 ) (78,471 )
Amounts advanced 4,090 9,690
Amounts repaid - (5,249 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (69,940 ) (74,030 )

P Fenner
Balance outstanding at start of year (20,014 ) -
Amounts advanced 12,000 -
Amounts repaid (5,000 ) (20,014 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (13,014 ) (20,014 )

The loans are repayable on demand and unsecured.

Mr Owen charges the company an annual interest rate of 5% per annum, however for this financial year he has waived this.

Mr Fenner does not charge the company any annual interest.

11. ULTIMATE CONTROLLING PARTY

The controlling party is J K Owen.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Goodwin Electronics Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Goodwin Electronics Limited for the year ended 30 September 2023 which comprise the Profit and Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Goodwin Electronics Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Goodwin Electronics Limited and state those matters that we have agreed to state to the Board of Directors of Goodwin Electronics Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Goodwin Electronics Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Goodwin Electronics Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Goodwin Electronics Limited. You consider that Goodwin Electronics Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Goodwin Electronics Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Dufton Kellner Limited
Chartered Accountants
Barnston House
Beacon Lane
Heswall
Wirral
Merseyside
CH60 0EE


23 November 2023