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Registration number: 00731686

W.Godfrey & Sons Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 28 February 2023

 

W.Godfrey & Sons Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

W.Godfrey & Sons Limited

(Registration number: 00731686)
Statement of Financial Position as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

32,360

38,110

Current assets

 

Stocks

5

262,144

196,031

Debtors

6

28,136

23,721

Cash at bank and in hand

 

227

3,967

 

290,507

223,719

Creditors: Amounts falling due within one year

7

(131,455)

(102,945)

Net current assets

 

159,052

120,774

Total assets less current liabilities

 

191,412

158,884

Creditors: Amounts falling due after more than one year

7

(12,982)

(25,284)

Provisions for liabilities

(3,411)

(3,002)

Net assets

 

175,019

130,598

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

174,019

129,598

Shareholders' funds

 

175,019

130,598

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.

Directors' 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 directors acknowledge their 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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Income Statement has been taken.

Approved and authorised by the Board on 28 November 2023 and signed on its behalf by:
 

 

W.Godfrey & Sons Limited

(Registration number: 00731686)
Statement of Financial Position as at 28 February 2023

.........................................
Mr W Godfrey
Company secretary and director

 

W.Godfrey & Sons Limited

Notes to the Unaudited 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: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY. United Kingdom.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of 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.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure. This includes the Government Bounce Back Loan Scheme which pays the interest on the loan for the first year.

Tax

The tax expense for the period comprises current and deferred 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.

 

W.Godfrey & Sons Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Freehold land and buildings

Straight line over 20 years

Plant and machinery

25% reducing balance

Greenhouses and garages

Straight line over 20 years

Motor vehicles

25% reducing balance

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.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

 

W.Godfrey & Sons Limited

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

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 income statement 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 6).

 

W.Godfrey & Sons Limited

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

4

Tangible assets

Freehold land and buildings
£

Plant and machinery
£

Greenhouses and garages
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

145,543

62,701

65,423

20,738

294,405

Additions

-

389

-

-

389

At 28 February 2023

145,543

63,090

65,423

20,738

294,794

Depreciation

At 1 March 2022

136,385

59,701

47,608

12,601

256,295

Charge for the year

1,232

848

2,024

2,035

6,139

At 28 February 2023

137,617

60,549

49,632

14,636

262,434

Carrying amount

At 28 February 2023

7,926

2,541

15,791

6,102

32,360

At 28 February 2022

9,158

3,000

17,815

8,137

38,110

5

Stocks

2023
£

2022
£

Goods for resale

262,144

196,031

6

Debtors

2023
£

2022
£

Trade debtors

24,500

23,099

Prepayments

3,636

622

28,136

23,721

 

W.Godfrey & Sons Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Bank loans and overdrafts

8

32,478

9,883

Trade creditors

 

6,251

11,274

Taxation and social security

 

24,991

17,359

Accruals and deferred income

 

3,894

4,122

Other creditors

 

63,841

60,307

 

131,455

102,945

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

8

12,982

25,284

Creditors include bank loans repayable by instalments of £nil (2021 - £2,650) due after more than five years.

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

12,982

25,284

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,184

9,883

Bank overdrafts

22,294

-

32,478

9,883

Bank overdrafts

The bank overdraft is secured on the freehold property and assets of the company.