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Registration number: 04682058

Malcolm Goodyear Carpentry & building Services Limited

Annual Report and Unaudited Financial Statements Year Ended 31 March 2023

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Chartered Accountants

 

Malcolm Goodyear Carpentry & building Services Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Malcolm Goodyear Carpentry & building Services Limited

Company Information

Director

Mr M Goodyear

Company secretary

Mrs B Goodyear

Registered office

Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

Accountants

Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Malcolm Goodyear Carpentry & building Services Limitedfor the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Malcolm Goodyear Carpentry & building Services Limited for the year ended 31 March 2023 as set out on pages 3 to 9 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 at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Malcolm Goodyear Carpentry & building Services Limited, as a body, in accordance with the terms of our engagement letter dated 9 April 2020. Our work has been undertaken solely to prepare for your approval the accounts of Malcolm Goodyear Carpentry & building Services Limited and state those matters that we have agreed to state to the Board of Directors of Malcolm Goodyear Carpentry & building Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Malcolm Goodyear Carpentry & building Services Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Malcolm Goodyear Carpentry & building Services Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Malcolm Goodyear Carpentry & building Services Limited. You consider that Malcolm Goodyear Carpentry & building Services 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 accounts of Malcolm Goodyear Carpentry & building Services 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 accounts.






Edwards & Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

29 November 2023

 

Malcolm Goodyear Carpentry & building Services Limited

(Registration number: 04682058)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,159

4,031

Current assets

 

Stocks

5

-

4,048

Debtors

6

9,799

6,605

Cash at bank and in hand

 

1,025

1,500

 

10,824

12,153

Creditors: Amounts falling due within one year

7

(41,852)

(59,029)

Net current liabilities

 

(31,028)

(46,876)

Total assets less current liabilities

 

(27,869)

(42,845)

Creditors: Amounts falling due after more than one year

7

(35,613)

(5,295)

Provisions for liabilities

(600)

(765)

Net liabilities

 

(64,082)

(48,905)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

(64,084)

(48,907)

Shareholders' deficit

 

(64,082)

(48,905)

For the financial year ending 31 March 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 November 2023
 



Mr M Goodyear
Director

 

Malcolm Goodyear Carpentry & building Services Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 March 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:
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA
England

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 company has net liabilities at the balance sheet date. The company is reliant upon the support of the director, who has guaranteed the hire purchase facility and trade creditors and on this basis, the director considers it appropriate to prepare the financial statements 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.

 

Malcolm Goodyear Carpentry & building Services Limited

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

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.

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 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

15% reducing balance

Motor vehicles

25% reducing balance

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.

Trade 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.

 

Malcolm Goodyear Carpentry & building Services Limited

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

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 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.

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.

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.

 

Malcolm Goodyear Carpentry & building Services Limited

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

3

Staff numbers

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

4

Tangible assets

Plant and machinery
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

6,675

16,055

22,730

At 31 March 2023

6,675

16,055

22,730

Depreciation

At 1 April 2022

4,742

13,957

18,699

Charge for the year

347

525

872

At 31 March 2023

5,089

14,482

19,571

Carrying amount

At 31 March 2023

1,586

1,573

3,159

At 31 March 2022

1,933

2,098

4,031

5

Stocks

2023
£

2022
£

Work in progress

-

4,048

6

Debtors

Current

2023
£

2022
£

Trade debtors

2,426

1,620

Other debtors

7,373

4,985

 

9,799

6,605

 

Malcolm Goodyear Carpentry & building Services Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

7,486

11,322

Trade creditors

 

4,452

7,499

Taxation and social security

 

4,948

7,910

Accruals and deferred income

 

1,320

1,183

Other creditors

 

23,646

31,115

 

41,852

59,029

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

35,613

5,295

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

35,613

5,295

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

1,020

6,027

Other borrowings

6,466

5,295

7,486

11,322

Bank borrowings

The carrying amount at year end is £1,020 (2022 - £6,027).

The borrowings are personally secured by the director of the company

Other borrowings

The carrying amount of loans and hire purchase at year end is £42,079 (2022 - £10,590).

The borrowings are personally secured by the director of the company

 

Malcolm Goodyear Carpentry & building Services Limited

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

9

Related party transactions

Transactions with the director

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr M Goodyear

Interest free loan repayable on demand

(4,985)

(2,721)

333

(7,373)

         
       

 

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

Mr M Goodyear

Interest free loan repayable on demand

(4,383)

(1,514)

912

(4,985)