GOODWIN DESIGN LIMITED
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,898 1,930
Current assets
Debtors 4 41,781 51,398
Cash at bank and in hand 6,718 13,888
48,499 65,286
Creditors: amounts falling due within one year 5 (41,740) (54,860)
Net current assets 6,759 10,426
Total assets less current liabilities 8,657 12,356
Creditors: amounts falling due after more than one year (8,686) (12,255)
Net (liabilities)/assets (29) 101
Capital and reserves
Called up share capital 3 3
Profit and loss account (32) 98
Shareholders' funds (29) 101
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
H. GOODWIN
Director
Approved by the board on 26 November 2023
GOODWIN DESIGN LIMITED
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods and provision of services is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Fixtures, fittings and equipment 25% reducing balance basis
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 March 2022 11,242
Additions 500
At 28 February 2023 11,742
Depreciation
At 1 March 2022 9,312
Charge for the year 532
At 28 February 2023 9,844
Net book value
At 28 February 2023 1,898
At 28 February 2022 1,930
4 Debtors 2023 2022
£ £
Trade debtors 1,890 1,890
Corporation Tax recoverable 7,472 7,472
Directors' loan account 32,419 42,036
41,781 51,398
Amounts due after more than one year included above 7,472 7,472
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loan account (unsecured) 3,569 3,478
Trade creditors 1,024 1,004
Corporation tax 17,679 31,978
Other taxes and social security costs 19,468 18,400
41,740 54,860
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loan account (unsecured) 8,686 12,255
7 Controlling party
Mr. and Mrs. Goodwin are directors of the company and hold 67% and 33% of the issued share capital respectively.
8 Other information
GOODWIN DESIGN LIMITED is a private company limited by shares and incorporated in England (Registered Number 03012983). Its registered office is 7 Charlestown Grove, Meir Park, Stoke-on-Trent, Staffordshire, ST3 7WL.
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