Nigel Goodwin Funeral Directors Limited 08959601 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of funeral directors Digita Accounts Production Advanced 6.30.9574.0 true true 08959601 2022-04-01 2023-03-31 08959601 2023-03-31 08959601 core:RetainedEarningsAccumulatedLosses 2023-03-31 08959601 core:ShareCapital 2023-03-31 08959601 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 08959601 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 08959601 core:CurrentFinancialInstruments 2023-03-31 08959601 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 08959601 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 08959601 core:Goodwill 2023-03-31 08959601 core:FurnitureFittingsToolsEquipment 2023-03-31 08959601 core:LandBuildings 2023-03-31 08959601 core:MotorVehicles 2023-03-31 08959601 bus:SmallEntities 2022-04-01 2023-03-31 08959601 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 08959601 bus:FullAccounts 2022-04-01 2023-03-31 08959601 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 08959601 bus:RegisteredOffice 2022-04-01 2023-03-31 08959601 bus:Director1 2022-04-01 2023-03-31 08959601 bus:Director2 2022-04-01 2023-03-31 08959601 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 08959601 core:Goodwill 2022-04-01 2023-03-31 08959601 core:Buildings 2022-04-01 2023-03-31 08959601 core:FurnitureFittings 2022-04-01 2023-03-31 08959601 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 08959601 core:LandBuildings 2022-04-01 2023-03-31 08959601 core:LeaseholdImprovements 2022-04-01 2023-03-31 08959601 core:MotorVehicles 2022-04-01 2023-03-31 08959601 core:OfficeEquipment 2022-04-01 2023-03-31 08959601 core:PlantMachinery 2022-04-01 2023-03-31 08959601 countries:EnglandWales 2022-04-01 2023-03-31 08959601 2022-03-31 08959601 core:Goodwill 2022-03-31 08959601 core:FurnitureFittingsToolsEquipment 2022-03-31 08959601 core:LandBuildings 2022-03-31 08959601 core:MotorVehicles 2022-03-31 08959601 2021-04-01 2022-03-31 08959601 2022-03-31 08959601 core:RetainedEarningsAccumulatedLosses 2022-03-31 08959601 core:ShareCapital 2022-03-31 08959601 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-03-31 08959601 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-03-31 08959601 core:CurrentFinancialInstruments 2022-03-31 08959601 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 08959601 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 08959601 core:FurnitureFittingsToolsEquipment 2022-03-31 08959601 core:LandBuildings 2022-03-31 08959601 core:MotorVehicles 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 08959601

Nigel Goodwin Funeral Directors Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Nigel Goodwin Funeral Directors Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Nigel Goodwin Funeral Directors Limited

(Registration number: 08959601)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

246,851

277,797

Current assets

 

Stocks

6

670

677

Debtors

7

55,774

25,617

Cash at bank and in hand

 

239,052

189,825

 

295,496

216,119

Creditors: Amounts falling due within one year

8

(104,622)

(96,833)

Net current assets

 

190,874

119,286

Total assets less current liabilities

 

437,725

397,083

Creditors: Amounts falling due after more than one year

8

(11,899)

(16,760)

Provisions for liabilities

(18,142)

(18,601)

Net assets

 

407,684

361,722

Capital and reserves

 

Called up share capital

100

100

Retained earnings

407,584

361,622

Shareholders' funds

 

407,684

361,722

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.

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 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 November 2023 and signed on its behalf by:
 

 

Nigel Goodwin Funeral Directors Limited

(Registration number: 08959601)
Balance Sheet as at 31 March 2023

.........................................
Mr N P Goodwin
Director

.........................................
Mrs N R Goodwin
Director

 

Nigel Goodwin Funeral Directors 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:
1 St Martin's Avenue
York Road
Doncaster
South Yorkshire
DN5 8HZ

These financial statements were authorised for issue by the Board on 22 November 2023.

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 financial statements have been prepared 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.

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.

 

Nigel Goodwin Funeral Directors Limited

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

25% reducing balance

Fixtures and Fittings

15% reducing balance

Office Equipment

25% reducing balance

Motor Vehicles

20% reducing balance

Leasehold improvements

5 years straight line

Freehold property

50 years straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years straight line

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.

 

Nigel Goodwin Funeral Directors Limited

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

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.

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.

 

Nigel Goodwin Funeral Directors Limited

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 10).

 

Nigel Goodwin Funeral Directors Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

27,000

27,000

At 31 March 2023

27,000

27,000

Amortisation

At 1 April 2022

27,000

27,000

At 31 March 2023

27,000

27,000

Carrying amount

At 31 March 2023

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

153,665

30,939

218,060

402,664

At 31 March 2023

153,665

30,939

218,060

402,664

Depreciation

At 1 April 2022

18,594

15,561

90,712

124,867

Charge for the year

2,923

2,553

25,470

30,946

At 31 March 2023

21,517

18,114

116,182

155,813

Carrying amount

At 31 March 2023

132,148

12,825

101,878

246,851

At 31 March 2022

135,071

15,378

127,348

277,797

Included within the net book value of land and buildings above is £132,148 (2022 - £135,071) in respect of freehold land and buildings and £Nil (2022 - £Nil) in respect of short leasehold land and buildings.
 

6

Stocks

2023
£

2022
£

Other inventories

670

677

 

Nigel Goodwin Funeral Directors Limited

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

7

Debtors

2023
£

2022
£

Trade debtors

17,007

23,865

Prepayments

38,767

1,752

55,774

25,617

 

Nigel Goodwin Funeral Directors Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

4,860

19,849

Trade creditors

 

38,166

20,382

Amounts owed to related parties

3,062

19,449

Taxation and social security

 

2,417

1,444

Income tax liability

 

32,566

17,965

Other creditors

 

417

344

Accrued expenses

 

23,134

17,400

 

104,622

96,833

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

11,899

16,760

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

11,899

16,760

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

4,860

19,849

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £73,800 (2022 - £95,400).