IRIS Accounts Production v23.3.1.45 05808592 director 1.6.22 31.5.23 31.5.23 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh058085922022-05-31058085922023-05-31058085922022-06-012023-05-31058085922021-05-31058085922021-06-012022-05-31058085922022-05-3105808592ns10:Originalns15:EnglandWales2022-06-012023-05-3105808592ns14:PoundSterlingns10:Original2022-06-012023-05-3105808592ns10:Originalns10:Director12022-06-012023-05-3105808592ns10:Original2022-06-012023-05-3105808592ns10:Original2023-05-3105808592ns10:Originalns10:PrivateLimitedCompanyLtd2022-06-012023-05-3105808592ns10:Originalns10:SmallEntities2022-06-012023-05-3105808592ns10:Originalns10:AuditExempt-NoAccountantsReport2022-06-012023-05-3105808592ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-06-012023-05-3105808592ns10:SmallCompaniesRegimeForAccountsns10:Original2022-06-012023-05-3105808592ns10:Originalns10:FullAccounts2022-06-012023-05-3105808592ns10:Originalns10:OrdinaryShareClass12022-06-012023-05-3105808592ns10:CompanySecretary1ns10:Original2022-06-012023-05-3105808592ns10:Originalns10:RegisteredOffice2022-06-012023-05-3105808592ns10:Original2022-05-3105808592ns10:Originalns5:CurrentFinancialInstruments2023-05-3105808592ns10:Originalns5:CurrentFinancialInstruments2022-05-3105808592ns5:ShareCapitalns10:Original2023-05-3105808592ns5:ShareCapitalns10:Original2022-05-3105808592ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-05-3105808592ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-05-3105808592ns10:Originalns5:FurnitureFittings2022-06-012023-05-3105808592ns10:Originalns5:ComputerEquipment2022-06-012023-05-3105808592ns10:Original2021-06-012022-05-3105808592ns10:Originalns5:PlantMachinery2022-05-3105808592ns10:Originalns5:FurnitureFittings2022-05-3105808592ns10:Originalns5:ComputerEquipment2022-05-3105808592ns10:Original2022-05-3105808592ns10:Originalns5:PlantMachinery2022-06-012023-05-3105808592ns10:Originalns5:PlantMachinery2023-05-3105808592ns10:Originalns5:FurnitureFittings2023-05-3105808592ns10:Originalns5:ComputerEquipment2023-05-3105808592ns10:Originalns5:PlantMachinery2022-05-3105808592ns10:Originalns5:FurnitureFittings2022-05-3105808592ns10:Originalns5:ComputerEquipment2022-05-3105808592ns10:Originalns10:OrdinaryShareClass12023-05-3105808592ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-05-3105808592ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-06-012023-05-31
REGISTERED NUMBER: 05808592 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

FOR

GOOD IT LIMITED

GOOD IT LIMITED (REGISTERED NUMBER: 05808592)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GOOD IT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTOR: U Sharma





SECRETARY: Mrs R Sharma





REGISTERED OFFICE: Suite 16 ,Neals Corner
2 Bath Road
Hounslow
Middlesex
TW3 3HJ





REGISTERED NUMBER: 05808592 (England and Wales)





ACCOUNTANTS: Cheshams Accountants Ltd
Chartered Certified Accountants
Suite 16,Neals Corner
2 Bath Road
Hounslow
Middlesex
TW3 3HJ

GOOD IT LIMITED (REGISTERED NUMBER: 05808592)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,299 3,935

CURRENT ASSETS
Stocks 10,056 -
Debtors 5 1,152 4,747
Cash at bank and in hand 8,765 11,827
19,973 16,574
CREDITORS
Amounts falling due within one year 6 6,726 11,083
NET CURRENT ASSETS 13,247 5,491
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,546

9,426

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 8 16,446 9,326
SHAREHOLDERS' FUNDS 16,546 9,426

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 February 2024 and were signed by:





U Sharma - Director


GOOD IT LIMITED (REGISTERED NUMBER: 05808592)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

Good IT 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.

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.
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

GOOD IT LIMITED (REGISTERED NUMBER: 05808592)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 June 2022 2,062 4,427 23,678 30,167
Additions - 232 232 464
At 31 May 2023 2,062 4,659 23,910 30,631
DEPRECIATION
At 1 June 2022 1,465 4,263 20,504 26,232
Charge for year 149 99 852 1,100
At 31 May 2023 1,614 4,362 21,356 27,332
NET BOOK VALUE
At 31 May 2023 448 297 2,554 3,299
At 31 May 2022 597 164 3,174 3,935

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,152 4,747

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,966 6,596
VAT 1,643 1,752
Directors' current accounts 3,117 2,735
6,726 11,083

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1.00 100 100

8. RESERVES
Retained
earnings
£   

At 1 June 2022 9,326
Profit for the year 7,120
At 31 May 2023 16,446