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Company registration number: 03724708
Geoff Greenfield Ltd
Unaudited filleted financial statements
30 June 2023
Geoff Greenfield Ltd
Contents
Statement of financial position
Notes to the financial statements
Geoff Greenfield Ltd
Statement of financial position
30 June 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 19,318 14,918
_______ _______
19,318 14,918
Current assets
Stocks 3,000 3,000
Debtors 7 769,103 744,930
Cash at bank and in hand 21,127 31,971
_______ _______
793,230 779,901
Creditors: amounts falling due
within one year 8 ( 581,564) ( 517,863)
_______ _______
Net current assets 211,666 262,038
_______ _______
Total assets less current liabilities 230,984 276,956
Provisions for liabilities ( 3,439) ( 2,834)
_______ _______
Net assets 227,545 274,122
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 227,445 274,022
_______ _______
Shareholders funds 227,545 274,122
_______ _______
For the year ending 30 June 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 05 March 2024 , and are signed on behalf of the board by:
Mr W J Skinner
Director
Company registration number: 03724708
Geoff Greenfield Ltd
Notes to the financial statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Henfield Road, Upper Beeding, Steyning, West Sussex, BN44 3TF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - 25 % straight line
Plant and machinery - 16.6% & 25% straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 31 (2022: 28 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 July 2022 and 30 June 2023 200,000 200,000
_______ _______
Amortisation
At 1 July 2022 and 30 June 2023 200,000 200,000
_______ _______
Carrying amount
At 30 June 2023 - -
_______ _______
At 30 June 2022 - -
_______ _______
6. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 July 2022 31,744 219,713 22,809 28,178 302,444
Additions - 8,980 1,242 - 10,222
_______ _______ _______ _______ _______
At 30 June 2023 31,744 228,693 24,051 28,178 312,666
_______ _______ _______ _______ _______
Depreciation
At 1 July 2022 30,922 208,607 19,819 28,178 287,526
Charge for the year 580 3,863 1,379 - 5,822
_______ _______ _______ _______ _______
At 30 June 2023 31,502 212,470 21,198 28,178 293,348
_______ _______ _______ _______ _______
Carrying amount
At 30 June 2023 242 16,223 2,853 - 19,318
_______ _______ _______ _______ _______
At 30 June 2022 822 11,106 2,990 - 14,918
_______ _______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 560,895 392,609
Other debtors 208,208 352,321
_______ _______
769,103 744,930
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 276,598 241,767
Trade creditors 227,678 165,966
Amounts owed to group undertakings 26,787 50,787
Social security and other taxes 32,728 39,327
Other creditors 17,773 20,016
_______ _______
581,564 517,863
_______ _______
Included in the above are amounts totalling £276,623 (2022 - £241,767) which are secured over the company's assets.
9. Directors advances, credits and guarantees
Balance brought forward and o/standing Balance brought forward and o/standing
2023 2022
£ £
409 409
_______ _______
10. Controlling party
The company is under the control of Mr W J Skinner by virtue of his shareholding in the company's parent undertaking, B Skinner Holdings Limited.