Gould Engineering Solutions Ltd 11707610 false 2022-10-01 2023-09-30 2023-09-30 The principal activity of the company is the manufacture of motor vehicles parts. Digita Accounts Production Advanced 6.30.9574.0 true true 11707610 2022-10-01 2023-09-30 11707610 2023-09-30 11707610 core:CurrentFinancialInstruments 2023-09-30 11707610 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 11707610 bus:SmallEntities 2022-10-01 2023-09-30 11707610 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 11707610 bus:FullAccounts 2022-10-01 2023-09-30 11707610 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 11707610 bus:RegisteredOffice 2022-10-01 2023-09-30 11707610 bus:Director1 2022-10-01 2023-09-30 11707610 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 11707610 core:OtherRelatedParties 2022-10-01 2023-09-30 11707610 countries:EnglandWales 2022-10-01 2023-09-30 11707610 2021-10-01 2022-09-30 11707610 2022-09-30 11707610 core:CurrentFinancialInstruments 2022-09-30 11707610 core:CurrentFinancialInstruments core:WithinOneYear 2022-09-30 iso4217:GBP xbrli:pure

Registration number: 11707610

Prepared for the registrar

Gould Engineering Solutions Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Gould Engineering Solutions Ltd

(Registration number: 11707610)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

1,352

288

Cash at bank and in hand

 

-

17,475

 

1,352

17,763

Creditors: Amounts falling due within one year

5

(1,350)

(2,000)

Net assets

 

2

15,763

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

-

15,761

Shareholders' funds

 

2

15,763

For the financial year ending 30 September 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 4 April 2024 and signed on its behalf by:
 


D S Gould
Director

 

Gould Engineering Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
Unit 7
Arnhem Road
Newbury
Berkshire
RG14 5RU

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's current forecasts and projections, together with the facilities available to the company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

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 the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current 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.

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.

 

Gould Engineering Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

3

Staff numbers

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

 

4

Debtors

Note

2023
 £

2022
 £

Amounts owed by related parties

6

1,350

-

Other debtors

 

2

288

   

1,352

288

 

5

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Accrued expenses

 

1,350

2,000

 

6

Related party transactions

Summary of transactions with other related parties

At 30 September 2023 the company was owed £1,350 (2022: £nil) by Gould Composites Ltd, a group company. No interest was charged on this balance and there are no fixed repayment terms. During the year, a loan of £15,418 was written off in full.
 

 

7

Parent and ultimate parent undertaking

The company's immediate parent is Gould Holdings Ltd, incorporated in England and Wales.