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REGISTERED NUMBER: 10635674 (England and Wales)




UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2023

FOR

THE GOODLIFE OUTDOOR COMPANY LIMITED

THE GOODLIFE OUTDOOR COMPANY LIMITED (REGISTERED NUMBER: 10635674)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


THE GOODLIFE OUTDOOR COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH JUNE 2023







DIRECTORS: M Abbiati
W Jiaming
C Zhirong



REGISTERED OFFICE: 12 Rossett Park Rossett Park
Darland Lane
Wrexham
LL12 0FB



REGISTERED NUMBER: 10635674 (England and Wales)



ACCOUNTANTS: M. D. Coxey and Co. Limited
Chartered Accountants
25 Grosvenor Road
Wrexham
LL11 1BT



BANKERS: Bank of China
1 Lothbury
London
EC2R 7DB

THE GOODLIFE OUTDOOR COMPANY LIMITED (REGISTERED NUMBER: 10635674)

BALANCE SHEET
30TH JUNE 2023

30.6.23 30.6.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 568,560 518,874
Tangible assets 5 338,389 320,803
906,949 839,677

CURRENT ASSETS
Stocks 6 1,911,157 2,130,257
Debtors 7 884,522 986,014
Cash at bank and in hand 83,654 71,448
2,879,333 3,187,719
CREDITORS
Amounts falling due within one year 8 1,601,172 2,144,860
NET CURRENT ASSETS 1,278,161 1,042,859
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,185,110

1,882,536

CREDITORS
Amounts falling due after more than one year 9 (1,715,733 ) (1,547,471 )

PROVISIONS FOR LIABILITIES 11 (94,969 ) (51,261 )
NET ASSETS 374,408 283,804

CAPITAL AND RESERVES
Called up share capital 12 300,000 200,000
Retained earnings 74,408 83,804
SHAREHOLDERS' FUNDS 374,408 283,804

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 GOODLIFE OUTDOOR COMPANY LIMITED (REGISTERED NUMBER: 10635674)

BALANCE SHEET - continued
30TH JUNE 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19th October 2023 and were signed on its behalf by:





M Abbiati - Director


THE GOODLIFE OUTDOOR COMPANY LIMITED (REGISTERED NUMBER: 10635674)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2023

1. STATUTORY INFORMATION

The Goodlife Outdoor Company 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Revenue from 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of eight years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Fixtures, fittings & equipment - 12.5% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct costs and an appropriate allocation of overheads, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

THE GOODLIFE OUTDOOR COMPANY LIMITED (REGISTERED NUMBER: 10635674)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023

2. ACCOUNTING POLICIES - continued

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.

Research and development
Development of products is capitalised where there is expected to be a benefit to future periods and the following conditions are met:

(i) It is technically feasible to complete the research or development so that the product will be available for use or sale.

(ii) It is intended to use or sell the product being developed.

(iii) The company is able to use or sell the product.

(iv) It can be demonstrated that the product will generate probable future economic benefits.

(v) Adequate technical, financial and other resources exist so that product development can be completed and subsequently used or sold.

(vi) Expenditure attributable to the research and development work can be reliably measured.

Capitalised development expenditure is stated at cost less accumulated amortisation and impairment losses and amortised over its useful economic life. Assessments of useful economic life range from 5 to 15 years. Amortisation expenses for the year and last year are included in administrative expenses.

All other research and development expenditure is recognised as an expense in the period in which it is incurred

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 10 ) .

THE GOODLIFE OUTDOOR COMPANY LIMITED (REGISTERED NUMBER: 10635674)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1st July 2022 86,175 511,998 598,173
Additions - 109,323 109,323
At 30th June 2023 86,175 621,321 707,496
AMORTISATION
At 1st July 2022 43,364 35,935 79,299
Charge for year 8,620 51,017 59,637
At 30th June 2023 51,984 86,952 138,936
NET BOOK VALUE
At 30th June 2023 34,191 534,369 568,560
At 30th June 2022 42,811 476,063 518,874

5. TANGIBLE FIXED ASSETS
Fixtures,
Plant and fittings
machinery & equipment Totals
£    £    £   
COST
At 1st July 2022 12,000 563,431 575,431
Additions - 100,589 100,589
At 30th June 2023 12,000 664,020 676,020
DEPRECIATION
At 1st July 2022 12,000 242,628 254,628
Charge for year - 83,003 83,003
At 30th June 2023 12,000 325,631 337,631
NET BOOK VALUE
At 30th June 2023 - 338,389 338,389
At 30th June 2022 - 320,803 320,803

6. STOCKS
30.6.23 30.6.22
£    £   
Finished goods 1,911,157 2,130,257

THE GOODLIFE OUTDOOR COMPANY LIMITED (REGISTERED NUMBER: 10635674)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Trade debtors 651,770 957,634
Tax 27,443 26,564
Prepayments 205,309 1,816
884,522 986,014

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans and overdrafts 36,767 32,735
Other loans 84,375 84,375
Trade creditors 501,389 1,284,333
Social security and other taxes 10,910 9,555
VAT 212,452 197,328
Other creditors 642,130 409,127
Credit card 9 9
Accrued expenses 113,140 127,398
1,601,172 2,144,860

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.23 30.6.22
£    £   
Bank loans - 1-2 years 41,229 36,737
Bank loans - 2-5 years 113,192 139,425
Bank loans over 5 years - 18,673
Trade creditors 1,117,882 860,666
Directors' loan accounts 443,430 491,970
1,715,733 1,547,471

Amounts falling due in more than five years:

Repayable by instalments
Bank loans over 5 years - 18,673

10. SECURED DEBTS

The following secured debts are included within creditors:

30.6.23 30.6.22
£    £   
Other creditors 642,130 409,127

THE GOODLIFE OUTDOOR COMPANY LIMITED (REGISTERED NUMBER: 10635674)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH JUNE 2023

11. PROVISIONS FOR LIABILITIES
30.6.23 30.6.22
£    £   
Deferred tax
Accelerated capital allowances 226,737 151,405
Tax losses carried forward (131,768 ) (100,144 )
94,969 51,261

Deferred
tax
£   
Balance at 1st July 2022 51,261
Movement in the year due to:
changes in tax allowances 20,915
changes in tax rates 22,793
changes in losses available
Balance at 30th June 2023 94,969

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.23 30.6.22
value: £    £   
300,000 Ordinary £1 300,000 200,000

100,000 Ordinary shares of £1 were issued during the year for cash of £ 100,000 .

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year J Wang, a director of the company, charged consultancy services in the sum of £34,560 (2022: £34,560).