Company registration number 00317118 (England and Wales)
G.GOODALL (DERBY) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
G.GOODALL (DERBY) LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
G.GOODALL (DERBY) LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF G.GOODALL (DERBY) LIMITED
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of G.Goodall (Derby) Limited for the year ended 31 July 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the board of directors of G.Goodall (Derby) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of G.Goodall (Derby) Limited and state those matters that we have agreed to state to the board of directors of G.Goodall (Derby) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than G.Goodall (Derby) Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that G.Goodall (Derby) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of G.Goodall (Derby) Limited. You consider that G.Goodall (Derby) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of G.Goodall (Derby) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG
11 March 2024
G.GOODALL (DERBY) LIMITED
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 2 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
446
595
Investment property
4
470,468
520,468
470,914
521,063
Current assets
Debtors
5
32,264
31,623
Cash at bank and in hand
3,090
6,576
35,354
38,199
Creditors: amounts falling due within one year
6
(5,861)
(6,847)
Net current assets
29,493
31,352
Total assets less current liabilities
500,407
552,415
Creditors: amounts falling due after more than one year
7
(129,532)
(129,840)
Provisions for liabilities
(100,952)
(86,252)
Net assets
269,923
336,323
Capital and reserves
Called up share capital
8
25,000
25,000
Revaluation reserve
350,892
415,594
Profit and loss reserves
(105,969)
(104,271)
Total equity
269,923
336,323
G.GOODALL (DERBY) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2023
31 July 2023
- 3 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 10 March 2024 and are signed on its behalf by:
C G Stirling
Director
Company registration number 00317118 (England and Wales)
G.GOODALL (DERBY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 4 -
1
Accounting policies
Company information

G.Goodall (Derby) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Prospect Place, Millennium Way, Pride Park, Derby, DE24 8HG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

                        

1.2
Going concern

As of the balance sheet date the company’s total liabilities exceeded its total assets. Included in creditors due over 1 year is a loan (note true7) that states it is repayable on demand. However, it has been agreed by the creditor that funds will not be requested by them until the company has sufficient cash flow to repay this.

 

 

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Furniture, fittings and equipment
25% Reducing balance
G.GOODALL (DERBY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 5 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
G.GOODALL (DERBY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
3
Tangible fixed assets
Furniture, fittings and equipment
£
Cost
At 1 August 2022 and 31 July 2023
1,928
Depreciation and impairment
At 1 August 2022
1,333
Depreciation charged in the year
149
At 31 July 2023
1,482
Carrying amount
At 31 July 2023
446
At 31 July 2022
595
4
Investment property
2023
£
Fair value
At 1 August 2022
520,468
Revaluations
(50,000)
At 31 July 2023
470,468

The fair value of the investment property was reviewed by the directors at 31 July 2023. The fair

values have been determined by carrying out a review of the property market and investment yields in the area.

 

The investment property has a carrying amount at historical cost of £21,268 (2022 - £21,268).

 

There has been no valuation of investment property by an independent valuer.

 

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,978
4,487
Other debtors
27,286
27,136
32,264
31,623
G.GOODALL (DERBY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
21
1,391
Taxation and social security
452
470
Other creditors
5,388
4,986
5,861
6,847
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Loans and borrowings
129,532
129,840
129,532
129,840
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
15,000
15,000
15,000
15,000
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
10,000
10,000
10,000
10,000
Preference shares classified as equity
10,000
10,000
Total equity share capital
25,000
25,000
G.GOODALL (DERBY) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 8 -
9
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Interest free loan repayable on demand
-
22,375
1,371
(1,222)
22,524
22,375
1,371
(1,222)
22,524
10
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Analysis of the effect upon equity
Revaluation reserve
-
(17,829)
Profit and loss reserves
-
17,829
-
-
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