STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
GOODMAN METALWORKS LIMITED |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
GOODMAN METALWORKS LIMITED |
GOODMAN METALWORKS LIMITED (REGISTERED NUMBER: 01900509) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 March 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 4 |
Statement of Comprehensive Income | 6 |
Balance Sheet | 7 |
Statement of Changes in Equity | 8 |
Cash Flow Statement | 9 |
Notes to the Cash Flow Statement | 10 |
Notes to the Financial Statements | 11 |
GOODMAN METALWORKS LIMITED |
COMPANY INFORMATION |
for the year ended 31 March 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditors |
70-72 Nottingham Road |
Mansfield |
Nottinghamshire |
NG18 1BN |
GOODMAN METALWORKS LIMITED (REGISTERED NUMBER: 01900509) |
STRATEGIC REPORT |
for the year ended 31 March 2024 |
The director presents his strategic report for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
The company has had a successful year with improved trading results which have again strengthened the company balance sheet with an increase in shareholders' funds and net current assets. |
The company has continued to focus on improving and enhancing both operating and engineering effectiveness and capabilities. The company has made significant investment in new updated modern plant and machinery, and it is considered that this has, and continues to, contribute to the improved trading result. |
The director is satisfied with the result achieved and overall balance sheet position. |
Principal risks |
Cash flow management - ongoing monitoring of funds position and ensuring sufficient fund facility is in place - Invoice discounting facility secured on company debtor book currently gives flexibility to accommodate this |
Exposure to debt - effective management and monitoring of customer account and debt levels and avoiding any concentration of risk . Currently considered to have a good balance supply engineering to customers across a range of sectors and markets |
Responding to changing conditions and circumstances both from a trading and engineering perspective - The company manages this through involved and informed management, together with an integrated real time management information reporting system to regularly produce financial and operating information on which management at all levels can act. This is further enhanced through regular and systematised review of trading performance together with stock, debtors, cash and creditor levels |
KPI results |
Gross profit: £2,748k |
GP%: 28% |
Net profit: £845k |
Shareholders' funds: £2,723k |
ON BEHALF OF THE BOARD: |
GOODMAN METALWORKS LIMITED (REGISTERED NUMBER: 01900509) |
REPORT OF THE DIRECTOR |
for the year ended 31 March 2024 |
The director presents his report with the financial statements of the company for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of engineering and full service metal fabrication. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2024. |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Hewitt Card Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GOODMAN METALWORKS LIMITED |
Opinion |
We have audited the financial statements of Goodman Metalworks Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GOODMAN METALWORKS LIMITED |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We have adopted a risk based approach based upon analytical procedures and knowledge of the clients systems and environment it operates in. |
This enables us to design and perform audit procedures responsive to those risks; and obtain audit evidence that is sufficient and appropriate to provide a basis for the audit opinion. |
To obtain an understanding of internal control where relevant to the audit to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the companys internal control. |
To evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. |
To conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. |
The likelihood of detecting irregularities is inherently difficult and we have designed our tests and procedures to reduce this risk. |
- We have enquired of management and the company's solicitors around actual and potential litigation and claims. - Review of company minutes of meetings of those charged with governance. |
- Reviewing financial statements disclosure and testing supporting documentation to assess compliance with applicable laws and regulations |
- Review and testing of management override of controls, including through testing journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
70-72 Nottingham Road |
Mansfield |
Nottinghamshire |
NG18 1BN |
GOODMAN METALWORKS LIMITED (REGISTERED NUMBER: 01900509) |
STATEMENT OF COMPREHENSIVE |
INCOME |
for the year ended 31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
820,813 | 434,123 |
Other operating income |
OPERATING PROFIT | 4 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
GOODMAN METALWORKS LIMITED (REGISTERED NUMBER: 01900509) |
BALANCE SHEET |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
CURRENT ASSETS |
Stocks | 8 |
Debtors | 9 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 11 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
GOODMAN METALWORKS LIMITED (REGISTERED NUMBER: 01900509) |
STATEMENT OF CHANGES IN EQUITY |
for the year ended 31 March 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2024 |
GOODMAN METALWORKS LIMITED (REGISTERED NUMBER: 01900509) |
CASH FLOW STATEMENT |
for the year ended 31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year |
Amount introduced by directors | - | 1,553 |
Net cash from financing activities | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
(490,617 |
) |
147,862 |
Cash and cash equivalents at end of year | 2 | 751,369 | ( |
) |
GOODMAN METALWORKS LIMITED (REGISTERED NUMBER: 01900509) |
NOTES TO THE CASH FLOW STATEMENT |
for the year ended 31 March 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.3.24 | 31.3.23 |
£ | £ |
Profit before taxation |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Finance costs | 63,410 | 36,424 |
1,228,359 | 895,991 |
Increase in stocks | ( |
) | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 751,369 | 49,408 |
Bank overdrafts | ( |
) |
751,369 | (490,617 | ) |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 49,408 | 147,862 |
Bank overdrafts | ( |
) |
(490,617 | ) | 147,862 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 49,408 | 701,961 | 751,369 |
Bank overdrafts | (540,025 | ) | 540,025 | - |
(490,617 | ) | 751,369 |
Debt |
Finance leases | (42,235 | ) | (354,043 | ) | (396,278 | ) |
Debts falling due within 1 year | (118,239 | ) | 31,008 | (87,231 | ) |
Debts falling due after 1 year | (594,417 | ) | 168,112 | (426,305 | ) |
(754,891 | ) | (154,923 | ) | (909,814 | ) |
Total | (1,245,508 | ) | 1,087,063 | (158,445 | ) |
GOODMAN METALWORKS LIMITED (REGISTERED NUMBER: 01900509) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Goodman Metalworks Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised. |
Sale of goods |
Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
- the Company has transferred the significant risks and rewards of ownership to the buyer. |
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold. |
- the amount of revenue can be measured reliably. |
- it is probable that the Company will receive the consideration due under the transaction; and |
- the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Tangible fixed assets |
Freehold property | - |
Long leasehold | - |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
WIP is valued at cost. |
GOODMAN METALWORKS LIMITED (REGISTERED NUMBER: 01900509) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. 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 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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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 |
31.3.24 | 31.3.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.3.24 | 31.3.23 |
31.3.24 | 31.3.23 |
£ | £ |
Director's remuneration |
GOODMAN METALWORKS LIMITED (REGISTERED NUMBER: 01900509) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
3. | EMPLOYEES AND DIRECTORS - continued |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.3.24 | 31.3.23 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.24 | 31.3.23 |
£ | £ |
Bank loan interest |
Loan |
Hire purchase |
6. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
Adjustments of prior year | 494 | (245 | ) |
Total current tax | ( |
) |
Deferred tax |
Tax on profit | ( |
) |
GOODMAN METALWORKS LIMITED (REGISTERED NUMBER: 01900509) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
6. | TAXATION - continued |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31.3.24 | 31.3.23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Utilisation of tax losses |
Adjustments to tax charge in respect of previous periods | ( |
) |
R & D Claim | (124,803 | ) | (164,097 | ) |
Tax credit | - | (104,832 | ) |
Deferred tax | 38,824 | 60,917 |
Total tax charge/(credit) | 39,318 | (44,160 | ) |
7. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | Long | to | Plant and |
property | leasehold | property | machinery |
£ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) |
Reclassification/transfer | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
Reclassification/transfer | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
GOODMAN METALWORKS LIMITED (REGISTERED NUMBER: 01900509) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
7. | TANGIBLE FIXED ASSETS - continued |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
Reclassification/transfer |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
Reclassification/transfer |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
8. | STOCKS |
31.3.24 | 31.3.23 |
£ | £ |
Stocks |
Work-in-progress |
GOODMAN METALWORKS LIMITED (REGISTERED NUMBER: 01900509) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Other debtors |
Tax |
Prepayments |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts (see note 12) |
Hire purchase contracts (see note 13) |
Payments on account |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 152,939 | 138,869 |
Other creditors |
Deferred capital grant | 32,737 | 57,335 |
Accrued expenses |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans (see note 12) |
Hire purchase contracts (see note 13) |
Deferred capital grant | 77,429 | 60,845 |
12. | LOANS |
An analysis of the maturity of loans is given below: |
31.3.24 | 31.3.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
GOODMAN METALWORKS LIMITED (REGISTERED NUMBER: 01900509) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
12. | LOANS - continued |
31.3.24 | 31.3.23 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | - | 167,644 |
13. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
14. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans |
Hire purchase contracts | 396,278 | 42,235 |
Invoice discounting | - | 540,025 |
The bank loan is secured by a legal charge over the company's property and associated assets and an unlimited cross company guarantee by it's parent company, Goodman (Holdings) Limited. |
The hire purchase obligations are secured against the assets to which they relate. |
Funding through the company's invoice discounting facility is secured against the book debt of the company. |
15. | PROVISIONS FOR LIABILITIES |
31.3.24 | 31.3.23 |
£ | £ |
Deferred tax | 181,012 | 142,188 |
GOODMAN METALWORKS LIMITED (REGISTERED NUMBER: 01900509) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
15. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Provided during year |
Balance at 31 March 2024 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary | £1 | 10,000 | 10,000 |
17. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2023 |
Profit for the year |
At 31 March 2024 |
18. | PENSION COMMITMENTS |
The company operates a defined pension scheme, during the year the total amount of contributions were £284,262 (2023: £191,607). As at 31st March 2024 £12,258 (2023: £9,731) were outstanding. |
19. | ULTIMATE PARENT COMPANY |
Goodman (Holdings) Limited is regarded by the director as being the company's ultimate parent company. |
20. | CAPITAL COMMITMENTS |
31.3.24 | 31.3.23 |
£ | £ |
Contracted but not provided for in the |
financial statements |
21. | RELATED PARTY DISCLOSURES |
31.3.24 | 31.3.23 |
£ | £ |
Sales |
Rent | 81,000 | 81,000 |
Amount due from related party |
22. | ULTIMATE CONTROLLING PARTY |