IRIS Accounts Production v24.1.9.2 01900509 director 1.4.23 31.3.24 31.3.24 true false true true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh019005092023-03-31019005092024-03-31019005092023-04-012024-03-31019005092022-03-31019005092022-04-012023-03-31019005092023-03-3101900509ns15:EnglandWales2023-04-012024-03-3101900509ns14:PoundSterling2023-04-012024-03-3101900509ns10:Director12023-04-012024-03-3101900509ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3101900509ns10:FRS1022023-04-012024-03-3101900509ns10:Audited2023-04-012024-03-3101900509ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-04-012024-03-3101900509ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-04-012024-03-3101900509ns10:FullAccounts2023-04-012024-03-3101900509ns10:OrdinaryShareClass12023-04-012024-03-3101900509ns10:CompanySecretary12023-04-012024-03-3101900509ns10:RegisteredOffice2023-04-012024-03-3101900509ns5:CurrentFinancialInstruments2024-03-3101900509ns5:CurrentFinancialInstruments2023-03-3101900509ns5:Non-currentFinancialInstruments2024-03-3101900509ns5:Non-currentFinancialInstruments2023-03-3101900509ns5:ShareCapital2024-03-3101900509ns5:ShareCapital2023-03-3101900509ns5:RetainedEarningsAccumulatedLosses2024-03-3101900509ns5:RetainedEarningsAccumulatedLosses2023-03-3101900509ns5:ShareCapital2022-03-3101900509ns5:RetainedEarningsAccumulatedLosses2022-03-3101900509ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3101900509ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-3101900509ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-04-012024-03-3101900509ns5:LongLeaseholdAssetsns5:LandBuildings2023-04-012024-03-3101900509ns5:LeaseholdImprovements2023-04-012024-03-3101900509ns5:PlantMachinery2023-04-012024-03-3101900509ns5:FurnitureFittings2023-04-012024-03-3101900509ns5:MotorVehicles2023-04-012024-03-3101900509ns5:ComputerEquipment2023-04-012024-03-3101900509ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-04-012024-03-3101900509ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-04-012023-03-3101900509ns5:OwnedAssets2023-04-012024-03-3101900509ns5:OwnedAssets2022-04-012023-03-3101900509ns5:LeasedAssets2023-04-012024-03-3101900509ns5:LeasedAssets2022-04-012023-03-3101900509ns5:HirePurchaseContracts2023-04-012024-03-3101900509ns5:HirePurchaseContracts2022-04-012023-03-3101900509ns5:LandBuildings2023-03-3101900509ns5:LongLeaseholdAssetsns5:LandBuildings2023-03-3101900509ns5:LeaseholdImprovements2023-03-3101900509ns5:PlantMachinery2023-03-3101900509ns5:LandBuildings2023-04-012024-03-3101900509ns5:LandBuildings2024-03-3101900509ns5:LongLeaseholdAssetsns5:LandBuildings2024-03-3101900509ns5:LeaseholdImprovements2024-03-3101900509ns5:PlantMachinery2024-03-3101900509ns5:LandBuildings2023-03-3101900509ns5:LongLeaseholdAssetsns5:LandBuildings2023-03-3101900509ns5:LeaseholdImprovements2023-03-3101900509ns5:PlantMachinery2023-03-3101900509ns5:FurnitureFittings2023-03-3101900509ns5:MotorVehicles2023-03-3101900509ns5:ComputerEquipment2023-03-3101900509ns5:FurnitureFittings2024-03-3101900509ns5:MotorVehicles2024-03-3101900509ns5:ComputerEquipment2024-03-3101900509ns5:FurnitureFittings2023-03-3101900509ns5:MotorVehicles2023-03-3101900509ns5:ComputerEquipment2023-03-3101900509ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-03-3101900509ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-03-3101900509ns5:LeasedAssetsHeldAsLessee2023-03-3101900509ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-04-012024-03-3101900509ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-04-012024-03-3101900509ns5:LeasedAssetsHeldAsLessee2023-04-012024-03-3101900509ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-03-3101900509ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-03-3101900509ns5:LeasedAssetsHeldAsLessee2024-03-3101900509ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-03-3101900509ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-03-3101900509ns5:LeasedAssetsHeldAsLessee2023-03-3101900509ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3101900509ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3101900509ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2024-03-3101900509ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-03-3101900509ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-03-3101900509ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-03-3101900509ns5:HirePurchaseContractsns5:WithinOneYear2024-03-3101900509ns5:HirePurchaseContractsns5:WithinOneYear2023-03-3101900509ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-03-3101900509ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-03-3101900509ns5:HirePurchaseContracts2024-03-3101900509ns5:HirePurchaseContracts2023-03-3101900509ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3101900509ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3101900509ns5:Secured2024-03-3101900509ns5:Secured2023-03-3101900509ns5:DeferredTaxation2023-03-3101900509ns5:DeferredTaxation2023-04-012024-03-3101900509ns5:DeferredTaxation2024-03-3101900509ns10:OrdinaryShareClass12024-03-3101900509ns5:RetainedEarningsAccumulatedLosses2023-03-3101900509ns5:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2023-04-012024-03-3101900509ns5:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2022-04-012023-03-3101900509ns5:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2024-03-3101900509ns5:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2023-03-31




























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: Mr R T Goodman



SECRETARY: Mrs D J Goodman



REGISTERED OFFICE: Private Road No 7
Colwick Industrial Estate
Nottingham
NG4 2JW



REGISTERED NUMBER: 01900509 (England and Wales)



SENIOR STATUTORY AUDITOR: Mr James Timothy Card FCCA



AUDITORS: Hewitt Card Limited
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:





Mr R T Goodman - Director


30 July 2024

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
Mr R T Goodman held office during the whole of the period from 1 April 2023 to the date of this report.

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:





Mr R T Goodman - Director


30 July 2024

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.




Mr James Timothy Card FCCA (Senior Statutory Auditor)
for and on behalf of Hewitt Card Limited
Statutory Auditors
70-72 Nottingham Road
Mansfield
Nottinghamshire
NG18 1BN

30 July 2024

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 9,833,385 8,313,500

Cost of sales 7,085,107 6,200,186
GROSS PROFIT 2,748,278 2,113,314

Administrative expenses 1,927,465 1,679,191
820,813 434,123

Other operating income 87,560 125,669
OPERATING PROFIT 4 908,373 559,792


Interest payable and similar expenses 5 63,410 36,424
PROFIT BEFORE TAXATION 844,963 523,368

Tax on profit 6 39,318 (44,160 )
PROFIT FOR THE FINANCIAL YEAR 805,645 567,528

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

805,645

567,528

GOODMAN METALWORKS LIMITED (REGISTERED NUMBER: 01900509)

BALANCE SHEET
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 3,001,249 2,121,414

CURRENT ASSETS
Stocks 8 604,787 600,529
Debtors 9 1,909,219 2,730,789
Cash at bank and in hand 751,369 49,408
3,265,375 3,380,726
CREDITORS
Amounts falling due within one year 10 2,566,262 2,748,813
NET CURRENT ASSETS 699,113 631,913
TOTAL ASSETS LESS CURRENT LIABILITIES 3,700,362 2,753,327

CREDITORS
Amounts falling due after more than one year 11 (795,945 ) (693,379 )

PROVISIONS FOR LIABILITIES 15 (181,012 ) (142,188 )
NET ASSETS 2,723,405 1,917,760

CAPITAL AND RESERVES
Called up share capital 16 10,000 10,000
Retained earnings 17 2,713,405 1,907,760
SHAREHOLDERS' FUNDS 2,723,405 1,917,760

The financial statements were approved by the director and authorised for issue on 30 July 2024 and were signed by:





Mr R T Goodman - Director


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 10,000 1,340,232 1,350,232

Changes in equity
Total comprehensive income - 567,528 567,528
Balance at 31 March 2023 10,000 1,907,760 1,917,760

Changes in equity
Total comprehensive income - 805,645 805,645
Balance at 31 March 2024 10,000 2,713,405 2,723,405

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 2,245,956 (128,897 )
Interest paid (51,667 ) (35,425 )
Interest element of hire purchase payments
paid

(11,743

)

(999

)
Tax paid 104,338 107,565
Net cash from operating activities 2,286,884 (57,756 )

Cash flows from investing activities
Purchase of tangible fixed assets (1,347,390 ) (537,940 )
Sale of tangible fixed assets 147,568 31,668
Net cash from investing activities (1,199,822 ) (506,272 )

Cash flows from financing activities
New loans in year 54,000 -
Loan repayments in year (253,119 ) (118,239 )
Capital repayments in year 354,043 42,235
Amount introduced by directors - 1,553
Net cash from financing activities 154,924 (74,451 )

Increase/(decrease) in cash and cash equivalents 1,241,986 (638,479 )
Cash and cash equivalents at beginning of
year

2

(490,617

)

147,862

Cash and cash equivalents at end of year 2 751,369 (490,617 )

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 844,963 523,368
Depreciation charges 464,208 359,720
Profit on disposal of fixed assets (144,222 ) (23,521 )
Finance costs 63,410 36,424
1,228,359 895,991
Increase in stocks (4,258 ) (212,333 )
Decrease/(increase) in trade and other debtors 716,738 (519,375 )
Increase/(decrease) in trade and other creditors 305,117 (293,180 )
Cash generated from operations 2,245,956 (128,897 )

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 - (540,025 )
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 (540,025 ) -
(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 ) 1,241,986 751,369
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 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Long leasehold - 15% on cost
Improvements to property - 15% on cost
Plant and machinery - 15% on cost and Straight line over 2 years
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on cost
Computer equipment - 15% on cost

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 2,940,178 2,637,292
Social security costs 291,045 256,752
Other pension costs 284,262 191,607
3,515,485 3,085,651

The average number of employees during the year was as follows:
31.3.24 31.3.23

79 75

31.3.24 31.3.23
£    £   
Director's remuneration 100,208 100,684

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 1 -

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.24 31.3.23
£    £   
Hire of plant and machinery 5,436 5,088
Depreciation - owned assets 365,218 354,453
Depreciation - assets on hire purchase contracts 98,991 5,267
Profit on disposal of fixed assets (144,222 ) (23,521 )
Auditors' remuneration 6,500 -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.24 31.3.23
£    £   
Bank loan interest 10,178 6,356
Loan 41,489 29,069
Hire purchase 11,743 999
63,410 36,424

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 - (104,832 )
Adjustments of prior year 494 (245 )
Total current tax 494 (105,077 )

Deferred tax 38,824 60,917
Tax on profit 39,318 (44,160 )

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 844,963 523,368
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2023 - 19%)

160,543

99,440

Effects of:
Expenses not deductible for tax purposes 3,972 1,401
Capital allowances in excess of depreciation (193,854 ) (76,681 )
Utilisation of tax losses 154,142 139,937
Adjustments to tax charge in respect of previous periods 494 (245 )
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 1,450,966 - 386,291 3,396,982
Additions - 74,552 - 1,074,850
Disposals - - - (668,035 )
Reclassification/transfer - 86,813 (86,813 ) -
At 31 March 2024 1,450,966 161,365 299,478 3,803,797
DEPRECIATION
At 1 April 2023 432,940 - 385,057 2,528,288
Charge for year 29,020 2,179 - 353,444
Eliminated on disposal - - - (668,035 )
Reclassification/transfer - 85,579 (85,579 ) -
At 31 March 2024 461,960 87,758 299,478 2,213,697
NET BOOK VALUE
At 31 March 2024 989,006 73,607 - 1,590,100
At 31 March 2023 1,018,026 - 1,234 868,694

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 136,810 167,977 157,913 5,696,939
Additions 173,224 - 24,764 1,347,390
Disposals (325 ) - (16,451 ) (684,811 )
Reclassification/transfer - - - -
At 31 March 2024 309,709 167,977 166,226 6,359,518
DEPRECIATION
At 1 April 2023 74,298 71,922 83,020 3,575,525
Charge for year 30,263 30,745 18,558 464,209
Eliminated on disposal (325 ) - (13,105 ) (681,465 )
Reclassification/transfer - - - -
At 31 March 2024 104,236 102,667 88,473 3,358,269
NET BOOK VALUE
At 31 March 2024 205,473 65,310 77,753 3,001,249
At 31 March 2023 62,512 96,055 74,893 2,121,414

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 - 63,209 63,209
Additions 881,505 - 881,505
At 31 March 2024 881,505 63,209 944,714
DEPRECIATION
At 1 April 2023 - 5,267 5,267
Charge for year 83,188 15,803 98,991
At 31 March 2024 83,188 21,070 104,258
NET BOOK VALUE
At 31 March 2024 798,317 42,139 840,456
At 31 March 2023 - 57,942 57,942

8. STOCKS
31.3.24 31.3.23
£    £   
Stocks 83,079 73,625
Work-in-progress 521,708 526,904
604,787 600,529

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 1,682,646 2,399,001
Other debtors 600 -
Tax - 104,832
Prepayments 225,973 226,956
1,909,219 2,730,789

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts (see note 12) 87,231 658,264
Hire purchase contracts (see note 13) 104,067 4,118
Payments on account 65,697 31,333
Trade creditors 1,514,402 1,368,265
Amounts owed to group undertakings 390,532 303,980
Social security and other taxes 74,046 56,736
VAT 152,939 138,869
Other creditors 44,368 9,678
Deferred capital grant 32,737 57,335
Accrued expenses 100,243 120,235
2,566,262 2,748,813

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans (see note 12) 426,305 594,417
Hire purchase contracts (see note 13) 292,211 38,117
Deferred capital grant 77,429 60,845
795,945 693,379

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 - 540,025
Bank loans 87,231 118,239
87,231 658,264

Amounts falling due between one and two years:
Bank loans - 1-2 years 94,362 118,239

Amounts falling due between two and five years:
Bank loans - 2-5 years 331,943 308,534

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 123,650 7,109
Between one and five years 339,354 46,340
463,004 53,449

Finance charges repayable:
Within one year 19,583 2,991
Between one and five years 47,143 8,223
66,726 11,214

Net obligations repayable:
Within one year 104,067 4,118
Between one and five years 292,211 38,117
396,278 42,235

14. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 513,536 712,656
Hire purchase contracts 396,278 42,235
Invoice discounting - 540,025
909,814 1,294,916

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 142,188
Provided during year 38,824
Balance at 31 March 2024 181,012

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
10,000 Ordinary £1 10,000 10,000

17. RESERVES
Retained
earnings
£   

At 1 April 2023 1,907,760
Profit for the year 805,645
At 31 March 2024 2,713,405

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 98,500 -

21. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
31.3.24 31.3.23
£    £   
Sales 190,000 -
Rent 81,000 81,000
Amount due from related party 128,000 -

22. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is not known.