Caseware UK (AP4) 2023.0.135 2023.0.135 true2022-08-01No description of principal activityfalse3233falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04245816 2022-08-01 2023-07-31 04245816 2021-08-01 2022-07-31 04245816 2023-07-31 04245816 2022-07-31 04245816 2021-08-01 04245816 c:Director2 2022-08-01 2023-07-31 04245816 d:Buildings 2022-08-01 2023-07-31 04245816 d:Buildings 2023-07-31 04245816 d:Buildings 2022-07-31 04245816 d:Buildings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 04245816 d:Buildings d:LongLeaseholdAssets 2022-08-01 2023-07-31 04245816 d:Buildings d:LongLeaseholdAssets 2023-07-31 04245816 d:Buildings d:LongLeaseholdAssets 2022-07-31 04245816 d:MotorVehicles 2022-08-01 2023-07-31 04245816 d:MotorVehicles 2023-07-31 04245816 d:MotorVehicles 2022-07-31 04245816 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 04245816 d:FurnitureFittings 2022-08-01 2023-07-31 04245816 d:FurnitureFittings 2023-07-31 04245816 d:FurnitureFittings 2022-07-31 04245816 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 04245816 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 04245816 d:CurrentFinancialInstruments 2023-07-31 04245816 d:CurrentFinancialInstruments 2022-07-31 04245816 d:Non-currentFinancialInstruments 2023-07-31 04245816 d:Non-currentFinancialInstruments 2022-07-31 04245816 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 04245816 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 04245816 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 04245816 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 04245816 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-07-31 04245816 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-07-31 04245816 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-07-31 04245816 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-07-31 04245816 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-07-31 04245816 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-07-31 04245816 d:ShareCapital 2023-07-31 04245816 d:ShareCapital 2022-07-31 04245816 d:RetainedEarningsAccumulatedLosses 2023-07-31 04245816 d:RetainedEarningsAccumulatedLosses 2022-07-31 04245816 c:OrdinaryShareClass1 2022-08-01 2023-07-31 04245816 c:OrdinaryShareClass1 2023-07-31 04245816 c:OrdinaryShareClass1 2022-07-31 04245816 c:FRS102 2022-08-01 2023-07-31 04245816 c:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 04245816 c:FullAccounts 2022-08-01 2023-07-31 04245816 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 04245816 d:WithinOneYear 2023-07-31 04245816 d:WithinOneYear 2022-07-31 04245816 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 04245816 d:AcceleratedTaxDepreciationDeferredTax 2022-07-31 04245816 2 2022-08-01 2023-07-31 04245816 e:PoundSterling 2022-08-01 2023-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 04245816










The Goods Shed Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 July 2023





 
The Goods Shed Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of The Goods Shed Limited for the Year Ended 31 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Goods Shed 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 Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of The Goods Shed Limited, as a body, in accordance with the terms of our engagement letter dated 30 November 2021Our work has been undertaken solely to prepare for your approval the financial statements of The Goods Shed Limited and state those matters that we have agreed to state to the Board of directors of The Goods Shed Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Goods Shed Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that The Goods Shed 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 profit of The Goods Shed Limited. You consider that The Goods Shed Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of The Goods Shed 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.

  



Kreston Reeves LLP
Chartered Accountants
Canterbury
30 July 2024
Page 1

 
The Goods Shed Limited
Registered number: 04245816

Balance sheet
As at 31 July 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,092,853
1,097,388

  
1,092,853
1,097,388

Current assets
  

Stocks
  
29,271
21,442

Debtors: amounts falling due after more than one year
 5 
13,440
13,440

Debtors: amounts falling due within one year
 5 
80,843
82,561

Cash at bank and in hand
 6 
77,675
26,741

  
201,229
144,184

Creditors: amounts falling due within one year
 7 
(214,982)
(179,688)

Net current liabilities
  
 
 
(13,753)
 
 
(35,504)

Total assets less current liabilities
  
1,079,100
1,061,884

Creditors: amounts falling due after more than one year
 8 
(782,372)
(814,336)

Provisions for liabilities
  

Deferred tax
 10 
(3,182)
(4,288)

  
 
 
(3,182)
 
 
(4,288)

Net assets
  
293,546
243,260


Capital and reserves
  

Called up share capital 
 11 
2
2

Profit and loss account
  
293,544
243,258

  
293,546
243,260


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
 
Page 2

 
The Goods Shed Limited
Registered number: 04245816

Balance sheet (continued)
As at 31 July 2023


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 July 2024.




Ivon Sait
Director

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
The Goods Shed Limited
 

 
Notes to the financial statements
For the Year Ended 31 July 2023

1.


General information

The Goods Shed Limited is a private company limited by shares which was incorporated in England and Wales.
The company’s registered office is 37 St Margarets Street, Canterbury, Kent, CT1 2TU. The company’s principal place of business is Station Road West, Canterbury, Kent, CT2 8AN.
The financial statements are presented in pound Sterling, and rounded to the nearest pound.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

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.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 4

 
The Goods Shed Limited
 

 
Notes to the financial statements
For the Year Ended 31 July 2023

2.Accounting policies (continued)

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
The Goods Shed Limited
 

 
Notes to the financial statements
For the Year Ended 31 July 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold land and buildings
-
No depreciation
Long-term leasehold land and buildings
-
20%
Straight line
Motor vehicles
-
25%
Reducing balance
Fixtures and fittings
-
25%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
The Goods Shed Limited
 

 
Notes to the financial statements
For the Year Ended 31 July 2023

2.Accounting policies (continued)

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the
Page 7

 
The Goods Shed Limited
 

 
Notes to the financial statements
For the Year Ended 31 July 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 32 (2022 - 33).

Page 8

 
The Goods Shed Limited
 

 
Notes to the financial statements
For the Year Ended 31 July 2023

4.


Tangible Fixed Assets





Freehold property
L/Term Leasehold Property
Motor vehicles
Fixtures & fittings
Total

£
£
£
£
£



Cost or valuation


At 1 August 2022
1,070,532
37,592
31,073
179,831
1,319,028


Additions
-
-
-
10,400
10,400



At 31 July 2023

1,070,532
37,592
31,073
190,231
1,329,428



Depreciation


At 1 August 2022
-
30,073
23,160
168,407
221,640


Charge for the year on owned assets
-
7,519
1,978
5,438
14,935



At 31 July 2023

-
37,592
25,138
173,845
236,575



Net book value



At 31 July 2023
1,070,532
-
5,935
16,386
1,092,853



At 31 July 2022
1,070,532
7,519
7,913
11,424
1,097,388


5.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
13,440
13,440

13,440
13,440


2023
2022
£
£

Due within one year

Other debtors
73,907
75,630

Prepayments and accrued income
6,936
6,931

80,843
82,561


Page 9

 
The Goods Shed Limited
 

 
Notes to the financial statements
For the Year Ended 31 July 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
77,675
26,741

77,675
26,741



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
31,874
26,157

Trade creditors
86,965
92,922

Corporation tax
32,197
29,075

Other taxation and social security
49,707
23,513

Other creditors
10,039
30

Accruals and deferred income
4,200
7,991

214,982
179,688


The following liabilities were secured:

2023
2022
£
£



Bank loans
21,880
16,410

21,880
16,410

Details of security provided:

The company's bank loan is secured on the company's freehold land.

Page 10

 
The Goods Shed Limited
 

 
Notes to the financial statements
For the Year Ended 31 July 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
782,372
814,336


The following liabilities were secured:

2023
2022
£
£



Bank loans
761,620
783,590

Details of security provided:

The company's bank loan is secured on the company's freehold land.


9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
31,874
26,157


31,874
26,157

Amounts falling due 1-2 years

Bank loans
32,687
31,874

Amounts falling due 2-5 years

Bank loans
77,826
75,951

Amounts falling due after more than 5 years

Bank loans
671,860
706,511

814,247
840,493



10.


Deferred taxation




2023
2022


£

£






At beginning of year
(4,288)
(2,510)


Charged to profit or loss
1,106
(1,778)



At end of year
(3,182)
(4,288)

Page 11

 
The Goods Shed Limited
 

 
Notes to the financial statements
For the Year Ended 31 July 2023
 
10.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(3,182)
(4,288)

(3,182)
(4,288)


11.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
2
2



12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £4,135 (2022 - £2,912) . Contributions totalling £200 (2022 - £30) were payable to the fund at the balance sheet date and are included in creditors.


13.


Commitments under operating leases

At 31 July 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
33,000
33,000

33,000
33,000


14.


Transactions with directors

The brought forward balance on the loan to directors, S Sait and I Sait, was £74,430 which was repaid during the year.
The company granted a facility to the directors S Sait and I Sait of £73,907. During the year £73,907 was withdrawn by the directors.  At the year end the outstanding balance was £73,907.  The loan was interest free to 5 April 2023.  From 6 April 2023 interest was charged at 2.25%.


Page 12