Registered number
03588290
Goodwill Roofing and Cladding Limited
Unaudited Filleted Financial Statements
31 October 2023
Goodwill Roofing and Cladding Limited
Registered number: 03588290
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 58,698 50,589
Investments 4 100 100
58,798 50,689
Current assets
Stocks 174,813 68,385
Debtors 5 118,759 317,694
Cash at bank and in hand 264,158 83,310
557,730 469,389
Creditors: amounts falling due within one year 6 (383,333) (302,038)
Net current assets 174,397 167,351
Total assets less current liabilities 233,195 218,040
Creditors: amounts falling due after more than one year 7 (6,076) (10,364)
Provisions for liabilities (13,066) (10,400)
Net assets 214,053 197,276
Capital and reserves
Called up share capital 1,667 1,667
Share premium 60,999 60,999
Profit and loss account 151,387 134,610
Shareholders' funds 214,053 197,276
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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 and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R C Cox
Director
Approved by the board on 21 May 2024
Goodwill Roofing and Cladding Limited
Notes to the financial statements
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 10 years
Fixtures, fittings, tools and equipment over 4 - 5 years
Motor vehicles over 4 - 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Office Equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 November 2022 6,182 34,199 86,656 127,037
Additions - 21,237 - 21,237
Disposals - - (32,750) (32,750)
At 31 October 2023 6,182 55,436 53,906 115,524
Depreciation
At 1 November 2022 4,784 14,412 57,252 76,448
Charge for the year 249 3,488 5,857 9,594
On disposals - - (29,216) (29,216)
At 31 October 2023 5,033 17,900 33,893 56,826
Net book value
At 31 October 2023 1,149 37,536 20,013 58,698
At 31 October 2022 1,398 19,787 29,404 50,589
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 November 2022 100
At 31 October 2023 100
5 Debtors 2023 2022
£ £
Trade debtors 62,667 273,947
Other debtors 56,092 43,747
118,759 317,694
6 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 4,289 4,289
Trade creditors 201,030 169,710
Amounts owed to group undertakings and undertakings in which the company has a participating interest 110 110
Taxation and social security costs 76,368 12,725
Other creditors 101,536 115,204
383,333 302,038
7 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 6,076 10,364
8 Controlling party
The ultimate controlling party are the directors by virtue of holding 100% of the issued share capital of the company.
9 Other information
Goodwill Roofing and Cladding Limited is a private company limited by shares and incorporated in England. Its registered office is:
4 Fieldgate
Sutton
Ely
CB6 2NT
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