Company registration number 03219205 (England and Wales)
GOODING GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
GOODING GROUP LIMITED
COMPANY INFORMATION
Directors
R Gooding
L Gooding
Company number
03219205
Registered office
61 Rother Valley Way
Holbrook
Sheffield
S20 3RW
Auditor
BHP LLP
2 Rutland Park
Sheffield
S10 2PD
Bankers
Lloyds Bank
1 High Street
Sheffield
S1 2GA
GOODING GROUP LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 21
GOODING GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Business Review

The company remains focused on the supply of fitted furniture to the UK construction sector.

 

The company continued to trade strongly, our team members working successfully to develop trading relationships with our clients.

 

Turnover in the period was broadly level with that in 2022, which given the general economic environment the directors consider a positive performance.

 

Whilst the turnover has remained constant, with the move to our new facility at Rother Valley Way reported previously completed in the prior period, the directors however noted an increase in profit during the year given no non trade activities.

Principal risks and uncertainties

Outside of the normal commercial realities the directors do not foresee any specific risks or uncertainties.

 

Whilst the current macro economic conditions involving inflation and interest rates have been a challenge in recent times, the directors note the current reduction in inflation as a positive sign, which lower level is back in line with years prior to the recent increased rates and is expected to now continue again at those previous lower levels.

 

In regards to interest rates the directors note no confirmed change at this time however an expectation in the market that they will shortly reduce, which reduced rate should see a positive effect on the core UK housing market the company supplies.

Future developments

The directors anticipate the business environment will remain competitive. They believe that the company is in a good financial position however and that any risks that have been identified are being well managed.

 

With careful focus on appropriate diversification and development of new products, as well as continuing review of the state of the market and the activities of competitors, the directors are confident in the company’s ability to maintain and build on this position.

 

Financial instruments

The company has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities which are largely conducted in sterling.

 

Research and development

The company is currently undertaking research and development to expand its product offering.

On behalf of the board

L Gooding
Director
31 July 2024
GOODING GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors present their report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company is that of the manufacture and installation of fitted furniture to the new build sector.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £571,808. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

R Gooding
L Gooding
Auditor

The auditor, BHP LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:

 

 

The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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 of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

GOODING GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
On behalf of the board
L Gooding
Director
31 July 2024
GOODING GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GOODING GROUP LIMITED
- 4 -
Opinion

We have audited the financial statements of Gooding Group Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:

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 Auditor's 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 directors' 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

GOODING GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GOODING GROUP LIMITED (CONTINUED)
- 5 -
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 directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are 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 directors determine is 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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 assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

 

 

To address the risks of fraud through management bias and override controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

GOODING GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GOODING GROUP LIMITED (CONTINUED)
- 6 -

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director’s and other management and the inspection of regulatory and legal correspondence.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Paul Winwood
Senior Statutory Auditor
For and on behalf of BHP LLP
31 July 2024
Chartered Accountants
Statutory Auditor
2 Rutland Park
Sheffield
S10 2PD
GOODING GROUP LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
2
11,085,608
11,324,262
Cost of sales
(5,690,970)
(6,611,428)
Gross profit
5,394,638
4,712,834
Distribution costs
(1,560,885)
(1,686,667)
Administrative expenses
(1,846,838)
(1,769,589)
Operating profit
3
1,986,915
1,256,578
Interest receivable and similar income
6
9,392
8,323
Interest payable and similar expenses
7
(138,951)
(116,332)
Profit before taxation
1,857,356
1,148,569
Tax on profit
8
(434,494)
(265,794)
Profit for the financial year
1,422,862
882,775

The profit and loss account has been prepared on the basis that all operations are continuing operations.

GOODING GROUP LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
5,557,389
5,813,673
Current assets
Stocks
12
258,750
280,470
Debtors
13
2,562,890
2,982,772
Cash at bank and in hand
1,577,159
530,151
4,398,799
3,793,393
Creditors: amounts falling due within one year
14
(2,238,381)
(4,082,892)
Net current assets/(liabilities)
2,160,418
(289,499)
Total assets less current liabilities
7,717,807
5,524,174
Creditors: amounts falling due after more than one year
15
(1,450,829)
(74,250)
Provisions for liabilities
Deferred tax liability
18
218,000
252,000
(218,000)
(252,000)
Net assets
6,048,978
5,197,924
Capital and reserves
Called up share capital
20
424,324
424,324
Other reserves
(9,811)
(9,811)
Profit and loss reserves
5,634,465
4,783,411
Total equity
6,048,978
5,197,924

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 31 July 2024 and are signed on its behalf by:
L Gooding
Director
Company registration number 03219205 (England and Wales)
GOODING GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
424,324
(9,811)
5,444,259
5,858,772
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
882,775
882,775
Dividends
9
-
-
(1,543,623)
(1,543,623)
Balance at 31 December 2022
424,324
(9,811)
4,783,411
5,197,924
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,422,862
1,422,862
Dividends
9
-
-
(571,808)
(571,808)
Balance at 31 December 2023
424,324
(9,811)
5,634,465
6,048,978
GOODING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
1
Accounting policies
Company information

Gooding Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 61 Rother Valley Way, Holbrook, Sheffield, S20 3RW.

1.1
Accounting convention

The financial statements are prepared under the historical cost convention.

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

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

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Gooding Group Holdings Limited. These consolidated financial statements are available from its registered office, 61 Rother Valley Way, Holbrook, Sheffield, S20 3RW.

1.2
Turnover

Turnover represents the invoiced value, excluding value added tax, of goods and services supplied by the group.

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

1.3
Intangible fixed assets - goodwill
Purchased goodwill is written off over 20 years.

The impairment of goodwill is considered on an annual basis by reference to the anticipated future trading position of the company and, in the opinion of the directors, no provision against impairment is currently required.
1.4
Tangible fixed assets

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

GOODING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -

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

Land and buildings Freehold
2% / 10% Straight Line, Land not depreciated
Plant and machinery
25% Reducing Balance / 25% Straight Line
Fixtures, fittings & equipment
33½% Straight Line / 20% Straight Line

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

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

GOODING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

GOODING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.11
Taxation

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

Current tax

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

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

GOODING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 14 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15
Foreign exchange
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Sales of fire surrounds and wardrobes
11,085,608
11,324,262
2023
2022
£
£
Turnover analysed by geographical market
UK
11,085,608
11,324,262
2023
2022
£
£
Other revenue
Interest income
9,392
8,323
GOODING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
3
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
18,540
16,500
Depreciation of owned tangible fixed assets
338,322
132,908
Depreciation of tangible fixed assets held under finance leases
34,280
85,724
(Profit)/loss on disposal of tangible fixed assets
(2,800)
2,536
Operating lease charges
28,021
19,621
4
Employees

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

2023
2022
Number
Number
Employees
70
74

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
2,802,667
2,785,272
Pension costs
54,587
54,369
2,857,254
2,839,641
5
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
400,000
168,000
Company pension contributions to defined contribution schemes
2,642
2,642
402,642
170,642

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2).

GOODING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Directors' remuneration
(Continued)
- 16 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
320,000
-
Company pension contributions to defined contribution schemes
1,321
-

As total directors' remuneration was less than £200,000 in the prior year, no disclosure is provided for that year.

6
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
4,276
231
Other interest income
5,116
8,092
Total income
9,392
8,323
7
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
120,327
47,641
Interest on invoice finance arrangements
16,214
65,640
Interest on finance leases and hire purchase contracts
2,410
3,051
138,951
116,332
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
463,599
54,199
Adjustments in respect of prior periods
4,895
(1,405)
Total current tax
468,494
52,794
Deferred tax
Origination and reversal of timing differences
(34,000)
213,000
Total tax charge
434,494
265,794
GOODING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Taxation
(Continued)
- 17 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
1,857,356
1,148,569
Expected tax charge based on the standard rate of corporation tax in the UK of 23.52% (2022: 19.00%)
436,850
218,228
Tax effect of expenses that are not deductible in determining taxable profit
23,638
26,790
Change in unrecognised deferred tax assets
253
1,159
Adjustments in respect of prior years
4,895
(1,405)
Permanent capital allowances in excess of depreciation
(29,115)
(29,652)
Remeasurement of deferred tax for changes in tax rates
(2,027)
50,674
Taxation charge for the year
434,494
265,794
9
Dividends
2023
2022
£
£
Final paid
571,808
1,543,623
10
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
413,279
Amortisation and impairment
At 1 January 2023 and 31 December 2023
413,279
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
GOODING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
11
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 January 2023
5,031,589
1,515,209
170,363
6,717,161
Additions
69,672
124,242
-
0
193,914
Disposals
-
0
(102,637)
(4,904)
(107,541)
At 31 December 2023
5,101,261
1,536,814
165,459
6,803,534
Depreciation and impairment
At 1 January 2023
32,658
851,411
19,419
903,488
Depreciation charged in the year
130,667
201,940
39,995
372,602
Eliminated in respect of disposals
-
0
(25,041)
(4,904)
(29,945)
At 31 December 2023
163,325
1,028,310
54,510
1,246,145
Carrying amount
At 31 December 2023
4,937,936
508,504
110,949
5,557,389
At 31 December 2022
4,998,931
663,798
150,944
5,813,673

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2023
2022
£
£
Plant and machinery
54,688
88,968

Land with a carrying value of £1,042,462 (2022: £1,042,462) is held within Land and buildings. There is no depreciation charged on land.

12
Stocks
2023
2022
£
£
Finished goods and goods for resale
258,750
280,470
GOODING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,860,375
2,267,971
Amounts owed by group undertakings
260,345
-
0
Other debtors
407,283
655,328
Prepayments and accrued income
34,887
59,473
2,562,890
2,982,772
14
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
16
170,000
1,590,000
Obligations under finance leases
17
34,556
31,931
Other borrowings
16
-
0
498,159
Trade creditors
822,221
1,327,909
Corporation tax
463,599
54,199
Other taxation and social security
222,113
172,452
Other creditors
212,331
49,158
Accruals and deferred income
313,561
359,084
2,238,381
4,082,892

The obligations under finance leases are secured on the assets to which they relate.

Other borrowings relate to an invoice discount facility secured via a fixed and floating charge.

 

Included in other creditors is an amount of £161,395 which relates to taxation due to be paid on behalf of the directors.

15
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
16
1,448,204
37,500
Obligations under finance leases
17
2,625
36,750
1,450,829
74,250

The bank loan is secured by way of a legal charge over the land at Rother Valley Way, Holbrook, Sheffield, S20 3RW.

 

The obligations under finance leases are secured on the assets to which they relate.

 

GOODING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
16
Loans and overdrafts
2023
2022
£
£
Bank loans
1,618,204
1,627,500
Other loans
-
0
498,159
1,618,204
2,125,659
Payable within one year
170,000
2,088,159
Payable after one year
1,448,204
37,500

 

17
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
34,556
31,931
In two to five years
2,625
36,750
37,181
68,681

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

18
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
218,000
252,000
2023
Movements in the year:
£
Liability at 1 January 2023
252,000
Credit to profit or loss
(34,000)
Liability at 31 December 2023
218,000
GOODING GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
18
Deferred taxation
(Continued)
- 21 -

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
54,587
54,369

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
424,324
424,324
424,324
424,324
21
Capital commitments

Amounts contracted for but not provided in the financial statements:

2023
2022
£
£
Acquisition of tangible fixed assets
33,242
-
22
Related party transactions

Amounts owed to shareholders and shareholder's interests at year end amounted to £264,661 (2022: £104,079 owed from).

23
Ultimate controlling party

The immediate and ultimate parent undertaking and controlling party is Gooding Group Holdings Limited, which prepares group financial statements.

 

The registered office of Gooding Group Holdings Limited is 61 Rother Valley Way, Holbrook, Sheffield, S20 3RW.

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