Ian Gosling Limited 04635410 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is the supply and distribution of chemical cleaning products. Digita Accounts Production Advanced 6.30.9574.0 true true 04635410 2023-02-01 2024-01-31 04635410 2024-01-31 04635410 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2024-01-31 04635410 bus:OrdinaryShareClass2 bus:Non-cumulativeNon-redeemableShares 2024-01-31 04635410 bus:OrdinaryShareClass3 bus:Non-cumulativeNon-redeemableShares 2024-01-31 04635410 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-01-31 04635410 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-01-31 04635410 core:CurrentFinancialInstruments 2024-01-31 04635410 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 04635410 core:Non-currentFinancialInstruments 2024-01-31 04635410 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 04635410 core:Goodwill 2024-01-31 04635410 core:FurnitureFittingsToolsEquipment 2024-01-31 04635410 core:LandBuildings 2024-01-31 04635410 core:MotorVehicles 2024-01-31 04635410 core:OtherPropertyPlantEquipment 2024-01-31 04635410 1 2024-01-31 04635410 bus:SmallEntities 2023-02-01 2024-01-31 04635410 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 04635410 bus:FilletedAccounts 2023-02-01 2024-01-31 04635410 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 04635410 bus:RegisteredOffice 2023-02-01 2024-01-31 04635410 bus:Director1 2023-02-01 2024-01-31 04635410 bus:Director2 2023-02-01 2024-01-31 04635410 bus:Director3 2023-02-01 2024-01-31 04635410 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-02-01 2024-01-31 04635410 bus:OrdinaryShareClass2 bus:Non-cumulativeNon-redeemableShares 2023-02-01 2024-01-31 04635410 bus:OrdinaryShareClass3 bus:Non-cumulativeNon-redeemableShares 2023-02-01 2024-01-31 04635410 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 04635410 core:Goodwill 2023-02-01 2024-01-31 04635410 core:ComputerEquipment 2023-02-01 2024-01-31 04635410 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 04635410 core:LandBuildings 2023-02-01 2024-01-31 04635410 core:LeaseholdImprovements 2023-02-01 2024-01-31 04635410 core:MotorVehicles 2023-02-01 2024-01-31 04635410 core:OtherPropertyPlantEquipment 2023-02-01 2024-01-31 04635410 core:PlantMachinery 2023-02-01 2024-01-31 04635410 core:OtherRelatedParties 2023-02-01 2024-01-31 04635410 countries:EnglandWales 2023-02-01 2024-01-31 04635410 1 2023-02-01 2024-01-31 04635410 2023-01-31 04635410 core:Goodwill 2023-01-31 04635410 core:FurnitureFittingsToolsEquipment 2023-01-31 04635410 core:LandBuildings 2023-01-31 04635410 core:MotorVehicles 2023-01-31 04635410 core:OtherPropertyPlantEquipment 2023-01-31 04635410 1 2023-01-31 04635410 2022-02-01 2023-01-31 04635410 2023-01-31 04635410 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-01-31 04635410 bus:OrdinaryShareClass2 bus:Non-cumulativeNon-redeemableShares 2023-01-31 04635410 bus:OrdinaryShareClass3 bus:Non-cumulativeNon-redeemableShares 2023-01-31 04635410 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-01-31 04635410 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-01-31 04635410 core:CurrentFinancialInstruments 2023-01-31 04635410 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 04635410 core:Non-currentFinancialInstruments 2023-01-31 04635410 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 04635410 core:Goodwill 2023-01-31 04635410 core:FurnitureFittingsToolsEquipment 2023-01-31 04635410 core:LandBuildings 2023-01-31 04635410 core:MotorVehicles 2023-01-31 04635410 core:OtherPropertyPlantEquipment 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04635410

Ian Gosling Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Ian Gosling Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Ian Gosling Limited

Company Information

Directors

I. M. Gosling

L. J. Gosling

P. W. Abraham

Registered office

Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

Accountants

Robert Whowell & Partners LLP
Chartered Accountants
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

 

Ian Gosling Limited

(Registration number: 04635410)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

13,348

Tangible assets

5

163,082

164,163

 

163,082

177,511

Current assets

 

Stocks

6

126,000

104,000

Debtors

7

438,560

356,885

Cash at bank and in hand

 

116,391

162,682

 

680,951

623,567

Creditors: Amounts falling due within one year

8

(480,356)

(516,694)

Net current assets

 

200,595

106,873

Total assets less current liabilities

 

363,677

284,384

Creditors: Amounts falling due after more than one year

8

(56,000)

(111,766)

Provisions for liabilities

(27,055)

(27,128)

Net assets

 

280,622

145,490

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

280,522

145,390

Shareholders' funds

 

280,622

145,490

 

Ian Gosling Limited

(Registration number: 04635410)
Balance Sheet as at 31 January 2024

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 July 2024 and signed on its behalf by:
 

.........................................
I. M. Gosling
Director

 

Ian Gosling Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

These financial statements were authorised for issue by the Board on 10 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

 

Ian Gosling Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

5% straight line

Computer equipment

20% straight line

Motor vehicles

20% reducing balance

Plant and machinery

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Ian Gosling Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods 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, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in the profit and loss account.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Ian Gosling Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated over the useful life of the asset. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Ian Gosling Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 12).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2023

136,818

136,818

Disposals

(19,818)

(19,818)

At 31 January 2024

117,000

117,000

Amortisation

At 1 February 2023

123,470

123,470

Amortisation eliminated on disposals

(6,470)

(6,470)

At 31 January 2024

117,000

117,000

Carrying amount

At 31 January 2024

-

-

At 31 January 2023

13,348

13,348

 

Ian Gosling Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

5

Tangible assets

Leasehold improvements
£

Computer equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 February 2023

36,000

14,856

276,917

10,963

338,736

Additions

-

1,219

33,000

4,705

38,924

Disposals

-

-

(23,005)

-

(23,005)

At 31 January 2024

36,000

16,075

286,912

15,668

354,655

Depreciation

At 1 February 2023

5,400

11,403

152,994

4,776

174,573

Charge for the year

1,800

1,437

26,082

1,758

31,077

Eliminated on disposal

-

-

(14,077)

-

(14,077)

At 31 January 2024

7,200

12,840

164,999

6,534

191,573

Carrying amount

At 31 January 2024

28,800

3,235

121,913

9,134

163,082

At 31 January 2023

30,600

3,453

123,923

6,187

164,163

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

126,000

104,000

7

Debtors

Current

2024
£

2023
£

Trade debtors

314,452

346,804

Prepayments

10,935

9,172

Other debtors

113,173

909

 

438,560

356,885

 

Ian Gosling Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

43,400

58,253

Trade creditors

 

264,035

280,073

Taxation and social security

 

169,148

161,108

Accruals and deferred income

 

2,075

1,975

Other creditors

 

1,698

15,285

 

480,356

516,694


Creditors include net obligations under hire purchase contracts which are secured of £11,400 (2023 - £26,253).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

56,000

111,766


Creditors include net obligations under hire purchase contracts which are secured of £nil (2023 - £23,766).

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

50

50

50

50

Ordinary A shares of £1 each

3

3

3

3

Ordinary B shares of £1 each

47

47

47

47

 

100

100

100

100

 

Ian Gosling Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

56,000

88,000

Hire purchase contracts

-

23,766

56,000

111,766

Current loans and borrowings

2024
£

2023
£

Bank borrowings

32,000

32,000

Hire purchase contracts

11,400

26,253

43,400

58,253

11

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

Directors' loans

-

314,772

(201,599)

113,173

 

Summary of transactions with other related parties

I. M. Gosling and L. J. Gosling, directors of Ian Gosling Limited, are beneficiaries of The Gosling Trust Pension Scheme. During the year Ian Gosling Limited paid rent of £30,000 (2023 - £30,000) to The Gosling Trust Pension Scheme.

During the year the directors received dividends amounting to £201,599 (2023 - £183,145).