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COMPANY REGISTRATION NUMBER: 14610543
Malcolm Goodwin Limited
Filleted Unaudited Financial Statements
31 January 2024
Malcolm Goodwin Limited
Statement of Financial Position
31 January 2024
31 Jan 24
Note
£
£
Fixed assets
Tangible assets
5
121,209
Current assets
Cash at bank and in hand
1,975
Creditors: amounts falling due within one year
6
40,912
--------
Net current liabilities
38,937
---------
Total assets less current liabilities
82,272
Creditors: amounts falling due after more than one year
7
86,250
--------
Net liabilities
( 3,978)
--------
Capital and reserves
Called up share capital
100
Profit and loss account
( 4,078)
-------
Shareholders deficit
( 3,978)
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 2 August 2024 , and are signed on behalf of the board by:
M Goodwin Esq
Director
Company registration number: 14610543
Malcolm Goodwin Limited
Notes to the Financial Statements
Period from 23 January 2023 to 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is TML House, 1A The Anchorage, Gosport, Hampshire, PO12 1LY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 1 .
5. Tangible assets
Land and buildings
£
Cost
At 23 January 2023
Additions
121,209
---------
At 31 January 2024
121,209
---------
Depreciation
At 23 January 2023 and 31 January 2024
---------
Carrying amount
At 31 January 2024
121,209
---------
The company holds investment property with a cost price of £121,209. The property is reflected in the accounts at its fair value at the balance sheet date. The valuation is carried out annually by M Goodwin Esq , the director, with reference to the open market.
6. Creditors: amounts falling due within one year
31 Jan 24
£
Trade creditors
247
Other creditors
40,665
--------
40,912
--------
7. Creditors: amounts falling due after more than one year
31 Jan 24
£
Bank loans and overdrafts
86,250
--------
Included in the above figure is a mortgage of £86,250 from Precise Mortgages. This sum is secured by way of a floating charge over 29 Whiteacre Close, Gosport, PO12 4XD.
8. Director's advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
31 Jan 24
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
M Goodwin Esq
( 40,062)
( 40,062)
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