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Registered number: 03983681










GOODCORPORATION LIMITED

AUDITED
FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 DECEMBER 2023
 






 



 






 
GOODCORPORATION LIMITED
REGISTERED NUMBER: 03983681

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
                                                                    Note
£
£

Fixed assets
  

Intangible assets
 5 
97,490
-

Tangible assets
 6 
47,514
9,296

Investments
 7 
6,270
6,270

  
151,274
15,566

Current assets
  

Debtors: amounts falling due after more than one year
 8 
39,605
34,356

Debtors: amounts falling due within one year
 8 
963,919
1,082,165

Cash at bank and in hand
 9 
964,903
1,012,156

  
1,968,427
2,128,677

Creditors: amounts falling due within one year
 10 
(671,545)
(733,164)

Net current assets
  
 
 
1,296,882
 
 
1,395,513

Total assets less current liabilities
  
1,448,156
1,411,079

Provisions for liabilities
  

Deferred tax
 11 
(7,775)
(206)

Net assets
  
 
 
1,440,381
 
 
1,410,873


Capital and reserves
  

Called up share capital 
 12 
123
123

Share premium account
 13 
657,188
717,069

Profit and loss account
 13 
783,070
693,681

  
1,440,381
1,410,873


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 1

 
GOODCORPORATION LIMITED
REGISTERED NUMBER: 03983681

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




G Thomas
Director

Date: 24 September 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
GOODCORPORATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

GoodCorporation Limited is a private company, limited by shares and incorporated in England and Wales, registered number 03983681. The registered office address is 2-3 Melbray Mews, London, SW6 3NS.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

  
2.2

Compliance with accounting standards

The financial statements have been prepared using FRS102, the Financial Reporting Standard applicable in the UK and Republic of Ireland, including the disclosure and presentation requirements of Section 1A, applicable to small companies. There were no material departures from that standard.

 
2.3

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of income and retained earnings.

Page 3

 
GOODCORPORATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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:

Rendering of services
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for ongoing services is recognised by reference to the stage of completion.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to  the statement of income and retained earnings on a straight-line basis over the lease term.

 
2.7

Government grants

Grants of a revenue nature are recognised in the statement of income and retained earnings in the same period as the related expenditure.

 
2.8

Interest income

Interest income is recognised in  the statement of income and retained earnings using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to  the statement of income and retained earnings 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.

  
2.10

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 the statement of income and retained earnings. 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 4

 
GOODCORPORATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of income and retained earnings 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.

 
2.12

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development expenditure
-
4
years

 
2.13

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 5

 
GOODCORPORATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.13
Tangible fixed assets (continued)

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/over the term of the lease.

Depreciation is provided on the following basis:

Short-term leasehold improvements
-
over the term of the lease
Office and computer equipment
-
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.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

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.

 
2.16

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.

 
2.17

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, management is required to make judgements, estimates and assumptions which affect expected reported income, expenses, assets and liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
Management do not consider the Company to have any key sources of estimation uncertainty nor significant judgements or assumptions in preparing these financial statements.

Page 6

 
GOODCORPORATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Employees

The average monthly number of employees, including directors, during the year was 33 (2022 - 24).


5.


Intangible assets




Development expenditure

£



Cost


Additions - internal
101,289



At 31 December 2023

101,289



Amortisation


Charge for the year on owned assets
3,799



At 31 December 2023

3,799



Net book value



At 31 December 2023
97,490



At 31 December 2022
-


Amortisation of intangible assets is charged to administrative expenses.
Page 7

 
GOODCORPORATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Tangible fixed assets





Short-term leasehold property
Office and computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
24,005
57,413
81,418


Additions
27,404
23,130
50,534


Disposals
-
(3,539)
(3,539)



At 31 December 2023

51,409
77,004
128,413



Depreciation


At 1 January 2023
24,005
48,117
72,122


Charge for the year on owned assets
4,567
7,749
12,316


Disposals
-
(3,539)
(3,539)



At 31 December 2023

28,572
52,327
80,899



Net book value



At 31 December 2023
22,837
24,677
47,514



At 31 December 2022
-
9,296
9,296


7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
6,270



At 31 December 2023
6,270




Page 8

 
GOODCORPORATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
39,606
34,356


2023
2022
£
£

Due within one year

Trade debtors
507,490
876,423

Amounts owed by group undertakings
258,905
72,850

Other debtors
-
1,425

Prepayments and accrued income
197,524
131,467

963,919
1,082,165


Amounts owed by group undertakings are interest free and repayable on demand. 


9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
964,903
1,012,156



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
-
57,500

Trade creditors
26,011
35,721

Amounts owed to group undertakings
118,042
-

Corporation tax
20,562
86,374

Other taxation and social security
103,271
179,810

Other creditors
15,008
21,346

Accruals and deferred income
388,651
352,413

671,545
733,164


Amounts owed to group undertakings are interest free and repayable on demand. 
The Company had a Coronavirus Business Interruption loan which was repayable by instalments over 3 years at an interest rate of 3.59% above the Bank Of England base rate. In the current year, the bank loan was repaid. 

Page 9

 
GOODCORPORATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Deferred taxation




2023
2022


£

£






At beginning of year
(206)
8,202


Charged to profit or loss
(7,569)
(78)


Charged to profit or loss
-
(8,330)



At end of year
(7,775)
(206)

The deferred tax balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(7,775)
(206)

Comprising:

Liability
(7,775)
(206)



12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



12,274 (2022 - 12,274) Ordinary shares of £0.01 each
123
123



13.


Reserves

Share premium account

The share premium account represents the premium arising on the issue of shares, net of issue costs.

Profit and loss account

The profit and loss account represents cumulative profits and losses, net of dividends and other adjustments.

Page 10

 
GOODCORPORATION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Commitments under operating leases

At 31 December 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
147,720
28,630

Later than 1 year and not later than 5 years
467,780
-

615,500
28,630

During the year, the Company entered into new leases on its premises taking on a further unit. 


15.


Related party transactions

The Company has taken the exemption under FRS102 1A not to disclose transactions and balances with its subsidiary company on the basis it is a wholly owned subsidiary.


16.


Controlling party

The Directors do not consider that there are any controlling parties. 


17.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 24 September 2024 by Mark Nelligan FCA (senior statutory auditor) on behalf of Wellden Turnbull Ltd.


Page 11