Registered number
06648015
Goodwin Lee Investments Limited
Unaudited Filleted Accounts
31 December 2023
Goodwin Lee Investments Limited
Registered number: 06648015
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 5 2,982,834 2,484,471
Current assets
Debtors 6 1,925,820 2,199,201
Cash at bank and in hand 1,849,767 3,049,877
3,775,587 5,249,078
Creditors: amounts falling due within one year 7 (2,229,480) (2,278,985)
Net current assets 1,546,107 2,970,093
Total assets less current liabilities 4,528,941 5,454,564
Creditors: amounts falling due after more than one year 8 (1,558,983) (1,149,138)
Provisions for liabilities 9 (153,997) (140,812)
Net assets 2,815,961 4,164,614
Capital and reserves
Called up share capital 10,000 10,000
Capital redemption reserve 1,666 1,666
Profit and loss account 2,804,295 4,152,948
Shareholders' funds 2,815,961 4,164,614
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 accounts.
The accounts 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.
Matthew Woods
Director
Approved by the board on 25 September 2024
Goodwin Lee Investments Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts 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 rendering of services. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Franchise costs are the amount paid in connection with the acquisition of franchise licences in 2008 and 2009. The cost was amortised on a straight line basis over ten years.
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:
Fixtures and fittings 25% on cost
Motor vehicles 30% on cost
Computer equipment 100% on cost
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.
Accounting policies (continued)
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the profit and loss account at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in "other operating income" within profit and loss in the same period as the related expenditure. The company has not benefited from any other forms of government assistance.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 36 28
3 Taxation 2023 2022
£ £
Corporation tax on profit for the year 199,834 618,115
Deferred taxation in respect of accelerated capital allowances 13,185 140,812
Taxation charge for the year 213,019 758,927
4 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 30,000
At 31 December 2023 30,000
Amortisation
At 1 January 2023 30,000
At 31 December 2023 30,000
Net book value
At 31 December 2023 -
5 Tangible fixed assets
Fixtures and fittings Computer equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 22,289 8,402 2,852,178 2,882,869
Additions - - 2,573,135 2,573,135
Disposals - - (1,286,609) (1,286,609)
At 31 December 2023 22,289 8,402 4,138,704 4,169,395
Depreciation
At 1 January 2023 22,289 8,401 367,708 398,398
Charge for the year - - 966,949 966,949
On disposals - - (178,786) (178,786)
At 31 December 2023 22,289 8,401 1,155,871 1,186,561
Net book value
At 31 December 2023 - 1 2,982,833 2,982,834
At 31 December 2022 - 1 2,484,470 2,484,471
The historical cost of motor vehicles held under hire purchase is £3,935,791 (2022: £1,848,045) and their net book value is £2,845,843 (2022: £1,695,977).
6 Debtors 2023 2022
£ £
Trade debtors 784,287 990,129
Accrued income 178,534 200,993
Loan to related undertakings 84,114 769,399
Prepayments 85,750 80,360
Other debtors 793,135 158,320
1,925,820 2,199,201
7 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 113,485 401,576
Bank loan 48,611 83,333
Hire purchase 1,311,201 606,686
Social security and value added tax 77,679 -
Amounts owed to related undertaking 33,250 34,109
Accrued expenses 345,753 465,166
Corporation tax 193,501 618,115
Deferred income 106,000 70,000
2,229,480 2,278,985
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loan - 48,611
Hire purchase 1,558,650 1,100,194
Loans from shareholders 333 333
1,558,983 1,149,138
9 Provisions for liabilities - deferred taxation 2023 2022
£ £
At 1 January 2023 140,812 -
Adjustment in respect of accelerated capital allowances 13,185 140,812
At 31 December 2023 153,997 140,812
10 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 1,487,875 1,714,650
11 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Oliver Morley
Loan repayable by 30 April 2024 25,000 - (15,000) 10,000
interest charged at HMRC official rate
Matthew Woods
Loan repayable by 15 Sept 2024 - 750,000 - 750,000
interest charged at HMRC official rate
25,000 750,000 (15,000) 760,000
12 Related party transactions
WBC Consultancy Limited, a company controlled by A A Woods, a shareholder, is owed £33,250, and has charged management consultancy fees of £305,367.
The company has loaned £9,687 (2022: £68,887) and charged management fees of £57,081 (2022: £108,715) to Westcountry Rentals Limited, a company related by virtue of common shareholdings.
The company has loaned £195,110 (2022: £195,110) to Goodwin Lee B Limited and £4,557 (2022: £630,641) to Goodwin Lee Developments Limited, companies related by virtue of common shareholdings.
13 Controlling party
The company is controlled by the shareholders with no individual shareholder having overall control.
14 Other information
Goodwin Lee Investments Limited is a private company limited by shares and incorporated in England. Its registered office is:
2 Reigate Road
Sidlow
Reigate
Surrey
RH2 8QH
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