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Registration number: 02860783

Goodings Cookshops Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Goodings Cookshops Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Goodings Cookshops Limited

Company Information

Director

D A Clarke

Company secretary

H Clarke

Registered office

1 - 3 Chester Road
Neston
Cheshire
CH64 9PA

Accountants

Phillip Bates and Co Limited
Chartered Accountants
1 - 3 Chester Road
Neston
Cheshire
CH64 9PA

 

Goodings Cookshops Limited

(Registration number: 02860783)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

1,535,000

1,520,000

Current assets

 

Debtors

5

28,521

102,038

Cash at bank and in hand

 

151,544

1,014,343

 

180,065

1,116,381

Creditors: Amounts falling due within one year

6

(786,948)

(1,273,575)

Net current liabilities

 

(606,883)

(157,194)

Total assets less current liabilities

 

928,117

1,362,806

Creditors: Amounts falling due after more than one year

6

-

(306,220)

Provisions for liabilities

(39,625)

(39,625)

Net assets

 

888,492

1,016,961

Capital and reserves

 

Called up share capital

7

1,000

1,000

Fair value reserve

265,814

372,222

Retained earnings

621,678

643,739

Shareholders' funds

 

888,492

1,016,961

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 September 2024
 

 

Goodings Cookshops Limited

(Registration number: 02860783)
Balance Sheet as at 31 March 2024

.........................................
D A Clarke
Director

 

Goodings Cookshops Limited

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

1

General information

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

The address of its registered office is:
1 - 3 Chester Road
Neston
Cheshire
CH64 9PA
England

These financial statements were authorised for issue by the director on 23 September 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.

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 sales/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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

 

Goodings Cookshops Limited

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

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

Unrelieved tax loss 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 furure taxable profits.

Deferred Tax is calculated at the rates that have been enacted or substantially 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

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.

 

Goodings Cookshops Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Investment properties

2024
£

At 1 April 2023

1,520,000

Additions

121,408

Fair value adjustments

(106,408)

At 31 March 2024

1,535,000

The investment property at Bridge Street was valued by Mr D Clarke a director of the company using his experience of local retail property prices. The Property in West Kirby was valued by independent valuers, Legat Owen Chartered Surveyors, in October 2020



5

Debtors

Current

2024
£

2023
£

Trade debtors

1,736

727

Prepayments

1,785

1,311

Other debtors

25,000

100,000

 

28,521

102,038

 

Goodings Cookshops Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

756,220

1,250,001

Trade creditors

 

20,618

13,573

Taxation and social security

 

-

7,644

Accruals and deferred income

 

9,750

1,997

Other creditors

 

360

360

 

786,948

1,273,575

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

-

306,220

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

       

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

756,220

1,250,001

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

-

306,220

9

Related party transactions

Summary of transactions with other related parties

 

Goodings Cookshops Limited

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

Goodings Cookshops Limited
 Included in Debtors is an amount of £25,000 (2023- £100,000) owed by Rightway Limited, a company in which DA Clarke is a director. The loan is unsecured and interest free.
 

10

Provisions for liabilities

Deferred tax
£

Total
£

At 1 April 2023

39,625

39,625

At 31 March 2024

39,625

39,625