Company registration number 00794160 (England and Wales)
GOODENOUGH (ST AUSTELL) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
GOODENOUGH (ST AUSTELL) LIMITED
COMPANY INFORMATION
Directors
Mr J R Goodenough
Mr M D Goodenough
Company number
00794160
GOODENOUGH (ST AUSTELL) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
GOODENOUGH (ST AUSTELL) LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
34,324
40,717
Tangible assets
5
1,726,739
1,610,047
1,761,063
1,650,764
Current assets
Stocks
757,349
715,689
Debtors
6
81,226
77,121
Cash at bank and in hand
588,656
1,012,381
1,427,231
1,805,191
Creditors: amounts falling due within one year
7
(779,433)
(965,144)
Net current assets
647,798
840,047
Total assets less current liabilities
2,408,861
2,490,811
Creditors: amounts falling due after more than one year
8
(784,390)
(885,146)
Provisions for liabilities
(72,521)
(33,086)
Net assets
1,551,950
1,572,579
Capital and reserves
Called up share capital
1,150
1,150
Capital redemption reserve
850
850
Profit and loss reserves
1,549,950
1,570,579
Total equity
1,551,950
1,572,579
GOODENOUGH (ST AUSTELL) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 22 October 2024 and are signed on its behalf by:
Mr M D Goodenough
Director
Company registration number 00794160 (England and Wales)
GOODENOUGH (ST AUSTELL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Goodenough (St Austell) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 19/20 King Street, Truro, Cornwall, TR1 2RQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Other intangible assets
5 years on the straight line method
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
GOODENOUGH (ST AUSTELL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
2% per annum on the straight line method
Fixtures, fittings and equipment
15% per annum on the reducing balance method
Computer equipment
33.3% per annum on the straight line method
Motor vehicles
25% per annum on the reducing balance method
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price. Cost is determined as retail value excluding VAT, less the appropriate margin on goods sold in the year.
1.8
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.9
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
GOODENOUGH (ST AUSTELL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
106
86
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current year
45,982
Adjustments in respect of prior periods
(656)
Total current tax
(656)
45,982
Deferred tax
Origination and reversal of timing differences
39,435
8,677
Total tax charge
38,779
54,659
GOODENOUGH (ST AUSTELL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
4
Intangible fixed assets
Goodwill
Other intangible assets
Total
£
£
£
Cost
At 1 February 2023
148,549
50,516
199,065
Additions
1
7,976
7,977
At 31 January 2024
148,550
58,492
207,042
Amortisation and impairment
At 1 February 2023
118,550
39,798
158,348
Amortisation charged for the year
10,000
4,370
14,370
At 31 January 2024
128,550
44,168
172,718
Carrying amount
At 31 January 2024
20,000
14,324
34,324
At 31 January 2023
29,999
10,718
40,717
5
Tangible fixed assets
Land and buildings Freehold
Fixtures, fittings and equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2023
1,585,939
389,490
9,930
16,882
2,002,241
Additions
146,003
2,280
42,435
190,718
At 31 January 2024
1,585,939
535,493
12,210
59,317
2,192,959
Depreciation and impairment
At 1 February 2023
112,276
271,515
5,894
2,509
392,194
Depreciation charged in the year
31,719
30,592
1,933
9,782
74,026
At 31 January 2024
143,995
302,107
7,827
12,291
466,220
Carrying amount
At 31 January 2024
1,441,944
233,386
4,383
47,026
1,726,739
At 31 January 2023
1,473,663
117,975
4,036
14,373
1,610,047
GOODENOUGH (ST AUSTELL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
6
Debtors: amounts falling due within one year
2024
2023
Other debtors
81,226
77,121
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loan (secured)
80,858
78,344
CBIL loan
20,000
20,000
Trade creditors
566,818
582,898
Taxation and social security
37,659
100,600
Other creditors
74,098
183,302
779,433
965,144
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loan (secured)
757,723
838,479
CBIL loan
26,667
46,667
784,390
885,146
The bank loan is secured on the freehold land and buildings owned by the company.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
404,432
497,208
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
486,190
535,350