Company Registration No. 03122343 (England and Wales)
CARPENTER GOODWIN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
CARPENTER GOODWIN LIMITED
COMPANY INFORMATION
Directors
Mr R W Carpenter
Mr N G Goodwin
Company number
03122343
Registered office
31 Bridge Street
Leominster
Herefordshire
HR6  8DU
Accountants
Kendall Wadley LLP
Merevale House
27 Sansome Walk
Worcester
WR1 1NU
CARPENTER GOODWIN LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
CARPENTER GOODWIN LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
-
0
937
Tangible assets
5
102,482
104,804
Current assets
Stocks
6
324,883
250,298
Debtors
7
359,449
351,654
Cash at bank and in hand
436,843
403,818
1,121,175
1,005,770
Creditors: amounts falling due within one year
8
(406,322)
(376,042)
Net current assets
714,853
629,728
Total assets less current liabilities
817,335
735,469
Provisions for liabilities
9
(3,152)
(2,492)
Net assets
814,183
732,977
Capital and reserves
Called up share capital
10
1,000
1,000
Profit and loss reserves
813,183
731,977
Total equity
814,183
732,977

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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 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.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

CARPENTER GOODWIN LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 June 2024 and are signed on its behalf by:
Mr R W Carpenter
Mr N G Goodwin
Director
Director
Company Registration No. 03122343
CARPENTER GOODWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information

Carpenter Goodwin Limited is a private company limited by shares incorporated in England and Wales. The registered office is 31 Bridge Street, Leominster, Herefordshire, HR6 8DU.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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.

 

1.3
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 if the fair value can be measured reliably.

Amortisation 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:

Website
over 3 years
1.4
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.

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:

Property Improv'ts
10% on cost
Plant and Machinery
20% on cost
Fixtures, Fittings & Equipment
20% on cost
Motor Vehicles
25% on cost
CARPENTER GOODWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

CARPENTER GOODWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
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.

CARPENTER GOODWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 6 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was as follows:

2024
2023
Number
Number
Total
17
16
4
Intangible fixed assets
Website
£
Cost
At 1 February 2023 and 31 January 2024
22,450
Amortisation and impairment
At 1 February 2023
21,513
Amortisation charged for the year
937
At 31 January 2024
22,450
Carrying amount
At 31 January 2024
-
0
At 31 January 2023
937
CARPENTER GOODWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
5
Tangible fixed assets
Property Improv'ts
Plant and Machinery
Fixtures, Fittings & Equipment
Motor Vehicles
Total
£
£
£
£
£
Cost
At 1 February 2023
48,917
35,260
114,086
80,286
278,549
Additions
-
0
-
0
1,598
21,500
23,098
At 31 January 2024
48,917
35,260
115,684
101,786
301,647
Depreciation and impairment
At 1 February 2023
3,348
25,760
106,829
37,808
173,745
Depreciation charged in the year
979
2,500
4,026
17,915
25,420
At 31 January 2024
4,327
28,260
110,855
55,723
199,165
Carrying amount
At 31 January 2024
44,590
7,000
4,829
46,063
102,482
At 31 January 2023
45,569
9,500
7,256
42,479
104,804
6
Stocks
2024
2023
£
£
Stocks
324,883
250,298
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
348,193
314,182
Other debtors
11,256
37,472
359,449
351,654
CARPENTER GOODWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 8 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
168,658
164,987
Corporation tax
67,255
36,325
Other taxation and social security
39,330
37,317
Directors' current accounts
98,672
104,676
Other creditors
28,600
28,600
Accruals and deferred income
3,807
4,137
406,322
376,042
CARPENTER GOODWIN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 9 -
9
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated Capital Allowances
3,152
2,492
2024
Movements in the year:
£
Liability at 1 February 2023
2,492
Charge to profit or loss
660
Liability at 31 January 2024
3,152

 

10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Authorised
Ordinary shares of £1 each
100,000
100,000
100,000
100,000
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
11
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
68,243
87,952
2024-01-312023-02-01false28 June 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr R W CarpenterMr N G Goodwinfalsefalse031223432023-02-012024-01-3103122343bus:Director12023-02-012024-01-3103122343bus:Director22023-02-012024-01-3103122343bus:RegisteredOffice2023-02-012024-01-31031223432024-01-31031223432023-01-3103122343core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-01-3103122343core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-01-3103122343core:LandBuildingscore:OwnedOrFreeholdAssets2024-01-3103122343core:PlantMachinery2024-01-3103122343core:FurnitureFittings2024-01-3103122343core:MotorVehicles2024-01-3103122343core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-3103122343core:PlantMachinery2023-01-3103122343core:FurnitureFittings2023-01-3103122343core:MotorVehicles2023-01-3103122343core:CurrentFinancialInstruments2024-01-3103122343core:CurrentFinancialInstruments2023-01-3103122343core:ShareCapital2024-01-3103122343core:ShareCapital2023-01-3103122343core:RetainedEarningsAccumulatedLosses2024-01-3103122343core:RetainedEarningsAccumulatedLosses2023-01-3103122343core:IntangibleAssetsOtherThanGoodwill2023-02-012024-01-3103122343core:LandBuildingscore:OwnedOrFreeholdAssets2023-02-012024-01-3103122343core:PlantMachinery2023-02-012024-01-3103122343core:FurnitureFittings2023-02-012024-01-3103122343core:MotorVehicles2023-02-012024-01-31031223432022-02-012023-01-3103122343core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-01-3103122343core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-02-012024-01-3103122343core:LandBuildingscore:OwnedOrFreeholdAssets2023-01-3103122343core:PlantMachinery2023-01-3103122343core:FurnitureFittings2023-01-3103122343core:MotorVehicles2023-01-31031223432023-01-3103122343core:WithinOneYear2024-01-3103122343core:WithinOneYear2023-01-3103122343core:CurrentFinancialInstrumentscore:WithinOneYear2024-01-3103122343core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-3103122343bus:PrivateLimitedCompanyLtd2023-02-012024-01-3103122343bus:SmallCompaniesRegimeForAccounts2023-02-012024-01-3103122343bus:FRS1022023-02-012024-01-3103122343bus:AuditExemptWithAccountantsReport2023-02-012024-01-3103122343bus:FullAccounts2023-02-012024-01-31xbrli:purexbrli:sharesiso4217:GBP