Company registration number 03383233 (England and Wales)
DAVID GOODE SCULPTURE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
DAVID GOODE SCULPTURE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
DAVID GOODE SCULPTURE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
44,447
50,762
Current assets
Stocks
6
329,386
386,156
Debtors
5
1,488
13,647
Cash at bank and in hand
45,348
57,785
376,222
457,588
Creditors: amounts falling due within one year
7
(108,973)
(185,443)
Net current assets
267,249
272,145
Net assets
311,696
322,907
Capital and reserves
Called up share capital
8
12,000
12,000
Share premium account
137,977
137,977
Profit and loss reserves
161,719
172,930
Total equity
311,696
322,907
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 March 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.
The financial statements were approved by the board of directors and authorised for issue on 16 October 2024 and are signed on its behalf by:
D L Goode
Director
Company registration number 03383233 (England and Wales)
DAVID GOODE SCULPTURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
David Goode Sculpture Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30 Upper High Street, Thame, Oxfordshire, OX9 3EZ.
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 pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents net invoiced sales of goods, excluding value added tax.
1.3
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:
Studio cost
4% on cost
Plant and machinery
at varying rates on cost
Computer equipment
25% straight line basis
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.
1.4
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
DAVID GOODE SCULPTURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
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:
2024
2023
Number
Number
Total
3
3
4
Tangible fixed assets
Studio cost
Plant and machinery
Computer equipment
Total
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
28,804
84,054
23,393
136,251
Depreciation and impairment
At 1 April 2023
23,846
40,625
21,018
85,489
Depreciation charged in the year
713
3,975
1,627
6,315
At 31 March 2024
24,559
44,600
22,645
91,804
Carrying amount
At 31 March 2024
4,245
39,454
748
44,447
At 31 March 2023
4,958
43,429
2,375
50,762
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,488
11,404
Other debtors
2,243
1,488
13,647
DAVID GOODE SCULPTURE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
6
Stocks
2024
2023
£
£
Stocks
329,386
386,156
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,178
3,179
Taxation and social security
785
157
Other creditors
105,010
182,107
108,973
185,443
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
12,000 Ordinary Shares of £1 each
12,000
12,000