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Registration number: 00731686

W.Godfrey & Sons Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 29 February 2024

 

W.Godfrey & Sons Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

W.Godfrey & Sons Limited

(Registration number: 00731686)
Statement of Financial Position as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

36,549

32,360

Current assets

 

Stocks

5

273,748

262,144

Debtors

6

37,807

28,136

Cash at bank and in hand

 

102

227

 

311,657

290,507

Creditors: Amounts falling due within one year

7

(151,930)

(131,455)

Net current assets

 

159,727

159,052

Total assets less current liabilities

 

196,276

191,412

Creditors: Amounts falling due after more than one year

7

(1,194)

(12,982)

Provisions for liabilities

(4,952)

(3,411)

Net assets

 

190,130

175,019

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

189,130

174,019

Shareholders' funds

 

190,130

175,019

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 29 October 2024 and signed on its behalf by:
 

 

W.Godfrey & Sons Limited

(Registration number: 00731686)
Statement of Financial Position as at 29 February 2024

.........................................
Mr W Godfrey
Company secretary and director

 

W.Godfrey & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY. England.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of 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 and deferred 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.

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

Unrelieved tax losses 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 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.

 

W.Godfrey & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold land and buildings

Straight line over 20 years

Plant and machinery

25% reducing balance

Greenhouses and garages

Straight line over 20 years

Motor vehicles

25% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

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 income statement 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

W.Godfrey & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 8).

 

W.Godfrey & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Freehold land and buildings
£

Plant and machinery
£

Greenhouses and garages
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

145,543

63,090

65,423

20,738

294,794

Additions

-

-

-

11,850

11,850

Disposals

-

-

-

(4,038)

(4,038)

At 29 February 2024

145,543

63,090

65,423

28,550

302,606

Depreciation

At 1 March 2023

137,617

60,549

49,632

14,636

262,434

Charge for the year

1,132

638

1,394

4,487

7,651

Eliminated on disposal

-

-

-

(4,028)

(4,028)

At 29 February 2024

138,749

61,187

51,026

15,095

266,057

Carrying amount

At 29 February 2024

6,794

1,903

14,397

13,455

36,549

At 28 February 2023

7,926

2,541

15,791

6,102

32,360

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

273,748

262,144

6

Debtors

2024
£

2023
£

Trade debtors

32,397

24,500

Prepayments

5,410

3,636

37,807

28,136

 

W.Godfrey & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

8

61,639

32,478

Trade creditors

 

9,500

6,251

Taxation and social security

 

17,282

24,991

Accruals and deferred income

 

3,696

3,894

Other creditors

 

59,813

63,841

 

151,930

131,455

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

8

1,194

12,982

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,194

12,982

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,473

10,184

Bank overdrafts

51,166

22,294

61,639

32,478

Bank overdrafts

The bank overdraft is secured on the freehold property and assets of the company.