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REGISTERED NUMBER: 00518198 (England and Wales)















Unaudited Financial Statements for the Year Ended 5 April 2024

for

Godfrey & Turnbull Limited

Godfrey & Turnbull Limited (Registered number: 00518198)






Contents of the Financial Statements
for the Year Ended 5 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Godfrey & Turnbull Limited

Company Information
for the Year Ended 5 April 2024







DIRECTORS: Mrs D Turnbull
A W H Turnbull



SECRETARY: Mrs D Turnbull



REGISTERED OFFICE: The Farm Office
Prospect Farm
Barnetby
North Lincolnshire
DN38 6EL



REGISTERED NUMBER: 00518198 (England and Wales)



BANKERS: HSBC Bank Plc
84 High Street
Scunthorpe
North Lincolnshire
DN15 6HQ



SOLICITORS: Symes Baines Broomer
2 Park Square
Laneham Street
Scunthorpe
North Lincolnshire
DN15 6JH

Godfrey & Turnbull Limited (Registered number: 00518198)

Balance Sheet
5 April 2024

5.4.24 5.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1 1
Property, plant and equipment 5 1,572,857 1,687,048
Investments 6 5,158 5,158
1,578,016 1,692,207

CURRENT ASSETS
Inventories 439,506 720,764
Debtors 7 23,571 96,901
Cash at bank 191,385 111,607
654,462 929,272
CREDITORS
Amounts falling due within one year 8 174,428 192,590
NET CURRENT ASSETS 480,034 736,682
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,058,050

2,428,889

CREDITORS
Amounts falling due after more than one
year

9

(60,957

)

(104,172

)

PROVISIONS FOR LIABILITIES (4,847 ) (64,234 )
NET ASSETS 1,992,246 2,260,483

CAPITAL AND RESERVES
Called up share capital 20,000 20,000
Retained earnings 1,972,246 2,240,483
SHAREHOLDERS' FUNDS 1,992,246 2,260,483

Godfrey & Turnbull Limited (Registered number: 00518198)

Balance Sheet - continued
5 April 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 October 2024 and were signed on its behalf by:





A W H Turnbull - Director


Godfrey & Turnbull Limited (Registered number: 00518198)

Notes to the Financial Statements
for the Year Ended 5 April 2024

1. STATUTORY INFORMATION

Godfrey & Turnbull Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

Intangible fixed assets and amortisation
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the profit and loss account over its estimated economic life.

Amortisation is provided at the following rates:

Storage rights - Over 74 months
Entitlements - Over 20 years

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - Over 10 years
Plant and Machinery - At 15% per annum on cost
Motor vehicles -At rates varying between 20% and 33.33% per annum on cost
Office equipment - At 33.33% per annum on cost

Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Godfrey & Turnbull Limited (Registered number: 00518198)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Investments
Investments held as fixed assets are shown at cost less provision for impairment.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of change on the net obligation outstanding in each period.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Entitlements
£   
COST
At 6 April 2023
and 5 April 2024 36,116
AMORTISATION
At 6 April 2023
and 5 April 2024 36,115
NET BOOK VALUE
At 5 April 2024 1
At 5 April 2023 1

Godfrey & Turnbull Limited (Registered number: 00518198)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2024

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 6 April 2023 2,028,651 384,162 12,913 302,950 2,728,676
Additions - 49,483 - - 49,483
At 5 April 2024 2,028,651 433,645 12,913 302,950 2,778,159
DEPRECIATION
At 6 April 2023 737,507 200,356 11,728 92,037 1,041,628
Charge for year 10,391 52,467 842 99,974 163,674
At 5 April 2024 747,898 252,823 12,570 192,011 1,205,302
NET BOOK VALUE
At 5 April 2024 1,280,753 180,822 343 110,939 1,572,857
At 5 April 2023 1,291,144 183,806 1,185 210,913 1,687,048

Included in land and buildings is freehold land at a cost of £1,220,221 (2023: £1,220,221) which is not depreciated.

6. FIXED ASSET INVESTMENTS

5.4.24 5.4.23
£    £   
Other investments not loans 78 78
Other loans 5,080 5,080
5,158 5,158

Additional information is as follows:
Other
investments
£   
COST
At 6 April 2023
and 5 April 2024 78
NET BOOK VALUE
At 5 April 2024 78
At 5 April 2023 78
Other
loans
£   
At 6 April 2023
and 5 April 2024 5,080

Godfrey & Turnbull Limited (Registered number: 00518198)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
5.4.24 5.4.23
£    £   
Trade debtors 12,043 828
Other debtors 11,528 96,073
23,571 96,901

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
5.4.24 5.4.23
£    £   
Bank loans and overdrafts 16,670 16,670
Hire purchase contracts 27,667 49,269
Trade creditors 46,022 69,569
Taxation and social security 29,702 15,818
Other creditors 54,367 41,264
174,428 192,590

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
5.4.24 5.4.23
£    £   
Bank loans 33,290 49,960
Hire purchase contracts 27,667 54,212
60,957 104,172

10. SECURED DEBTS

The following secured debts are included within creditors:

5.4.24 5.4.23
£    £   
Bank loans 49,960 66,630
Hire purchase contracts 55,334 103,481
105,294 170,111

The bank loan is secured against the company's land and buildings at Low Farm.

The hire purchase contracts are secured against the assets which they relate to.

11. RELATED PARTY DISCLOSURES

5.4.24 5.4.23
£ £
Sales to related parties 29,360 56,594
Sales ledger balances owing from related parties 8.664 298
Purchases from related parties 205,380 405,010
Purchase ledger balances owing to related parties 6,000 61,260

The related parties are companies in which one of the directors is also a director or has a controlling interest.

Godfrey & Turnbull Limited (Registered number: 00518198)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2024

12. ULTIMATE CONTROLLING PARTY

Mr A W H Turnbull is the ultimate controlling party.