Registered number
09423081
Goodswagon Ltd
Filleted Accounts
29 February 2024
Goodswagon Ltd
Registered number: 09423081
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Current assets
Stocks 25,000 97,000
Cash at bank and in hand 195 1,955
25,195 98,955
Creditors: amounts falling due within one year 3 (79,871) (93,320)
Net current (liabilities)/assets (54,676) 5,635
Net (liabilities)/assets (54,676) 5,635
Capital and reserves
Called up share capital 100 100
Profit and loss account (54,776) 5,535
Shareholder's funds (54,676) 5,635
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
B C Irwin
Director
Approved by the board on 15 November 2024
Goodswagon Ltd
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 7
3 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors - 9,207
Directors current account 35,437 33,540
Taxation and social security costs 6,351 8,740
Other creditors 38,083 41,833
79,871 93,320
4 Other information
Goodswagon Ltd is a private company limited by shares and incorporated in England. Its registered office is:
High Street Chambers
Loughborough
LE11 2PZ
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