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Filleted

Registration number: 06503975

Leigh Goodchild Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Leigh Goodchild Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Leigh Goodchild Limited

Company Information

Director

Mr L J Goodchild

Registered office

15 Faulkland View
Peasedown St John
Bath
Somerset
BA2 8TG

 

Leigh Goodchild Limited

(Registration number: 06503975)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

13,500

15,750

Tangible assets

5

25,676

24,738

 

39,176

40,488

Current assets

 

Stocks

6

2,067

1,706

Debtors

7

23,370

11,454

Cash at bank and in hand

 

8,650

9,031

 

34,087

22,191

Creditors: Amounts falling due within one year

8

(37,959)

(40,635)

Net current liabilities

 

(3,872)

(18,444)

Net assets

 

35,304

22,044

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

34,304

21,044

Total equity

 

35,304

22,044

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.

Director's 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 director acknowledges his 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Leigh Goodchild Limited

(Registration number: 06503975)
Balance Sheet as at 29 February 2024

Approved and authorised by the director on 30 September 2024
 

.........................................
Mr L J Goodchild
Director

   
     
 

Leigh Goodchild Limited

Notes to the 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:
15 Faulkland View
Peasedown St John
Bath
Somerset
BA2 8TG

These financial statements were authorised for issue by the director on 30 September 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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

 

Leigh Goodchild Limited

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

Tangible assets

Tangible assets are stated in the balance sheet 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

Plant and machinery etc

20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

Leigh Goodchild Limited

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

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

Leigh Goodchild Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2023

45,000

45,000

At 29 February 2024

45,000

45,000

Amortisation

At 1 March 2023

29,250

29,250

Amortisation charge

2,250

2,250

At 29 February 2024

31,500

31,500

Carrying amount

At 29 February 2024

13,500

13,500

At 28 February 2023

15,750

15,750

5

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 March 2023

30,757

4,007

34,764

Additions

24,585

-

24,585

Disposals

(25,265)

-

(25,265)

At 29 February 2024

30,077

4,007

34,084

Depreciation

At 1 March 2023

7,871

2,155

10,026

Charge for the year

539

370

909

Eliminated on disposal

(2,527)

-

(2,527)

At 29 February 2024

5,883

2,525

8,408

Carrying amount

At 29 February 2024

24,194

1,482

25,676

At 28 February 2023

22,886

1,852

24,738

 

Leigh Goodchild Limited

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

6

Stocks

2024
£

2023
£

Other inventories

2,067

1,706

7

Debtors

2024
£

2023
£

Trade debtors

22,870

11,142

Provision for impairment of debtors

-

(188)

Prepayments

-

500

Other debtors

500

-

23,370

11,454

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

5,756

1,405

Taxation and social security

 

2,504

3,159

Other related parties

 

15,428

28,518

Corporation tax liability

 

10,889

5,213

Other creditors

 

3,382

2,340

 

37,959

40,635

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         
 

Leigh Goodchild Limited

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

10

Related party transactions

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

Mr L J Goodchild

Interest free loan repayable on demand

(28,518)

44,750

(31,660)

(15,428)

         
       

 

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Mr L J Goodchild

Interest free loan repayable on demand

(30,916)

24,000

(21,602)

(28,518)