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Registration number: 11196628

J Goodfellow Roofing Limited

Filleted Unaudited Financial Statements

for the Year Ended 29 February 2024

 

J Goodfellow Roofing Limited
(Registration number: 11196628)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

J Goodfellow Roofing Limited
(Registration number: 11196628)

Company Information

Director

Mr John Goodfellow

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

J Goodfellow Roofing Limited
(Registration number: 11196628)

Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

83,245

39,448

Current assets

 

Stocks

6

500

500

Debtors

7

105,974

91,313

Cash at bank and in hand

 

76,212

73,920

 

182,686

165,733

Creditors: Amounts falling due within one year

8

(61,058)

(67,365)

Net current assets

 

121,628

98,368

Total assets less current liabilities

 

204,873

137,816

Creditors: Amounts falling due after more than one year

8

(29,165)

(34,721)

Provisions for liabilities

(15,816)

(7,495)

Net assets

 

159,892

95,600

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

159,792

95,500

Total equity

 

159,892

95,600

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.

 

J Goodfellow Roofing Limited
(Registration number: 11196628)

Balance Sheet as at 29 February 2024

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.

Approved and authorised by the director on 19 November 2024
 

.........................................
Mr John Goodfellow
Director

 

J Goodfellow Roofing Limited
(Registration number: 11196628)

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:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

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.

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 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.

 

J Goodfellow Roofing Limited
(Registration number: 11196628)

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

15% straight line basis

Office equipment

25% straight line basis

Motor vehicles

25% straight line basis

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

Straight line basis over 5 years

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.

 

J Goodfellow Roofing Limited
(Registration number: 11196628)

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

Trade 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.

Trade 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.

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 profit and loss account 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.

 

J Goodfellow Roofing Limited
(Registration number: 11196628)

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

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2023

10,000

10,000

At 29 February 2024

10,000

10,000

Amortisation

At 1 March 2023

10,000

10,000

At 29 February 2024

10,000

10,000

Carrying amount

At 29 February 2024

-

-

 

J Goodfellow Roofing Limited
(Registration number: 11196628)

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

5

Tangible assets

Office equipment
 £

Motor vehicles
 £

Plant & machinery
£

Total
£

Cost or valuation

At 1 March 2023

1,633

56,644

2,500

60,777

Additions

-

76,626

-

76,626

Disposals

-

(32,400)

-

(32,400)

At 29 February 2024

1,633

100,870

2,500

105,003

Depreciation

At 1 March 2023

747

18,707

1,875

21,329

Charge for the year

319

7,835

375

8,529

Eliminated on disposal

-

(8,100)

-

(8,100)

At 29 February 2024

1,066

18,442

2,250

21,758

Carrying amount

At 29 February 2024

567

82,428

250

83,245

At 28 February 2023

886

37,937

625

39,448

6

Stocks

2024
£

2023
£

Other stocks

500

500

7

Debtors

2024
£

2023
£

Trade debtors

45,468

13,946

Other debtors

57,983

76,980

Prepayments and accrued income

2,523

387

Total current trade and other debtors

105,974

91,313

 

J Goodfellow Roofing Limited
(Registration number: 11196628)

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

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

23,010

5,556

Trade creditors

 

8,866

26,575

Taxation and social security

 

28,933

34,597

Accrued expenses

 

249

637

 

61,058

67,365

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

29,165

34,721

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

5,556

5,556

Hire purchase contracts

17,454

-

23,010

5,556

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

29,165

34,721

 

J Goodfellow Roofing Limited
(Registration number: 11196628)

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

10

Related party transactions

Transactions with the director

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

Interest free loan repayable on demand

46,980

140,000

(152,886)

34,094

         
       

 

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Interest free loan repayable on demand

-

119,621

(72,641)

46,980