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REGISTERED NUMBER: 05178942 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 July 2024

for

Goodwin Plastics Limited

Goodwin Plastics Limited (Registered number: 05178942)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Balance Sheet 1

Notes to the Financial Statements 2


Goodwin Plastics Limited (Registered number: 05178942)

Balance Sheet
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 450 900
Tangible assets 5 58,134 62,373
58,584 63,273

CURRENT ASSETS
Stocks 1,000 1,000
Debtors 6 37,610 47,535
Cash at bank 58,698 93,200
97,308 141,735
CREDITORS
Amounts falling due within one year 7 96,620 132,145
NET CURRENT ASSETS 688 9,590
TOTAL ASSETS LESS CURRENT LIABILITIES 59,272 72,863

CREDITORS
Amounts falling due after more than one year 8 (28,800 ) (38,400 )

PROVISIONS FOR LIABILITIES (615 ) (1,257 )
NET ASSETS 29,857 33,206

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 29,856 33,205
SHAREHOLDERS' FUNDS 29,857 33,206

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2024 and were signed on its behalf by:



Mr Jason Goodwin - Director


Goodwin Plastics Limited (Registered number: 05178942)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Goodwin Plastics Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 05178942

Registered office: Ebenezer House
Ryecroft
Newcastle Under Lyme
Staffordshire
ST5 2BE

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised as the company becomes entitled to consideration for the goods supplied.

Goodwill
Goodwill arising from the acquisition of the business in 2004, has been fully amortised.

Goodwill arising from the acquisition of a business in 2011 is being amortised over its estimated useful life of fifteen years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


Goodwin Plastics Limited (Registered number: 05178942)

Notes to the Financial Statements - continued
for the Year Ended 31 July 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

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

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2023
and 31 July 2024 25,750
AMORTISATION
At 1 August 2023 24,850
Amortisation for year 450
At 31 July 2024 25,300
NET BOOK VALUE
At 31 July 2024 450
At 31 July 2023 900

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 August 2023 59,602 71,829 6,677 6,628 144,736
Additions - 125 130 - 255
At 31 July 2024 59,602 71,954 6,807 6,628 144,991
DEPRECIATION
At 1 August 2023 10,180 61,749 5,817 4,617 82,363
Charge for year 1,192 2,551 248 503 4,494
At 31 July 2024 11,372 64,300 6,065 5,120 86,857
NET BOOK VALUE
At 31 July 2024 48,230 7,654 742 1,508 58,134
At 31 July 2023 49,422 10,080 860 2,011 62,373

Goodwin Plastics Limited (Registered number: 05178942)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 31,816 41,945
Other debtors 5,794 5,590
37,610 47,535

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 11,170 20,017
Trade creditors 23,006 23,728
Taxation and social security 19,652 26,733
Other creditors 42,792 61,667
96,620 132,145

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 8,800 18,400
Other creditors 20,000 20,000
28,800 38,400

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 1,570 10,417

The bank overdraft is secured by a fixed and floating debenture over the assets of the company.