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Company Registration No. 13208821 (England and Wales)
Goodale Lock Ltd Unaudited accounts for the year ended 29 February 2024
Goodale Lock Ltd Unaudited accounts Contents
Page
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Goodale Lock Ltd Company Information for the year ended 29 February 2024
Director
Dominic Goodale
Company Number
13208821 (England and Wales)
Registered Office
First Floor 129 High Street Guildford Surrey GU1 3AA United Kingdom
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Goodale Lock Ltd Statement of financial position as at 29 February 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
763 
- 
Current assets
Debtors
278,911 
16,240 
Cash at bank and in hand
50,804 
25,116 
329,715 
41,356 
Creditors: amounts falling due within one year
(270,949)
(8,541)
Net current assets
58,766 
32,815 
Net assets
59,529 
32,815 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
59,429 
32,715 
Shareholders' funds
59,529 
32,815 
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 29 November 2024 and were signed on its behalf by
Dominic Goodale Director Company Registration No. 13208821
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Goodale Lock Ltd Notes to the Accounts for the year ended 29 February 2024
1
Statutory information
Goodale Lock Ltd is a private company, limited by shares, registered in England and Wales, registration number 13208821. The registered office is First Floor, 129 High Street, Guildford, Surrey, GU1 3AA, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
4 years straight line
Computer equipment
4 years straight line
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.
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Goodale Lock Ltd Notes to the Accounts for the year ended 29 February 2024
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. In preparing these financial statements, the director has made the following judgements: Determine whether there are indicators of impairment of the company's tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. Tangible fixed assets (note 4) Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
4
Tangible fixed assets
Plant & machinery 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 March 2023
- 
- 
- 
Additions
273 
521 
794 
At 29 February 2024
273 
521 
794 
Depreciation
Charge for the year
17 
14 
31 
At 29 February 2024
17 
14 
31 
Net book value
At 29 February 2024
256 
507 
763 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
235,498 
9,340 
Accrued income and prepayments
4,957 
- 
Other debtors
38,456 
6,900 
278,911 
16,240 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
138,664 
- 
VAT
55,182 
540 
Trade creditors
38,293 
328 
Taxes and social security
21,801 
7,673 
Other creditors
17,009 
- 
270,949 
8,541 
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Goodale Lock Ltd Notes to the Accounts for the year ended 29 February 2024
7
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Dominic Goodale
Director's loan account
6,900 
105,333 
75,417 
36,816 
6,900 
105,333 
75,417 
36,816 
The director's loan account is due to be repaid in full within nine months of the year end.
8
Average number of employees
During the year the average number of employees was 5 (2023: 1).
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