GOODALL BATES & TODD LIMITED
Company registration number 00090220 (England and Wales)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
GOODALL BATES & TODD LIMITED
COMPANY INFORMATION
Directors
Mr A J Goddard
Mrs D M Goddard
Mr D W Goddard
Mr E W Goddard
Ms J L Shelton
(Appointed 25 March 2024)
Secretary
Ms J L Shelton
Company number
00090220
Registered office
38-41 Castle Foregate
Shrewsbury
Shropshire
SY1 2EL
Auditor
Dyke Yaxley Limited
1 Brassey Road
Old Potts Way
Shrewsbury
Shropshire
SY3 7FA
Bankers
Bank of Scotland
33 Old Broad Street
London
EC2N 2NH
GOODALL BATES & TODD LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 20
GOODALL BATES & TODD LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -
The directors present the strategic report for the year ended 31 July 2024.
Review of the business
The results for the financial year are shown in the statement of comprehensive income on page 8. The profit for the financial year after taxation amounted to £929,000 (2023: £878,000). The position of the company is included on page 9 and shows net assets of £7,809,000 (2023: £6,880,000).
Principal risks and uncertainties
The Company’s operations expose it to a variety of financial risks that include the effects of credit risk, liquidity risk and interest rate risk. The directors actively manage these risks by monitoring levels of risk and the related costs. The purchase of forward currency contracts and foreign exchange receipts and payments are made in conjunction with currency accounts in order to protect against foreign exchange movements.
The Company has implemented policies to review customer debt and carry out appropriate credit checks on potential customers before sales are made.
Development and performance
The company continued the development of the GB brand overseas to mitigate the changing domestic lubricants market and spread risk.
The company is the first private company to connect to the Gateshead District Energty Network, which provides low carbon heat and electricity via a combination of solar power, an innovative mine water heating system all backed up with combined heat and power engines.
Key performance indicators
The directors consider turnover and net current assets to be key performance indicators for the Company.
Turnover for the accounting period has decreased to £17,859,000 (2023: £18,642,000). The variance year on year is largely due to some suppression of volumes with transition to higher value products which offset the lower usage levels from the efficiency they bring to the customer.
Net current assets at the end of the financial year amounted to £5,624,000 (2023: £4,657,000). The increase in this balance during the year is primarily due to the strong performance of the business resulting in an increase in cash.
.............................................
Ms J L Shelton
Secretary
Date: .............................................
GOODALL BATES & TODD LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 July 2024.
Principal activities
The principal activity of the company continued to be the manufacture and distribution of lubricants and associated products.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr A J Goddard
Mrs D M Goddard
Mr D W Goddard
Mr E W Goddard
Mr D G Jones
(Resigned 31 July 2024)
Ms J L Shelton
(Appointed 25 March 2024)
Auditor
Dyke Yaxley Limited were re-appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
By order of the board
..............................................
Ms J L Shelton
Secretary
Date: .............................................
2024-10-22
GOODALL BATES & TODD LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
GOODALL BATES & TODD LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GOODALL BATES & TODD LIMITED
- 4 -
Opinion
We have audited the financial statements of Goodall Bates & Todd Limited (the 'company') for the year ended 31 July 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 July 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
GOODALL BATES & TODD LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GOODALL BATES & TODD LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
GOODALL BATES & TODD LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GOODALL BATES & TODD LIMITED
- 6 -
Irregularities, including fraud, and instances of non-compliance with laws and regulations
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We considered the nature of the company's industry and its control environment, and reviewed the company's policies and procedures relating to fraud and compliance with laws and regulations.
We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.
The most significant laws and regulations that have an indirect impact on the financial statements are Health and Safety and environmental. We performed audit procedures to inquire of management and those charged with governance whether the company is in compliance with these laws and regulations and inspected public databases maintained by the relevant regulatory authorities for any potential notices or breaches.
The audit engagement team identified the risk of management override of controls and revenue recognition as areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to, testing manual journal entries and other adjustments and evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, testing the recognition of a sample of revenue items with reference to the relevant sale documentation.
There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
We did not identify any key audit matters relating to irregularities, including fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Andrew Young FCA (Senior Statutory Auditor)
For and on behalf of Dyke Yaxley Limited
Date: .........................
2024-10-23
Chartered Accountants
Statutory Auditor
1 Brassey Road
Old Potts Way
Shrewsbury
Shropshire
SY3 7FA
GOODALL BATES & TODD LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
2024
2023
Notes
£ 000
£ 000
Turnover
3
17,859
18,642
Cost of sales
(12,556)
(13,465)
Gross profit
5,303
5,177
Distribution costs
(2,407)
(2,306)
Administrative expenses
(1,812)
(1,750)
Operating profit
4
1,084
1,121
Interest receivable and similar income
6
115
32
Profit before taxation
1,199
1,153
Tax on profit
7
(270)
(275)
Profit for the financial year
929
878
The profit and loss account has been prepared on the basis that all operations are continuing operations.
GOODALL BATES & TODD LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
2024
2023
£ 000
£ 000
Profit for the year
929
878
Other comprehensive income
-
-
Total comprehensive income for the year
929
878
GOODALL BATES & TODD LIMITED
BALANCE SHEET
- 9 -
2024
2023
Notes
£ 000
£ 000
£ 000
£ 000
Fixed assets
Tangible assets
8
2,552
2,603
Current assets
Stocks
9
2,484
2,815
Debtors
10
2,222
2,232
Cash at bank and in hand
3,348
1,824
8,054
6,871
Creditors: amounts falling due within one year
11
(2,430)
(2,214)
Net current assets
5,624
4,657
Total assets less current liabilities
8,176
7,260
Provisions for liabilities
Deferred tax liability
12
367
380
(367)
(380)
Net assets
7,809
6,880
Capital and reserves
Called up share capital
14
20
20
Share premium account
6
6
Capital redemption reserve
13
13
Profit and loss reserves
7,770
6,841
Total equity
7,809
6,880
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on ......................... and are signed on its behalf by:
2024-10-22
..............................................
..............................................
Mrs D M Goddard
Mr E W Goddard
Director
Director
Company registration number 00090220 (England and Wales)
GOODALL BATES & TODD LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024
- 10 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
£ 000
£ 000
£ 000
£ 000
£ 000
Balance at 1 August 2022
20
6
13
5,963
6,002
Year ended 31 July 2023:
Profit and total comprehensive income
-
-
-
878
878
Balance at 31 July 2023
20
6
13
6,841
6,880
Year ended 31 July 2024:
Profit and total comprehensive income
-
-
-
929
929
Balance at 31 July 2024
20
6
13
7,770
7,809
GOODALL BATES & TODD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 11 -
1
Accounting policies
Company information
Goodall Bates & Todd Limited is a private company limited by shares incorporated in England and Wales. The registered office is 38-41 Castle Foregate, Shrewsbury, Shropshire, SY1 2EL. The place of business is Albany Road, Gateshead, NE8 3BP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £ 000.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel and transactions with other group entities.
The financial statements of the company are consolidated in the financial statements of Paterson Enterprises Limited. These consolidated financial statements are available from its registered office, 38-41 Castle Foregate, Shrewsbury, Shropshire, SY1 2EL.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
GOODALL BATES & TODD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 12 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings
2%-10% straight line
Plant and equipment
10-25% straight line
Tanks
10% straight line
Motor vehicles
25-30% reducing balance
Freehold land and assets in the course of construction are not depreciated.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
GOODALL BATES & TODD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 13 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Foreign exchange
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
GOODALL BATES & TODD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 14 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives. The useful economic lives are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
Inventory provision
The Company manufactures and distributes lubricants and associated products. As a result it is necessary to consider the recoverability of the cost of inventory and the associated provisioning required. When calculating the inventory provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials. See note 9 for the net carrying amount of the inventory and associated provision.
Debtors provision
The Company makes an estimate of the recoverable value of the trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 10 for the net carrying amount of debtor balances and associated impairment provision.
GOODALL BATES & TODD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 15 -
3
Turnover and other revenue
2024
2023
£ 000
£ 000
Turnover analysed by geographical market
United Kingdom
17,120
17,712
Rest of World
739
930
17,859
18,642
2024
2023
£ 000
£ 000
Other revenue
Interest income
115
32
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£ 000
£ 000
Exchange gains
(24)
(44)
Fees payable to the company's auditor for the audit of the company's financial statements
12
11
Depreciation of owned tangible fixed assets
296
204
Profit on disposal of tangible fixed assets
(17)
(2)
Operating lease charges
23
23
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Management
3
3
Admin
10
9
Transport
6
6
Laboratory
3
3
Warehouse
15
14
Sales
8
8
Total
45
43
GOODALL BATES & TODD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
5
Employees
(Continued)
- 16 -
Their aggregate remuneration comprised:
2024
2023
£ 000
£ 000
Wages and salaries
1,683
1,607
Social security costs
165
167
Pension costs
60
58
1,908
1,832
6
Interest receivable and similar income
2024
2023
£ 000
£ 000
Interest income
Interest on bank deposits
115
32
7
Taxation
2024
2023
£ 000
£ 000
Current tax
UK corporation tax on profits for the current period
352
79
Adjustments in respect of prior periods
(69)
(8)
Total current tax
283
71
Deferred tax
Origination and reversal of timing differences
(46)
173
Changes in tax rates
33
Adjustment in respect of prior periods
33
(2)
Total deferred tax
(13)
204
Total tax charge
270
275
GOODALL BATES & TODD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
7
Taxation
(Continued)
- 17 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£ 000
£ 000
Profit before taxation
1,199
1,153
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.01%)
300
242
Tax effect of expenses that are not deductible in determining taxable profit
5
10
Adjustments in respect of prior years
(35)
(11)
Effect of change in corporation tax rate
34
Taxation charge for the year
270
275
8
Tangible fixed assets
Land and buildings
Assets under construction
Plant and equipment
Tanks
Motor vehicles
Total
£ 000
£ 000
£ 000
£ 000
£ 000
£ 000
Cost
At 1 August 2023
1,288
47
2,442
520
1,136
5,433
Additions
46
91
62
60
259
Disposals
(37)
(253)
(290)
At 31 July 2024
1,334
138
2,467
520
943
5,402
Depreciation and impairment
At 1 August 2023
154
1,638
339
699
2,830
Depreciation charged in the year
46
115
12
123
296
Eliminated in respect of disposals
(36)
(240)
(276)
At 31 July 2024
200
1,717
351
582
2,850
Carrying amount
At 31 July 2024
1,134
138
750
169
361
2,552
At 31 July 2023
1,134
47
804
181
437
2,603
GOODALL BATES & TODD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 18 -
9
Stocks
2024
2023
£ 000
£ 000
Raw materials and consumables
1,574
1,813
Finished goods and goods for resale
910
1,002
2,484
2,815
Stocks are stated after provisions for impairment of £40,000 (2023: £20,000).
10
Debtors
2024
2023
Amounts falling due within one year:
£ 000
£ 000
Trade debtors
2,082
2,106
Other debtors
21
40
Prepayments and accrued income
119
86
2,222
2,232
Debtors are stated after provisions for impairment of £10,000 (2023: £10,000).
11
Creditors: amounts falling due within one year
2024
2023
£ 000
£ 000
Trade creditors
1,356
1,236
Amounts owed to group undertakings
274
478
Corporation tax
80
(34)
Other taxation and social security
417
280
Accruals and deferred income
303
254
2,430
2,214
GOODALL BATES & TODD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 19 -
12
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£ 000
£ 000
Accelerated capital allowances
375
388
Short term timing differences
(8)
(8)
367
380
2024
Movements in the year:
£ 000
Liability at 1 August 2023
380
Credit to profit or loss
(13)
Liability at 31 July 2024
367
13
Retirement benefit schemes
2024
2023
Defined contribution schemes
£ 000
£ 000
Charge to profit or loss in respect of defined contribution schemes
60
58
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
14
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£ 000
£ 000
Issued and fully paid
Ordinary shares of £1 each
20,065
20,065
20
20
GOODALL BATES & TODD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 20 -
15
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£ 000
£ 000
Within one year
18
23
Between two and five years
19
18
42
16
Capital commitments
Amounts contracted for but not provided in the financial statements:
2024
2023
£ 000
£ 000
Acquisition of tangible fixed assets
434
-
17
Related party transactions
The company has taken advantage of the exemption not to disclose transactions with other wholly owned Group members.
18
Ultimate controlling party
The Company’s immediate parent undertaking is Paterson Enterprises Limited, a company registered in the United Kingdom.
Paterson Enterprises Limited is the parent undertaking of the smallest company to consolidate these financial statements. The consolidated financial statements of Paterson Enterprises Limited are available from 38-41 Castle Foregate, Shrewsbury, Shropshire, SY1 2EL.
The Company’s ultimate parent undertaking and controlling party and the largest company to consolidate these financial statements is Goddard Enterprises Limited, a company registered in the United Kingdom. The consolidated financial statements of Goddard Enterprises Limited are available from 38-41 Castle Foregate, Shrewsbury, Shropshire, SY1 2EL.
2024-07-312023-08-01falsefalsefalseCCH SoftwareCCH Accounts Production 2024.310Mr A J GoddardMrs D M GoddardMr D W GoddardMr E W GoddardMr D G JonesJ L SheltonMs J L Shelton000902202023-08-012024-07-3100090220bus:Director12023-08-012024-07-3100090220bus:Director22023-08-012024-07-3100090220bus:Director32023-08-012024-07-3100090220bus:Director42023-08-012024-07-3100090220bus:CompanySecretaryDirector12023-08-012024-07-3100090220bus:Director52023-08-012024-07-3100090220bus:Director62023-08-012024-07-3100090220bus:CompanySecretary12023-08-012024-07-3100090220bus:RegisteredOffice2023-08-012024-07-3100090220bus:Agent12023-08-012024-07-31000902202024-07-31000902202022-08-012023-07-3100090220core:RetainedEarningsAccumulatedLosses2022-08-012023-07-3100090220core:RetainedEarningsAccumulatedLosses2023-08-012024-07-31000902202023-07-3100090220core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-07-3100090220core:ConstructionInProgressAssetsUnderConstruction2024-07-3100090220core:PlantMachinery2024-07-3100090220core:FurnitureFittings2024-07-3100090220core:MotorVehicles2024-07-3100090220core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-07-3100090220core:ConstructionInProgressAssetsUnderConstruction2023-07-3100090220core:PlantMachinery2023-07-3100090220core:FurnitureFittings2023-07-3100090220core:MotorVehicles2023-07-3100090220core:CurrentFinancialInstrumentscore:WithinOneYear2024-07-3100090220core:CurrentFinancialInstrumentscore:WithinOneYear2023-07-3100090220core:CurrentFinancialInstruments2024-07-3100090220core:CurrentFinancialInstruments2023-07-3100090220core:ShareCapital2024-07-3100090220core:ShareCapital2023-07-3100090220core:SharePremium2024-07-3100090220core:SharePremium2023-07-3100090220core:CapitalRedemptionReserve2024-07-3100090220core:CapitalRedemptionReserve2023-07-3100090220core:RetainedEarningsAccumulatedLosses2024-07-3100090220core:RetainedEarningsAccumulatedLosses2023-07-3100090220core:ShareCapital2022-07-3100090220core:SharePremium2022-07-3100090220core:CapitalRedemptionReserve2022-07-3100090220core:RetainedEarningsAccumulatedLosses2022-07-3100090220core:LandBuildingscore:LongLeaseholdAssets2023-08-012024-07-3100090220core:PlantMachinery2023-08-012024-07-3100090220core:FurnitureFittings2023-08-012024-07-3100090220core:MotorVehicles2023-08-012024-07-3100090220core:UKTax2023-08-012024-07-3100090220core:UKTax2022-08-012023-07-310009022012023-08-012024-07-310009022012022-08-012023-07-3100090220core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-07-3100090220core:ConstructionInProgressAssetsUnderConstruction2023-07-3100090220core:PlantMachinery2023-07-3100090220core:FurnitureFittings2023-07-3100090220core:MotorVehicles2023-07-31000902202023-07-3100090220core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-08-012024-07-3100090220core:ConstructionInProgressAssetsUnderConstruction2023-08-012024-07-3100090220core:WithinOneYear2024-07-3100090220core:WithinOneYear2023-07-3100090220core:BetweenTwoFiveYears2024-07-3100090220core:BetweenTwoFiveYears2023-07-3100090220bus:PrivateLimitedCompanyLtd2023-08-012024-07-3100090220bus:FRS1022023-08-012024-07-3100090220bus:Audited2023-08-012024-07-3100090220bus:FullAccounts2023-08-012024-07-31xbrli:purexbrli:sharesiso4217:GBP