Company registration number 12567100 (England and Wales)
GOODRAYS LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
GOODRAYS LTD
COMPANY INFORMATION
Directors
Mr E Keenan
Mr C D Kelly
Mr S R Patel
Mr J P T Stone
Mr O Tozer
Company number
12567100
Registered office
483 Green Lanes
London
England
N13 4BS
Accountants
Farnell Clarke Limited
Evolution House
Iceni Court
Delft Way
Norwich
Norfolk
England
NR6 6BB
GOODRAYS LTD
CONTENTS
Page
Directors' report
1
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
GOODRAYS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

PRINCIPAL ACTIVITIES

Goodrays is one of the UK’s fastest growing and top performing functional drinks brands, focused on mental wellbeing and wellness. The company creates innovative, effective and high quality CBD products that help people find clarity and calm.

 

Goodrays sells the UK’s most comprehensive CBD range delivering products into retailers, as well as directly to consumers via its own website. Throughout the financial year, Goodrays was the sole supplier of CBD drinks to Tesco, the UK’s largest grocery retailer, and, towards the end of the year, Goodrays won a listing in the UK’s second largest retailer, Sainsbury’s. Goodrays also expanded its range of CBD products supplied to Waitrose in the year, gaining premium chilled shelf space in the Waitrose meal deal.

 

KEY PERFORMANCE INDICATORS

These retailers, and online sales, drove exceptional growth for the business, and revenue increased by 106% year

on year.

 

 

 

 

 

 

 

 

OUTLOOK

The success of the business to date is largely driven by the quality and credibility of its products. Goodrays remains committed to creating CBD products which are innovative and disruptive, whilst leading the way on compliance and R&D in a fast-paced regulatory environment.

 

In the next financial year, the business will invest primarily in brand, marketing and team with the aim to continue fast-paced revenue growth in the following years. This will be a shift from historical lean marketing and overhead expenditure, but with the ultimate goal of growing the size of the business and reaching profitability.

 

The planned revenue growth is based on a strong pipeline of large retail customers in the UK, including entry into new types of sales channels. The business will also continue to invest and grow in its newer French market, as well as driving growth in e-commerce. This will be supported by investment into the brand as well as continued commitment to producing the highest quality products on the market.

 

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr E Keenan
Mr C D Kelly
Mr S R Patel
Mr J P T Stone
Mr O Tozer
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr E Keenan
Director
20 December 2024
GOODRAYS LTD
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
416,944
413,498
Tangible assets
5
27,051
43,639
443,995
457,137
Current assets
Stocks
1,032,912
545,919
Debtors
6
1,142,726
515,473
Cash at bank and in hand
474,715
479,822
2,650,353
1,541,214
Creditors: amounts falling due within one year
7
(803,958)
(391,772)
Net current assets
1,846,395
1,149,442
Net assets
2,290,390
1,606,579
Capital and reserves
Called up share capital
142
131
Share premium account
4,037,649
2,871,300
Profit and loss reserves
(1,747,401)
(1,264,852)
Total equity
2,290,390
1,606,579

For the financial year ended 30 April 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 of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 20 December 2024 and are signed on its behalf by:
Mr E  Keenan
Director
Company registration number 12567100 (England and Wales)
GOODRAYS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
126
2,333,765
(707,185)
1,626,706
Year ended 30 April 2023:
Loss and total comprehensive income
-
-
(557,667)
(557,667)
Issue of share capital
5
537,535
-
537,540
Balance at 30 April 2023
131
2,871,300
(1,264,852)
1,606,579
Year ended 30 April 2024:
Loss and total comprehensive income
-
-
(482,549)
(482,549)
Issue of share capital
11
1,166,349
-
1,166,360
Balance at 30 April 2024
142
4,037,649
(1,747,401)
2,290,390
GOODRAYS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information

Goodrays Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 483 Green Lanes, London, England, N13 4BS.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Amortisation 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:

Website
straight line over 5 years
Trademarks and IP
straight line over 10 years
Product development
straight line over 10 years
1.5
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.

GOODRAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -

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:

Fixtures and fittings
20% on reducing balance
Computer equipment
20% on reducing balance
Event assets
20% on reducing balance

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

1.8
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.

GOODRAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
1.9
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
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.

GOODRAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 7 -
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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

 

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

3
Employees

The average monthly number of persons employed by the company during the year was:

2024
2023
Number
Number
Total
8
6
GOODRAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
4
Intangible fixed assets
Website
Trademarks and IP
Product development
Total
£
£
£
£
Cost
At 1 May 2023
13,734
22,668
458,965
495,367
Additions
2,210
1,903
53,677
57,790
Disposals
-
0
(291)
-
0
(291)
At 30 April 2024
15,944
24,280
512,642
552,866
Amortisation and impairment
At 1 May 2023
5,506
4,500
71,863
81,869
Amortisation charged for the year
2,949
2,358
48,843
54,150
Disposals
-
0
(97)
-
0
(97)
At 30 April 2024
8,455
6,761
120,706
135,922
Carrying amount
At 30 April 2024
7,489
17,519
391,936
416,944
At 30 April 2023
8,228
18,168
387,102
413,498
5
Tangible fixed assets
Fixtures and fittings
Computer equipment
Event assets
Total
£
£
£
£
Cost
At 1 May 2023
10,425
24,078
23,955
58,458
Additions
832
4,299
-
0
5,131
Disposals
(942)
(1,169)
(20,823)
(22,934)
At 30 April 2024
10,315
27,208
3,132
40,655
Depreciation and impairment
At 1 May 2023
2,655
4,247
7,917
14,819
Depreciation charged in the year
1,706
4,539
3,048
9,293
Eliminated in respect of disposals
(460)
(431)
(9,617)
(10,508)
At 30 April 2024
3,901
8,355
1,348
13,604
Carrying amount
At 30 April 2024
6,414
18,853
1,784
27,051
At 30 April 2023
7,770
19,831
16,038
43,639
GOODRAYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,037,013
476,846
Other debtors
90,760
-
0
Prepayments and accrued income
14,953
38,627
1,142,726
515,473
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
642,318
363,304
Taxation and social security
66,336
8,284
Other creditors
11,221
10,242
Accruals and deferred income
84,083
9,942
803,958
391,772
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