Company registration number 05268660 (England and Wales)
GODFREYS (SEVENOAKS) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
GODFREYS (SEVENOAKS) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
GODFREYS (SEVENOAKS) LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,300,124
4,038,580
Current assets
Stocks
1,243,679
1,532,210
Debtors
5
303,131
496,765
Cash at bank and in hand
178,434
210,355
1,725,244
2,239,330
Creditors: amounts falling due within one year
6
(2,486,191)
(2,795,617)
Net current liabilities
(760,947)
(556,287)
Total assets less current liabilities
1,539,177
3,482,293
Provisions for liabilities
(230,957)
(667,441)
Net assets
1,308,220
2,814,852
Capital and reserves
Called up share capital
220,020
220,020
Share premium account
490,000
490,000
Revaluation reserve
7
1,001,764
2,323,479
Profit and loss reserves
(403,564)
(218,647)
Total equity
1,308,220
2,814,852

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 28 January 2025 and are signed on its behalf by:
Mrs D Morris
Mr R Morris
Director
Director
Company registration number 05268660 (England and Wales)
GODFREYS (SEVENOAKS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information

Godfreys (Sevenoaks) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, 4 Tabernacle Street, London, EC2A 4LU.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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 garden machinery and servicing 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.

Revenue from servicing contracts are recognised when the service has been completed and the job has been invoiced to the customer.

1.3
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.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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
20% straight line
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.

GODFREYS (SEVENOAKS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -

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:

Freehold land and buildings
2% straight line on buildings
Plant and equipment
20-25% straight line
Fixtures and fittings
20% straight line
Motor vehicles
25% and 33.33% 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.

1.5
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.

1.6
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.

1.7
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.

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.

GODFREYS (SEVENOAKS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.8
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.

1.9
Retirement benefits

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

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
24
25
3
Intangible fixed assets
Other
£
Cost
At 1 May 2023 and 30 April 2024
44,041
Amortisation and impairment
At 1 May 2023 and 30 April 2024
44,041
Carrying amount
At 30 April 2024
-
0
At 30 April 2023
-
0
GODFREYS (SEVENOAKS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 May 2023
3,975,000
274,134
4,249,134
Additions
-
0
62,218
62,218
Disposals
-
0
(20,215)
(20,215)
Revaluation
(1,762,300)
-
0
(1,762,300)
At 30 April 2024
2,212,700
316,137
2,528,837
Depreciation and impairment
At 1 May 2023
-
0
210,554
210,554
Depreciation charged in the year
-
0
31,973
31,973
Eliminated in respect of disposals
-
0
(13,814)
(13,814)
At 30 April 2024
-
0
228,713
228,713
Carrying amount
At 30 April 2024
2,212,700
87,424
2,300,124
At 30 April 2023
3,975,000
63,580
4,038,580

Land and buildings with a carrying amount of £2,212,700 were revalued in September 2024 by Sibley Pares Chartered Surveyors. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

The revaluation surplus is disclosed in note 7.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2024
2023
£
£
Cost
1,020,297
1,020,297
Accumulated depreciation
(24,817)
(24,817)
Carrying value
995,480
995,480
GODFREYS (SEVENOAKS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
283,993
477,005
Other debtors
19,138
19,760
303,131
496,765

The amounts due from group undertakings are interest free, with no security and no fixed repayment terms.

6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
801,736
948,577
Amounts owed to group undertakings
1,499,216
1,690,216
Taxation and social security
49,706
28,473
Other creditors
135,533
128,351
2,486,191
2,795,617

The amounts due to group undertakings are interest free, with no security and no fixed repayment terms.

7
Revaluation reserve
2024
2023
£
£
At the beginning of the year
2,323,479
2,480,929
Revaluation movement arising in the year
(1,762,300)
-
0
Deferred tax on revaluation of tangible assets
440,585
(157,450)
At the end of the year
1,001,764
2,323,479
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Mary Gregori FCA, FCCA
Statutory Auditor:
Goldblatts
Date of audit report:
28 January 2025
GODFREYS (SEVENOAKS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
9
Related party transactions

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
1,499,216
1,690,216
10
Parent company

The parent company of Godfreys (Sevenoaks) Limited is Automatic Cars Holdings Limited, whose registered office is 4th Floor, 4 Tabernacle Street, London, EC2A 4LU.

The following are the parents of the largest and smallest groups in which this company's results are consolidated:

Largest group
Automatic Cars Holdings Limited
Smallest group
Automatic Cars Holdings Limited
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