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Company No: 00533974 (England and Wales)

GODDARDS OF THETFORD (1954) LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

GODDARDS OF THETFORD (1954) LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

GODDARDS OF THETFORD (1954) LIMITED

STATEMENT OF FINANCIAL POSITION

As at 30 June 2024
GODDARDS OF THETFORD (1954) LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 11,469 13,492
11,469 13,492
Current assets
Stocks 28,268 32,497
Debtors 4 3,462 1,055
Cash at bank and in hand 12,053 1,314
43,783 34,866
Creditors: amounts falling due within one year 5 ( 60,246) ( 59,264)
Net current liabilities (16,463) (24,398)
Total assets less current liabilities (4,994) (10,906)
Creditors: amounts falling due after more than one year 6 ( 5,250) ( 8,250)
Net liabilities ( 10,244) ( 19,156)
Capital and reserves
Called-up share capital 16,450 16,450
Profit and loss account ( 26,694 ) ( 35,606 )
Total shareholders' deficit ( 10,244) ( 19,156)

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Goddards of Thetford (1954) Limited (registered number: 00533974) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Paul John Dunning
Director

23 March 2025

GODDARDS OF THETFORD (1954) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
GODDARDS OF THETFORD (1954) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Goddards of Thetford (1954) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Larking Gowen 1st Floor Prospect House, Rouen Road, Norwich, NR1 1RE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Vehicles 15 % reducing balance
Office equipment 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 4

3. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 July 2023 6,492 25,971 3,137 35,600
At 30 June 2024 6,492 25,971 3,137 35,600
Accumulated depreciation
At 01 July 2023 5,054 14,448 2,606 22,108
Charge for the financial year 216 1,728 79 2,023
At 30 June 2024 5,270 16,176 2,685 24,131
Net book value
At 30 June 2024 1,222 9,795 452 11,469
At 30 June 2023 1,438 11,523 531 13,492
Leased assets included above:
Net book value
At 30 June 2024 0 9,795 0 9,795
At 30 June 2023 0 11,523 0 11,523

4. Debtors

2024 2023
£ £
Trade debtors 3,462 576
Prepayments 0 479
3,462 1,055

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 3,000 3,000
Trade creditors 10,362 7,629
Accruals 2,920 2,599
Other taxation and social security 4,531 7,645
Obligations under finance leases and hire purchase contracts 149 4,310
Other creditors 39,284 34,081
60,246 59,264

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 5,250 8,250

The bank loans are secured against property owned by the company.

Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

7. Related party transactions

At the balance sheet date, included within other creditors is a loan of £16,464 (2023: £14,560) owed to a director which is interest free.