Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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11,469 | 13,492 | |||
Current assets | ||||
Stocks |
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Debtors | 4 |
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Cash at bank and in hand |
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43,783 | 34,866 | |||
Creditors: amounts falling due within one year | 5 | (
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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 | (
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Net liabilities | (
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account | (
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Total shareholders' deficit | (
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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:
Paul John Dunning
Director |
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.
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 £.
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 is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Plant and machinery |
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Vehicles |
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Office equipment |
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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.
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.
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.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery | Vehicles | Office equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 July 2023 |
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At 30 June 2024 |
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Accumulated depreciation | |||||||
At 01 July 2023 |
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Charge for the financial year |
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At 30 June 2024 |
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Net book value | |||||||
At 30 June 2024 |
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At 30 June 2023 |
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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 |
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Prepayments |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Accruals |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Net obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
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.