Registered number
01172011
Goodwin & Tucker Limited
Filleted Accounts
30 June 2024
Goodwin & Tucker Limited
Registered number: 01172011
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 265,681 262,286
Current assets
Stocks 738,873 446,150
Debtors 4 303,836 199,167
Cash at bank and in hand 12,389 484
1,055,098 645,801
Creditors: amounts falling due within one year 5 (1,132,176) (746,182)
Net current liabilities (77,078) (100,381)
Total assets less current liabilities 188,603 161,905
Creditors: amounts falling due after more than one year 6 (38,835) (25,739)
Provisions for liabilities (18,998) (18,002)
Net assets 130,770 118,164
Capital and reserves
Called up share capital 3,000 3,000
Profit and loss account 127,770 115,164
Shareholder's funds 130,770 118,164
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S Tucker
Director
Approved by the board on 27 March 2025
Goodwin & Tucker Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings not provided
Motor vehicles 25% on written down values
Plant and machinery 20% on written down values
Fixtures, fittings, tools and equipment over 3 years
No formal fair valuation has taken place on investment properties as at the date of these accounts.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2023 187,000 112,764 7,820 307,584
Additions - 1,292 23,529 24,821
Disposals - (7,500) - (7,500)
At 30 June 2024 187,000 106,556 31,349 324,905
Depreciation
At 1 July 2023 - 42,715 2,583 45,298
Charge for the year - 12,785 1,799 14,584
On disposals - (658) - (658)
At 30 June 2024 - 54,842 4,382 59,224
Net book value
At 30 June 2024 187,000 51,714 26,967 265,681
At 30 June 2023 187,000 70,049 5,237 262,286
4 Debtors 2024 2023
£ £
Trade debtors 6,230 5,607
VAT 26,578 22,999
Other debtors 271,028 170,561
303,836 199,167
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 620,713 94,332
Obligations under finance lease and hire purchase contracts 12,725 1,284
Trade creditors 54,957 48,606
Taxation and social security costs 54,958 52,318
Other creditors 388,823 549,642
1,132,176 746,182
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 20,818 25,739
Obligations under finance lease and hire purchase contracts 18,017 -
38,835 25,739
7 Other information
Goodwin & Tucker Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Workshop
Friesthorpe Road
Buslingthorpe
Lincoln
LN3 5AQ
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