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COMPANY REGISTRATION NUMBER: 04697344
Good With Devices Limited
Filleted Unaudited Financial Statements
31 December 2024
Good With Devices Limited
Financial Statements
Year ended 31 December 2024
Contents
Pages
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 7
Good With Devices Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Good With Devices Limited
Year ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Good With Devices Limited for the year ended 31 December 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Good With Devices Limited. Our work has been undertaken solely to prepare for your approval the financial statements of Good With Devices Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Good With Devices Limited and its director for our work or for this report.
It is your duty to ensure that Good With Devices Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Good With Devices Limited. You consider that Good With Devices Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Good With Devices Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
16 April 2025
Good With Devices Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
202,920
196,939
Tangible assets
6
30,490
25,485
---------
---------
233,410
222,424
Current assets
Stocks
91,156
53,206
Debtors
7
179,719
358,898
Cash at bank and in hand
76,627
286,437
---------
---------
347,502
698,541
Creditors: amounts falling due within one year
8
279,396
432,920
---------
---------
Net current assets
68,106
265,621
---------
---------
Total assets less current liabilities
301,516
488,045
Creditors: amounts falling due after more than one year
9
31,563
57,394
---------
---------
Net assets
269,953
430,651
---------
---------
Good With Devices Limited
Statement of Financial Position (continued)
31 December 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
2,242
2,242
Share premium account
749,539
749,539
Capital redemption reserve
( 733)
( 733)
Profit and loss account
( 481,095)
( 320,397)
---------
---------
Shareholders funds
269,953
430,651
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 15 April 2025 , and are signed on behalf of the board by:
Mr B J Widdows
Director
Company registration number: 04697344
Good With Devices Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 178 Shoreham Street, Sheffield, S1 4SQ, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of management, there are no areas of judgement or key sources of estimation uncertainty that have a significant effect on the financial statements, other than those highlighted below.
Research and development
General research and development expenditure is written off in the period in which it is incurred. Specific development costs are capitalised where permitted by FRS102.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Internally generated development costs
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2023: 22 ).
5. Intangible assets
Development costs
£
Cost
At 1 January 2024
324,479
Additions
Additions from internal developments
42,698
---------
At 31 December 2024
367,177
---------
Amortisation
At 1 January 2024
127,540
Charge for the year
36,717
---------
At 31 December 2024
164,257
---------
Carrying amount
At 31 December 2024
202,920
---------
At 31 December 2023
196,939
---------
6. Tangible assets
Office equipment
Total
£
£
Cost
At 1 January 2024
56,525
56,525
Additions
15,321
15,321
--------
--------
At 31 December 2024
71,846
71,846
--------
--------
Depreciation
At 1 January 2024
31,040
31,040
Charge for the year
10,316
10,316
--------
--------
At 31 December 2024
41,356
41,356
--------
--------
Carrying amount
At 31 December 2024
30,490
30,490
--------
--------
At 31 December 2023
25,485
25,485
--------
--------
7. Debtors
2024
2023
£
£
Trade debtors
74,535
118,944
Other debtors
105,184
239,954
---------
---------
179,719
358,898
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
25,831
24,081
Trade creditors
39,221
100,383
Social security and other taxes
39,811
31,571
Other creditors
174,533
276,885
---------
---------
279,396
432,920
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
31,563
57,394
--------
--------
A fixed interest rate of 6.0% is applicable to this loan, per the terms of the government backed Coronavirus Business Interruption Loan Scheme.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
22,000
22,000
Later than 1 year and not later than 5 years
38,500
60,500
--------
--------
60,500
82,500
--------
--------
11. Research and development
During the year the company incurred £246,770 (2023 £350,603) on research and development costs which were expensed to the profit and loss account. A further £42,698 (2023 £39,903) development costs were capitalised and are to be amortised over ten years, per the accounting policies above.
12. Profit and loss account reserves and share capital
During the previous year, the company repurchased £733 of share capital, which at the year end was held as treasury shares.