Company registration number 03171537 (England and Wales)
GODWIN DESIGN AND BUILD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
GODWIN DESIGN AND BUILD LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
GODWIN DESIGN AND BUILD LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
341,946
191,027
Cash at bank and in hand
170,491
869
512,437
191,896
Creditors: amounts falling due within one year
4
(464,949)
(150,474)
Net current assets
47,488
41,422
Capital and reserves
Called up share capital
5
1,000
1,000
Profit and loss reserves
46,488
40,422
Total equity
47,488
41,422
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 25 April 2025
Mr T Martin
Director
Company registration number 03171537 (England and Wales)
GODWIN DESIGN AND BUILD LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 October 2022
1,000
39,232
40,232
Year ended 30 September 2023:
Profit and total comprehensive income
-
1,190
1,190
Balance at 30 September 2023
1,000
40,422
41,422
Year ended 30 September 2024:
Profit and total comprehensive income
-
6,066
6,066
Balance at 30 September 2024
1,000
46,488
47,488
GODWIN DESIGN AND BUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information
Godwin Design and Build Limited is a private company limited by shares incorporated in England and Wales. The registered office is 32 Harbour Exchange Square, Harbour Island, London, E14 9GE.
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. 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 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.
In respect of long-term contracts and contracts for ongoing services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for ongoing services is recognised by reference to the stage of completion.
1.3
Cash at bank and in hand
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 current liabilities.
1.4
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. The company has no bank loans or other more complex financial instruments that require measurement at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
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.
GODWIN DESIGN AND BUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
The company does not employ any staff members directly. All wages and salary costs are incurred by way of management charge from Bancroft Limited, an associated business, as disclosed in the related party transaction note.
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
147
147
Corporation tax recoverable
3,020
Other debtors
341,799
187,476
341,946
190,643
Deferred tax asset
384
341,946
191,027
GODWIN DESIGN AND BUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
4
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
1,039
Other creditors
463,910
150,474
464,949
150,474
GODWIN DESIGN AND BUILD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,000
1,000
1,000
1,000
6
Related party transactions
Transactions with related parties
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Other related parties
4,498,125
3,599,626
4,488,684
3,596,108
Bancroft Limited is a company in which Mr T Martin, the company's director, is a director and indirect shareholder. During the year, the company undertook work on behalf of Bancroft Limited, on an arms length basis, with a value amounting to £4,498,125 (2023: £3,599,626).
Additionally, the company incurred management charges from Bancroft Limited to cover subcontract and labour charges, establishment expenses, office costs and overhead expenses which amounted to £4,488,684(2023: £3,596,108).
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Other related parties
460,900
148,014
During the year, a loan account continued to exist between the company and Bancroft Limited, this being a result of the transactions that have occurred between the two companies in the year. At the year-end date, an amount of £460,900 was owing to Bancroft Limited. (2023: £148,014) No fixed repayment terms exist in relation to this balance, which is therefore interest-free and repayable on demand.
7
Control
Throughout the year, the company was controlled by its director, Mr T Martin, by virtue of his controlling interest in the issued share capital of the company.