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Registered number: 4783954
G & H GOODWIN LIMITED
Unaudited Financial Statements
For The Year Ended 31 July 2024
JOHN BIRD
Chartered Accountants
26 Brookfield Street
Syston
LEICESTER
LE7 2AD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 4783954
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 37,152 9,355
37,152 9,355
CURRENT ASSETS
Stocks 5 11,956 2,888
Debtors 6 281,225 253,527
Cash at bank and in hand 390,002 406,273
683,183 662,688
Creditors: Amounts Falling Due Within One Year 7 (81,814 ) (85,076 )
NET CURRENT ASSETS (LIABILITIES) 601,369 577,612
TOTAL ASSETS LESS CURRENT LIABILITIES 638,521 586,967
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (7,615 ) (1,324 )
NET ASSETS 630,906 585,643
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 630,806 585,543
SHAREHOLDERS' FUNDS 630,906 585,643
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For the year ending 31 July 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr G S Goodwin
Director
28/04/2025
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
G & H Goodwin Limited, registered number 4783954 , is limited by shares and incorporated in England and Wales. The registered office is The Homestead Farm, Sharnford Road, Frolesworth, Lutterworth, Leicestershire, LE17 5EL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 20% straight line
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
Computer Equipment 33.33% straight line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 2 2
Manufacturing 2 2
4 4
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost or Valuation
As at 1 August 2023 243,225 56,127 12,795 6,579
Additions 1,184 40,602 - -
Disposals - (7,073 ) - -
As at 31 July 2024 244,409 89,656 12,795 6,579
...CONTINUED
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Depreciation
As at 1 August 2023 241,189 51,296 12,031 5,154
Provided during the period 1,476 11,207 191 214
Disposals - (6,469 ) - -
As at 31 July 2024 242,665 56,034 12,222 5,368
Net Book Value
As at 31 July 2024 1,744 33,622 573 1,211
As at 1 August 2023 2,036 4,831 764 1,425
Computer Equipment Total
£ £
Cost or Valuation
As at 1 August 2023 893 319,619
Additions - 41,786
Disposals - (7,073 )
As at 31 July 2024 893 354,332
Depreciation
As at 1 August 2023 594 310,264
Provided during the period 297 13,385
Disposals - (6,469 )
As at 31 July 2024 891 317,180
Net Book Value
As at 31 July 2024 2 37,152
As at 1 August 2023 299 9,355
5. Stocks
2024 2023
£ £
Materials 4,956 2,888
Work in progress 7,000 -
11,956 2,888
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 97,158 88,514
Prepayments and accrued income 6,427 7,207
Other debtors 77,574 59,060
181,159 154,781
Due after more than one year
Other debtors (Debtors > 1 year) 84,447 98,746
S455 tax recoverable 15,619 -
100,066 98,746
281,225 253,527
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 9,025 19,316
Corporation tax 19,853 29,787
Other taxes and social security 16,322 824
VAT 33,009 30,580
Accruals and deferred income (Current liabilities - creditors < 1 year) 3,605 4,569
81,814 85,076
8. Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances
2024 2023
£ £
Other timing differences 7,615 1,324
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 August 2023 Amounts advanced Amounts repaid Amounts written off As at 31 July 2024
£ £ £ £ £
Mr Mark Goodwin - 57,000 2,637 - 54,363
The above loan is unsecured and repayable on demand. Interest charged on this loan during the year amounted to £363.
Dividends paid to directors in their capacity as shareholders during the year included £26,400 (2023 - £23,400) to Mr G S Goodwin, £3,520 (2023 - £3,120) to Mr M A Goodwin and £14,080 (2023 - £12,480) to Mrs H L Goodwin.
11. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 44,000 39,000
12. Related Party Transactions
The company leases land from G S & Mrs H L Goodwin (directors). A rent of £nil was charged by the directors for this year (2023 - £nil).
The company has advanced business loans to Radiant Diamonds Limited, a company owned and operated by close family members of the directors. These loans are secured upon the stock of that company. Interest charged during this year for these loans was £8,098 (2023 - £11,009). The amount owing at the balance sheet date was £98,746 (2023 - £153,216).
13. General information
The financial statements are presented in sterling which is the functional currency of the company.
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