Goyals Limited |
Notes to the Accounts |
for the year ended 31 July 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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Turnover represents amounts receivable for goods and services, net of VAT and trade discounts. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
20% straight line |
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Computer equipment |
33% straight line |
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Fixtures, fittings and equipment |
20% straight line |
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Stocks |
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Stocks are valued by the directors at the lower of cost and net realisable value of resaleable products. |
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2 |
Employees |
2024 |
|
2023 |
Number |
Number |
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Average number of persons employed by the company |
3 |
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5 |
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2 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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At 1 August 2023 |
24,240 |
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Additions |
4,832 |
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At 31 July 2024 |
29,072 |
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Depreciation |
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At 1 August 2023 |
16,864 |
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Charge for the year |
2,442 |
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At 31 July 2024 |
19,306 |
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Net book value |
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At 31 July 2024 |
9,766 |
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At 31 July 2023 |
7,376 |
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3 |
Debtors |
2024 |
|
2023 |
£ |
£ |
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Other debtors |
13,192 |
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13,297 |
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4 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
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Trade creditors |
172,387 |
|
183,274 |
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Taxation and social security costs |
8,797 |
|
1,568 |
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Other creditors |
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|
100,587 |
|
107,528 |
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|
281,771 |
|
292,370 |
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5 |
Related party transactions |
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Included in the other creditors at the year end is an amount of £92,022 (2023 - £103,040) owed to the directors. All credit balances attrract a nil rate of interest and are repayable on demand. |
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6 |
Other information |
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Goyals Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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28 Bridge Street |
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Maidenhead |
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Berkshire |
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SL6 8BJ |