Acorah Software Products - Accounts Production 16.2.850 false true true 31 July 2023 1 August 2022 false 1 August 2023 31 July 2024 31 July 2024 02700902 Mr Steven Adkins true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 02700902 2023-07-31 02700902 2024-07-31 02700902 2023-08-01 2024-07-31 02700902 frs-core:CurrentFinancialInstruments 2024-07-31 02700902 frs-core:FurnitureFittings 2024-07-31 02700902 frs-core:FurnitureFittings 2023-08-01 2024-07-31 02700902 frs-core:FurnitureFittings 2023-07-31 02700902 frs-core:ShareCapital 2024-07-31 02700902 frs-core:RetainedEarningsAccumulatedLosses 2024-07-31 02700902 frs-bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 02700902 frs-bus:FilletedAccounts 2023-08-01 2024-07-31 02700902 frs-bus:SmallEntities 2023-08-01 2024-07-31 02700902 frs-bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 02700902 frs-bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 02700902 1 2023-08-01 2024-07-31 02700902 frs-bus:Director1 2023-08-01 2024-07-31 02700902 frs-countries:EnglandWales 2023-08-01 2024-07-31 02700902 2022-07-31 02700902 2023-07-31 02700902 2022-08-01 2023-07-31 02700902 frs-core:CurrentFinancialInstruments 2023-07-31 02700902 frs-core:ShareCapital 2023-07-31 02700902 frs-core:RetainedEarningsAccumulatedLosses 2023-07-31
Registered number: 02700902
GOODWIN COMMERCIAL LIMITED
Unaudited Financial Statements
For The Year Ended 31 July 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02700902
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,293 724
1,293 724
CURRENT ASSETS
Debtors 5 42,103 36,668
Cash at bank and in hand 4,611 250
46,714 36,918
Creditors: Amounts Falling Due Within One Year 6 (205,716 ) (214,415 )
NET CURRENT ASSETS (LIABILITIES) (159,002 ) (177,497 )
TOTAL ASSETS LESS CURRENT LIABILITIES (157,709 ) (176,773 )
PROVISIONS FOR LIABILITIES
Deferred Taxation - (181 )
NET LIABILITIES (157,709 ) (176,954 )
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account (157,809 ) (177,054 )
SHAREHOLDERS' FUNDS (157,709) (176,954)
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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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The financial statements were approved by the board of directors on 28 April 2025 and were signed on its behalf by:
Mr Steven Adkins
Director
28/04/2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
GOODWIN COMMERCIAL LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 02700902 . The registered office is Unit 7, Vulcan House, Restmor Way, Hackbridge, Surrey, SM6 7AH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
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, modified to include certain 
financial instruments at fair value. The principal accounting policies adopted are set out below.
2.2. Going Concern Disclosure
At the time of approving the financial statements, the director has a reasonable expectation that the company 
has adequate resources to continue in operational existence for the foreseeable future. Thus the director 
continues to adopt the going concern basis of accounting in preparing the financial statements. The company 
has the continued support of it's parent company.
2.3. 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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is 
the present value of the future receipts. The difference between the fair value of the consideration and the 
nominal amount received is recognised as interest income.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of 
completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The 
stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff 
rates and materials, as a proportion of total costs.  Where the outcome cannot be estimated reliably, revenue 
is recognised only to the extent of the expenses recognised that it is probable will be recovered.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of 
depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their 
useful lives on the following bases:
Fixtures & Fittings 20% straight line, per annum
The gain or loss arising on the disposal of an asset is determined as the difference between the sale 
proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
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2.5. 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.
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.
2.6. Government Grant
Government grants are recognised at the fair value of the asset received or receivable when there is 
reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are 
met.  Where a grant does not specify performance conditions it is recognised in income when the proceeds 
are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a 
liability
2.7. Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to 
determine whether there is any indication that those assets have suffered an impairment loss. If any such 
indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the 
impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, 
the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, 
the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects 
current market assessments of the time value of money and the risks specific to the asset for which the 
estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying 
amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An 
impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued 
amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased 
to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash
generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased 
carrying amount does not exceed the carrying amount that would have been determined had no impairment 
loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is 
recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which
case the reversal of the impairment loss is treated as a revaluation increase.
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2.8. 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at 
transaction price including transaction costs and are subsequently carried at amortised cost using the 
effective interest method unless the arrangement constitutes a financing transaction, where the transaction is 
measured at the present value of the future receipts discounted at a market rate of interest. Financial assets 
classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual 
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the 
assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference 
shares that are classified as debt, are initially recognised at transaction price unless the arrangement 
constitutes a financing transaction, where the debt instrument is measured at the present value of the future 
payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are
not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of 
business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year 
or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at 
transaction price and subsequently measured at amortised cost using the effective interest method.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 August 2023 1,986
Additions 1,000
As at 31 July 2024 2,986
Depreciation
As at 1 August 2023 1,262
Provided during the period 431
As at 31 July 2024 1,693
Net Book Value
As at 31 July 2024 1,293
As at 1 August 2023 724
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5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 2,005 3,217
Prepayments and accrued income 40,098 30,098
VAT - 3,353
42,103 36,668
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors (1 ) 941
Corporation tax 4,338 -
Other taxes and social security 1,296 4,644
Other creditors 13,164 14,000
Director's loan account 1,983 -
Amounts owed to group undertakings 184,936 194,830
205,716 214,415
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
8. Related Party Transactions
The company has taken advantage of the exemption available in accordance with FRS 102, section 33 
'Related party disclosures' not to disclose transactions entered into between two or more members of a group, 
provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
9. Ultimate Controlling Party
Goodwin Commercial Limited is owned by Goodwin Associates Group Limited, a company incorporated in the 
United Kingdom. Its registered office is Unit 7, Vulcan House, Restmor Way, Wallington, SM6 7AH
S R Adkins is the ultimate controlling party by virtue of his 100% shareholding in Goodwin Associates Group 
Limited, a company incorporated in the United Kingdom, which owns 100% of Goodwin Commercial Limited 
and is the ultimate parent company.
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