Acorah Software Products - Accounts Production 16.2.850 false true 31 July 2023 1 August 2022 false 1 August 2023 31 July 2024 31 July 2024 01769038 Mr Steven Adkins true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 01769038 2023-07-31 01769038 2024-07-31 01769038 2023-08-01 2024-07-31 01769038 frs-core:CurrentFinancialInstruments 2024-07-31 01769038 frs-core:Non-currentFinancialInstruments 2024-07-31 01769038 frs-core:FurnitureFittings 2024-07-31 01769038 frs-core:FurnitureFittings 2023-08-01 2024-07-31 01769038 frs-core:FurnitureFittings 2023-07-31 01769038 frs-core:RevaluationReserve 2023-07-31 01769038 frs-core:RevaluationReserve 2024-07-31 01769038 frs-core:ShareCapital 2024-07-31 01769038 frs-core:RetainedEarningsAccumulatedLosses 2024-07-31 01769038 frs-bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 01769038 frs-bus:FilletedAccounts 2023-08-01 2024-07-31 01769038 frs-bus:SmallEntities 2023-08-01 2024-07-31 01769038 frs-bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 01769038 frs-bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 01769038 1 2023-08-01 2024-07-31 01769038 frs-bus:Director1 2023-08-01 2024-07-31 01769038 frs-countries:EnglandWales 2023-08-01 2024-07-31 01769038 2022-07-31 01769038 2023-07-31 01769038 2022-08-01 2023-07-31 01769038 frs-core:CurrentFinancialInstruments 2023-07-31 01769038 frs-core:Non-currentFinancialInstruments 2023-07-31 01769038 frs-core:RevaluationReserve 2023-07-31 01769038 frs-core:ShareCapital 2023-07-31 01769038 frs-core:RetainedEarningsAccumulatedLosses 2023-07-31
Registered number: 01769038
GOODWIN ASSOCIATES LIMITED
Unaudited Financial Statements
For The Year Ended 31 July 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 01769038
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 - 73
- 73
CURRENT ASSETS
Stocks 5 7,075,187 5,290,060
Debtors 6 2,935,907 3,780,251
Cash at bank and in hand 38,589 51,822
10,049,683 9,122,133
Creditors: Amounts Falling Due Within One Year 7 (899,578 ) (583,994 )
NET CURRENT ASSETS (LIABILITIES) 9,150,105 8,538,139
TOTAL ASSETS LESS CURRENT LIABILITIES 9,150,105 8,538,212
Creditors: Amounts Falling Due After More Than One Year 8 (1,060,112 ) (887,406 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (387,366 ) (324,562 )
NET ASSETS 7,702,627 7,326,244
CAPITAL AND RESERVES
Called up share capital 9 200 200
Revaluation reserve 10 1,162,362 1,225,166
Profit and Loss Account 6,540,065 6,100,878
SHAREHOLDERS' FUNDS 7,702,627 7,326,244
Page 1
Page 2
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 7 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
GOODWIN ASSOCIATES LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 01769038 . 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. 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. 
Revenue from the sale of property is recognised when the significant risks and rewards of ownership of the 
goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured 
reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the 
costs incurred or to be incurred in respect of the transaction can be measured reliably.
2.3. 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% per annum straight line
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.
2.4. Leasing and Hire Purchase Contracts
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is 
more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. 
Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount 
of the leased asset and recognised on a straight line basis over the lease term.
2.5. Stocks and Work in Progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 
comprises direct materials and, where applicable, direct labour costs and those overheads that have been 
incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks 
over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or 
loss. Reversals of impairment losses are also recognised in profit or loss.
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2.6. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 
‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. 
Financial instruments are recognised in the company's balance sheet when the company becomes party to 
the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when 
there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net 
basis or to realise the asset and settle the liability simultaneously.
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.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. 
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion 
of the company.
2.7. Foreign Currencies
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the 
dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in 
foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising 
on translation in the period are included in profit or loss.
2.8. 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 
...CONTINUED
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2.8. Taxation - continued
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
2.9. 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.
2.10. Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs 
are required to be recognised as part of the cost of stock or fixed assets.  
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are 
received.
Termination benefits are recognised immediately as an expense when the company is demonstrably 
committed to terminate the employment of an employee or to provide termination benefits.
2.11. Interest capitalisation
Interest is capitalised on the properties during development.
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 1,579
As at 31 July 2024 1,579
Depreciation
As at 1 August 2023 1,506
Provided during the period 73
As at 31 July 2024 1,579
Net Book Value
As at 31 July 2024 -
As at 1 August 2023 73
5. Stocks
2024 2023
£ £
Stock 7,075,187 5,290,060
Page 5
Page 6
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 8,727 20,400
Other debtors 2,090,219 2,756,216
Amounts owed by group undertakings 836,961 1,003,635
2,935,907 3,780,251
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,652 39,754
Bank loans and overdrafts 126,705 36,568
Corporation tax 115,379 -
Other creditors 447,993 299,323
Amounts owed to group undertakings 206,849 208,349
899,578 583,994
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 1,060,112 887,406
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 200 200
10. Reserves
Revaluation Reserve
£
As at 1 August 2023 1,225,166
Deficit on revaluation (62,804)
As at 31 July 2024 1,162,362
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11. 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 ofa group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.
At the year end the following amounts were receivable from companies in which S R Adkins is a director and 
shareholder:
                                                                                                                    2024                           2023
Beasdale Properties Limited                                                                           £10,922                      £10,922
T M Leisure Limited                                                                                       £154,074                    £154,074
No interest was charged on these amounts receivable.
At the year end the following amounts were payable to companies in which S R Adkins is a director and shareholder:
                                                                                                                      2024                           2023
Rowerange Limited                                                                                         £32,000                       £32,000
Dewmead Limited                                                                                           £70,000                       £30,000                           
No interest was charged on these amounts payable.
12. Ultimate Controlling Party
The parent company is Goodwin Associates Group Limited, a company registered in England and Wales.
The ultimate controlling party is S R Adkins, by virtue of his 100% shareholding in Goodwin Associates Group 
Ltd.
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