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REGISTERED NUMBER: 08795572 (England and Wales)







Financial Statements for the Year Ended 31 December 2024

for

Goodwins Paint & Bodyshop Limited

Goodwins Paint & Bodyshop Limited (Registered number: 08795572)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Goodwins Paint & Bodyshop Limited

Company Information
for the Year Ended 31 December 2024







DIRECTOR: Mr C Kenway





REGISTERED OFFICE: 1-5 St. Albans Road
Lytham St Annes
Lancashire
FY8 1UB





REGISTERED NUMBER: 08795572 (England and Wales)





ACCOUNTANTS: Ashworth Treasure Limited
Chartered Accountants
17-19 Park Street
Lytham
Lancashire
FY8 5LU

Goodwins Paint & Bodyshop Limited (Registered number: 08795572)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 306,437 304,323
306,437 304,323

CURRENT ASSETS
Stocks 31,207 31,207
Debtors 6 308,850 341,021
Cash at bank 616 215
340,673 372,443
CREDITORS
Amounts falling due within one year 7 229,267 320,865
NET CURRENT ASSETS 111,406 51,578
TOTAL ASSETS LESS CURRENT
LIABILITIES

417,843

355,901

CREDITORS
Amounts falling due after more than one
year

8

(177,918

)

(228,930

)

PROVISIONS FOR LIABILITIES (2,048 ) -
NET ASSETS 237,877 126,971

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 237,875 126,969
237,877 126,971

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 April 2025 and were signed by:




Mr C Kenway - Director


Goodwins Paint & Bodyshop Limited (Registered number: 08795572)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Goodwins Paint & Bodyshop Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Long term contracts
When the outcome of an individual contract can be foreseen with reasonable certainty and can be estimated reliably, margin is recognised by reference to the stage of completion, based on the lower of the percentage margin earned to date and that prudently forecast at completion. This is after the deduction of any foreseeable losses and applicable payments on account.

Operating profit is stated after attributable profit on long term contracts completed and amounts recoverable on contracts uncompleted, the latter also being included within debtors due within one year.

Goodwins Paint & Bodyshop Limited (Registered number: 08795572)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 14 ).

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 21,000
AMORTISATION
At 1 January 2024
and 31 December 2024 21,000
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2024 253,376 157,657 411,033
Additions - 41,193 41,193
Disposals - (95,604 ) (95,604 )
At 31 December 2024 253,376 103,246 356,622
DEPRECIATION
At 1 January 2024 - 106,710 106,710
Charge for year - 10,876 10,876
Eliminated on disposal - (67,401 ) (67,401 )
At 31 December 2024 - 50,185 50,185
NET BOOK VALUE
At 31 December 2024 253,376 53,061 306,437
At 31 December 2023 253,376 50,947 304,323

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 53,293 64,375
Other debtors 255,557 276,646
308,850 341,021

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 50,737 74,854
Hire purchase contracts 7,992 10,908
Trade creditors 65,342 121,693
Taxation and social security 87,089 99,234
Other creditors 18,107 14,176
229,267 320,865

Goodwins Paint & Bodyshop Limited (Registered number: 08795572)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 145,564 181,772
Hire purchase contracts 32,354 47,158
177,918 228,930

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 56,448 82,323

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024 2023
£    £   
Mr C Kenway
Balance outstanding at start of year 219,455 236,376
Amounts advanced 46,135 90,801
Amounts repaid (61,290 ) (107,722 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 204,300 219,455

Interest is charged on overdrawn balances at the official rate.