Company registration number 01755359 (England and Wales)
GOMACO INTERNATIONAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
GOMACO INTERNATIONAL LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
GOMACO INTERNATIONAL LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
871,143
898,627
Current assets
Stocks
6
2,069,000
2,055,882
Debtors
7
1,318,467
315,964
Cash at bank and in hand
1,060,247
1,190,707
4,447,714
3,562,553
Creditors: amounts falling due within one year
8
(512,973)
(295,589)
Net current assets
3,934,741
3,266,964
Net assets
4,805,884
4,165,591
Capital and reserves
Called up share capital
9
1,000
1,000
Other reserves
938,438
938,438
Profit and loss reserves
3,866,446
3,226,153
Total equity
4,805,884
4,165,591

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 24 December 2024 and are signed on its behalf by:
Mr K D Godbersen
Director
Company registration number 01755359 (England and Wales)
GOMACO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information

Gomaco International Limited is a private company limited by shares incorporated in England and Wales. The registered office is 14-15 Witney Industrial Estate, Avenue One, Witney, Oxon, OX28 4XZ.

1.1
Accounting convention

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.

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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
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. 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.

1.3
Tangible fixed assets

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:

Land and buildings Freehold
Straight line over 39 years
Fixtures, fittings & equipment
20% - 25% reducing balance
Motor vehicles
25% reducing balance

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.

1.4
Stocks

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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

GOMACO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Cash and cash equivalents

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.

1.6
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 statement of financial position 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.

1.7
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.

1.8
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 income statement 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 taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.
1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Foreign exchange

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.

GOMACO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Employees
6
6

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
299,599
259,368
Social security costs
28,698
22,616
Pension costs
6,028
5,347
334,325
287,331
4
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
-
0
3,005
GOMACO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
5
Tangible fixed assets
Land and buildings Freehold
Fixtures, fittings & equipment
Motor  vehicles
Total
£
£
£
£
Cost
At 1 October 2023
1,123,534
240,948
147,982
1,512,464
Additions
3,931
1,124
-
0
5,055
At 30 September 2024
1,127,465
242,072
147,982
1,517,519
Depreciation and impairment
At 1 October 2023
277,676
226,202
109,960
613,838
Depreciation charged in the year
19,935
3,094
9,509
32,538
At 30 September 2024
297,611
229,296
119,469
646,376
Carrying amount
At 30 September 2024
829,854
12,776
28,513
871,143
At 30 September 2023
845,858
14,747
38,022
898,627
6
Stocks
2024
2023
£
£
Finished goods and goods for resale
2,069,000
2,055,882
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
407,625
64,117
Corporation tax recoverable
127,051
127,051
Amounts owed by group undertakings
692,297
-
0
Other debtors
54,893
72,351
Prepayments and accrued income
36,601
52,445
1,318,467
315,964
GOMACO INTERNATIONAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
64,347
89,985
Amounts owed to group undertakings
-
0
142,900
Corporation tax
221,247
-
0
Other taxation and social security
10,687
5,489
Other creditors
13,024
15,180
Accruals and deferred income
203,668
42,035
512,973
295,589
9
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Ian Shillinglaw
Statutory Auditor:
Higgisons
Date of audit report:
24 December 2024
11
Ultimate controlling party

The ultimate parent company is Godbersen-Smith Construction Co., a company incorporated in the state of Iowa, USA. Godbersen-Smith Construction Co. is controlled by the Godbersen family.

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