Gould Composites Ltd 08962522 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is other engineering activities Digita Accounts Production Advanced 6.30.9574.0 true 08962522 2023-10-01 2024-09-30 08962522 2024-09-30 08962522 core:CurrentFinancialInstruments 2024-09-30 08962522 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 08962522 core:Goodwill 2024-09-30 08962522 core:OtherResidualIntangibleAssets 2024-09-30 08962522 core:FurnitureFittingsToolsEquipment 2024-09-30 08962522 core:MotorVehicles 2024-09-30 08962522 bus:SmallEntities 2023-10-01 2024-09-30 08962522 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 08962522 bus:FilletedAccounts 2023-10-01 2024-09-30 08962522 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 08962522 bus:RegisteredOffice 2023-10-01 2024-09-30 08962522 bus:Director1 2023-10-01 2024-09-30 08962522 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 08962522 core:Goodwill 2023-10-01 2024-09-30 08962522 core:IntangibleAssetsOtherThanGoodwill 2023-10-01 2024-09-30 08962522 core:FurnitureFittingsToolsEquipment 2023-10-01 2024-09-30 08962522 core:MotorVehicles 2023-10-01 2024-09-30 08962522 core:OfficeEquipment 2023-10-01 2024-09-30 08962522 core:PlantMachinery 2023-10-01 2024-09-30 08962522 core:OtherRelatedParties 2023-10-01 2024-09-30 08962522 countries:EnglandWales 2023-10-01 2024-09-30 08962522 2023-09-30 08962522 core:Goodwill 2023-09-30 08962522 core:OtherResidualIntangibleAssets 2023-09-30 08962522 core:FurnitureFittingsToolsEquipment 2023-09-30 08962522 core:MotorVehicles 2023-09-30 08962522 2022-10-01 2023-09-30 08962522 2023-09-30 08962522 core:CurrentFinancialInstruments 2023-09-30 08962522 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 08962522 core:FurnitureFittingsToolsEquipment 2023-09-30 08962522 core:MotorVehicles 2023-09-30 iso4217:GBP xbrli:pure

Registration number: 08962522

Prepared for the registrar

Gould Composites Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Gould Composites Ltd

(Registration number: 08962522)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

-

Tangible assets

5

876,109

930,411

 

876,109

930,411

Current assets

 

Debtors

6

158,868

466,050

Cash at bank and in hand

 

839,563

1,797,982

 

998,431

2,264,032

Creditors: Amounts falling due within one year

7

(313,695)

(1,540,162)

Net current assets

 

684,736

723,870

Total assets less current liabilities

 

1,560,845

1,654,281

Deferred tax liabilities

(190,487)

(199,156)

Net assets

 

1,370,358

1,455,125

Capital and reserves

 

Called up share capital

2

2

Retained earnings

1,370,356

1,455,123

Shareholders' funds

 

1,370,358

1,455,125

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 June 2025 and signed on its behalf by:
 


D S Gould
Director

 

Gould Composites Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 5
Arnhem Road
Newbury
Berkshire
RG14 5RU

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Gould Composites Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Motor vehicles

25% reducing balance

Office equipment

3 years straight line

Intangible assets

Intangible assets of the entity are recognised at the date of acquisition. Intellectual property is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intellectual property

fully amortised

Goodwill

fully amortised

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Gould Composites Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.


Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 27 (2023 - 24).

 

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost

At 1 October 2023

1,500,000

150,345

1,650,345

At 30 September 2024

1,500,000

150,345

1,650,345

Amortisation

At 1 October 2023

1,500,000

150,345

1,650,345

At 30 September 2024

1,500,000

150,345

1,650,345

Carrying amount

At 30 September 2024

-

-

-

 

Gould Composites Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

 

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 October 2023

1,397,506

273,290

1,670,796

Additions

132,158

34,000

166,158

At 30 September 2024

1,529,664

307,290

1,836,954

Depreciation

At 1 October 2023

664,946

75,439

740,385

Charge for the year

169,581

50,879

220,460

At 30 September 2024

834,527

126,318

960,845

Carrying amount

At 30 September 2024

695,137

180,972

876,109

At 30 September 2023

732,560

197,851

930,411

 

6

Debtors

2024
£

2023
£

Trade debtors

136,173

458,100

Prepayments

9,109

7,699

Other debtors

13,586

251

158,868

466,050

 

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

11,684

11,820

Trade creditors

 

65,151

83,853

Amounts due to related parties

 

196,396

1,165,294

Taxation and social security

 

23,692

203,164

Accruals and deferred income

 

5,550

4,725

Other creditors

 

11,222

71,306

 

313,695

1,540,162

 

Gould Composites Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

 

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Directors' loan accounts

11,684

11,820

 

9

Related party transactions

Summary of transactions with other related parties

At 30 September 2024, the company owed £11,684 (2023: £11,820) to the directors, in the form of directors' loan accounts. No interest was charged on this balance and there are no fixed repayment terms.

At 30 September 2024, the company owed £nil (2023: £1,350) to Gould Engineering Solutions Ltd, a company that was dissolved in the year. A loan of £712 was written off in full.

At 30 September 2024, the company owed £196,396 (2023: £1,163,944) to Gould Holdings Ltd, its parent company. No interest was charged on this balance and there are no fixed repayment terms.

 

 

10

Parent and ultimate parent undertaking

The company's immediate parent is Gould Holdings Ltd, incorporated in England and Wales.