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Registration number: 04635410

Ian Gosling Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2025

 

Ian Gosling Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Ian Gosling Limited

Company Information

Director

P. W. Abraham

Registered office

Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

Accountants

Robert Whowell & Partners LLP
Chartered AccountantsWestwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

 

Ian Gosling Limited

(Registration number: 04635410)
Balance Sheet as at 31 January 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

5

235,482

163,082

Current assets

 

Stocks

6

109,750

126,000

Debtors

7

401,174

438,560

Cash at bank and in hand

 

59,100

116,391

 

570,024

680,951

Creditors: Amounts falling due within one year

8

(413,132)

(480,356)

Net current assets

 

156,892

200,595

Total assets less current liabilities

 

392,374

363,677

Creditors: Amounts falling due after more than one year

8

(121,196)

(56,000)

Provisions for liabilities

(24,756)

(27,055)

Net assets

 

246,422

280,622

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

246,322

280,522

Shareholders' funds

 

246,422

280,622

 

Ian Gosling Limited

(Registration number: 04635410)
Balance Sheet as at 31 January 2025

For the financial year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and 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 director on 25 July 2025
 

.........................................
P. W. Abraham
Director

 

Ian Gosling Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

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:
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

These financial statements were authorised for issue by the director on 25 July 2025.

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.

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 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 change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Ian Gosling Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

The current income 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

5% straight line

Computer equipment

20% straight line

Motor vehicles

20% reducing balance

Plant and machinery

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Ian Gosling Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

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

Goodwill

10 years

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods 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, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in the profit and loss account.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 subsequently measured at amortised cost using the effective interest method.

 

Ian Gosling Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated over the useful life of the asset. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Ian Gosling Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 12 (2024 - 11).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2024

117,000

117,000

At 31 January 2025

117,000

117,000

Amortisation

At 1 February 2024

117,000

117,000

At 31 January 2025

117,000

117,000

Carrying amount

At 31 January 2025

-

-

At 31 January 2024

-

-

 

Ian Gosling Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

5

Tangible assets

Leasehold improvements
£

Computer equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost

At 1 February 2024

36,000

16,075

286,912

15,668

354,655

Additions

-

-

116,864

935

117,799

Disposals

-

-

(10,550)

-

(10,550)

At 31 January 2025

36,000

16,075

393,226

16,603

461,904

Depreciation

At 1 February 2024

7,200

12,840

164,999

6,534

191,573

Charge for the year

1,800

1,494

37,493

2,400

43,187

Eliminated on disposal

-

-

(8,338)

-

(8,338)

At 31 January 2025

9,000

14,334

194,154

8,934

226,422

Carrying amount

At 31 January 2025

27,000

1,741

199,072

7,669

235,482

At 31 January 2024

28,800

3,235

121,913

9,134

163,082

6

Stocks

2025
£

2024
£

Finished goods and goods for resale

109,750

126,000

7

Debtors

Current

2025
£

2024
£

Trade debtors

300,930

314,452

Prepayments

15,606

10,935

Other debtors

84,638

113,173

 

401,174

438,560

 

Ian Gosling Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

8

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

10

53,096

43,400

Trade creditors

 

207,700

264,035

Taxation and social security

 

142,205

169,148

Accruals and deferred income

 

3,000

2,075

Other creditors

 

7,131

1,698

 

413,132

480,356


Creditors include net obligations under hire purchase contracts which are secured of £21,096 (2024 - £11,400).

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

10

121,196

56,000


Creditors include net obligations under hire purchase contracts which are secured of £97,196 (2024 - £nil).

9

Share capital

Allotted, called up and fully paid shares

 

2025

2024

 

No.

£

No.

£

Ordinary shares of £1 each

50

50

50

50

Ordinary A shares of £1 each

3

3

3

3

Ordinary B shares of £1 each

47

47

47

47

 

100

100

100

100

 

Ian Gosling Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

10

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

24,000

56,000

Hire purchase contracts

97,196

-

121,196

56,000

Current loans and borrowings

2025
£

2024
£

Bank borrowings

32,000

32,000

Hire purchase contracts

21,096

11,400

53,096

43,400

11

Related party transactions

Transactions with the director

2025

At 1 February 2024
£

Advances to director
£

Repayments by director
£

At 31 January 2025
£

P. W. Abraham

Loan account

50,337

87,309

(53,007)

84,639

I. M. Gosling

Loan account

31,418

84,608

(116,162)

(136)

L. J. Gosling

Loan account

31,418

84,608

(116,161)

(135)

 

Ian Gosling Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

P. W. Abraham

Loan account

-

112,137

(61,800)

50,337

I. M. Gosling

Loan account

-

101,318

(69,900)

31,418

L. J. Gosling

Loan account

-

101,317

(69,899)

31,418

The company authorised an unsecured, interest free loan to a director, the balance at the year end was £84,639 (2024 - £50,337) and was repaid on 6 April 2025.

Summary of transactions with other related parties

I. M. Gosling and L. J. Gosling, directors of Ian Gosling Limited until 4 april 2025, are beneficiaries of The Gosling Trust Pension Scheme. During the year Ian Gosling Limited paid rent of £34,000 (2024 - £30,000) to The Gosling Trust Pension Scheme.

During the year, directors and a close family member received dividends amounting to £275,707 (2024 - £201,559).