Registration number: 06019602

Julian Godfrey Engineering Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 8

Julian Godfrey Engineering Ltd

Company Information

Director

LJ Godfrey

Company secretary

Manningtons Ltd

Registered office

8 High Street Heathfield East Sussex TN21 8LS

Accountants

Manningtons 8 High Street Heathfield East Sussex TN21 8LS

Julian Godfrey Engineering Ltd

(Registration number: 06019602)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	1,995	1,213
Current assets
Stocks	5	325,000	325,000
Debtors	6	149,254	164,510
Cash at bank and in hand		53,509	117,054
		527,763	606,564
Creditors: Amounts falling due within one year	7	(179,646)	(241,654)
Net current assets		348,117	364,910
Net assets		350,112	366,123
Capital and reserves
Called up share capital		100	100
Retained earnings		350,012	366,023
Shareholders' funds		350,112	366,123

For the financial year ending 31 December 2024 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 19 September 2025
 

......................................... LJ Godfrey Director

Julian Godfrey Engineering Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
8 High Street
Heathfield
East Sussex
TN21 8LS
United Kingdom

The principal place of business is:
Units 5 & 6
Ghyll Road Industrial Estate
Heathfield
East Sussex
TN21 8AW

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 that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of the financial statements is the Pound Sterling (£).

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 tax. Tax is recognised in profit or loss, 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.

Julian Godfrey Engineering Ltd

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

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.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	10% reducing balance
Fixtures, Fittings and equipment	25% straight line

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 at the transaction price, 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 receivables.

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 and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories 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 profit or loss.

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 at the transaction price.

Julian Godfrey Engineering Ltd

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

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.

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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

Julian Godfrey Engineering Ltd

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

4	Tangible assets

	Furniture, fittings and equipment  £	Other tangible assets £	Total £
Cost or valuation
At 1 January 2024	127,794	1,458	129,252
Additions	-	1,034	1,034
At 31 December 2024	127,794	2,492	130,286
Depreciation
At 1 January 2024	127,762	277	128,039
Charge for the year	32	220	252
At 31 December 2024	127,794	497	128,291
Carrying amount
At 31 December 2024	-	1,995	1,995
At 31 December 2023	32	1,181	1,213

5

Stocks

	2024 £	2023 £
Other inventories	325,000	325,000

6

Debtors

	2024 £	2023 £
Trade debtors	131,797	136,093
Taxation and social security	7,559	18,888
Prepayments	9,898	9,528
Other debtors	-	1
	149,254	164,510

Julian Godfrey Engineering Ltd

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

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Bank loans and overdrafts	8	-	92
Trade creditors		45,643	86,970
Taxation and social security		5,824	12,725
Accruals and deferred income		1,750	1,750
Other creditors		126,118	129,873
Director loan account		311	10,244
		179,646	241,654

8	Loans and borrowings

Current loans and borrowings

	2024 £	2023 £
Bank overdrafts	-	92

9	Related party transactions

Summary of transactions with other related parties

Julian Godfrey Motorsport LLP
The director is a partner in the partnership There are sales and purchases between the entities

Income and receivables from related parties

2024	Other related parties £
Sale of goods	16,349
Amounts receivable from related party	61,680

2023	Other related parties £
Sale of goods	79,176
Amounts receivable from related party	62,598

Julian Godfrey Engineering Ltd

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

Expenditure with and payables to related parties

2024	Other related parties £
Purchase of goods	577
Rendering of services	176,312
	176,889
Amounts payable to related party	124,624

2023	Other related parties £
Purchase of goods	797
Rendering of services	162,242
	163,039
Amounts payable to related party	148,582