REGISTERED NUMBER: 01037427 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

M.B. & J. GOODWIN LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

M B Goodwin

S M Goodwin

C B Goodwin

M R Goodwin

SECRETARY:

M B Goodwin

REGISTERED OFFICE:

The Office

Springfield Farm Caravan Park

Atwick Road

Hornsea

East Yorkshire

HU18 1ET

REGISTERED NUMBER:

01037427 (England and Wales)

AUDITORS:

Lloyd Dowson Audit Limited

Chartered Accountants

& Statutory Auditors

Medina House

2 Station Avenue

Bridlington

East Yorkshire

YO16 4LZ

BANKERS:

Barclays Bank Plc

Hull Corporate Banking Centre

Hull

East Yorkshire

HU1 1RN

FIXED ASSETS

Tangible assets

4

3,379,299

6,241,375

Investments

5

8,100

8,100

3,387,399

6,249,475

CURRENT ASSETS

Stocks

552,516

672,241

Debtors

6

16,798,370

7,268,389

Cash at bank and in hand

1,034,807

806,217

18,385,693

8,746,847

CREDITORS

Amounts falling due within one year

7

1,209,861

4,516,575

NET CURRENT ASSETS

17,175,832

4,230,272

TOTAL ASSETS LESS CURRENT LIABILITIES

20,563,231

10,479,747

PROVISIONS FOR LIABILITIES

1,555,628

636,223

NET ASSETS

19,007,603

9,843,524

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

19,007,503

9,843,424

SHAREHOLDERS' FUNDS

19,007,603

9,843,524

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

M B Goodwin - Director

S M Goodwin - Director

1.	STATUTORY INFORMATION

M.B. & J. Goodwin 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.

Going concern

The financial statements have been prepared on the going concern basis of accounting, which assumes that the company is able to continue operating as a going concern.

Critical accounting judgements and key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are addressed below.

i. Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

Turnover

Turnover represents net invoiced sale of goods and services, excluding value added tax.

Income regarding site fees and insurance is deferred and released over the term of the chargeable period, with the deferred amount being recorded as a current liability.

Haulage income is recorded on a work done basis.

Farm income is recorded as crops and livestock are sold.

Income regarding park services and other goods sold are recognised on a receipts basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

2% on cost, excluding land element

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stock are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Costs comprise the direct production cost of crops, any overheads are charged to the statement of income and retained earnings.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the statement of income and retained earnings over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the statement of income and retained earnings on a straight line basis over the period of the lease.

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 the statement of income and retained earnings in the period to which they relate.

The company has also implemented automatic enrolment into a workplace pension scheme in relation to all employees.

Rents receivable

Property rents are recorded on a net rent receivable basis.

Fixed asset investments

Fixed asset investments are stated at cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2023 - 53 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

4,871,567

7,288,369

12,159,936

Additions

298,536

388,798

687,334

Disposals

(3,839,981

)

(1,297,772

)

(5,137,753

)

At 31 December 2024

1,330,122

6,379,395

7,709,517

DEPRECIATION

At 1 January 2024

1,330,122

4,588,439

5,918,561

Charge for year

21,429

493,464

514,893

Eliminated on disposal

(1,051,107

)

(1,052,129

)

(2,103,236

)

At 31 December 2024

300,444

4,029,774

4,330,218

NET BOOK VALUE

At 31 December 2024

1,029,678

2,349,621

3,379,299

At 31 December 2023

3,541,445

2,699,930

6,241,375

Included in cost of land and buildings is freehold land of £ 151,692 (2023 - £ 151,692 ) which is not depreciated.

The net book value of tangible fixed assets includes £ 201,471 (2023 - £ 689,278 ) in respect of assets held under hire purchase contracts.

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2024

and 31 December 2024

8,100

NET BOOK VALUE

At 31 December 2024

8,100

At 31 December 2023

8,100

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

254,200

1,167,194

Amounts owed by group undertakings

15,969,738

5,778,392

Other debtors

574,432

322,803

16,798,370

7,268,389

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

-

847,983

Hire purchase contracts (see note 8)

38,923

179,648

Trade creditors

379,394

499,314

Taxation and social security

208,287

730,367

Other creditors

583,257

2,259,263

1,209,861

4,516,575

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.12.24

31.12.23

£

£

Net obligations repayable:

Within one year

38,923

179,648

Non-cancellable

operating leases

31.12.24

31.12.23

£

£

Within one year

442,703

386,354

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Bank overdraft

-

847,983

Hire purchase contracts

38,923

179,648

38,923

1,027,631

Bank borrowings are secured by a debenture creating a fixed and floating charge over all of the company's assets.

The obligations under hire purchase agreements are secured against the assets to which they relate.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

100

Ordinary

£1

100

100

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Rebecca Sygrove, FCCA (Senior Statutory Auditor)

for and on behalf of Lloyd Dowson Audit Limited

12.	CONTINGENT LIABILITIES

The company has given an unlimited cross guarantee for the bank borrowings of its parent, M B Goodwin (Skipsea) Limited.

The directors consider that this guarantee will not crystallise, therefore no provision has been made in these financial statements.

As at 31 December 2024, M B Goodwin (Skipsea) Limited did not have any bank finance.

13.	CAPITAL COMMITMENTS

31.12.24

31.12.23

£

£

Contracted but not provided for in the

financial statements

166,248

77,800

14.	RELATED PARTY DISCLOSURES

The company is controlled by M B Goodwin.

Consolidated accounts for the group are prepared by the company's parent undertaking M B Goodwin (Skipsea) Limited whose registered office is The Office Springfield Farm Caravan Park, Atwick Road, Hornsea, East Riding of Yorkshire, HU18 1EJ.