The Goodlife Outdoor Company Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 10635674 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2025

FOR

THE GOODLIFE OUTDOOR COMPANY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Abbiati

J Wang

Z Chen

REGISTERED OFFICE:

12 Rossett Park

Rossett

Wrexham

LL12 0FB

REGISTERED NUMBER:

10635674 (England and Wales)

ACCOUNTANTS:

M. D. Coxey and Co. Limited

Chartered Accountants

25 Grosvenor Road

Wrexham

LL11 1BT

BANKERS:

Bank of China

1 Lothbury

London

EC2R 7DB

FIXED ASSETS

Intangible assets

4

762,622

609,147

Tangible assets

5

417,161

429,268

1,179,783

1,038,415

CURRENT ASSETS

Stocks

6

1,832,438

1,826,975

Debtors

7

897,714

802,165

Cash at bank

73,657

120,267

2,803,809

2,749,407

CREDITORS

Amounts falling due within one year

8

2,030,354

2,069,181

NET CURRENT ASSETS

773,455

680,226

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,953,238

1,718,641

CREDITORS

Amounts falling due after more than one
year

9

(1,456,331

)

(1,373,873

)

PROVISIONS FOR LIABILITIES

11

-

(81,183

)

NET ASSETS

496,907

263,585

CAPITAL AND RESERVES

Called up share capital

12

300,000

Retained earnings

196,907

(36,415

)

SHAREHOLDERS' FUNDS

496,907

263,585

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 15th August 2025 and were signed on its behalf by:

M Abbiati - Director

1.	STATUTORY INFORMATION

The Goodlife Outdoor Company 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.

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

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of eight years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on cost

Fixtures, fittings & equipment

-

12.5% on cost

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct costs and an appropriate allocation of overheads, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Research and development

Development of products is capitalised where there is expected to be a benefit to future periods and the following conditions are met:

(i) It is technically feasible to complete the research or development so that the product will be available for use or sale.

(ii) It is intended to use or sell the product being developed.

(iii) The company is able to use or sell the product.

(iv) It can be demonstrated that the product will generate probable future economic benefits.

(v) Adequate technical, financial and other resources exist so that product development can be completed and subsequently used or sold.

(vi) Expenditure attributable to the research and development work can be reliably measured.

Capitalised development expenditure is stated at cost less accumulated amortisation and impairment losses and amortised over its useful economic life. Assessments of useful economic life range from 5 to 15 years. Amortisation expenses for the year and last year are included in administrative expenses.

All other research and development expenditure is recognised as an expense in the period in which it is incurred

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2024 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

COST

At 1st July 2024

86,175

734,527

820,702

Additions

-

239,759

At 30th June 2025

86,175

974,286

1,060,461

AMORTISATION

At 1st July 2024

60,604

150,951

211,555

Charge for year

8,620

77,664

86,284

At 30th June 2025

69,224

228,615

297,839

NET BOOK VALUE

At 30th June 2025

16,951

745,671

762,622

At 30th June 2024

25,571

583,576

609,147

5.	TANGIBLE FIXED ASSETS

Fixtures,

Plant and

fittings

machinery

& equipment

Totals

£

COST

At 1st July 2024

12,000

851,665

863,665

Additions

-

105,763

At 30th June 2025

12,000

957,428

969,428

DEPRECIATION

At 1st July 2024

12,000

422,397

434,397

Charge for year

-

117,870

At 30th June 2025

12,000

540,267

552,267

NET BOOK VALUE

At 30th June 2025

-

417,161

At 30th June 2024

-

429,268

6.

STOCKS

30.6.25

30.6.24

£

Finished goods

1,832,438

1,826,975

7.

DEBTORS

30.6.25

30.6.24

£

Amounts falling due within one year:

Trade debtors

796,196

748,705

Tax

59,952

48,499

Deferred tax asset

31,794

-

Prepayments

685

4,961

888,627

802,165

Amounts falling due after more than one year:

Tax

9,087

-

Aggregate amounts

897,714

802,165

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.25

30.6.24

£

Bank loans and overdrafts

67,128

36,737

Other loans

84,375

Trade creditors

1,019,417

1,124,053

Social security and other taxes

9,736

9,599

VAT

179,741

135,891

Other creditors

621,605

593,413

Accrued expenses

48,352

85,113

2,030,354

2,069,181

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

30.6.25

30.6.24

£

Bank loans - 1-2 years

64,322

41,229

Bank loans - 2-5 years

66,107

73,268

Trade creditors

800,000

Directors' loan accounts

525,902

459,376

1,456,331

1,373,873

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.25

30.6.24

£

Other creditors

621,605

593,413

11.	PROVISIONS FOR LIABILITIES

30.6.24

£

Deferred tax

Accelerated capital allowances

253,211

Tax losses carried forward

(172,028

)

81,183

Deferred

tax

£

Balance at 1st July 2024

81,183

Movement in the year due to:

changes in tax allowances

(3,027

)

changes in tax rates

(145,894

)

changes in losses available

35,944

Balance at 30th June 2025

(31,794

)

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.25

30.6.24

value:

£

300,000

Ordinary

£1

300,000

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year J Wang, a director of the company, charged consultancy services in the sum of £34,560 (2024: £34,560).