| Gofer Limited |
| Notes to the Accounts |
| for the year ended 31 March 2025 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Computer and Office Equipment |
3 year straight line |
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Plant and machinery |
15% straight line |
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Motor Vehicles |
20% reducing balance |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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The tax expense represents the sum of the tax currently payable and any deferred tax. |
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Current tax |
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The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes some items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. |
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Deferred tax |
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Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. |
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The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
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Average number of persons employed by the company |
10 |
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12 |
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| 3 |
Fixed assets - Cables (Group2) |
£ |
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Cables: |
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Cost |
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Additions |
176,338 |
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At 31 March 2025 |
176,338 |
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Value: |
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- |
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Net book value |
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At 31 March 2025 |
176,338 |
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Cables (Group 2) are not depreciated but do have a value to the business and stock is revalued annually. |
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| 4 |
Tangible fixed assets |
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Office and Computer Equipment |
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Plant and machinery etc |
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Motor vehicles |
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Total |
| £ |
£ |
£ |
£ |
|
Cost |
|
At 1 April 2024 |
30,017 |
|
678,565 |
|
227,223 |
|
935,805 |
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Additions |
1,165 |
|
- |
|
30,814 |
|
31,979 |
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Disposals |
(8,320) |
|
(3,500) |
|
(658) |
|
(12,478) |
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At 31 March 2025 |
22,862 |
|
675,065 |
|
257,379 |
|
955,306 |
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Depreciation |
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At 1 April 2024 |
26,947 |
|
439,187 |
|
110,425 |
|
576,559 |
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Charge for the year |
2,018 |
|
65,742 |
|
23,228 |
|
90,988 |
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On disposals |
(8,320) |
|
(3,500) |
|
- |
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(11,820) |
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At 31 March 2025 |
20,645 |
|
501,429 |
|
133,653 |
|
655,727 |
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Net book value |
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At 31 March 2025 |
2,217 |
|
173,636 |
|
123,726 |
|
299,579 |
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At 31 March 2024 |
3,070 |
|
239,378 |
|
116,798 |
|
359,246 |
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| 5 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
|
|
Trade debtors |
17,623 |
|
65,003 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
240,416 |
|
41,500 |
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Other debtors |
16,038 |
|
9,457 |
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|
274,077 |
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115,960 |
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| 6 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
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Trade creditors |
45,056 |
|
29,864 |
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Taxation and social security costs |
94,105 |
|
83,984 |
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Other creditors |
58,181 |
|
23,490 |
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|
197,342 |
|
137,338 |
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| 7 |
Revaluation reserve |
2025 |
|
2024 |
| £ |
£ |
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Gain on revaluation of cables |
176,338 |
|
- |
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At 31 March 2025 |
176,338 |
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- |
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| 8 |
Controlling party |
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The company is a wholly owned subsidiary of Gofer Production Services Limited |
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| 9 |
Other information |
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Gofer Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Unit 7 Arkwight Road |
|
Hadleigh Road Industrial Estate |
|
Ipswich |
|
Suffolk |
|
IP2 0UB |