Godfreys of Essex Limited - Period Ending 2014-06-30

Registration number: 05845155

Godfreys of Essex Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2014
 

The McCay Partnership
Chartered Accountants
Unit 24
Capital Business Centre
22 Carlton Road
South Croydon
Surrey
CR2 0BS

Godfreys of Essex Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Godfreys of Essex Limited
for the Year Ended 30 June 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Godfreys of Essex Limited for the year ended 30 June 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Godfreys of Essex Limited, as a body, in accordance with the terms of our engagement letterdated 6 December 2011. Our work has been undertaken solely to prepare for your approval the accounts of Godfreys of Essex Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Godfreys of Essex Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Godfreys of Essex Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Godfreys of Essex Limited. You consider that Godfreys of Essex Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Godfreys of Essex Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

The McCay Partnership
Chartered Accountants
Unit 24
Capital Business Centre
22 Carlton Road
South Croydon
Surrey
CR2 0BS

25 February 2015

Page 1

Godfreys of Essex Limited
(Registration number: 05845155)
Abbreviated Balance Sheet at 30 June 2014

		Note			2014 £			2013 £
Fixed assets
Intangible fixed assets					24,200			33,300
Tangible fixed assets					45,917			51,915
					70,117			85,215
Current assets
Stocks					34,320			34,000
Debtors					67,047			54,715
					101,367			88,715
Creditors: Amounts falling due within one year					(212,484)			(217,293)
Net current liabilities					(111,117)			(128,578)
Net liabilities					(41,000)			(43,363)
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					(41,100)			(43,463)
Shareholders' deficit					(41,000)			(43,363)

For the year ending 30 June 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 25 February 2015

.........................................
MC Godfrey
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Godfreys of Essex Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	Amortised over 10 years

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% reducing balance basis
Fixtures and fittings	20% reducing balance basis
Motor vehicles	25% reducing balance basis

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete ans slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Godfreys of Essex Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2014
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 July 2013		91,000			84,018			175,018
At 30 June 2014		91,000			84,018			175,018
Depreciation
At 1 July 2013		57,700			32,103			89,803
Charge for the year		9,100			5,998			15,098
At 30 June 2014		66,800			38,101			104,901
Net book value
At 30 June 2014		24,200			45,917			70,117
At 30 June 2013		33,300			51,915			85,215

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

Page 4