Goodwin Tanks Limited - Period Ending 2014-08-31

Registration number: 1745462

Goodwin Tanks Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2014
 

Vanilla Accounting Limited
Chartered Accountants
Byron House
21 Rectory Road
West Bridgford
Nottingham
Nottinghamshire
NG2 6BE

Goodwin Tanks Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

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 5) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Goodwin Tanks Limited
for the Year Ended 31 August 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Goodwin Tanks Limited for the year ended 31 August 2014 set out on pages 4 to 12 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 Goodwin Tanks Limited, as a body, in accordance with the terms of our engagement letterdated 30 September 2011. Our work has been undertaken solely to prepare for your approval the accounts of Goodwin Tanks 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 Goodwin Tanks Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Goodwin Tanks 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 Goodwin Tanks Limited. You consider that Goodwin Tanks 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 Goodwin Tanks 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.

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

Vanilla Accounting Limited
Chartered Accountants
Byron House
21 Rectory Road
West Bridgford
Nottingham
Nottinghamshire
NG2 6BE

22 April 2015

Page 1

Goodwin Tanks Limited
(Registration number: 1745462)
Abbreviated Balance Sheet at 31 August 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					150,966			130,651
Current assets
Stocks					19,323			11,491
Debtors					415,136			232,299
Cash at bank and in hand					243,326			229,943
					677,785			473,733
Creditors: Amounts falling due within one year					(328,696)			(198,574)
Net current assets					349,089			275,159
Total assets less current liabilities					500,055			405,810
Provisions for liabilities					(4,731)			(4,214)
Net assets					495,324			401,596
Capital and reserves
Called up share capital		4			3,001			3,001
Share premium account					99			99
Profit and loss account					492,224			398,496
Shareholders' funds					495,324			401,596

For the year ending 31 August 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 directors acknowledge their 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 Board on 22 April 2015 and signed on its behalf by:

.........................................
Mr P E Turton
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Goodwin Tanks Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 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).

The company is exempt from preparing a cash flow statement as 90% or more of the voting rights are held within the group.

Turnover

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

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
Long leasehold buildings	Straight line over period of lease
Motor vehicles	25% reducing balance
Office equipment	20% straight line
Plant & machinery	25% straight line

Long term contracts

Revenue from long term contracts is recognised by stage of completion. Stage of completion is measured by reference to costs incurred to date as a percentage of total estimated costs for each contract. Where the contract outcome cannot be measured reliably, revenue is measured only to the extent of the expenses recognised that are recoverable. Full provision is made for losses on all contracts in the year in which they are first foreseen.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Page 3

Goodwin Tanks Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2014
......... continued

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.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 September 2013		237,226			237,226
Additions		79,085			79,085
Disposals		(51,732)			(51,732)
At 31 August 2014		264,579			264,579
Depreciation
At 1 September 2013		106,575			106,575
Charge for the year		43,674			43,674
Eliminated on disposals		(36,636)			(36,636)
At 31 August 2014		113,613			113,613
Net book value
At 31 August 2014		150,966			150,966
At 31 August 2013		130,651			130,651

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2014 £			2013 £
Amounts falling due within one year		-			6,250

Page 4

Goodwin Tanks Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2014
......... continued

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		3,000			3,000			3,000			3,000
Ordinary B shares of £1 each		1			1			1			1
		3,001			3,001			3,001			3,001

5

Control

The company is controlled by Goodwin Tanks Holdings Limited and is a wholly owned subsidiary of this company. The ultimate controlling party is Mr P E Turton.

Page 5