Goodwill Supply Chain Solutions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 12824866 (England and Wales)

Financial Statements

for the Period 19 August 2020 to 31 December 2021

for

Goodwill Supply Chain Solutions Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

5

DIRECTORS:

Mr D R Pickard

Mr G L Tomkins

REGISTERED OFFICE:

1056 Deer Park Road

Moulton Park

Northampton

Northamptonshire

NN3 6RX

REGISTERED NUMBER:

12824866 (England and Wales)

AUDITORS:

Clifford Roberts

Chartered Accountants &

Statutory Auditors

Pacioli House

9 Brookfield

Duncan Close

Northampton

Northamptonshire

NN3 6WL

CURRENT ASSETS

Stocks

16,311

Debtors

4

462,683

Cash at bank and in hand

193,570

672,564

CREDITORS

Amounts falling due within one year

5

666,744

NET CURRENT ASSETS

5,820

TOTAL ASSETS LESS CURRENT LIABILITIES

5,820

CAPITAL AND RESERVES

Called up share capital

7

100

Retained earnings

5,720

SHAREHOLDERS' FUNDS

5,820

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 May 2022 and were signed on its behalf by:

Mr D R Pickard - Director

1.	STATUTORY INFORMATION

Goodwill Supply Chain Solutions 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 applicable United Kingdom accounting standards, including Financial Reporting Standard 102 section 1A - "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102 section 1A") and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis.

The financial statements are presented in Sterling (£) and cover the period to 31st December from the date of incorporation, a period over 12 months. There is no comparative as this is the first accounting period.

Going concern

At the time of approving the financial statements, the directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements after taking into account the potential impact of current global issues on the company.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

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

Rental income from property leased under agreement is recognised in the statement of comprehensive income on a straight-line basis over the term of the agreement on an accruals basis, matching the income received to the period it relates, net of VAT and other sales taxes.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 period 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

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 29 .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

405,385

Other debtors

57,298

462,683

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

98,465

Amounts owed to group undertakings

348,813

Taxation and social security

63,351

Other creditors

156,115

666,744

6.	FINANCIAL RISK MANAGEMENT

The company has some exposure to foreign currency, credit, liquidity and cash flow interest rate risks, These risks are limited by the company's financial management policies and practices described below.

Foreign currency risk

The company manages its exposure by ensuring their suppliers invoices are denominated in sterling so the risk is transferred wholly to the suppliers.

Credit risk

The company's exposure and it's customers credit worthiness is continually monitored so that any potential problems are detected at an early stage.

Liquidity risk

The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves and banking facilities. They manage liquidity using a factoring facility which allows the company to mitigate the risk posed by credit terms determined by the suppliers.

Market risk

There is a market risk associated with the fluctuation in demand for the products and services provided. Most of this is mitigated by monitoring the markets.

The company holds no derivative financial instruments at the year end.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

100

Ordinary

£1

100

100 Ordinary shares of £1 each were allotted and fully paid for cash at par during the period.

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

The Report of the Auditors was unqualified.

Adam Billingham BA (Hons) BFP FCA (Senior Statutory Auditor)

for and on behalf of Clifford Roberts

9.	RELATED PARTY DISCLOSURES

During the year the company incurred management and administrative charges totalling £209,382. At the balance sheet date in respect of these charges, £11,944 was outstanding.

All other related party transactions with owners holding a participating interest, companies in which the entity has a participating interest and directors were concluded under normal market conditions.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Goodwill Solutions (Holdings) C.I.C., this entity is a private company incorporated in England. The company's registered office address is 1056 Deer Park Road, Moulton Park, Northampton, NN3 6RX.