P Goode Limited 30/06/2021 iXBRL

P Goode Limited 30/06/2021 iXBRL

P GOODE LIMITED - Company Information

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Company registration number: 12032868
P Goode Limited
Unaudited financial statements
30 June 2021
P Goode Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
P Goode Limited
Directors and other information
Directors Philip Goode
Nichola Kirkpatrick-Goode
Company number 12032868
Registered office Unit 7
Excalibur Trading Estate
Fields Road
Alsager
ST7 2LX
Business address Unit 7
Excalibur Trading Estate
Fields Road
Alsager
ST7 2LX
Accountants Leach Briely
Craven House
32 Lee Lane
Horwich
Bolton
BL6 7BY
Bankers Barclays
Leicester
LE87 2BB
P Goode Limited
Accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of P Goode Limited
Year ended 30 June 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of P Goode Limited for the year ended 30 June 2021 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com.
This report is made solely to the board of directors of P Goode Limited, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of P Goode Limited and state those matters that we have agreed to state to the board of directors of P Goode Limited, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P Goode Limited and its board of directors for our work or for this report.
It is your duty to ensure that P Goode Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of P Goode Limited. You consider that P Goode 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 financial statements of P Goode 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 financial statements.
Leach Briely
Accountants
Craven House
32 Lee Lane
Horwich
Bolton
BL6 7BY
9 February 2022
P Goode Limited
Statement of financial position
30 June 2021
2021 2020
Note £ £ £ £
Fixed assets
Intangible assets 7 12,000 13,500
Tangible assets 8 7,159 9,262
_______ _______
19,159 22,762
Current assets
Stocks 1,200 750
Debtors 9 7,259 8,733
Cash at bank and in hand 9,783 13,067
_______ _______
18,242 22,550
Creditors: amounts falling due
within one year 10 ( 41,669) ( 41,441)
_______ _______
Net current liabilities ( 23,427) ( 18,891)
_______ _______
Total assets less current liabilities ( 4,268) 3,871
Provisions for liabilities 11 ( 1,090) ( 1,001)
_______ _______
Net (liabilities)/assets ( 5,358) 2,870
_______ _______
Capital and reserves
Called up share capital 13 100 100
Profit and loss account ( 5,458) 2,770
_______ _______
Shareholders (deficit)/funds ( 5,358) 2,870
_______ _______
For the year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 February 2022 , and are signed on behalf of the board by:
Philip Goode
Director
Company registration number: 12032868
P Goode Limited
Notes to the financial statements
Year ended 30 June 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 7, Excalibur Trading Estate, Fields Road, Alsager, ST7 2LX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements are prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration receivable for motor vehicle body repair services rendered, net of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in the statement of income and retained earnings. Current tax is recognised on taxable profit for the current period. Current tax is measured at the amounts of tax expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and equipment - 20 % reducing balance
Motor vehicles - 25 % reducing balance
Stocks
Stock is measured at cost.
Financial instruments
The company only enters into basic financial instruments that result in the recognition of the financial assets and liabilities such as trade and other debtors and creditors. These are measured at amortised cost and assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).
5. Interest payable and similar expenses
2021 2020
£ £
Other interest payable and similar expenses 3,500 -
_______ _______
6. Tax on loss/profit
Major components of tax expense
2021 2020
£ £
Deferred tax:
Origination and reversal of timing differences 89 1,001
_______ _______
Tax on loss/profit 89 1,001
_______ _______
7. Intangible assets
Franchise fee Total
£ £
Cost
At 1 July 2020 and 30 June 2021 15,000 15,000
_______ _______
Amortisation
At 1 July 2020 1,500 1,500
Charge for the year 1,500 1,500
_______ _______
At 30 June 2021 3,000 3,000
_______ _______
Carrying amount
At 30 June 2021 12,000 12,000
_______ _______
At 30 June 2020 13,500 13,500
_______ _______
8. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 July 2020 and 30 June 2021 5,000 6,168 11,168
_______ _______ _______
Depreciation
At 1 July 2020 750 1,156 1,906
Charge for the year 850 1,253 2,103
_______ _______ _______
At 30 June 2021 1,600 2,409 4,009
_______ _______ _______
Carrying amount
At 30 June 2021 3,400 3,759 7,159
_______ _______ _______
At 30 June 2020 4,250 5,012 9,262
_______ _______ _______
9. Debtors
2021 2020
£ £
Trade debtors - 8,018
Other debtors 7,259 715
_______ _______
7,259 8,733
_______ _______
10. Creditors: amounts falling due within one year
2021 2020
£ £
Trade creditors 4,275 3,111
Amounts owed to connected company 32,410 32,410
Social security and other taxes 3,191 4,730
Other creditors 1,793 1,190
_______ _______
41,669 41,441
_______ _______
11. Provisions
Deferred tax (note 12) Total
£ £
At 1 July 2020 1,001 1,001
Additions 89 89
_______ _______
At 30 June 2021 1,090 1,090
_______ _______
12. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2021 2020
£ £
Included in provisions (note 11) 1,090 1,001
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2021 2020
£ £
Accelerated capital allowances 1,090 1,001
Unused tax losses ( 1,090) -
_______ _______
(-) 1,001
_______ _______
13. Called up share capital
Issued, called up and fully paid
2021 2020
No £ No £
Ordinary shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
14. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 5,467 5,467
Later than 1 year and not later than 5 years 14,123 19,590
_______ _______
19,590 25,057
_______ _______
15. Directors advances, credits and guarantees
Other debtors consists of £7,259 in respect of net advances made to the director by the company during the year. The advances are interest free with no specific terms of repayment.