Good For Nothing Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08531857 (England and Wales)

GOOD FOR NOTHING LTD.

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

R Kumar

S Kumar

J McLeish

SECRETARY:

R Kumar

REGISTERED OFFICE:

The Exchange

5 Bank Street

Bury

BL9 0DN

REGISTERED NUMBER:

08531857 (England and Wales)

AUDITORS:

DTE Business Advisers Limited

Chartered Accountants

Statutory Auditors

The Exchange

5 Bank Street

Bury

BL9 0DN

FIXED ASSETS

Intangible assets

4

30,519

49,188

Property, plant and equipment

5

10,575

22,571

41,094

71,759

CURRENT ASSETS

Inventories

437,251

420,786

Debtors

6

685,089

653,986

Cash at bank

16,499

24,089

1,138,839

1,098,861

CREDITORS

Amounts falling due within one year

7

(1,749,555

)

(1,512,829

)

NET CURRENT LIABILITIES

(610,716

)

(413,968

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(569,622

)

(342,209

)

PROVISIONS FOR LIABILITIES

(4,811

)

(4,811

)

NET LIABILITIES

(574,433

)

(347,020

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(574,533

)

(347,120

)

(574,433

)

(347,020

)

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 23 December 2021 and were signed on its behalf by:

J McLeish - Director

1.	STATUTORY INFORMATION

Good For Nothing Ltd. is a private company, limited by shares, registered in England and Wales. The company's registered number is 08531857 and its registered office address is The Exchange, 5 Bank Street, Bury, BL9 0DN.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The company has reported a loss in the year and has net current liabilities of £610,716 (2020 - £413,968) at the statement of financial position date. Included within other creditors is a balance amounting to £1,021,114 (2020 - £283,711) owed to a group company. The group company has confirmed that it will not seek repayment of this loan until the company is in a position to do so.

The directors have considered the impact of the global COVID-19 pandemic on the company and recognise that the future cannot be predicted with any certainty. The directors expect the company to continue trading through the pandemic, predominantly via online sales. Procedures have been introduced to ensure that operations are conducted in accordance with official government advice. The directors will endeavour to monitor and control costs as necessary and any available government backed support will be obtained as required.

Revenue

Revenue comprises the aggregate of the fair value of the sale of goods provided, net of value-added tax, rebates and discounts. Sale of goods are recognised when the company has despatched the products to the customer and collection of the related receivables is anticipated.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website is being amortised at 33% Straight-line depreciation method.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost and 20% on cost

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102.

During the year the company has benefitted from the Government Coronavirus Job Retention Scheme ('Furlough'). Furlough income has been recognised in "other income" in the same period as the related wage costs.

The company has not directly benefitted from any other forms of government assistance.

Inventories

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

Cost includes any expenditure incurred in bringing the inventory to its present location and condition. The cost comprises of actual purchase price.

Taxation

Taxation for the year 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year 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.

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 the income statement in the period to which they relate.

Leasing commitments

Rentals paid under operating leases are charged to the income statement as incurred.

Financial instruments

The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are 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 income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Critical accounting estimates and judgements

In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Estimating the useful economic life of an asset and the anticipated residual value are considered a key judgement in calculating an appropriate depreciation charge.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2020 - 19 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2020

and 31 March 2021

56,573

AMORTISATION

At 1 April 2020

7,385

Charge for year

18,669

At 31 March 2021

26,054

NET BOOK VALUE

At 31 March 2021

30,519

At 31 March 2020

49,188

5.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 April 2020

77,350

Disposals

(3,614

)

At 31 March 2021

73,736

DEPRECIATION

At 1 April 2020

54,779

Charge for year

11,905

Eliminated on disposal

(3,523

)

At 31 March 2021

63,161

NET BOOK VALUE

At 31 March 2021

10,575

At 31 March 2020

22,571

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

529,731

351,170

Other debtors

155,358

302,816

685,089

653,986

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

201,787

828,987

Amounts owed to group undertakings

1,021,114

283,711

Taxation and social security

38,650

10,847

Other creditors

488,004

389,284

1,749,555

1,512,829

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

1,953

187,733

Between one and five years

651

346,896

2,604

534,629

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Invoice financing

271,577

175,143

Bank loans are secured by fixed and floating charges on the company's assets.

Invoice financing liabilities are secured by fixed and floating charges on the debts to which they relate.

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

The Report of the Auditors was unqualified.

Richard Bell (Senior Statutory Auditor)

for and on behalf of DTE Business Advisers Limited

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within debtors falling due within one year is a director's current account balance of £49,930 (2020 - £49,930) owed by J McLeish. There were no movements during the current or prior years. The maximum overdrawn balance during the year was £49,930 (2020 - £49,930). This advance is interest free, unsecured and repayable upon demand.

12.	ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent company is Whispering Smith Group plc, a company registered in England and Wales. The results of the company are included within the consolidated financial statements of Whispering Smith Group plc, copies of which can be obtained from the company's registered office, The Exchange, 5 Bank Street, Bury, Lancashire, BL9 0DN.