F.W.& H.S.GODDARD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
Company Registration No. 00342236 (England and Wales)
F.W.& H.S.GODDARD LIMITED
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 6
F.W.& H.S.GODDARD LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF F.W.& H.S.GODDARD LIMITED
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of F.W.& H.S.Goddard Limited for the year ended 30 June 2022
set out on the following pages
from the company’s accounting records and from information and explanations you have given us
.
This report is made solely to the Board of Directors of F.W.& H.S.Goddard Limited, as a body, in accordance with the terms of our engagement letter dated 18 June 2021. Our work has been undertaken solely to prepare for your approval the financial statements of F.W.& H.S.Goddard Limited. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than F.W.& H.S.Goddard Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that F.W.& H.S.Goddard 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 F.W.& H.S.Goddard Limited. You consider that F.W.& H.S.Goddard 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 F.W.& H.S.Goddard 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.
Churchgates Land Family Business Limited
15 November 2022
Accountants
Home Farm
Abbots Ripton
Huntingdon
PE28 2LD
F.W.& H.S.GODDARD LIMITED
BALANCE SHEET
AS AT
30 JUNE 2022
30 June 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
607,476
617,656
Current assets
Stocks
139,375
104,122
Debtors
4
270,273
219,580
Cash at bank and in hand
246,278
150,547
655,926
474,249
Creditors: amounts falling due within one year
5
(57,570)
(28,176)
Net current assets
598,356
446,073
Net assets
1,205,832
1,063,729
Capital and reserves
Called up share capital
6
65,802
65,802
Profit and loss reserves
1,140,030
997,927
Total equity
1,205,832
1,063,729
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 14 November 2022 and are signed on its behalf by:
Mr M Goddard
Mrs S A Goddard
Director
Director
Company Registration No. 00342236
F.W.& H.S.GODDARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
- 3 -
1
Accounting policies
Company information
F.W.& H.S.Goddard Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Hall Farm, Little Walden, SAFFRON WALDEN, Essex, CB10 1XA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Nil
Property improvements
2% Straight line
Plant and equipment
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
F.W.& H.S.GODDARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
F.W.& H.S.GODDARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
3
3
3
Tangible fixed assets
Freehold land and buildings
Property improvements
Plant and equipment
Total
£
£
£
£
Cost
At 1 July 2021 and 30 June 2022
342,788
412,435
60,776
815,999
Depreciation and impairment
At 1 July 2021
145,293
53,050
198,343
Depreciation charged in the year
8,248
1,932
10,180
At 30 June 2022
153,541
54,982
208,523
Carrying amount
At 30 June 2022
342,788
258,894
5,794
607,476
At 30 June 2021
342,788
267,142
7,726
617,656
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
239,563
188,330
Corporation tax recoverable
1,339
Other debtors
21,727
20,037
Prepayments and accrued income
8,983
9,874
270,273
219,580
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
2,625
11,059
Corporation tax
38,938
1,243
Other creditors
13,007
13,014
Accruals and deferred income
3,000
2,860
57,570
28,176
F.W.& H.S.GODDARD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 6 -
6
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
65,802
65,802
65,802
65,802