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Unaudited Financial Statements for the Year Ended 5 April 2022 |
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Godfrey & Turnbull Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 5 April 2022 |
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for |
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Godfrey & Turnbull Limited |
Godfrey & Turnbull Limited (Registered number: 00518198) |
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Contents of the Financial Statements |
for the Year Ended 5 April 2022 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Godfrey & Turnbull Limited |
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Company Information |
for the Year Ended 5 April 2022 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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BANKERS: |
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84 High Street |
Scunthorpe |
North Lincolnshire |
DN15 6HQ |
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SOLICITORS: |
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2 Park Square |
Laneham Street |
Scunthorpe |
North Lincolnshire |
DN15 6JH |
Godfrey & Turnbull Limited (Registered number: 00518198) |
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Balance Sheet |
5 April 2022 |
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5.4.22 | 5.4.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Property, plant and equipment | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Inventories |
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Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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Godfrey & Turnbull Limited (Registered number: 00518198) |
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Balance Sheet - continued |
5 April 2022 |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Godfrey & Turnbull Limited (Registered number: 00518198) |
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Notes to the Financial Statements |
for the Year Ended 5 April 2022 |
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1. | STATUTORY INFORMATION |
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Godfrey & Turnbull Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. |
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Intangible fixed assets and amortisation |
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and liabilities. It is amortised to the profit and loss account over its estimated economic life. |
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Amortisation is provided at the following rates: |
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Storage rights - Over 74 months |
Entitlements - Over 20 years |
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Tangible fixed assets |
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Freehold property - Over 10 years |
Plant and Machinery - At 15% per annum on cost |
Motor vehicles -At rates varying between 20% and 33.33% per annum on cost |
Office equipment - At 33.33% per annum on cost |
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Stocks |
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Godfrey & Turnbull Limited (Registered number: 00518198) |
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Notes to the Financial Statements - continued |
for the Year Ended 5 April 2022 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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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. |
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Investments |
Investments held as fixed assets are shown at cost less provision for impairment. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of change on the net obligation outstanding in each period. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Entitlements |
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COST |
At 6 April 2021 |
and 5 April 2022 |
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AMORTISATION |
At 6 April 2021 |
and 5 April 2022 |
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NET BOOK VALUE |
At 5 April 2022 |
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At 5 April 2021 |
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Godfrey & Turnbull Limited (Registered number: 00518198) |
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Notes to the Financial Statements - continued |
for the Year Ended 5 April 2022 |
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5. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 6 April 2021 |
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Additions |
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Disposals |
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At 5 April 2022 |
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DEPRECIATION |
At 6 April 2021 |
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Charge for year |
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Eliminated on disposal |
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At 5 April 2022 |
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NET BOOK VALUE |
At 5 April 2022 |
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At 5 April 2021 |
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Included in land and buildings is freehold land at a cost of £1,220,221 (2021: £1,220,221) which is not depreciated |
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6. | FIXED ASSET INVESTMENTS |
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5.4.22 | 5.4.21 |
£ | £ |
Other investments not loans |
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Other loans |
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Additional information is as follows: |
Other |
investments |
£ |
COST |
At 6 April 2021 |
and 5 April 2022 |
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NET BOOK VALUE |
At 5 April 2022 |
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At 5 April 2021 |
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Other |
loans |
£ |
At 6 April 2021 |
and 5 April 2022 |
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Godfrey & Turnbull Limited (Registered number: 00518198) |
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Notes to the Financial Statements - continued |
for the Year Ended 5 April 2022 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
5.4.22 | 5.4.21 |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
5.4.22 | 5.4.21 |
£ | £ |
Bank loans and overdrafts |
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Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
5.4.22 | 5.4.21 |
£ | £ |
Bank loans |
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Hire purchase contracts |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 years | - | 16,620 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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5.4.22 | 5.4.21 |
£ | £ |
Bank loans |
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Hire purchase contracts | 41,000 | 96,667 |
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The bank loan is secured against the company's land and buildings at Low Farm. |
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The hire purchase contracts are secured against the assets which they relate to. |
Godfrey & Turnbull Limited (Registered number: 00518198) |
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Notes to the Financial Statements - continued |
for the Year Ended 5 April 2022 |
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11. | RELATED PARTY DISCLOSURES |
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5.4.22 | 5.4.21 |
£ | £ |
Sales to related parties | 26,079 | 76,279 |
Sales ledger balances owing from related parties | 2,112 | 1,752 |
Purchases from related parties | 320,214 | 433,428 |
Purchase ledger balances owing to related parties | 12,316 | 2,959 |
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The related parties are companies in which one of the directors is also a director or has a controlling interest. |
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12. | ULTIMATE CONTROLLING PARTY |
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Mr A T G Turnbull was the ultimate controlling party up until 18th April 2021. Since that date Mr A W H Turnbull is the ultimate controlling party. |