REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30TH JUNE 2022 |
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THE GOODLIFE OUTDOOR COMPANY LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30TH JUNE 2022 |
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FOR |
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THE GOODLIFE OUTDOOR COMPANY LIMITED |
THE GOODLIFE OUTDOOR COMPANY LIMITED (REGISTERED NUMBER: 10635674) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 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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THE GOODLIFE OUTDOOR COMPANY LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30TH JUNE 2022 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
25 Grosvenor Road |
Wrexham |
LL11 1BT |
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BANKERS: |
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1 Lothbury |
London |
EC2R 7DB |
THE GOODLIFE OUTDOOR COMPANY LIMITED (REGISTERED NUMBER: 10635674) |
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BALANCE SHEET |
30TH JUNE 2022 |
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30.6.22 | 30.6.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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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 | 11 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 12 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
THE GOODLIFE OUTDOOR COMPANY LIMITED (REGISTERED NUMBER: 10635674) |
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BALANCE SHEET - continued |
30TH JUNE 2022 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings 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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THE GOODLIFE OUTDOOR COMPANY LIMITED (REGISTERED NUMBER: 10635674) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30TH JUNE 2022 |
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1. | STATUTORY INFORMATION |
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The Goodlife Outdoor Company 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Revenue from sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
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Goodwill |
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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. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures, fittings & equipment | - |
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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 items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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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THE GOODLIFE OUTDOOR COMPANY LIMITED (REGISTERED NUMBER: 10635674) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 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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Research and development |
Expenditure on research and development is capitalised as an intangible asset and not amortised until the related product enters production. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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. |
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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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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 |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
At 1st July 2021 |
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Additions |
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At 30th June 2022 |
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AMORTISATION |
At 1st July 2021 |
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Charge for year |
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At 30th June 2022 |
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NET BOOK VALUE |
At 30th June 2022 |
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At 30th June 2021 |
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THE GOODLIFE OUTDOOR COMPANY LIMITED (REGISTERED NUMBER: 10635674) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2022 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures, |
Plant and | fittings |
machinery | & equipment | Totals |
£ | £ | £ |
COST |
At 1st July 2021 |
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Additions |
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At 30th June 2022 |
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DEPRECIATION |
At 1st July 2021 |
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Charge for year |
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At 30th June 2022 |
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NET BOOK VALUE |
At 30th June 2022 |
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At 30th June 2021 |
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6. | STOCKS |
30.6.22 | 30.6.21 |
£ | £ |
Finished goods |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.22 | 30.6.21 |
£ | £ |
Trade debtors |
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Tax |
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Prepayments |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.22 | 30.6.21 |
£ | £ |
Bank loans and overdrafts |
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Other loans |
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Trade creditors |
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Social security and other taxes |
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VAT | 197,328 | 129,081 |
Other creditors |
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Credit card | 9 | 9 |
Accrued expenses |
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THE GOODLIFE OUTDOOR COMPANY LIMITED (REGISTERED NUMBER: 10635674) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2022 |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.22 | 30.6.21 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Bank loans over 5 years |
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Trade creditors |
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Directors' loan accounts | 491,970 | 508,887 |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans over 5 years | 18,673 | - |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30.6.22 | 30.6.21 |
£ | £ |
Other creditors | 409,127 | 451,526 |
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11. | PROVISIONS FOR LIABILITIES |
30.6.22 | 30.6.21 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 151,405 | 112,554 |
Tax losses | (86,027 | ) | (86,027 | ) |
65,378 | 26,527 |
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Deferred |
tax |
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Balance at 1st July 2021 |
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Movement in the year due to: |
changes in tax allowances | 38,851 |
changes in tax rates |
changes in losses available |
Balance at 30th June 2022 |
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12. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.22 | 30.6.21 |
value: | £ | £ |
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Ordinary | £1 | 200,000 | 200,000 |
THE GOODLIFE OUTDOOR COMPANY LIMITED (REGISTERED NUMBER: 10635674) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30TH JUNE 2022 |
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13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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During the year J Wang, a director of the company, charged consultancy services in the sum of £34,560 (2021: £34,560). |