Registration number:
G W Gooch & Sons Limited
for the Year Ended 31 December 2017
G W Gooch & Sons Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
G W Gooch & Sons Limited
Company Information
Directors |
Mr E G F Gooch Mr O E Gooch Mr J P Webb |
Company secretary |
Mr O E Gooch |
Registered office |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
G W Gooch & Sons Limited
for the Year Ended 31 December 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of G W Gooch & Sons Limited for the year ended 31 December 2017 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of G W Gooch & Sons Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of G W Gooch & Sons Limited and state those matters that we have agreed to state to the Board of Directors of G W Gooch & Sons Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than G W Gooch & Sons Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that G W Gooch & Sons Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of G W Gooch & Sons Limited. You consider that G W Gooch & Sons 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 accounts of G W Gooch & Sons 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 accounts.
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Barnards Way
Lowestoft
Suffolk
NR32 2HD
Page 2 |
G W Gooch & Sons Limited
(Registration number: 02046840)
Balance Sheet as at 31 December 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
248,212 |
237,734 |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 3 |
G W Gooch & Sons Limited
(Registration number: 02046840)
Balance Sheet as at 31 December 2017
Approved and authorised by the
.........................................
Mr E G F Gooch
Director
.........................................
Mr O E Gooch
Company secretary and director
Page 4 |
G W Gooch & Sons Limited
Statement of Changes in Equity for the Year Ended 31 December 2017
Share capital |
Profit and loss account |
Total |
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At 1 January 2017 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 31 December 2017 |
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At 1 January 2016 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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At 31 December 2016 |
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Page 5 |
G W Gooch & Sons Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
20% on reducing balance |
Fixtures and fittings |
20% on reducing balance |
Motor vehicles |
20% on reducing balance |
Computer equipment |
25% on reducing balance |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Page 6 |
G W Gooch & Sons Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 7 |
G W Gooch & Sons Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 January 2017 |
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Additions |
- |
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- |
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Disposals |
- |
( |
- |
( |
At 31 December 2017 |
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Depreciation |
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At 1 January 2017 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
- |
( |
At 31 December 2017 |
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Carrying amount |
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At 31 December 2017 |
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At 31 December 2016 |
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Stocks |
2017 |
2016 |
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Stock |
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Debtors |
2017 |
2016 |
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Trade debtors |
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Prepayments |
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Gross amount due from customers for contract work |
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Total current trade and other debtors |
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Page 8 |
G W Gooch & Sons Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Loans and borrowings |
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- |
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Trade creditors |
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Amounts due to related parties |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Corporation tax liability |
8,826 |
5,282 |
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Loans and borrowings |
2017 |
2016 |
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Current loans and borrowings |
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Bank overdrafts |
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- |
Page 9 |