| Goodwille Limited |
| Notes to the Accounts |
| for the year ended 30 April 2017 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
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Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover consists of revenue earned from the rendering of services and is recognised by reference to the stage of completion of the contract. |
|
|
Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Computer and office equipment |
33⅓% on cost |
|
Furniture, fixtures and fittings |
20% on cost |
|
Leasehold improvements |
Over the term of the lease |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. |
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Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pensions |
|
The company makes payments to the defined contribution pension schemes of qualifying directors and employees. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. |
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|
| 2 |
Employees |
2017 |
|
2016 |
| Number |
Number |
|
|
Average number of persons employed by the company |
27 |
|
27 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
Leasehold improvements |
|
Furniture, fittings and equipment |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 May 2016 |
11,823 |
|
130,631 |
|
142,454 |
|
Additions |
- |
|
7,186 |
|
7,186 |
|
At 30 April 2017 |
11,823 |
|
137,817 |
|
149,640 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 May 2016 |
11,006 |
|
115,659 |
|
126,665 |
|
Charge for the year |
425 |
|
12,544 |
|
12,969 |
|
At 30 April 2017 |
11,431 |
|
128,203 |
|
139,634 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 April 2017 |
392 |
|
9,614 |
|
10,006 |
|
At 30 April 2016 |
817 |
|
14,972 |
|
15,789 |
|
|
| 4 |
Investments |
| Investments in |
| subsidiary |
Other |
| undertakings |
investments |
Total |
|
Unlisted investments |
£ |
£ |
£ |
|
Cost |
|
At 1 May 2016 |
31,902 |
|
50 |
|
31,952 |
|
Disposals |
(31,800) |
|
- |
|
(31,800) |
|
|
At 30 April 2017 |
102 |
|
50 |
|
152 |
|
|
| 5 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade debtors |
290,304 |
|
337,627 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
18,350 |
|
850 |
|
Other debtors |
142,199 |
|
137,242 |
|
|
|
|
|
|
450,853 |
|
475,719 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade creditors |
103,039 |
|
88,765 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
- |
|
32,146 |
|
Corporation tax |
35,646 |
|
22,173 |
|
Other taxes and social security costs |
154,142 |
|
137,382 |
|
Other creditors |
507,947 |
|
207,592 |
|
|
|
|
|
|
800,774 |
|
488,058 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Other financial commitments |
2017 |
|
2016 |
| £ |
£ |
|
|
Total future minimum payments under non-cancellable operating leases |
|
1,128,038 |
|
1,108,301 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Related party transactions |
2017 |
|
2016 |
| £ |
£ |
|
|
Transactions with companies in which Goodwille Limited has a participating interest: |
|
Amount due from (to) such related parties |
18,350 |
|
(31,296) |
|
Dividends receivable from such related parties |
26,846 |
|
10,000 |
|
|
| 9 |
Other information |
|
|
Goodwille Limited is a private company limited by shares and incorporated in England. Its principal place of business is: |
|
St James House |
|
15 Kensington Square |
|
London |
|
W8 5HD |
