GOOD WITH DEVICES LTD
The following analysis is opinion only and should not be interpreted as financial advice.
The analysis is based on the following accounts:Annual Accounts dated 31 December 2022
Based on the provided financial statements of Good With Devices Limited for the year ended December 31, 2022, we can make the following observations:
1. Financial Position:
- Total assets: The total assets of the company as of December 31, 2022, amount to £783,049, which is a significant increase from £273,473 in the previous year. This increase is primarily driven by the substantial growth in current assets.
- Current assets: The company's current assets have increased significantly to £1,121,623 from £491,666 in the previous year. This increase is primarily due to a significant increase in the cash at bank and in hand and debtors.
- Current liabilities: The current liabilities stand at £541,454, which is an increase from £378,293 in the previous year. This increase can be attributed to higher trade creditors and other creditors.
- Net current assets: The company has a positive net current asset position of £580,169, indicating its ability to meet its short-term obligations.
- The company's solvency position can be evaluated by assessing its net assets. The net assets of Good With Devices Limited amount to £701,574, which is a substantial increase from £169,684 in the previous year. This increase is mainly due to the increase in share premium account and profit and loss account reserves.
- The company appears to be solvent as its net assets exceed its long-term liabilities of £81,475.
- The profit and loss account shows a significant improvement in profitability compared to the previous year. The profit and loss account reserves have increased from a deficit of £949,754 to a positive value of £199,794.
- Further information on the company's profitability, such as turnover, operating expenses, and taxation, is not provided in the financial statements. Therefore, a comprehensive analysis of the company's profitability cannot be conducted based on the available information.
4. Intangible Assets:
- The company's intangible assets have increased from £155,619 in the previous year to £189,484 as of December 31, 2022. This increase is primarily due to additions from internal developments.
- The amortization charge for the year is £28,458, resulting in a carrying amount of £189,484.
5. Tangible Assets:
- The company's tangible assets have increased from £4,481 in the previous year to £13,396 as of December 31, 2022. This increase is mainly due to additions during the year.
- The depreciation charge for the year is £3,735, resulting in a carrying amount of £13,396.
- The company's trade debtors have increased from £115,697 in the previous year to £162,122 as of December 31, 2022. This increase may indicate a growth in sales or an increase in credit terms offered to customers.
- Other debtors have also increased from £121,269 in the previous year to £288,676 as of December 31, 2022. The reason behind this increase is not specified in the financial statements.
- The company's creditors falling due within one year have increased from £378,293 in the previous year to £541,454 as of December 31, 2022. This increase can be attributed to higher bank loans and overdrafts, trade creditors, social security and other taxes, and other creditors.
- Creditors falling due after more than one year have decreased from £103,789 in the previous year to £81,475 as of December 31, 2022. This decrease may be due to the repayment of long-term borrowings.
8. Related Party Transactions:
- The financial statements note the ultimate controlling party as Mr. M Narkiewicz and Mr. B Widdows. The financial statements do not provide detailed information on the related party transactions or the impact of these transactions on the company's financial position or performance.
In conclusion, based on the limited information provided, Good With Devices Limited appears to have improved its financial position and solvency in the year ended December 31, 2022. However, a comprehensive analysis of the company's profitability and cash flow is not possible without additional information. It is recommended to review the complete audited financial statements, including the profit and loss account and cash flow statement, to assess the overall financial health and performance of the company.
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