Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-315true2022-04-01falseProperty rental5trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12200113 2022-04-01 2023-03-31 12200113 2021-01-01 2022-03-31 12200113 2023-03-31 12200113 2022-03-31 12200113 c:Director2 2022-04-01 2023-03-31 12200113 d:FreeholdInvestmentProperty 2023-03-31 12200113 d:FreeholdInvestmentProperty 2022-03-31 12200113 d:CurrentFinancialInstruments 2023-03-31 12200113 d:CurrentFinancialInstruments 2022-03-31 12200113 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 12200113 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 12200113 d:ShareCapital 2023-03-31 12200113 d:ShareCapital 2022-03-31 12200113 d:RetainedEarningsAccumulatedLosses 2023-03-31 12200113 d:RetainedEarningsAccumulatedLosses 2022-03-31 12200113 d:OtherDeferredTax 2023-03-31 12200113 d:OtherDeferredTax 2022-03-31 12200113 c:FRS102 2022-04-01 2023-03-31 12200113 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 12200113 c:FullAccounts 2022-04-01 2023-03-31 12200113 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 12200113 2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 12200113









GODDARDPROPCO LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
GODDARDPROPCO LIMITED
REGISTERED NUMBER: 12200113

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
21,850,000
21,850,000

  
21,850,000
21,850,000

Current assets
  

Debtors: amounts falling due within one year
 5 
80,053
51,315

Bank and cash balances
  
685,888
1,048,394

  
765,941
1,099,709

Creditors: amounts falling due within one year
 6 
(3,419,231)
(4,285,705)

Net current liabilities
  
 
 
(2,653,290)
 
 
(3,185,996)

Total assets less current liabilities
  
19,196,710
18,664,004

Provisions for liabilities
  

Deferred tax
  
(1,481,739)
(1,481,737)

  
 
 
(1,481,739)
 
 
(1,481,737)

Net assets
  
17,714,971
17,182,267


Capital and reserves
  

Called up share capital 
  
11,665,363
11,665,363

Profit and loss account
  
6,049,608
5,516,904

  
17,714,971
17,182,267

Page 1

 
GODDARDPROPCO LIMITED
REGISTERED NUMBER: 12200113
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
S A Goddard
Director

Date: 26 October 2023

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
GODDARDPROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

The principal activity of the Company was that of property investment.
The Company is a private company, limited by shares, registered in England and Wales and incorporated
in the United Kingdom under the Companies Act 2006.
The registered office address is Mardleybury Manor, Reed End, Royston, Hertfordshire, SG8 9RL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have a reasonable expectation that the Company has adequate resources to continue
in operational existence for the foreseeable future, and that the Company is well placed to manage its business risks sucessfully.
The Company is in a strong position due to its substantial assets and the status of the current tenants.
Accordingly, the directors continue to adopt the going concern basis in preparing the annual report
and financial statements.

 
2.3

Revenue

Revenue represents rents receivable from tenants. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.4

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
GODDARDPROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

Investment property

Investment property is carried at fair value determined periodically by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Interim annual valuations are carried out by directors. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.
Page 4

 
GODDARDPROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties. 
(i) Financial assets 
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
(ii) Financial liabilities 
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. 


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


       31 March
        31 March
        2023
        2022
            No.
            No.







Directors
5
5

No directors were remunerated for services rendered to the company during the period (2022: £Nil).

Page 5

 
GODDARDPROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
21,850,000



At 31 March 2023
21,850,000

The 2023 valuations were made by Directors, on an open market value for existing use basis.

The method of determining fair value was a combination of investment and comparable transactions, dependent on the individual asset concerned. Significant assumptions applied related to the investment yield.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
15,923,054
15,923,054

Accumulated depreciation
(886,017)
(553,761)

15,037,037
15,369,293

In determining the accumulated depreciation under the historic cost accounting rules, depreciation over 25 years on the buildings has been provided for. For properties where the value attributable to the land and the buildings cannot be easily determined, the cost has been apportioned based on an estimate that 40% of cost relates to the land and 60% relates to the buildings.

Page 6

 
GODDARDPROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Debtors

2023
2022
£
£


Trade debtors
21,921
-

Amounts owed by group undertakings
51,314
51,314

Other debtors
6,817
-

Called up share capital not paid
1
1

80,053
51,315



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
27,529

Corporation tax
126,780
185,136

Other taxation and social security
9,296
9,603

Other creditors
2,965,540
3,747,663

Accruals and deferred income
317,615
315,774

3,419,231
4,285,705



7.


Deferred taxation




2023


£






At beginning of year
(1,481,737)



At end of year
(1,481,737)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Unrealised capital gains
(1,481,737)
(1,481,737)

(1,481,737)
(1,481,737)

Page 7

 
GODDARDPROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Related party transactions

During the year, the company benefited from a loan from a director. The balance outstanding at 31 March 2023 was £2,965,541 (2022: £3,747,662). Interest has been charged at 3% over the Bank of England base rate. Included within office expenses are management charges of £31,302 (2022: £27,931) charged by Goddard Farms, a partnership in which two of the directors are partners.


9.


Controlling party

The company's immediate and ultimate parent company is Goddard Propco Holdings Limited of Mardleybury Manor, Reed End, Royston, Hertfordshire, SG8 9RL.
The company and it's parent are exempt from producing consolidated accounts because the group satisfies the criteria of a small group as set out in the Companies Act 2006.

 
Page 8