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Company registration number: 10688800
Goodstone Properties Ltd
Unaudited filleted financial statements
31 March 2023
Goodstone Properties Ltd
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Goodstone Properties Ltd
Directors and other information
Directors Mr Gary Gooding
Mr Chris Stones
Company number 10688800
Registered office Unit 2 The Rutherford Centre
Hadleigh Road Ind Est, Dunlop Road
Ipswich
Suffolk
IP2 0UG
Business address 8 Lotus Close
Ipswich
Suffolk
IP1 5QH
Accountant Simon Emmerson
Deeks & King Accountants
Unit 2 The Rutherford Centre
Hadleigh Road Ind Est, Dunlop Road
Ipswich, Suffolk
IP2 0UG
Bankers Lloyds Bank
Goodstone Properties Ltd
Accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Goodstone Properties Ltd
Year ended 31 March 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2023 which comprise the statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to me.
Simon Emmerson
Deeks & King Accountants
Unit 2 The Rutherford Centre
Hadleigh Road Ind Est, Dunlop Road
Ipswich, Suffolk
IP2 0UG
29 November 2023
Goodstone Properties Ltd
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 4 769,214 769,214
_______ _______
769,214 769,214
Current assets
Cash at bank and in hand 129,066 11,692
_______ _______
129,066 11,692
Creditors: amounts falling due
within one year 5 ( 195,773) ( 183,453)
_______ _______
Net current liabilities ( 66,707) ( 171,761)
_______ _______
Total assets less current liabilities 702,507 597,453
Creditors: amounts falling due
after more than one year 6 ( 602,039) ( 606,497)
_______ _______
Net assets/(liabilities) 100,468 ( 9,044)
_______ _______
Capital and reserves
Called up share capital 2 2
Revaluation reserve 97,173 -
Profit and loss account 3,293 ( 9,046)
_______ _______
Shareholders funds/(deficit) 100,468 ( 9,044)
_______ _______
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 November 2023 , and are signed on behalf of the board by:
Mr Gary Gooding
Director
Company registration number: 10688800
Goodstone Properties Ltd
Statement of changes in equity
Year ended 31 March 2023
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1 April 2021 2 - ( 8,948) ( 8,946)
Profit/(loss) for the year ( 98) ( 98)
_______ _______ _______ _______
Total comprehensive income for the year - - ( 98) ( 98)
_______ _______ _______ _______
At 31 March 2022 and 1 April 2022 2 - (9,045) (9,043)
Profit/(loss) for the year 12,338 12,338
Other comprehensive income for the year:
Revaluation of tangible assets 97,173 97,173
_______ _______ _______ _______
Total comprehensive income for the year - 97,173 12,338 109,511
_______ _______ _______ _______
At 31 March 2023 2 97,173 3,293 100,468
_______ _______ _______ _______
Goodstone Properties Ltd
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Unit 2 The Rutherford Centre, Hadleigh Road Ind Est, Dunlop Road, Ipswich, Suffolk, IP2 0UG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
4. Tangible assets
Freehold property Total
£ £
Cost or valuation
At 1 April 2022 769,214 769,214
Revaluation 97,173 97,173
Other movements ( 97,173) ( 97,173)
_______ _______
At 31 March 2023 769,214 769,214
At 1 April 2022 and 31 March 2023 769,214 769,214
_______ _______
Depreciation
At 1 April 2022 and 31 March 2023 - -
_______ _______
Carrying amount
At 31 March 2023 769,214 769,214
_______ _______
At 31 March 2022 769,214 769,214
_______ _______
5. Creditors: amounts falling due within one year
2023 2022
£ £
Corporation tax 621 -
Loans and other creditors 170,152 183,453
_______ _______
195,773 183,453
_______ _______
6. Creditors: amounts falling due after more than one year
2023 2022
£ £
Mortgages 602,039 606,497
_______ _______
7. Directors advances, credits and guarantees
Balance brought forward and o/standing Balance brought forward and o/standing
2023 2022
£ £
Mr Gary Gooding 75,244 -
Mr Chris Stones 40,274 -
_______ _______
115,518 -
_______ _______