Company registration number 11183126 (England and Wales)
Godwin Estates Limited
Unaudited financial statements
For the year ended 31 July 2023
Godwin Estates Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
Godwin Estates Limited
Balance sheet
As at 31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
219,196
5,263
Investment property
4
4,865,000
4,375,000
5,084,196
4,380,263
Current assets
Debtors
5
4,606
4,603
Cash at bank and in hand
13,576
261,815
18,182
266,418
Creditors: amounts falling due within one year
6
(1,513,625)
(1,327,285)
Net current liabilities
(1,495,443)
(1,060,867)
Total assets less current liabilities
3,588,753
3,319,396
Creditors: amounts falling due after more than one year
7
(2,854,166)
(2,856,464)
Provisions for liabilities
(164,700)
(107,570)
Net assets
569,887
355,362
Capital and reserves
Called up share capital
100
100
Revaluation reserve
8
467,160
322,715
Profit and loss reserves
102,627
32,547
Total equity
569,887
355,362

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Godwin Estates Limited
Balance sheet (continued)
As at 31 July 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 February 2024 and are signed on its behalf by:
Mr J S Aneja
Director
Company Registration No. 11183126
Godwin Estates Limited
Notes to the financial statements
For the year ended 31 July 2023
- 3 -
1
Accounting policies
Company information

Godwin Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, International House, 20 Hatherton Street, Walsall, West Midlands, WS4 2LA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rental income.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% straight line on cost
Motor vehicles
20% straight line on cost
1.4
Investment property

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value based on directors estimates.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Godwin Estates Limited
Notes to the financial statements (continued)
For the year ended 31 July 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2022
15,416
Additions
237,801
At 31 July 2023
253,217
Depreciation and impairment
At 1 August 2022
10,153
Depreciation charged in the year
23,868
At 31 July 2023
34,021
Carrying amount
At 31 July 2023
219,196
At 31 July 2022
5,263
Godwin Estates Limited
Notes to the financial statements (continued)
For the year ended 31 July 2023
- 5 -
4
Investment property
2023
£
Fair value
At 1 August 2022
4,375,000
Additions
297,425
Revaluations
192,575
At 31 July 2023
4,865,000

Investment property comprises of a freehold property. The directors have valued the property at fair value and believe this is not significantly different to the cost. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties using online resources.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
4,606
4,603
6
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
1,513,625
1,327,285
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,854,166
2,856,464
8
Revaluation reserve
2023
2022
£
£
At the beginning of the year
322,715
322,715
Other movements
144,445
-
At the end of the year
467,160
322,715
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