REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
TERENCE GODDARD ASSOCIATES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
FOR |
TERENCE GODDARD ASSOCIATES LIMITED |
TERENCE GODDARD ASSOCIATES LIMITED (REGISTERED NUMBER: 04871082) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
TERENCE GODDARD ASSOCIATES LIMITED (REGISTERED NUMBER: 04871082) |
BALANCE SHEET |
31 AUGUST 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 10 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Revaluation reserve |
Fair value reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
TERENCE GODDARD ASSOCIATES LIMITED (REGISTERED NUMBER: 04871082) |
BALANCE SHEET - continued |
31 AUGUST 2023 |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
TERENCE GODDARD ASSOCIATES LIMITED (REGISTERED NUMBER: 04871082) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2023 |
1. | STATUTORY INFORMATION |
Terence Goddard Associates Limited is a private limited company, limited by shares, registered in England and Wales. The company's registered number and registered office address are as below: |
Registered Number: 07715816 |
Registered office: |
34 St Peters Street |
Stamford |
Lincolnshire |
PE9 2PF |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts and rebates. |
Tangible fixed assets |
Fixtures & office equipment | - |
Motor vehicles | - |
At each balance sheet date assets not carried at fair value are assessed to determine whether there is an indication that the asset may be impaired. If there is such an indication the recoverable amount of the asset is compared to the carrying amount of the asset. |
Investment property |
Investment properties are revalued annually by the director on an open market basis. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss. Deferred tax is provided for against the fair value movements. |
Financial instruments |
The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows: |
Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. |
Financial liabilities - trade creditors, accruals and other creditors and basic financial instruments and are measured at amortised cost. Taxation and social security and not included in the financial instruments disclosure definition. |
TERENCE GODDARD ASSOCIATES LIMITED (REGISTERED NUMBER: 04871082) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Debtors |
Short term debtors are initially measured at transaction price less attributable costs and then subsequently measured at amortised costs using EIR. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Creditors |
Short term trade creditors are initially measured at transaction price less attributable costs. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
TERENCE GODDARD ASSOCIATES LIMITED (REGISTERED NUMBER: 04871082) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
& office | Motor |
equipment | vehicles | Totals |
£ | £ | £ |
COST |
At 1 September 2022 |
Additions |
At 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
6. | FIXED ASSET INVESTMENTS |
Listed |
investments |
£ |
COST OR VALUATION |
At 1 September 2022 |
Additions |
Revaluations | ( |
) |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
Cost or valuation at 31 August 2023 is represented by: |
Listed |
investments |
£ |
Valuation in 2018 | 60,693 |
Valuation in 2019 | (17,122 | ) |
Valuation in 2020 | 25,657 |
Valuation in 2021 | 141,305 |
Valuation in 2022 | (53,975 | ) |
Valuation in 2023 | (117,785 | ) |
Cost | 178,158 |
216,931 |
TERENCE GODDARD ASSOCIATES LIMITED (REGISTERED NUMBER: 04871082) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 September 2022 |
Additions |
Revaluations | (1,136 | ) |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
Fair value at 31 August 2023 is represented by: |
£ |
Valuation in 2017 | 120,501 |
Valuation in 2018 | 110,000 |
Valuation in 2019 | 40,000 |
Valuation in 2020 | 45,000 |
Valuation in 2021 | 30,000 |
Valuation in 2022 | 85,000 |
Valuation in 2023 | (1,136 | ) |
Cost | 1,330,636 |
1,760,001 |
If the investments properties had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 1,330,636 | 939,500 |
The investment properties were valued on an open market basis on 31 August 2023 by the director of the company . |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Corporation tax |
Directors' current accounts | 4,693 | 4,303 |
Accruals and deferred income |
TERENCE GODDARD ASSOCIATES LIMITED (REGISTERED NUMBER: 04871082) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2023 |
10. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
& FV adjustments |
18,069 | 120,795 |
Deferred |
tax |
£ |
Balance at 1 September 2022 |
Accelerated capital allowances | (478 | ) |
Fair value adjustments | (102,248 | ) |
Balance at 31 August 2023 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1.00 | 100 | 2 |
12. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £95,000 were paid to the director . |
At the year end the director was owed £4,693 (2022 - £4,303). This loan is unsecured, interest free and repayable on demand. |
13. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |