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Company No: 05298729 (England and Wales)

GOODLIFF LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

GOODLIFF LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

GOODLIFF LIMITED

BALANCE SHEET

As at 30 November 2023
GOODLIFF LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 99,964 6,023
Investment property 4 2,582,045 2,300,000
Investments 5 2 2
2,682,011 2,306,025
Current assets
Debtors 6 395,186 444,309
Cash at bank and in hand 22 83,008
395,208 527,317
Creditors: amounts falling due within one year 7 ( 484,297) ( 153,430)
Net current (liabilities)/assets (89,089) 373,887
Total assets less current liabilities 2,592,922 2,679,912
Creditors: amounts falling due after more than one year 8 ( 2,015,262) ( 2,032,132)
Net assets 577,660 647,780
Capital and reserves
Called-up share capital 1,000 1,000
Fair value reserve 339,607 339,607
Profit and loss account 237,053 307,173
Total shareholders' funds 577,660 647,780

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Goodliff Limited (registered number: 05298729) were approved and authorised for issue by the Board of Directors on 26 July 2024. They were signed on its behalf by:

M S Ghuman
Director
GOODLIFF LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
GOODLIFF LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Goodliff Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Knoll Care Home, 33 Preston Road, Yeovil, BA21 3AE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The company is being supported by loans from it's bankers, the director and the director's immediate family. The director has received assurances that the loans will not need to be fully repaid within the coming year. Consequently, the directors consider that the financial statements should be prepared on a going concern basis.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the rental of the company's investment property.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants received in the period have been recognised based on the performance model and are measured at the fair value of the asset received or receivable. This is reviewed annually on a class-by-class basis. Grants received under the performance model are recognised in other operating income in the period which they are received.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 December 2022 56,937 0 56,937
Additions 56,077 50,246 106,323
At 30 November 2023 113,014 50,246 163,260
Accumulated depreciation
At 01 December 2022 50,914 0 50,914
Charge for the financial year 7,183 5,199 12,382
At 30 November 2023 58,097 5,199 63,296
Net book value
At 30 November 2023 54,917 45,047 99,964
At 30 November 2022 6,023 0 6,023

4. Investment property

Investment property
£
Valuation
As at 01 December 2022 2,300,000
Additions 282,045
As at 30 November 2023 2,582,045

Valuation

Investment properties were revalued on 28 March 2022 by an independent valuer. The valuation was conducted at current open market value. The fair value of investment property has not materially changed since this date.
Deferred tax of £nil (2022 - £nil) has been recognised in the year.

Historic cost

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

2023 2022
£ £
Historic cost 2,243,437 1,960,392

5. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 December 2022 2
At 30 November 2023 2
Carrying value at 30 November 2023 2
Carrying value at 30 November 2022 2

The company owns 100% of the share capital of The Knoll Nursing Home (Yeovil) Limited. The registered office of the subsidiary is 33 Preston Road, Yeovil, Somerset, BA21 3AE.

The principal activity of The Knoll Nursing Home (Yeovil) Limited is that of providing a nursing home facility for the elderly.

6. Debtors

2023 2022
£ £
Other debtors 395,186 444,309

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 34,151 37,257
Trade creditors 18,942 6,669
Other creditors 431,204 109,504
484,297 153,430

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 2,015,262 2,032,132

Within bank loans is a balance of £2,023,634 (2022 - £2,040,000) which is secured by a fixed and floating charge over all the assets and undertakings of the company and those of its subsidiary.
Also within bank loans is a balance of £25,388 (2022 - £29,389) relating to an outstanding amount due from a Coronavirus Bounce Back Loan which was taken out on 20 May 2020. The UK government have guaranteed 100% of the value of the loan (being £36,569).

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (secured / repayable by instalments) 0 1,438,535

9. Related party transactions

Other related party transactions

The company acts as guarantor for a loan facility of £50,000 for its subsidiary The Knoll Nursing Home (Yeovil) Limited. At the year end date the balance owed under this agreement was £34,857 (2022 - £44,149).