Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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Investments | 5 |
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2,682,011 | 2,306,025 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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395,208 | 527,317 | |||
Creditors: amounts falling due within one year | 7 | (
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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 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Fair value reserve |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Goodliff Limited (registered number:
M S Ghuman
Director |
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.
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 £.
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 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.
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.
Plant and machinery |
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Fixtures and fittings |
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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.
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.
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 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.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Plant and machinery | Fixtures and fittings | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 December 2022 |
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Additions |
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At 30 November 2023 |
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Accumulated depreciation | |||||
At 01 December 2022 |
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Charge for the financial year |
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At 30 November 2023 |
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Net book value | |||||
At 30 November 2023 |
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At 30 November 2022 |
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Investment property | |
£ | |
Valuation | |
As at 01 December 2022 |
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Additions | 282,045 |
As at 30 November 2023 |
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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 |
Investments in subsidiaries
2023 | |
£ | |
Cost | |
At 01 December 2022 |
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At 30 November 2023 |
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Carrying value at 30 November 2023 |
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Carrying value at 30 November 2022 |
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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.
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£ | £ | ||
Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans (secured) |
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Trade creditors |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans (secured) |
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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) |
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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).