0 01/01/2023 31/12/2023 2023-12-31 false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2023-01-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 10520087 2023-01-01 2023-12-31 10520087 2023-12-31 10520087 2022-12-31 10520087 2022-01-01 2022-12-31 10520087 2022-12-31 10520087 2021-12-31 10520087 bus:RegisteredOffice 2023-01-01 2023-12-31 10520087 bus:LeadAgentIfApplicable 2023-01-01 2023-12-31 10520087 bus:Director1 2023-01-01 2023-12-31 10520087 bus:Director2 2023-01-01 2023-12-31 10520087 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 10520087 core:AfterOneYear 2023-12-31 10520087 core:AfterOneYear 2022-12-31 10520087 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 10520087 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 10520087 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 10520087 core:WithinOneYear 2023-12-31 10520087 core:WithinOneYear 2022-12-31 10520087 core:ShareCapital 2023-12-31 10520087 core:ShareCapital 2022-12-31 10520087 core:RetainedEarningsAccumulatedLosses 2023-12-31 10520087 core:RetainedEarningsAccumulatedLosses 2022-12-31 10520087 core:ShareCapital 2021-12-31 10520087 core:RetainedEarningsAccumulatedLosses 2021-12-31 10520087 core:PreviouslyStatedAmount core:ShareCapital 2023-12-31 10520087 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 10520087 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 10520087 bus:Director1 2023-12-31 10520087 bus:Director1 2022-12-31 10520087 bus:Director2 2023-12-31 10520087 bus:Director2 2022-12-31 10520087 bus:SmallEntities 2023-01-01 2023-12-31 10520087 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 10520087 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 10520087 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 10520087 bus:FullAccounts 2023-01-01 2023-12-31
Company registration number: 10520087
Sidney Goodman Properties Limited
Unaudited filleted financial statements
31 December 2023
Sidney Goodman Properties Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Sidney Goodman Properties Limited
Directors and other information
Directors J A Goodman
S K Lindley
Company number 10520087
Registered office Suite 4 Europa House
Europa Way
Lichfield
Staffordshire
WS14 9TZ
Accountants Lindley & Co
Suite 4 Europa House
Europa Way
Lichfield
Staffordshire
WS14 9TZ
Bankers HSBC Bank PLC
49 Market Street
Lichfield
Staffordshire
WS13 6LA
Sidney Goodman Properties Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Sidney Goodman Properties Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sidney Goodman Properties Limited for the year ended 31 December 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Sidney Goodman Properties Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Sidney Goodman Properties Limited and state those matters that we have agreed to state to the board of directors of Sidney Goodman Properties Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sidney Goodman Properties Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Sidney Goodman Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sidney Goodman Properties Limited. You consider that Sidney Goodman Properties Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Sidney Goodman Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Lindley & Co
Chartered Certified Accountants
Suite 4 Europa House
Europa Way
Lichfield
Staffordshire
WS14 9TZ
14 August 2024
Sidney Goodman Properties Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 4 250,000 207,979
_______ _______
250,000 207,979
Current assets
Cash at bank and in hand 42,648 50,274
_______ _______
42,648 50,274
Creditors: amounts falling due
within one year 5 ( 89,998) ( 89,998)
_______ _______
Net current liabilities ( 47,350) ( 39,724)
_______ _______
Total assets less current liabilities 202,650 168,255
Creditors: amounts falling due
after more than one year 6 ( 146,245) ( 146,245)
Provisions for liabilities ( 15,940) ( 5,435)
_______ _______
Net assets 40,465 16,575
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 40,463 16,573
_______ _______
Shareholders funds 40,465 16,575
_______ _______
For the year ending 31 December 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 14 August 2024 , and are signed on behalf of the board by:
S K Lindley
Director
Company registration number: 10520087
Sidney Goodman Properties Limited
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2022 2 8,333 8,335
Profit for the year 8,240 8,240
_______ _______ _______
Total comprehensive income for the year - 8,240 8,240
_______ _______ _______
At 31 December 2022 and 1 January 2023 2 16,573 16,575
Profit for the year 23,890 23,890
_______ _______ _______
Total comprehensive income for the year - 23,890 23,890
_______ _______ _______
At 31 December 2023 2 40,463 40,465
_______ _______ _______
Sidney Goodman Properties Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Sidney Goodman Properties Limited, Suite 4 Europa House, Europa Way, Lichfield, Staffordshire, WS14 9TZ.
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 rent receivable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Freehold property - 0 %
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.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Freehold property Total
£ £
Cost or valuation
At 1 January 2023 207,979 207,979
Revaluation 42,021 42,021
_______ _______
At 31 December 2023 250,000 250,000
_______ _______
Depreciation
At 1 January 2023 and 31 December 2023 - -
_______ _______
Carrying amount
At 31 December 2023 250,000 250,000
_______ _______
At 31 December 2022 207,979 207,979
_______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 1 January 2023 207,979
Fair value adjustments 42,021
_______
At 31 December 2023 250,000
_______
The investment property was valued by the directors at 31 December 2023.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 31 December 2023
Aggregate cost 179,376 179,376
Aggregate depreciation - -
_______ _______
Carrying amount 179,376 179,376
_______ _______
At 31 December 2022
Aggregate cost 179,376 179,376
Aggregate depreciation - -
_______ _______
Carrying amount 179,376 179,376
_______ _______
5. Creditors: amounts falling due within one year
2023 2022
£ £
Other creditors 89,998 89,998
_______ _______
6. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 146,245 146,245
_______ _______
The bank loan is secured by way of a charge over the company's investment properties.
Included within creditors: amounts falling due after more than one year is an amount of £ 146,245 (2022 £ 146,245 ) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
7. Directors advances, credits and guarantees
Balance brought forward and o/standing Balance brought forward and o/standing
2023 2022
£ £
J A Goodman 44,999 44,999
S K Lindley 44,999 44,999
_______ _______
89,998 89,998
_______ _______
The directors advances are unsecured, interest free and are repayable on demand.
8. Controlling party
The company is controlled by the directors who own 100% of the issued share capital.