Registered number
04412169
Godfather Investments Limited
Filleted Accounts
31 December 2023
Godfather Investments Limited
Registered number: 04412169
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,719,386 2,049,056
Investments 4 66,325 66,325
2,785,711 2,115,381
Current assets
Debtors 5 41,834 693,063
Cash at bank 754,669 744,311
796,503 1,437,374
Creditors: amounts falling due within one year 6 (2,663,900) (2,729,804)
Net current liabilities (1,867,397) (1,292,430)
Net assets 918,314 822,951
Capital and reserves
Called up share capital 3 3
Profit and loss account 918,311 822,948
Shareholders' funds 918,314 822,951
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R M Barnes
Director
Approved by the board on 23 August 2024
Godfather Investments Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is the total amount, excluding VAT, receivable by the company from its investment properties.
Tangible fixed assets
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Any surplus or deficit on revaluation is recognised in the profit and loss account.
Investments
Fixed asset investments are initially measured at transaction price including transaction costs, and are subsequently measured at cost less accumulated impairment losses. The directors consider that the specialised nature of the company's investments means it is not practical to measure the investments at fair value. The cost of obtaining independent valuations would be disproportionate to any benefit to the company.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Investment property
£
Cost
At 1 January 2023 2,049,056
Additions 670,330
At 31 December 2023 2,719,386
Depreciation
At 31 December 2023 -
Net book value
At 31 December 2023 2,719,386
At 31 December 2022 2,049,056
The freehold investment properties have been valued by Mr R M Barnes (director) at 31st December 2023. In the opinion of the directors the open market value at 31 December 2023 does not differ materially from cost.
4 Investments
Other
investments
£
Cost
At 1 January 2023 66,325
At 31 December 2023 66,325
5 Debtors 2023 2022
£ £
Trade debtors 6,652 7,867
Other debtors 35,182 685,196
41,834 693,063
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 100 279
Taxation and social security costs 40,140 32,223
Other creditors 2,623,660 2,697,302
2,663,900 2,729,804
7 Related party transactions
Included within other creditors (note 6) is a loan of £40,172 from Piranha Group Holdings Limited (2022: debtor £95,680), a company controlled by Mr R M Barnes. This loan is interest free and repayable on demand.
Included within creditors (note 5) are loans payable to the directors of £2,538,950 (2022: £2,670,950). These loans are interest free and repayable on demand, although it is not anticipated that material loan repayments will be required within 12 months of the balance sheet date.
8 Other information
Godfather Investments Limited is a private company limited by shares and incorporated in England. Its registered office is Old Shoyswell Manor Farm, Sheepstreet Lane, Etchingham, East Sussex TN19 7AZ:
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