REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
G.D. Golding (Properties) Ltd. |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
G.D. Golding (Properties) Ltd. |
G.D. Golding (Properties) Ltd. (Registered number: 03154873) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
G.D. Golding (Properties) Ltd. |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
6 High Street |
Wheathampstead |
Hertfordshire |
AL4 8AA |
G.D. Golding (Properties) Ltd. (Registered number: 03154873) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 8 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
G.D. Golding (Properties) Ltd. (Registered number: 03154873) |
Balance Sheet - continued |
31 December 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
G.D. Golding (Properties) Ltd. (Registered number: 03154873) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
G D Golding (Properties) Ltd is a private company limited by shares and incorporated in England & Wales. Its registered office is 23 St Stephens Avenue, St Albans, Herts AL3 4AA |
The financial statements are presented in Sterling, which is the functional currency of the company. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue recognition |
Revenue is measured at fair value of the consideration receivable. |
Fixed assets & depreciation |
All fixed assets are initially recorded at cost. |
Depreciation of fixed assets is calculated to write off their cost or valuation, less any residual value over their estimated useful lives, as follows: |
Fixtures & Fittings - 15% Reducing Balance. |
Taxation |
Taxation represents the sum of tax currently payable and deferred tax. |
The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. |
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. |
Revaluation reserve |
The aggregate annual surplus or deficit arising on the revaluation of investment properties is transferred to the revaluation reserve which is non-distributable. |
G.D. Golding (Properties) Ltd. (Registered number: 03154873) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Investment properties |
In accordance with the Financial Reporting Standard no depreciation is provided in respect of freehold properties held as investments. This is a departure from the requirements of the Companies Act 2006, which requires all properties to be depreciated. Such properties are held for investment and not for consumption and the Directors consider that to depreciate them would not give a true and fair view. Depreciation is only one of the many elements reflected in the annual valuation of properties and accordingly the amount of depreciation, which might otherwise have been charged, cannot be separately identified or quantified. The Directors consider that this policy results in the accounts giving a true and fair view. |
Dividends |
Final ordinary dividends payable to shareholders of the Company are recognised in the period that they are approved by the shareholders. Interim ordinary dividends are recognised in the period that they are paid. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Leasehold | and |
property | fittings | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2023 |
Revaluations | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The Investment Properties which originally cost £260,715 (2022: £260,715) were revalued as at 31st December 2023 by the Directors at their open market value. |
The value is based on regional Nationwide House Price Indices for the fourth quarter of 2023. |
The net surplus arising on valuation has been transferred to the revaluation reserve. |
G.D. Golding (Properties) Ltd. (Registered number: 03154873) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Loan Account MGG (Invest.) Ltd | 218,217 | 218,217 |
Loan Account G Golding Tailors Ltd | 6,299 | 6,299 |
Prepayments and accrued income |
All Amounts fall due within one year. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts |
Tax |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans - 1-5 years |
The bank loan is unsecured and repayable over six years from inception in July 2020. |
8. | PROVISIONS FOR LIABILITIES |
31.12.23 | 31.12.22 |
£ | £ |
Deferred tax | 220,000 | 235,000 |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Released during year | (15,000 | ) |
Balance at 31 December 2023 |
G.D. Golding (Properties) Ltd. (Registered number: 03154873) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
8. | PROVISIONS FOR LIABILITIES - continued |
Deferred tax is the Corporation Tax that would arise on the capital gain on the disposal of the investment properties if they were sold at the Directors valuation on the Balance Sheet date. |
The rate used for deferred tax is 25% (2022: 25%). |
9. | RESERVES |
Revaluation |
reserve |
£ |
At 1 January 2023 |
Surplus on revaluation | (40,000 | ) |
At 31 December 2023 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The company shares certain directors with MGG (Investments) Limited and Geoffrey Golding Tailors Limited. At 31st December 2023 there were outstanding loans as follows: |
2023 | 2022 |
£ | £ |
Owed by Geoffrey Golding Tailors Ltd | 6,199 | 6,199 |
Owed by MGG (Investments) Ltd | 218,217 | 218,217 |
The company manages a property owned by Director, Mr G D Golding. In 2023 management fees received in respect of this building were £1,000 (2022 : £4,000). |
Included in debtors is £4,691(2022 : £4,116) advanced to the Directors, Mr & Mrs G D Golding. |