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REGISTERED NUMBER: 09355638 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Goodwill Solutions Property Limited

Goodwill Solutions Property Limited (Registered number: 09355638)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 8


Goodwill Solutions Property Limited

Company Information
for the year ended 31 December 2023







DIRECTORS: Mr D R Pickard
Mr G L Tomkins





REGISTERED OFFICE: 1056 Deer Park Road
Moulton Park
Northampton
Northamptonshire
NN3 6RX





REGISTERED NUMBER: 09355638 (England and Wales)





ACCOUNTANTS: Clifford Roberts
Chartered Accountants
Pacioli House
9 Brookfield
Duncan Close
Northampton
Northamptonshire
NN3 6WL

Goodwill Solutions Property Limited (Registered number: 09355638)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,002,166 3,113,646

CURRENT ASSETS
Debtors 5 387,228 187,931
Cash at bank 573,078 280,368
960,306 468,299
CREDITORS
Amounts falling due within one year 6 276,139 381,902
NET CURRENT ASSETS 684,167 86,397
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,686,333

3,200,043

CREDITORS
Amounts falling due after more than one
year

7

(1,541,510

)

(1,670,495

)

PROVISIONS FOR LIABILITIES (101,337 ) (117,916 )
NET ASSETS 2,043,486 1,411,632

CAPITAL AND RESERVES
Called up share capital 10 100 100
Fair value reserve 11 184,136 188,520
Retained earnings 11 1,859,250 1,223,012
SHAREHOLDERS' FUNDS 2,043,486 1,411,632

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

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.

Goodwill Solutions Property Limited (Registered number: 09355638)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 22 August 2024 and were signed on its behalf by:




Mr D R Pickard - Director



Mr G L Tomkins - Director


Goodwill Solutions Property Limited (Registered number: 09355638)

Notes to the Financial Statements
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Goodwill Solutions Property Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 section 1A - "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102 section 1A") and with the Companies Act 2006 including the Triennial review 2017 amendments. The financial statements have been prepared on the historical cost basis modified to include the deemed cost of freehold land.

The financial statements are presented in Sterling (£) and cover the period to 31st December each year.

Going Concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future particularly in light of the continued support from fellow group members. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is comprised of rental income charged to a fellow subsidiary and a third party relating to the use of the freehold property held by the company, in addition to insurance and asset rental recharges to a fellow subsidiary.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - 10% on cost
Plant and machinery - 33% on cost and 17% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost
Computer equipment - 33% on cost and 20% on cost

Freehold Property
The property is held at deemed cost and depreciated over it's useful life of 50 years. Deferred tax has been calculated and offset against the fair value reserve. This is then unwound each year over the same useful life as the property. Although the property is let out, it is not treated as an investment property as the amount rented to third parties is considered to be immaterial. The remainder of the property is let to fellow group companies.


Goodwill Solutions Property Limited (Registered number: 09355638)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate 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.

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.

Interest bearing borrowings
Interest bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Goodwill Solutions Property Limited (Registered number: 09355638)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1 January 2023 2,975,000 207,161 123,892
Additions - - 6,500
At 31 December 2023 2,975,000 207,161 130,392
DEPRECIATION
At 1 January 2023 295,399 9,402 79,159
Charge for year 42,200 20,716 14,600
At 31 December 2023 337,599 30,118 93,759
NET BOOK VALUE
At 31 December 2023 2,637,401 177,043 36,633
At 31 December 2022 2,679,601 197,759 44,733

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 212,894 10,600 110,601 3,640,148
Additions - - 12,159 18,659
At 31 December 2023 212,894 10,600 122,760 3,658,807
DEPRECIATION
At 1 January 2023 108,376 8,657 25,509 526,502
Charge for year 24,524 1,943 26,156 130,139
At 31 December 2023 132,900 10,600 51,665 656,641
NET BOOK VALUE
At 31 December 2023 79,994 - 71,095 3,002,166
At 31 December 2022 104,518 1,943 85,092 3,113,646

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,400 12,150
Amounts owed by group undertakings 378,531 169,530
Other debtors 6,297 6,251
387,228 187,931

Goodwill Solutions Property Limited (Registered number: 09355638)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 107,503 85,903
Trade creditors 15,882 45,366
Amounts owed to group undertakings 260 146,511
Taxation and social security 135,994 95,388
Other creditors 16,500 8,734
276,139 381,902

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 1,541,510 1,670,495

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,111,497 1,326,882

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,649,013 1,756,398

Barclays Bank plc hold two charges, one a fixed and floating charge over all property held by the company, and another as a fixed charge over freehold property.

9. FINANCIAL RISK MANAGEMENT

The company does not have significant exposure to credit, liquidity and interest rate risks. These risks are limited by the company's financial management policies and practices described below:

Credit risk
Goodwill Solutions Property Limited rents the majority of the property to another group company. As such the company has limited exposure to credit risk outside of the group. Where rental income is generated from customers outside of the group their credit worthiness is continually monitored so that any potential problems are detected at an early stage.

Liquidity risk
The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves, banking facilities and borrowing facilities. Active management of the cash position is undertaken with future cash flows being reviewed to ensure that resources are available.

Interest rate risk
Interest rates are fixed and so risk associated with movement in the base rate is all but eliminated.

The company holds no derivative financial instruments at the year end.

Goodwill Solutions Property Limited (Registered number: 09355638)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

11. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 January 2023 1,223,012 188,520 1,411,532
Profit for the year 631,854 - 631,854
Revaluation adjustment 5,845 (5,845 ) -
Deferred tax adjustment (1,461 ) 1,461 -
At 31 December 2023 1,859,250 184,136 2,043,386

12. RELATED PARTY DISCLOSURES

During the year support costs totalling £10,883 (2022: £5,100) were charged from companies in which the entity has a participating interest. At the balance sheet date companies in which the entity has a participating interest were, in total, due £5,470 (2022: £660).

All other material transactions are considered to be carried out under normal market conditions.

13. PARENT COMPANY

Goodwill Solutions (Holdings) CIC is the parent company of Goodwill Solutions Property Limited. Goodwill Solutions (Holdings) CIC is a private company incorporated in England. The company's registered office address is 1056 Deer Park Road, Moulton Park, Northampton, NN3 6RX.