Company registration number 02459017 (England and Wales)
GOULDEN PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
GOULDEN PROPERTIES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 7
GOULDEN PROPERTIES LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF GOULDEN PROPERTIES LIMITED FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Goulden Properties Limited for the year ended 31 December 2023 set out on pages 2 to 7 from the company’s accounting records and from information and explanations you have given us.
This report is made solely to the board of directors of Goulden Properties Limited, as a body, in accordance with the terms of our engagement letter dated 22 August 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Goulden Properties Limited and state those matters that we have agreed to state to the board of directors of Goulden Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Goulden Properties Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Goulden 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 Goulden Properties Limited. You consider that Goulden 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 Goulden 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.
Azets
29 October 2024
Accountants
3 Eastwood Court
Broadwater Road
Romsey
Hampshire
United Kingdom
SO51 8JJ
GOULDEN PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
80,512
7,120
Investment property
4
26,514,400
24,294,400
Investments
5
100
100
26,595,012
24,301,620
Current assets
Debtors
6
910,150
826,238
Cash at bank and in hand
1,305,650
1,557,688
2,215,800
2,383,926
Creditors: amounts falling due within one year
7
(1,698,053)
(1,315,960)
Net current assets
517,747
1,067,966
Net assets
27,112,759
25,369,586
Capital and reserves
Called up share capital
8
15,000
15,000
Share premium account
10,066,641
10,066,641
Profit and loss reserves
9
17,031,118
15,287,945
Total equity
27,112,759
25,369,586
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 October 2024 and are signed on its behalf by:
Mr N J Goulden
Director
Company Registration No. 02459017
GOULDEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Goulden Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Barn, Lake Court, Hursley, Winchester, Hampshire, United Kingdom, SO21 2LD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold investment properties.The principal accounting policies adopted are set out below.
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.
1.2
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
20% on written down value
Office equipment
20% on written down value
Motor vehicles
25% on written down value
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.
1.3
Investment properties
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. The surplus or deficit on revaluation is recognised in the profit and loss account. This is a departure from the general requirement of the Companies Act 2006 for all tangible fixed assets to be depreciated. In the opinion of the directors compliance with the Act in this respect would result in the accounts not showing a true and fair view.
1.4
Fixed asset investments
Interests in subsidiaries are measured at cost.
GOULDEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
The directors confirm that all the financial assets and liabilities of the company are basic.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
1.7
Retirement benefits
The company made contributions to defined contribution plans for the benefit of two employees and one director.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the terms of the relevant lease.
2
Employees
2023
2022
Number
Number
Total
8
9
GOULDEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Assets under construction
Plant and machinery
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2023
106,821
16,502
6,500
129,823
Additions
73,201
1,956
75,157
At 31 December 2023
73,201
106,821
18,458
6,500
204,980
Depreciation and impairment
At 1 January 2023
106,534
13,324
2,845
122,703
Depreciation charged in the year
57
794
914
1,765
At 31 December 2023
106,591
14,118
3,759
124,468
Carrying amount
At 31 December 2023
73,201
230
4,340
2,741
80,512
At 31 December 2022
287
3,178
3,655
7,120
4
Investment property
2023
£
Fair value
At 1 January 2023
24,294,400
Additions
763,017
Revaluations
1,456,983
At 31 December 2023
26,514,400
Investment property represent an industrial estate and additional properties which are held as investments. The investment properties were valued at 31 December 2023 at estimated open market value by the directors.
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
100
100
GOULDEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
438,943
318,028
Other debtors
471,207
508,210
910,150
826,238
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
44,029
97,722
Corporation tax
365,615
121,335
Other taxation and social security
47,593
89,868
Other creditors
1,240,816
1,007,035
1,698,053
1,315,960
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A, B & C of £1 each
7,500
7,500
7,500
7,500
Ordinary D, E & F of £1 each
7,500
7,500
7,500
7,500
15,000
15,000
15,000
15,000
GOULDEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
9
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
15,287,945
15,285,775
Profit for the year
2,568,173
620,920
Dividends declared and paid in the year
(825,000)
(618,750)
At the end of the year
17,031,118
15,287,945
FRS 102 requires the consolidation of all reserves. Within retained reserves are non-distributable reserves of £12,588,433 from its revalued investment properties (2022 £11,131,450). As at 31 December 2023 the distributable reserves totalled £4,442,685 (2023 £4,156,495).
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
64,515
91,345