Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falseProperty rental45truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12200113 2023-04-01 2024-03-31 12200113 2022-04-01 2023-03-31 12200113 2024-03-31 12200113 2023-03-31 12200113 c:Director2 2023-04-01 2024-03-31 12200113 d:FreeholdInvestmentProperty 2024-03-31 12200113 d:FreeholdInvestmentProperty 2023-03-31 12200113 d:FreeholdInvestmentProperty 2 2023-04-01 2024-03-31 12200113 d:CurrentFinancialInstruments 2024-03-31 12200113 d:CurrentFinancialInstruments 2023-03-31 12200113 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 12200113 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 12200113 d:ShareCapital 2024-03-31 12200113 d:ShareCapital 2023-03-31 12200113 d:RetainedEarningsAccumulatedLosses 2024-03-31 12200113 d:RetainedEarningsAccumulatedLosses 2023-03-31 12200113 d:OtherDeferredTax 2024-03-31 12200113 d:OtherDeferredTax 2023-03-31 12200113 c:FRS102 2023-04-01 2024-03-31 12200113 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 12200113 c:FullAccounts 2023-04-01 2024-03-31 12200113 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 12200113 2 2023-04-01 2024-03-31 12200113 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 12200113









GODDARDPROPCO LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
GODDARDPROPCO LIMITED
REGISTERED NUMBER: 12200113

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
20,180,000
21,850,000

  
20,180,000
21,850,000

Current assets
  

Debtors: amounts falling due within one year
 5 
27,743
80,053

Bank and cash balances
  
460,992
685,888

  
488,735
765,941

Creditors: amounts falling due within one year
 6 
(2,619,851)
(3,419,231)

Net current liabilities
  
 
 
(2,131,116)
 
 
(2,653,290)

Total assets less current liabilities
  
18,048,884
19,196,710

Provisions for liabilities
  

Deferred tax
 7 
(1,064,237)
(1,481,739)

  
 
 
(1,064,237)
 
 
(1,481,739)

Net assets
  
16,984,647
17,714,971


Capital and reserves
  

Called up share capital 
  
11,614,049
11,665,363

Profit and loss account
  
5,370,598
6,049,608

  
16,984,647
17,714,971

Page 1

 
GODDARDPROPCO LIMITED
REGISTERED NUMBER: 12200113
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
S A Goddard
Director

Date: 29 October 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
GODDARDPROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The principal activity of the Company was that of property investment.
The Company is a private company, limited by shares, registered in England and Wales and incorporated
in the United Kingdom under the Companies Act 2006.
The registered office address is Mardleybury Manor, Reed End, Royston, Hertfordshire, SG8 9RL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have a reasonable expectation that the Company has adequate resources to continue
in operational existence for the foreseeable future, and that the Company is well placed to manage its business risks sucessfully.
The Company is in a strong position due to its substantial assets and the status of the current tenants.
Accordingly, the directors continue to adopt the going concern basis in preparing the annual report
and financial statements.

 
2.3

Revenue

Revenue represents rents receivable from tenants. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.4

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
GODDARDPROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

Investment property

Investment property is carried at fair value determined periodically by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Interim annual valuations are carried out by directors. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.
Page 4

 
GODDARDPROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to and from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
4
5

No directors were remunerated for services rendered to the company during the period (2022: £Nil).

Page 5

 
GODDARDPROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
21,850,000


Deficit on revaluation
(1,670,000)



At 31 March 2024
20,180,000

The 2024 valuations were made by external valuers, on an open market value for existing use basis.

The method of determining fair value was a combination of investment and comparable transactions, dependent on the individual asset concerned. Significant assumptions applied related to the investment yield.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
15,923,054
15,923,054

Accumulated depreciation
(1,218,274)
(886,017)

14,704,780
15,037,037

In determining the accumulated depreciation under the historic cost accounting rules, depreciation over 25 years on the buildings has been provided for. For properties where the value attributable to the land and the buildings cannot be easily determined, the cost has been apportioned based on an estimate that 40% of cost relates to the land and 60% relates to the buildings.

Page 6

 
GODDARDPROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Trade debtors
-
21,921

Amounts owed by group undertakings
-
51,314

Other debtors
27,742
6,817

Called up share capital not paid
1
1

27,743
80,053



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
191,775
126,780

Other taxation and social security
9,909
9,296

Other creditors
2,176,990
2,965,540

Accruals and deferred income
241,177
317,615

2,619,851
3,419,231



7.


Deferred taxation




2024


£






At beginning of year
(1,481,737)


Charged to profit or loss
417,500



At end of year
(1,064,237)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Unrealised capital gains
(1,064,237)
(1,481,737)

Page 7

 
GODDARDPROPCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Related party transactions

During the year, the company benefited from loans from directors. An interest bearing loan was outstanding during the year with interest charged at 3% over the Bank of England base rate.  The balance outstanding at 31 March 2024 was £nil (2023: £2,965,541). 
An interest free loan from a director was outstanding during the year.  The balance at the year end was £2,171,590 (2023: £nil).
Included within office expenses are management charges of £26,000 (2023: £31,302) charged by a partnership in which two of the directors are partners.


9.


Controlling party

The Company's immediate and ultimate parent company is Goddard Propco Holdings Limited of Mardleybury Manor, Reed End, Royston, Hertfordshire, SG8 9RL.
The Company and it's parent are exempt from producing consolidated accounts because the group satisfies the criteria of a small group as set out in the Companies Act 2006.

 
Page 8