Registered number
07765521
GOODLIFFE DEVELOPMENTS LIMITED
Report and Unaudited Accounts
31 March 2024
GOODLIFFE DEVELOPMENTS LIMITED
Registered number: 07765521
Directors' Report
The Directors present their report and the financial statements for the year ended 31 March 2024.
Principal activities
The company holds property for future development whilst operating a holiday lettings activity at Romney Hard, Littlestone, Kent. The results are shown on page 5.
Dividends
The directors do not recommend a dividend.(2023 - nil per share).
Directors
The following persons served as directors during the year:
I.C. Cracknell (Chairman)
N. Bowthorpe MBA, ACMA, CGMA, BA(Hons)
R.T. Fudge (died 20 April 2023)
A.R.Goodliffe
In last years report, the Board reported with sadness the passing away of R.T. Fudge. In recognition of his service to the Goodliffe Estates group of companies, Goodliffe Estates Limited has made a donation of £5,000 to a charity close to him and his family.
Statement of Directors responsibilities
The Directors are responsible for preparing the Annual Report and accounts in accordance with applicable law and regulations.
Company law requires the Directors to prepare accounts for each financial year.
Under that law the Directors have elected to prepare the accounts in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under company law the Directors must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these accounts, the Directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the accounts comply with the Companies Act 2006.
They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 31 July 2024 and signed on its behalf.
A.R. Goodliffe
Secretary
GOODLIFFE DEVELOPMENTS LIMITED
Directors' statement
We confirm that as Directors we have met our duty in accordance with the Companies Act 2006 to:
ensure that the company has kept adequate accounting records;
prepare accounts which give a true and fair view of the state of affairs of the company as at 31 March 2024 and of its profit and loss for the year then ended in accordance with the FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'; and
follow the applicable accounting policies, subject to any material departures disclosed and explained in the notes to the financial statements.
Signed on behalf of the board
I.C. Cracknell
Chairman
GOODLIFFE DEVELOPMENTS LIMITED
31 July 2024
Independent Chartered Accountants' review report to the Directors of GOODLIFFE DEVELOPMENTS LIMITED
We have reviewed the accounts of GOODLIFFE DEVELOPMENTS LIMITED for the year ended 31 March 2024, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
This report is made solely to the Company’s Directors, as a body, in accordance with the terms of our engagement letter dated 30 November 2012. Our review has been undertaken so that we might state to the Company's Directors those matters we have agreed with them in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s Directors as a body for our work, for this report or the conclusions we have formed.
Directors' statement
As explained more fully in the Statement of Directors' Responsibilities, the Directors are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view.
Accountants' responsibility
Our responsibility is to express a conclusion based on our review of the accounts. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), Engagements to review historical financial statements and ICAEW Technical Release TECH 09/13AAF Assurance review engagements on historical financial statements. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics.
Scope of the assurance review
A review of the accounts in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these accounts.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accounts have not been prepared:
so as to give a true and fair view of the state of the Company’s affairs as at 31 March 2024, and of its loss for the year then ended;
in accordance with United Kingdom Generally Accepted Accounting Practice applicable to smaller entities; and
in accordance with the requirements of the Companies Act 2006.
Elliott & Partners
Chartered Accountants
1 Sudley Terrace
High Street
Bognor Regis
West Sussex
PO21 1EY
31 July 2024
GOODLIFFE DEVELOPMENTS LIMITED
Profit and Loss Account
for the year ended 31 March 2024
Note 2024 2023
£ £
Turnover 1 24,362 27,709
External charges - property expenditure (51,065) (49,958)
Other operating income - -
(Loss) on property activities 2 (26,703) (22,249)
Administrative expenses (24,676) (26,805)
Profit on property sales 3 49,612 -
Operating (loss) on ordinary activites 4 (1,767) (49,054)
before interest and taxation
Interest receivable 15,942 1,475
Profit/ (loss) before tax 14,175 (47,579)
Tax on profit/(loss) 6 (19,472) -
(Loss) after tax for the financial year (5,297) (47,579)
GOODLIFFE DEVELOPMENTS LIMITED
Registered number: 07765521
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 8 1,315,000 1,345,000
Current assets
Debtors 9 355,794 347,152
Cash at bank and in hand 143,678 105,099
499,472 452,251
Creditors: amounts falling due within one year 10 (6,023) (5,466)
Net current assets 493,449 446,785
Total assets less current liabilities 1,808,449 1,791,785
Provisions for liabilities 11 (98,619) (76,658)
Net assets 1,709,830 1,715,127
Capital and reserves
Called up share capital 12 247,500 247,500
Revaluation reserve 13 (98,619) (76,658)
Profit and loss account 1,560,949 1,544,285
Shareholders' funds 1,709,830 1,715,127
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.
I.C. Cracknell A.R. Goodliffe
Director Director
Approved by the board on 31 July 2024
GOODLIFFE DEVELOPMENTS LIMITED
Statement of Changes in Equity
for the year ended 31 March 2024
Called up
Share Re- Profit Total
capital valuation and loss
reserve account
£ £ £ £
At 1 April 2022 247,500 (76,658) 2,086,864 2,257,706
Loss for the financial year - - (47,579) (47,579)
Dividends (495,000) (495,000)
At 31 March 2023 247,500 (76,658) 1,544,285 1,715,127
At 1 April 2023 247,500 (76,658) 1,544,285 1,715,127
Loss for the financial year - - (5,297) (5,297)
Revaluation of Land and Buildings net of Deferred taxation - (21,961) 21,961 -
At 31 March 2024 247,500 (98,619) 1,560,949 1,709,830
GOODLIFFE DEVELOPMENTS LIMITED
Notes to the Accounts
for the year ended 31 March 2024
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 measured at the fair value of the consideration derived from the principal activites of the Company.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold property, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold property not depreciated
Fixtures, fittings and office equipment 25% to 33% straight line
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. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Freehold property
Freehold property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in the profit and loss account.
2 (Loss) on property activities 2024 2023
£ £
Holiday letting (24,281) (16,834)
Property development (2,422) (5,415)
(26,703) (22,249)
3 Property sales 2024 2023
£ £
Profit on sale of property 49,612 -
49,612 -
4 Operating (Loss) 2024 2023
£ £
This is stated after charging :-
Directors' remuneration 14,985 13,163
Accountancy fees 1,270 1,764
5 Interest receivable 2024 2023
£ £
Bank interest 2,345 1,475
Interest from associated company 13,597 -
15,942 1,475
6 Taxation 2024 2023
£ £
Corporation tax adjustment prior year (2,489) -
Deferred tax 21,961 -
19,472 -
7 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 6
8 Tangible fixed assets
Freehold properties Office Equipment Total
£ £ £
Cost/ Valuation
At 1 April 2023 1,345,000 788 1,345,788
Disposals (30,000) - (30,000)
and at 31 March 2024 1,315,000 788 1,315,788
Depreciation
At 1 April 2023 - -788 (788)
and at 31 March 2024 - (788) (788)
Net book value
At 31 March 2024 1,315,000 - 1,315,000
At 31 March 2023 1,345,000 - 1,345,000
The freehold properties were valued by the directors as at 31 March 2024 at fair value with professional advice.
If the freehold properties had not been included at valuation they would have been included under the historical cost convention as follows:
Freehold land and buildings: 2024 2023
£ £
Historical cost 1,290,000 1,320,000
9 Debtors 2024 2023
£ £
Amount due from a related undertaking with common shareholders 353,234 344,202
Other debtors 2,560 2,950
355,794 347,152
10 Creditors: amounts falling due within one year 2024 2023
£ £
Deposits held 200 200
Corporation tax - 2,769
Other creditors 5,823 2,497
6,023 5,466
11 Provisions for liabilites 2024 2023
Deferred taxation £ £
Land and Buildings 98,619 76,658
At 1 April 2023 76,658 76,658
Deferred tax charge in profit and loss account 21,961 -
At 31 March 2024 98,619 76,658
12 Called up share capital 2024 2023
£ £
Allotted, called up and fully paid:
247,500 (2023 247,500) ordinary shares of £1 each 247,500 247,500
13 Revaluation reserve 2024 2023
£ £
At 1 April 2023 (76,658) (76,658)
Transfer from profit and loss in respect of revaluation and disposal net (21,961) -
of deferred tax reflecting increased corporation tax rate
At 31 March 2024 (98,619) (76,658)
14 Controlling party
There is no ultimate controlling party.
15 Other information
GOODLIFFE DEVELOPMENTS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
C/o Elliott & Partners
1 Sudley Terrace, High Street
Bognor Regis
West Sussex
PO21 1EY
GOODLIFFE DEVELOPMENTS LIMITED 07765521 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts April 2024 I.C. Cracknell 07765521 2022-04-01 2023-03-31 07765521 bus:AllOrdinaryShares core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 07765521 core:RevaluationReserve 2022-04-01 2023-03-31 07765521 core:WithinOneYear 2023-03-31 07765521 core:ShareCapital 2023-03-31 07765521 core:OtherReservesSubtotal 2023-03-31 07765521 core:RetainedEarningsAccumulatedLosses 2023-03-31 07765521 2022-03-31 07765521 core:ShareCapital 2022-03-31 07765521 core:OtherReservesSubtotal 2022-03-31 07765521 core:RetainedEarningsAccumulatedLosses 2022-03-31 07765521 core:RevaluationReserve 2022-03-31 07765521 2023-04-01 2024-03-31 07765521 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07765521 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 07765521 bus:Director1 2023-04-01 2024-03-31 07765521 bus:Director2 2023-04-01 2024-03-31 07765521 bus:Director3 2023-04-01 2024-03-31 07765521 bus:Director4 2023-04-01 2024-03-31 07765521 bus:Director40 2023-04-01 2024-03-31 07765521 core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 07765521 core:OtherReservesSubtotal 2023-04-01 2024-03-31 07765521 2 2023-04-01 2024-03-31 07765521 core:LandBuildings 2023-04-01 2024-03-31 07765521 core:PlantMachinery 2023-04-01 2024-03-31 07765521 core:RevaluationReserve 2023-04-01 2024-03-31 07765521 countries:England 2023-04-01 2024-03-31 07765521 bus:FRS102 2023-04-01 2024-03-31 07765521 bus:FilletedAccounts 2023-04-01 2024-03-31 07765521 2024-03-31 07765521 core:WithinOneYear 2024-03-31 07765521 core:ShareCapital 2024-03-31 07765521 core:OtherReservesSubtotal 2024-03-31 07765521 core:RetainedEarningsAccumulatedLosses 2024-03-31 07765521 core:LandBuildings 2024-03-31 07765521 core:PlantMachinery 2024-03-31 07765521 core:RevaluationReserve 2024-03-31 07765521 2023-03-31 07765521 core:LandBuildings 2023-03-31 07765521 core:PlantMachinery 2023-03-31 07765521 core:RevaluationReserve 2023-03-31 iso4217:GBP xbrli:pure