Registered number
00290759
GOODLIFFE PROPERTIES LIMITED
Report and Unaudited Accounts
31 March 2024
GOODLIFFE PROPERTIES LIMITED
Registered number: 00290759
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 6 12,300,000 12,757,000
Current assets
Debtors 7 118,580 155,227
Cash at bank and in hand 1,756,266 1,382,352
1,874,846 1,537,579
Creditors: amounts falling due within one year 8 (783,176) (734,219)
Net current assets 1,091,670 803,360
Net assets 13,391,670 13,560,360
Capital and reserves
Called up share capital 247,500 247,500
Revaluation reserve 9 1,110,270 1,567,270
Profit and loss account 12,033,900 11,745,590
Shareholders' funds 13,391,670 13,560,360
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. The profit and loss account has not been delivered to the Registrar of Companies.
I.C. Cracknell
Director
Approved by the Board on 31 July 2024
GOODLIFFE PROPERTIES 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).
Rental income
Rental income is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
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 investments, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% straight line
Investment land and buildings Nil
Investment property
Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in the Profit and Loss Account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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.
2 Operating profit 2024 2023
£ £
This is stated after charging:
Directors' remuneration 59,940 71,479
Accountants remuneration 4,754 3,444
3 Net Interest receivable/(payable) 2024 2023
£ £
Interest payable to asociated company (13,597) -
Interest receivable 55,676 11,541
42,079 11,541
4 Taxation 2024 2023
£ £
Corporation tax current year 158,294 120,883
Adjustment - -
Deferred tax - (5,151)
158,294 115,732
5 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 4
6 Tangible fixed assets
Investment Properties Plant and machinery etc Total
£ £ £
Cost/ Valuation
At 1 April 2023 12,757,000 24,444 12,781,444
(Deficit) on revaluation (457,000) - (457,000)
At 31 March 2024 12,300,000 24,444 12,324,444
Depreciation
At 1 April 2023 - (24,444) (24,444)
At 31 March 2024 - (24,444) (24,444)
Net book value
At 31 March 2024 12,300,000 - 12,300,000
At 31 March 2023 12,757,000 - 12,757,000
Freehold land and buildings: 2024 2023
£ £
Historical cost 11,189,730 11,189,730
Cumulative depreciation based on historical cost - -
11,189,730 11,189,730
The freehold investment properties were revalued by the Directors as at 31 March 2024 at fair value with professional advice.
7 Debtors 2024 2023
£ £
Trade debtors 14,406 1,449
Other debtors 104,174 153,778
118,580 155,227
8 Creditors: amounts falling due within one year 2024 2023
£ £
Rents and deposits 39,434 39,434
Trade creditors 1,637 2,319
Amounts owed to group undertakings 188,100 188,100
Amount due to related undertaking with common shareholders 353,234 344,202
Corporation tax 158,294 120,676
Other taxes and social security costs 24,209 28,729
Other creditors 18,268 10,759
783,176 734,219
9 Revaluation reserve 2024 2023
£ £
At 1 April 2023 1,567,270 2,085,270
Transfer of realised and unrealised net gains and losses on revaluation of investment properties net of deferred tax (457,000) (518,000)
At 31 March 2024 1,110,270 1,567,270
10 Related party transactions
Transactions with related parties have all been concluded under normal market conditions.
11 Controlling party
The Company is wholly owned by Goodliffe Estates Limited which has no ultimate controlling party.
12 Other information
GOODLIFFE PROPERTIES 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
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