REGISTERED NUMBER: 05101134 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

FOR

GOODWILL SIP LIMITED

Page

Company Information

1

Report of the Directors

2

Balance Sheet

3

Notes to the Financial Statements

4

DIRECTORS:

S Takhar

Mrs I K Takhar

P S Takhar

SECRETARY:

Mrs I K Takhar

REGISTERED OFFICE:

114-116 Goodmayes Road

Ilford

Essex

IG3 9UZ

REGISTERED NUMBER:

05101134 (England and Wales)

AUDITORS:

Ashfords Partnership LLP

114-116 Goodmayes Road

Ilford

Esex

IG3 9UZ

The directors present their report with the financial statements of the company for the year ended 30 June 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

S Takhar

Mrs I K Takhar

P S Takhar

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements 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 financial statements 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 financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements 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 financial statements 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Ashfords Partnership LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

S Takhar - Director

1 September 2025

FIXED ASSETS

Intangible assets

4

-

61,500

Tangible assets

5

7,494,509

7,652,077

Investment property

6

15,401,266

15,401,266

22,895,775

23,114,843

CURRENT ASSETS

Debtors

7

11,433,404

11,438,692

Cash at bank and in hand

178,719

151,902

11,612,123

11,590,594

CREDITORS

Amounts falling due within one year

8

783,488

809,633

NET CURRENT ASSETS

10,828,635

10,780,961

TOTAL ASSETS LESS CURRENT LIABILITIES

33,724,410

33,895,804

CREDITORS

Amounts falling due after more than one year

9

(24,349,504

)

(24,577,387

)

PROVISIONS FOR LIABILITIES

10

(1,182,100

)

(1,182,100

)

NET ASSETS

8,192,806

8,136,317

CAPITAL AND RESERVES

Called up share capital

11

100

100

Revaluation reserve

12

2,079,501

2,079,501

Fair value reserve

12

4,900,756

4,900,756

Retained earnings

12

1,212,449

1,155,960

SHAREHOLDERS' FUNDS

8,192,806

8,136,317

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 1 September 2025 and were signed on its behalf by:

S Takhar - Director

1.	STATUTORY INFORMATION

Goodwill SIP 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve except where any deficit deemed permanent when it is taken to the profit and loss account. No provision is made for depreciation of investment property. This departure from the requirements of the Regulations, which require all properties to be depreciated, is in opinion of the directors, necessary for the Financial Statements to show a true and fair view in accordance with applicable accounting standards. If this departure had not been made, the profit for the financial year would have been reduced by depreciation. However, the amount of depreciation cannot reasonably be quantified, because depreciation is only one of many factors reflected in annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The accounts have been prepared on going concern basis. The directors have concluded that the company will continue to receive adequate financial assistance from the Directors, Bankers and other creditors and fellow subsidiaries.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2023

and 30 June 2024

1,230,000

AMORTISATION

At 1 July 2023

1,168,500

Amortisation for year

61,500

At 30 June 2024

1,230,000

NET BOOK VALUE

At 30 June 2024

-

At 30 June 2023

61,500

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 1 July 2023

8,489,300

29,468

189,912

27,431

8,736,111

Additions

9,500

12,316

-

-

21,816

At 30 June 2024

8,498,800

41,784

189,912

27,431

8,757,927

DEPRECIATION

At 1 July 2023

875,617

22,475

162,644

23,298

1,084,034

Charge for year

169,786

1,748

6,817

1,033

179,384

At 30 June 2024

1,045,403

24,223

169,461

24,331

1,263,418

NET BOOK VALUE

At 30 June 2024

7,453,397

17,561

20,451

3,100

7,494,509

At 30 June 2023

7,613,683

6,993

27,268

4,133

7,652,077

Cost or valuation at 30 June 2024 is represented by:

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

Valuation in 2019

377,877

-

-

-

377,877

Cost

8,120,923

41,784

189,912

27,431

8,380,050

8,498,800

41,784

189,912

27,431

8,757,927

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2023

and 30 June 2024

15,401,266

NET BOOK VALUE

At 30 June 2024

15,401,266

At 30 June 2023

15,401,266

Fair value at 30 June 2024 is represented by:

£

Valuation in 2009

2,079,501

Valuation in 2019

5,857,625

Cost

7,464,140

15,401,266

7.

DEBTORS

30.6.24

30.6.23

£

£

Amounts falling due within one year:

Trade debtors

141,715

95,580

Other debtors

79,884

81,307

221,599

176,887

Amounts falling due after more than one year:

Amounts owed by group undertakings

10,680,310

10,730,310

Amounts owed by associates

531,495

531,495

11,211,805

11,261,805

Aggregate amounts

11,433,404

11,438,692

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.24

30.6.23

£

£

Trade creditors

40,528

47,539

Taxation and social security

72,272

90,832

Other creditors

670,688

671,262

783,488

809,633

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.24

30.6.23

£

£

Amounts owed to group undertakings

15,805,506

15,993,389

Amounts owed to associates

8,543,998

8,583,998

24,349,504

24,577,387

10.	PROVISIONS FOR LIABILITIES

30.6.24

30.6.23

£

£

Deferred tax

1,182,100

1,182,100

Deferred

tax

£

Balance at 1 July 2023

1,182,100

Balance at 30 June 2024

1,182,100

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.24

30.6.23

value:

£

£

100

Ordinary

£1

100

100

12.

RESERVES

Fair

Retained

Revaluation

value

earnings

reserve

reserve

Totals

£

£

£

£

At 1 July 2023

1,155,960

2,079,501

4,900,756

8,136,217

Profit for the year

56,489

56,489

At 30 June 2024

1,212,449

2,079,501

4,900,756

8,192,706

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ashok Mukundlal Shah (Senior Statutory Auditor)

for and on behalf of Ashfords Partnership LLP

14.	ULTIMATE CONTROLLING PARTY

The company was controlled throughout the current and previous year by the directors, Mr S S Takhar, and Mrs I K Takhar by virtue of their ownership of the majority issued share capital of SIP Group Limited, the parent company.