| GOODLIFFE ESTATES LIMITED |
| REPORT AND FINANCIAL STATEMENTS 2025 |
| Registered number: |
07765563 |
| Directors' Report |
|
| The Directors present their report and financial statements for the year ended 31 March 2025. |
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| Principal activities |
|
| The principal activity of the Company is that of property investment. The Directors regard the Company's performance during the year to be satisfactory. The results are shown on page 5 of the financial statements. |
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| Dividend |
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| The Directors have not declared a dividend (2024 76p). |
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| Directors |
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| The following persons served as Directors during the year: |
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|
I.C. Cracknell (Chairman) |
|
N. Bowthorpe MBA, ACMA, CGMA, BA(Hons) |
|
A.R. Goodliffe |
|
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| Statement of Directors' responsibilities |
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| The Directors are responsible for preparing the Annual Report and accounts in accordance with applicable law and regulations. |
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| 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: |
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| ● |
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. |
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| 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. |
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| Small company provisions |
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| 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. |
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| This report was approved by the Board on 15 July 2025 and signed on its behalf. |
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| A.R. Goodliffe |
| Secretary |
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| GOODLIFFE ESTATES LIMITED |
| REPORT AND FINANCIAL STATEMENTS 2025 |
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| Independent Chartered Accountants' review report to the Directors of GOODLIFFE ESTATES LIMITED |
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| We have reviewed the accounts of GOODLIFFE ESTATES LIMITED for the year ended 31 March 2025, which comprise the Consolidated Profit and Loss Account, the Consolidated and Parent Company Balance Sheets, the Statements 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 FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". |
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| 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. |
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| Directors' responsibility for the financial statements |
| 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. |
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| 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 TECH09/13AAF Assurance review engagements on historical financial statements. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics. |
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| 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. |
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| 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 Group's affairs as at 31 March 2025, and of its loss for the year then ended; |
| ● |
In accordance with the United Kingdom Generally Accepted Accounting Practice; 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 |
| 15 July 2025 |
|
| GOODLIFFE ESTATES LIMITED |
| REPORT AND FINANCIAL STATEMENTS 2025 |
| Notes to the Financial Statements |
| for the year ended 31 March 2025 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
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The financial statements have been prepared under the historical cost convention and in accordance with FRS102. The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. (as applied to small entities by section 1A of the standard) |
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|
Turnover - Rental Income |
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Rental income is measured at fair value of the consideration received or receivable, net of discounts and value added taxes. |
|
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. |
|
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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 their expected useful lives. |
|
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Investment land and buildings |
Nil |
|
Plant and machinery |
20% straight line |
|
|
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 incuding any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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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. |
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Taxation |
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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. |
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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. |
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Unrelieved 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. |
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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 rate that applies to the sale of the asset is used. |
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Current and deferred tax assets and liabilities are not discounted. |
|
| 1 |
Accounting policies continued |
|
|
Investment property |
|
Investment property is recognised at cost and then subsequently measured at fair value. Changes in value are recognised in the Profit and Loss Account. |
|
|
| 2 |
Operating (loss)/profit |
2025 |
|
2024 |
| £ |
£ |
|
This is stated after charging: |
|
|
Directors remuneration |
61,612 |
|
59,940 |
|
Accountants' fees |
4,910 |
|
4,754 |
|
|
| 3 |
Net interest payable/(receivable) |
2025 |
|
2024 |
| £ |
£ |
|
|
Interest payable to an associated company |
(13,673) |
|
(13,597) |
|
Interest receivable |
55,818 |
|
55,676 |
|
Net interest receivable |
42,145 |
|
42,079 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Taxation |
2025 |
|
2024 |
| £ |
£ |
|
Analysis of charge in the period |
|
Current tax: |
|
UK corporation tax on profits for the period |
- |
|
158,294 |
|
Tax on profit on ordinary activities |
- |
|
153,349 |
|
|
|
|
|
|
|
|
|
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The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: |
|
|
(Loss)/profit on ordinary activities before tax |
(68,343) |
|
177,704 |
|
Standard rate of corporation tax in the UK |
25% |
|
19% |
|
(Loss)/Profit on ordinary activities multiplied by the standard rate |
|
of corporation tax |
(17,086) |
|
44,426 |
|
Effects of: |
|
Revaluation of investment properties |
(200,000) |
|
114,250 |
|
Unrelieved losses carried forward |
217,446 |
|
- |
|
Capital allowances in excess of depreciation |
(360) |
|
(382) |
|
|
Current tax charge for period |
- |
|
158,294 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Employees |
2025 |
|
2024 |
| Number |
Number |
|
|
Average number of persons employed by the Company |
3 |
|
4 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Result of the parent company |
|
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As permitted by Section 408 of the Companies Act 2006, the profit and loss account of the Company is not presented as part of these financial statements. The Company's profit for the financial year was £nil (2024 - £188,100) |
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|
| 7 |
Earnings per share |
|
|
The calculations of earnings per share on 247,500 ordinary shares (2024 - 247,500) of £1 each in issue during the year is based on: |
|
|
|
|
|
|
|
2025 |
|
2024 |
| £ |
£ |
|
Loss for the year after taxation £68,343 |
|
(2024 - profit £19,410) |
|
|
|
|
(27.62)p |
|
7.84p |
|
|
|
|
|
|
|
|
|
|
|
| 8 |
Tangible fixed assets |
|
|
|
|
Freehold Investment Properties |
|
Plant and machinery |
|
Total |
| £ |
£ |
£ |
|
Cost and valuation |
|
At 1 April 2024 |
12,300,000 |
|
24,444 |
|
12,324,444 |
|
Surplus on revaluation |
800,000 |
|
- |
|
800,000 |
|
At 31 March 2025 |
13,100,000 |
|
24,444 |
|
13,124,444 |
|
Depreciation |
|
At 1 April 2024 |
- |
|
(24,444) |
|
(24,444) |
|
At 31 March 2025 |
- |
|
(24,444) |
|
(24,444) |
|
Net book value |
|
At 31 March 2025 |
13,100,000 |
|
- |
|
13,100,000 |
|
At 31 March 2024 |
12,300,000 |
|
- |
|
12,300,000 |
|
|
|
|
|
|
|
|
|
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The freehold investment properties were valued by the Directors on 31 March 2025 at fair value with professional advice. |
|
|
If the freehold investment properties had not been included at valuation they would have been included under the historical cost convention as follows: |
|
|
|
|
|
|
2025 |
|
2024 |
| £ |
£ |
|
|
Historical cost and net book value |
11,189,730 |
|
11,189,730 |
|
|
|
|
|
|
|
|
|
|
| 9 |
Fixed asset investments |
Company |
|
|
|
|
|
|
2025 |
|
2024 |
| £ |
£ |
|
|
Goodliffe Properties Ltd Ordinary shares of £1 each 100% |
247,500 |
|
247,500 |
|
|
|
|
|
|
|
|
|
|
| 10 |
Debtors |
Group |
|
Company |
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
| £ |
£ |
£ |
£ |
|
|
Debtors and prepayments |
27,878 |
|
14,406 |
|
- |
|
- |
|
Other taxes and social security |
20,354 |
|
Amounts owed by subsidiary undertaking |
- |
|
- |
|
|
|
188,100 |
|
Other debtors |
702,837 |
|
104,174 |
|
- |
|
- |
|
|
751,069 |
|
118,580 |
|
- |
|
188,100 |
|
|
|
|
|
|
|
|
|
|
| 11 |
Creditors: amounts falling due within one year |
Group |
|
|
|
|
|
|
2025 |
|
2024 |
| £ |
£ |
|
Trade creditors |
164,926 |
|
1,637 |
|
Rents and deposits received in advance |
25,011 |
|
39,434 |
|
Amounts owed to related undertakings with common |
|
shareholders |
358,869 |
|
353,234 |
|
Corporation tax |
- |
|
158,294 |
|
Other taxes and social security costs |
- |
|
24,209 |
|
Other creditors |
1,420,935 |
|
18,268 |
|
|
|
|
|
|
1,969,741 |
|
595,076 |
|
|
|
|
|
|
|
|
|
|
|
| 12 |
Share capital |
2025 |
|
2024 |
| £ |
£ |
|
Allotted, called up and fully paid: |
|
247,500 (2024 - £247,500) ordinary shares of £1 each |
|
|
|
247,500 |
|
247,500 |
|
|
| 13 |
Revaluation reserve |
Group |
|
|
|
|
|
|
2025 |
|
2024 |
| £ |
£ |
|
At 1st April |
1,110,270 |
|
1,567,270 |
|
Transfer unrealised gains/losses on revaluation of investment properties net of deferred tax |
|
|
800,000 |
|
(457,000) |
|
At 31st March |
1,910,270 |
|
1,110,270 |
|
|
|
|
|
|
|
|
|
|
|
| 14 |
Profit and loss account |
Group |
Company |
|
|
|
|
|
|
2025 |
|
2024 |
| £ |
£ |
|
At 1st April |
12,222,000 |
|
188,100 |
|
(Loss)/profit for the financial year |
(68,343) |
|
- |
|
Dividends |
(188,100) |
|
(188,100) |
|
Transfer unrealised gains/losses on revaluation of investment properties net of deferred tax |
|
(800,000) |
|
- |
|
At 31st March |
11,165,557 |
|
- |
|
|
|
|
|
|
|
|
|
|
| 15 |
Dividends |
Group |
|
|
|
|
|
|
2025 |
|
2024 |
| £ |
£ |
|
Dividends becoming liable during the year: |
|
Dividends paid |
188,100 |
|
188,100 |
|
|
| 16 |
Related party transactions |
Group |
|
|
|
|
|
|
2025 |
|
2024 |
| £ |
£ |
|
Dividends paid |
|
I.C. Cracknell, Director |
|
14,828 |
|
14,828 |
|
N. Bowthorpe, Director |
|
8,023 |
|
8,023 |
|
A.R. Goodliffe, Director |
1,959 |
|
1,959 |
|
|
|
| 17 |
Ultimate controlling party |
|
|
The company Goodliffe Estates Limited has no ultimate controlling party. |
|
|
| 18 |
Other information |
|
|
GOODLIFFE ESTATES 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 |