Company No: 12200113 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	A R C Friend (Appointed 20 June 2025)
	S A Goddard
	J A G Goddard
	A R Goddard
	G M Kealy-Goddard

REGISTERED OFFICE	Mardleybury Manor
	Reed End
	Royston
	Hertfordshire
	SG8 9RL
	United Kingdom

COMPANY NUMBER

12200113 (England and Wales)

ACCOUNTANT	S&W Partners (East) LLP
	Stonecross
	Trumpington High Street
	Cambridge
	CB2 9SU

	Note	2025		2024
		£		£
				Restated - note 2
Fixed assets
Investment property	4	20,180,000		20,180,000
		20,180,000		20,180,000
Current assets
Debtors	5	1,829		27,743
Cash at bank and in hand		498,321		460,992
		500,150		488,735
Creditors: amounts falling due within one year	6	( 1,992,661)		( 2,619,851)
Net current liabilities		(1,492,511)		(2,131,116)
Total assets less current liabilities		18,687,489		18,048,884
Provision for liabilities	7	( 1,064,237)		( 1,064,237)
Net assets		17,623,252		16,984,647
Capital and reserves
Called-up share capital		11,665,363		11,665,363
Profit and loss account		5,957,889		5,319,284
Total shareholder's funds		17,623,252		16,984,647

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Goddardpropco Limited (registered number: 12200113) were approved and authorised for issue by the Board of Directors on 14 November 2025. They were signed on its behalf by:

S A Goddard Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Goddardpropco Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Mardleybury Manor, Reed End, Royston, Hertfordshire, SG8 9RL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Goddardpropco Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these financial statements.

Turnover

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.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Leases

The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

2. Prior year adjustment

In the year ended 31 March 2024, dividends were paid from reserves, which totalled £51,314. In the prior year financial statements, these dividends were deducted from called up share capital. The correct treatment of these dividends was to deduct the expense from the profit and loss account, as detailed below.

		As previously reported		Adjustment		As restated
Year ended 31 March 2024		£		£		£
Called up share capital		11,614,049		51,314		11,665,363
Profit and loss account		5,370,598		(51,314)		5,319,284

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	4		4

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2024	20,180,000
As at 31 March 2025	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.

Historic cost

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

	2025		2024
	£		£
Historic cost less depreciation	14,372,522		14,704,780

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.

5. Debtors

	2025		2024
	£		£
Prepayments	1,828		0
Other debtors	1		27,743
	1,829		27,743

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Amounts owed to related parties	0		5,400
Amounts owed to directors	1,503,330		2,171,590
Accruals	260,084		241,177
Taxation and social security	229,247		201,684
	1,992,661		2,619,851

7. Deferred tax

	2025		2024
	£		£
At the beginning of financial year	( 1,064,237)		( 1,481,737)
Credited to the Statement of Income and Retained Earnings	0		417,500
At the end of financial year	( 1,064,237)		( 1,064,237)

8. Related party transactions

An interest free loan from a director was outstanding during the year. The balance at the year end was £1,503,330 (2024: £2,171,590).

Included within office expenses are management charges of £45,900 (2024: £26,000) charged by a partnership in which two of the directors are partners.

Included within accountancy expenses is a recharge of bookkeeping expenses which total £Nil in the year (2024: £5,400). This was recharged by a partnership in which two of the directors are partners.

9. Ultimate controlling party

Parent Company:

Goddard Propco Holdings Limited

Mardleybury Manor, Reed End, Royston, Hertfordshire, SG8 9RL

The Company and its 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.