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Registered number: 02116507
MICHAEL GOODALL QUALITY HOMES LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 JUNE 2025
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MICHAEL GOODALL QUALITY HOMES LIMITED
REGISTERED NUMBER: 02116507
BALANCE SHEET
AS AT 30 JUNE 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Capital redemption reserve
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 December 2025.
Page 1
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MICHAEL GOODALL QUALITY HOMES LIMITED
REGISTERED NUMBER: 02116507
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2025
The notes on pages 4 to 11 form part of these financial statements.
Page 2
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MICHAEL GOODALL QUALITY HOMES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
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Capital redemption reserve
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Comprehensive income for the year
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Total transactions with owners
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 4 to 11 form part of these financial statements.
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Page 3
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MICHAEL GOODALL QUALITY HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
Michael Goodall Quality Homes Limited is a private company limited by shares incorporated in England and Wales. The Company registration is 02116507 and the Company registered office is Brunel Drive, Stretton, Burton On Trent, DE13 0BY. The principal activity of the Company's operations is the building, sale and rental of residential property.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The Company's functional and presentational currency is GBP.
The Company has prepared its financial statements to the nearest £.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Turnover and profit on sales of residential properties and land are included within the financial statements where legal completion has taken place by the end of the financial period.
Sales of part exchange properties are not included in turnover. The profit or loss on the disposal of these properties is included within cost of sales.
Rental income is recognised in the profit and loss account on a straight line basis over the period of the lease and presented net of any agency fees. The amounts received are shown as other operating income. Where a property has been completed, market conditions may lead the company to let the property on a short term basis.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Page 4
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MICHAEL GOODALL QUALITY HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Page 5
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MICHAEL GOODALL QUALITY HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investment property is carried at fair value determined by the most recent valuation. Between this valuation and the year end, the fair value movement is determined by management and is derived from the current market rents and investment property yields for comparable property, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account.
Investments in subsidiaries are measured at cost less accumulated impairment.
Raw material stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Raw materials are based on the cost of purchase on a first in, first out basis. At each balance sheet date, raw material stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
The cost of work in progress and finished goods includes direct costs together with an element of indirect overheads based on the normal level of activity. Where necessary, provisions are made against work in progress to value it at the lower of cost and net realisable value. Net realisable value is based on normal selling prices less further costs expected to be incurred on completion.
Page 6
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MICHAEL GOODALL QUALITY HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilites like trade and and other debtors and creditors, loans from banks and other third parties, loans to related partiesand investments in ordinary shares.
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 at an annual general meeting.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key areas of estimate and judgment are as follows:
Profit on long-term contracts is recognised based upon staged completion of contracts. These stages are separable and can be clearly distinguished. No profit is recognised on contract stages that are not yet complete on the basis that profits attributable to these specific stages cannot be assessed with reasonable certainty.
Investment property is carried at fair value determined annually by directors based on historic valuations by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset and reviewed on an annual basis by the directors.
Page 7
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MICHAEL GOODALL QUALITY HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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The average monthly number of employees, including directors, during the year was 12 (2024 - 12).
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Charge for the year on owned assets
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Investments in subsidiary companies
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Page 8
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MICHAEL GOODALL QUALITY HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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Freehold investment property
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The 2025 valuations were made by an internal valuation expert who has achieved an appropriate recognised professional qualification, on an open market value for existing use basis.
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If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
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Raw materials and consumables
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Finished goods and goods for resale
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Amounts owed by group undertakings
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Prepayments and accrued income
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Page 9
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MICHAEL GOODALL QUALITY HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Fixed asset timing differences
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Short term timing differences
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The expected reversal of deferred tax is not considered to be material.
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Page 10
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MICHAEL GOODALL QUALITY HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
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Allotted, called up and fully paid
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75 (2024 - 75) Ordinary shares of £1.00 each
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Capital redemption reserve
A reserve arising on the buy back of issued share capital by the Company.
Profit and loss account
A reserve representing all current and prior period retained profit and losses, less dividends paid.
At the year end, the company had financial commitments of £213,123 (2024: £436,728) in relation to performance bonds.
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Related party transactions
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At the year end, the Company owed £853,658 (2024: £849,748) to a director. The amounts are included in other creditors, are interest free and repayable on demand.
At the year end, the Company owed Nil (2024: £1,645) to a pension scheme in which the director is a beneficiary. The amounts are included in other creditors, are interest free and repayable on demand.
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The ultimate controlling party is Michael Goodhall by virtue of his majority shareholding in the Company.
The auditors' report on the financial statements for the year ended 30 June 2025 was unqualified.
The audit report was signed on 16 December 2025 by James Delve (Senior Statutory Auditor) on behalf of PKF Smith Cooper Audit Limited.
Page 11
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