ACCOUNTS - Final Accounts preparation

C.G. EDWARD (GOFFS OAK) LIMITED - Company Information

Caseware UK (AP4) 2020.0.247 2020.0.247 2020-05-312020-05-31true2019-06-01falseDevelopment of building projectsfalsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00804354 2019-06-01 2020-05-31 00804354 2018-06-01 2019-05-31 00804354 2020-05-31 00804354 2019-05-31 00804354 2018-06-01 00804354 1 2019-06-01 2020-05-31 00804354 d:Director1 2019-06-01 2020-05-31 00804354 c:CurrentFinancialInstruments 2020-05-31 00804354 c:CurrentFinancialInstruments 2019-05-31 00804354 c:Non-currentFinancialInstruments 2020-05-31 00804354 c:Non-currentFinancialInstruments 2019-05-31 00804354 c:Non-currentFinancialInstruments 1 2020-05-31 00804354 c:Non-currentFinancialInstruments 1 2019-05-31 00804354 c:CurrentFinancialInstruments c:WithinOneYear 2020-05-31 00804354 c:CurrentFinancialInstruments c:WithinOneYear 2019-05-31 00804354 c:Non-currentFinancialInstruments c:AfterOneYear 2020-05-31 00804354 c:Non-currentFinancialInstruments c:AfterOneYear 2019-05-31 00804354 c:ShareCapital 2020-05-31 00804354 c:ShareCapital 2019-05-31 00804354 c:ShareCapital 2018-06-01 00804354 c:RetainedEarningsAccumulatedLosses 2019-06-01 2020-05-31 00804354 c:RetainedEarningsAccumulatedLosses 2020-05-31 00804354 c:RetainedEarningsAccumulatedLosses 2018-06-01 2019-05-31 00804354 c:RetainedEarningsAccumulatedLosses 2019-05-31 00804354 c:RetainedEarningsAccumulatedLosses 2018-06-01 00804354 d:FRS102 2019-06-01 2020-05-31 00804354 d:Audited 2019-06-01 2020-05-31 00804354 d:FullAccounts 2019-06-01 2020-05-31 00804354 d:PrivateLimitedCompanyLtd 2019-06-01 2020-05-31 00804354 c:EntityControlledByKeyManagementPersonnel1 2019-06-01 2020-05-31 00804354 c:EntityControlledByKeyManagementPersonnel1 2020-05-31 00804354 c:EntityControlledByKeyManagementPersonnel1 2019-05-31 00804354 d:SmallCompaniesRegimeForAccounts 2019-06-01 2020-05-31 00804354 2 2019-06-01 2020-05-31 00804354 4 2019-06-01 2020-05-31 iso4217:GBP xbrli:pure

Registered number: 00804354

C.G. EDWARD (GOFFS OAK) LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

C.G. EDWARD (GOFFS OAK) LIMITED

REGISTERED NUMBER: 00804354

BALANCE SHEET

AS AT 31 MAY 2020

		2020		2019
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	3,494		3,494
Cash at bank and in hand	5	294		192
		3,788		3,686
Creditors: amounts falling due within one year	6	(5,518)		(3,418)
Net current (liabilities)/assets			(1,730)		268
Total assets less current liabilities			(1,730)		268
Creditors: amounts falling due after more than one year	7		(750)		(750)

Net liabilities			(2,480)		(482)

Capital and reserves
Called up share capital	2,250	2,250
Profit and loss account	(4,730)	(2,732)
	(2,480)	(482)

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 by:

G J Barton

Director

Date: 24 February 2021

The notes on pages 3 to 7 form part of these financial statements.

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C.G. EDWARD (GOFFS OAK) LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MAY 2020

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 June 2018	2,250	4,200	6,450

Profit for the year	-	46,578	46,578
Dividends: Equity capital	-	(53,510)	(53,510)

At 1 June 2019	2,250	(2,732)	(482)

Loss for the year	-	(1,998)	(1,998)
At 31 May 2020	2,250	(4,730)	(2,480)

The notes on pages 3 to 7 form part of these financial statements.

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C.G. EDWARD (GOFFS OAK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

1.	General information

C.G. Edward (Goffs Oak) Limited is a private company limited by shares incorporated in England and Wales. The principal place of business is the same as the registered office, being 8 Parkway, Welwyn Garden City, Hertfordshire, AL8 6HG.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The financial statements have been prepared in £ sterling, the functional currency, rounded to the nearest £1.

The following principal accounting policies have been applied:

2.2

Going concern

It is the intention of the directors to cease the company's trade and to wind up the company within 12 months of approval of the financial statements.
Therefore, the financial statements have been prepared on a basis other than that of a going concern. As a result, assets have been recognised at their recoverable amounts and full provision has been made for any liabilities and any costs of winding up. This does not result in any differences to the carrying values or disclosures compared to the going concern basis.

2.3

Revenue

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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C.G. EDWARD (GOFFS OAK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

2.Accounting policies (continued)

2.4

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

2.5

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

2.6

Debtors

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.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Creditors

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.

2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the

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C.G. EDWARD (GOFFS OAK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

2.Accounting policies (continued)

2.9

Financial instruments (continued)

asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.10

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 at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 3 (2019 - 3).

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C.G. EDWARD (GOFFS OAK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

Debtors

					2020	2019
					£	£


Amounts owed by related parties	3,494	3,494
	3,494	3,494

5.	Cash and cash equivalents
		2020	2019
		£	£

Cash at bank and in hand	294	192
	294	192

6.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Trade creditors	118	118
Amounts owed to group undertakings	3,400	-
Accruals and deferred income	2,000	3,300
	5,518	3,418

7.	Creditors: Amounts falling due after more than one year
		2020	2019
		£	£

Preference shares	750	750
	750	750

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C.G. EDWARD (GOFFS OAK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

Related party transactions

The group has taken advantage of the exemption contained in Financial Reporting Standard 102 section 33 and has not disclosed transactions or balances with entities which form part of the group and are included in the consolidated financial statements fo the ultimate parent company, Wilson Properties (London) Ltd.

During the year the company made sales, in respect of materials, of £Nil (2019 - £13,000) to Chase New Homes Limited, a company with common ownership. At the balance sheet date the company was due £3,494 (2019 - £3,494) from Chase New Homes Limited, in respect of financing arrangements. The amount is unsecured, interest free and repayable on demand.

9.	Post balance sheet events

It is the intention of the directors to wind up the company within 12 months of approval of the financial statements. No adjustments are required to the financial statements in order to reflect the preparation on a break up basis.

10.	Ultimate parent company

C. G. Edward (Goffs Oak) Limited is a wholly owned subsidiary of Chase (Cuffley) Limited. The parent of the smallest and largest group for which consolidated financial statements are drawn up is Wilson Properties (London) Ltd, the registered office of which is 8 Parkway, Welwyn Garden City, Hertfordshire, England, AL8 6HG.

11.	Auditors' information

The auditors' report on the financial statements for the year ended 31 May 2020 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:

As outlined in note 9 to the financial statements, these financial statements have not been prepared on a going concern basis, as the directors have taken the decision to wind up the company.

The audit report was signed on 2 March 2021 by Brendan Sharkey, FCA (Senior statutory auditor) on behalf of MHA MacIntyre Hudson.

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