Goodwill SIP Limited - Accounts to registrar (filleted) - small 18.2

GOODWILL SIP LIMITED - Company Information

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REGISTERED NUMBER: 05101134 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2020

FOR

GOODWILL SIP LIMITED

Page

Company Information

Balance Sheet

Notes to the Financial Statements

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

(Statutory Auditors)

114 - 116 Goodmayes Road

Ilford

Essex

IG3 9UZ

FIXED ASSETS

Intangible assets

246,000

307,500

Tangible assets

8,128,452

4,735,101

Investment property

25,395,828

25,757,828

33,770,280

30,800,429

CURRENT ASSETS

Debtors

7,842,772

8,003,775

Cash at bank and in hand

33,410

121,296

7,876,182

8,125,071

CREDITORS

Amounts falling due within one year

1,004,097

354,696

NET CURRENT ASSETS

6,872,085

7,770,375

TOTAL ASSETS LESS CURRENT

LIABILITIES

40,642,365

38,570,804

CREDITORS

Amounts falling due after more than one

year

(25,574,236

)

(23,699,908

)

PROVISIONS FOR LIABILITIES

(1,886,436

)

(1,889,081

)

NET ASSETS

13,181,693

12,981,815

CAPITAL AND RESERVES

Called up share capital

100

Revaluation reserve

4,462,546

Fair value reserve

8,053,452

Retained earnings

665,595

465,717

SHAREHOLDERS' FUNDS

13,181,693

12,981,815

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 28 June 2021 and were signed on its behalf by:

P 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.

Land and buildings

2% on cost

Plant and machinery etc

25% on reducing balance and 2% on cost

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 which assumes that the company will continue to receive adequate financial assistance from the Directors, Bankers, other creditors and fellow subsidiaries

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2019 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

COST

At 1 July 2019

and 30 June 2020

1,230,000

AMORTISATION

At 1 July 2019

922,500

Amortisation for year

61,500

At 30 June 2020

984,000

NET BOOK VALUE

At 30 June 2020

246,000

At 30 June 2019

307,500

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

COST OR VALUATION

At 1 July 2019

4,576,379

506,980

5,083,359

Additions

3,286,247

295,016

3,581,263

At 30 June 2020

7,862,626

801,996

8,664,622

DEPRECIATION

At 1 July 2019

216,650

131,608

348,258

Charge for year

157,260

30,652

187,912

At 30 June 2020

373,910

162,260

536,170

NET BOOK VALUE

At 30 June 2020

7,488,716

639,736

8,128,452

At 30 June 2019

4,359,729

375,372

4,735,101

Cost or valuation at 30 June 2020 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

Valuation in 2019

377,877

Cost

7,484,749

801,996

8,286,745

7,862,626

801,996

8,664,622

6.	INVESTMENT PROPERTY

Total

FAIR VALUE

At 1 July 2019

25,757,828

Disposals

(362,000

)

At 30 June 2020

25,395,828

NET BOOK VALUE

At 30 June 2020

25,395,828

At 30 June 2019

25,757,828

Fair value at 30 June 2020 is represented by:

Valuation in 2009

4,679,984

Valuation in 2019

9,564,657

Cost

11,151,187

25,395,828

DEBTORS

30.6.20

30.6.19

Amounts falling due within one year:

Trade debtors

158,454

92,742

Other debtors

159,722

364,465

318,176

457,207

Amounts falling due after more than one year:

Amounts owed by group undertakings

6,993,101

7,040,568

Amounts owed by associates

531,495

506,000

7,524,596

7,546,568

Aggregate amounts

7,842,772

8,003,775

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.20

30.6.19

Trade creditors

170,204

163,494

Taxation and social security

142,745

4,943

Other creditors

691,148

186,259

1,004,097

354,696

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.20

30.6.19

Amounts owed to group undertakings

16,860,238

14,905,910

Amounts owed to associates

8,713,998

8,793,998

25,574,236

23,699,908

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.20

30.6.19

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.6.20

30.6.19

value:

100

Ordinary

£1

100

12.

RESERVES

Fair

Retained

Revaluation

value

earnings

reserve

Totals

At 1 July 2019

465,717

4,462,546

8,053,452

12,981,715

Profit for the year

199,878

At 30 June 2020

665,595

4,462,546

8,053,452

13,181,593

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 (Statutory Auditors)

14.	ULTIMATE CONTROLLING PARTY

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