Company Registration No. 08538052 (England and Wales)
GOOD ESTATES LTD
Accounts
for the year ended 31 May 2021
GOOD ESTATES LTD
Accounts
Contents
GOOD ESTATES LTD
Company Information
for the year ended 31 May 2021
Company Number
08538052 (England and Wales)
Registered Office
29 Cranwich Road
London
N16 5HZ
Accountants
Precision Ltd
32 Castlewood Road
London
N16 6DW
GOOD ESTATES LTD
Statement of financial position
as at 31 May 2021
Investment property
350,000
350,000
Cash at bank and in hand
735
5,647
Creditors: amounts falling due within one year
(28,732)
(30,595)
Net current assets
129,295
130,342
Total assets less current liabilities
479,295
480,342
Creditors: amounts falling due after more than one year
(221,009)
(221,016)
Provisions for liabilities
Deferred tax
(21,196)
(21,196)
Net assets
237,090
238,130
Called up share capital
1
1
Profit and loss account
237,089
238,129
Shareholders' funds
237,090
238,130
For the year ending 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 15 February 2022 and were signed on its behalf by
Mr Alexander Sun
Director
Company Registration No. 08538052
GOOD ESTATES LTD
Notes to the Accounts
for the year ended 31 May 2021
GOOD ESTATES LTD is a private company, limited by shares, registered in England and Wales, registration number 08538052. The registered office is 29 Cranwich Road, London, N16 5HZ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 May 2021 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 June 2019.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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 accounts. 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 current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
GOOD ESTATES LTD
Notes to the Accounts
for the year ended 31 May 2021
Investment property is included at market fair value. Investment property fair value is determined by the directors based on their understanding of property market conditions and the specific property concerned. Gains or losses are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Fair value at 1 June 2020
350,000
The company's investment property is included in the financial statements at Directors' valuation.
The historical cost of the investment property at 31 March 2019 is £223,326.
5
Debtors: amounts falling due within one year
2021
2020
Amounts due from group undertakings etc.
156,430
155,290
6
Creditors: amounts falling due within one year
2021
2020
Trade creditors
10,634
13,435
Other creditors
16,628
16,350
7
Creditors: amounts falling due after more than one year
2021
2020
Bank loans
221,009
221,016
8
Average number of employees
During the year the average number of employees was 1 (2020: 0).
