Goodleigh Properties Limited Filleted accounts for Companies House (small and micro)

GOODLEIGH PROPERTIES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 11905787

Goodleigh Properties Limited

Filleted Unaudited Financial Statements

31 March 2023

Goodleigh Properties Limited

Statement of Financial Position

31 March 2023

	2023		2022
Note	£	£	£	£

Fixed assets

Tangible assets	5		678,391		678,391

Current assets

Cash at bank and in hand	100		100

Creditors: amounts falling due within one year	6	663,971		678,391
		---------		---------
Net current liabilities			663,871		678,291
			---------		---------
Total assets less current liabilities			14,520		100
			--------		----
Net assets			14,520		100
			--------		----

Capital and reserves

Called up share capital	7	100	100
Profit and loss account		14,420	–
		--------	----
Shareholders funds		14,520	100
		--------	----

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 27 March 2024 , and are signed on behalf of the board by:

Dr M Goli
Director

Company registration number: 11905787

Goodleigh Properties Limited

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model stated at its fair value at the reporting end date. the surplus or deficit on revaluation is recognised in the profit and loss account. Where fair value cannot be achieved without undue costs or effort, investment property is accounted for as tangible fixed asset. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

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

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).

5. Tangible assets

	Freehold property
	£
Cost
At 1 April 2022 and 31 March 2023	678,391
	---------
Depreciation
At 1 April 2022 and 31 March 2023	–
	---------
Carrying amount
At 31 March 2023	678,391
	---------
At 31 March 2022	678,391
	---------

The director has valued the investment property at £678,391 which is the costs value as at 31 March 2023. The historical costs of the investment property is £678,391

6. Creditors: amounts falling due within one year

	2023	2022
	£	£
Amounts owed to undertakings in which the company has a participating interest	460,877	480,000
Accruals and deferred income	840	–
Corporation tax	3,382	–
Director loan accounts	198,872	198,391
	---------	---------
	663,971	678,391
	---------	---------

7. Called up share capital

Issued, called up and fully paid

	2023		2022
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

8. Related party transactions

At the year end, the company owed the director £198,872 (2022: £198,391) which is shown within creditors due within one year. At the year end, the company owed a related undertaking controlled by the company director £460,877 (2022: £480,000)