| Godfather Investments Limited |
| Registered number: |
04412169 |
| Balance Sheet |
| as at 31 December 2017 |
|
|
Notes |
|
2017 |
|
2016 |
|
|
|
£ |
£ |
|
£ |
£ |
| Fixed assets |
| Tangible assets |
2 |
|
|
1,676,931 |
|
|
1,676,931 |
| Investments |
3 |
|
|
88,367 |
|
|
88,367 |
|
|
|
|
1,765,298 |
|
|
1,765,298 |
|
| Current assets |
| Debtors |
4 |
|
575,036 |
|
|
127,141 |
| Cash at bank |
|
|
17,185 |
|
|
263,274 |
|
|
|
592,221 |
|
|
390,415 |
|
| Creditors: amounts falling due within one year |
5 |
|
(1,947,903) |
|
|
(1,828,948) |
|
| Net current liabilities |
|
|
|
(1,355,682) |
|
|
(1,438,533) |
|
| Net assets |
|
|
|
409,616 |
|
|
326,765 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
3 |
|
|
3 |
| Profit and loss account |
|
|
|
409,613 |
|
|
326,762 |
| Shareholders' funds |
|
|
|
409,616 |
|
|
326,765 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| R M Barnes |
| Director |
| Approved by the board on 20 September 2018 |
|
| Godfather Investments Limited |
| Notes to the Accounts |
| for the year ended 31 December 2017 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention, as modified by the revaluation of certain tangible fixed assets and the non depreciation of investment properties, and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. 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. |
|
|
Turnover |
|
Turnover is the total amount, excluding value added tax, receivable by the company from it's investment properties |
|
|
Tangible fixed assets |
|
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Any surplus or deficit on revaluation is recognised in the profit and loss account. |
|
|
Investments |
|
Fixed asset investments are initially measured at transaction price including transaction costs, and are subsequently measured at cost less accumulated impairment losses. The directors consider that the specialised nature of the company's investments means it is not practical to measure the investments at fair value. The cost of obtaining independent valuations would be disproportionate to any benefit to the company. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and are subsequently measured at amortised cost, save for balances repayable within one year, which are not amortised. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost, save for balances repayable within one year, which are not amortised. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. |
|
|
|
|
|
| 2 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Investment property |
| £ |
|
Cost |
|
At 1 January 2017 |
1,676,931 |
|
At 31 December 2017 |
1,676,931 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 31 December 2017 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2017 |
1,676,931 |
|
At 31 December 2016 |
1,676,931 |
|
|
|
|
|
|
|
|
|
|
The freehold investment properties were acquired during 2012 and 2013, and have been valued by Mr R M Barnes (director) at 31st December 2017. In the opinion of the directors the open market value at 31 December 2017 does not differ materially from cost. |
|
|
| 3 |
Investments |
|
| Other |
| investments |
| £ |
|
Cost |
|
At 1 January 2017 |
88,367 |
|
|
At 31 December 2017 |
88,367 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
|
|
Prepayments and accrued income |
|
|
|
10,877 |
|
9,349 |
|
Other debtors |
564,159 |
|
117,792 |
|
|
|
|
|
|
575,036 |
|
127,141 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Corporation tax |
23,326 |
|
28,260 |
|
Other taxes and social security costs |
1,677 |
|
6,623 |
|
Accruals and deferred income |
2,400 |
|
23,565 |
|
Directors' loans |
1,920,500 |
|
1,770,500 |
|
|
|
|
|
|
1,947,903 |
|
1,828,948 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 6 |
Related party transactions |
|
|
Included within other debtors (note 4) is a loan of £95,904 to Piranha Group Holdings Limited (2016: £95,904). This loan is interest free and repayable on demand. This company is controlled by Mr R M Barnes. |
|
Included within creditors (note 5) are loans payable to the directors of £1,920,500 (2016: £1,770,500). These loans are interest free and repayable on demand, although it is not anticipated that material loan repayments will be required within 12 months of the balance sheet date. |
|
|
| 7 |
Other information |
|
|
Godfather Investments Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Old Shoyswell Manor Farm |
|
Sheepstreet Lane |
|
Etchingham |
|
East Sussex |
|
TN19 7AZ |
