Company Registration No. 02459017 (England and Wales)
GOULDEN PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
GOULDEN PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
GOULDEN PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
8,358
6,762
Investment properties
5
24,990,400
23,920,400
Investments
6
100
100
24,998,858
23,927,262
Current assets
Debtors
7
664,164
695,456
Cash at bank and in hand
945,645
224,455
1,609,809
919,911
Creditors: amounts falling due within one year
8
(1,241,251)
(1,342,290)
Net current assets/(liabilities)
368,558
(422,379)
Net assets
25,367,416
23,504,883
Capital and reserves
Called up share capital
15,000
15,000
Share premium account
10,066,641
10,066,641
Profit and loss reserves
9
15,285,775
13,423,242
Total equity
25,367,416
23,504,883
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
GOULDEN PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 26 September 2022 and are signed on its behalf by:
Mr N J Goulden
Director
Company Registration No. 02459017
GOULDEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information
Goulden Properties Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
The Barn, Lake Court, Hursley, Winchester, Hampshire, United Kingdom, SO21 2LD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold investment properties.The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The
financial statements
present information about the company as an individual entity and not about its group
.
1.2
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
20% on written down value
Office equipment
20% on written down value
Motor vehicles
25% on written down value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.3
Investment properties
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 a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account. This is a departure from the general requirement of the Companies Act 2006 for all tangible fixed assets to be depreciated. In the opinion of the directors compliance with the Act in this respect would result in the accounts not showing a true and fair view.
1.4
Fixed asset investments
Interests in subsidiaries are measured at cost
.
GOULDEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
The directors confirm that all the financial assets and liabilities of the company are basic.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
1.7
Retirement benefits
The company made contributions to defined
contribution
plans for the benefit of
two
employees
and one director
.
1.8
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the terms of the relevant lease.
GOULDEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 5 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 7 (2020 - 7).
2021
2020
Number
Number
Total
7
7
4
Tangible fixed assets
Plant and machinery
Office equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2021
106,821
15,476
36,334
158,631
Additions
6,500
6,500
Disposals
(36,334)
(36,334)
At 31 December 2021
106,821
15,476
6,500
128,797
Depreciation and impairment
At 1 January 2021
106,306
11,636
33,927
151,869
Depreciation charged in the year
103
768
1,864
2,735
Eliminated in respect of disposals
(34,165)
(34,165)
At 31 December 2021
106,409
12,404
1,626
120,439
Carrying amount
At 31 December 2021
412
3,072
4,874
8,358
At 31 December 2020
515
3,840
2,407
6,762
GOULDEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 6 -
5
Investment property
2021
£
Fair value
At 1 January 2021
23,920,400
Revaluations
1,070,000
At 31 December 2021
24,990,400
Investment property represent an industrial estate and additional properties which are held as investments. The investment properties were valued at 31 December 2021 at estimated open market value by the directors.
6
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
100
100
7
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
197,159
240,289
Other debtors
467,005
455,167
664,164
695,456
8
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
33,194
75,419
Corporation tax
153,661
114,100
Other taxation and social security
121,531
116,980
Other creditors
932,865
1,035,791
1,241,251
1,342,290
GOULDEN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
9
Profit and loss reserves
2021
2020
£
£
At the beginning of the year
13,423,242
11,280,085
Profit for the year
2,481,283
2,761,907
Dividends declared and paid in the year
(618,750)
(618,750)
At the end of the year
15,285,775
13,423,242
FRS 102 requires the consolidation of all reserves. Within retained reserves are non-distributable reserves of £11,827,450 from its revalued investment properties (2020 £10,757,450). As at 31 December 2021 the distributable reserves totalled £3,458,325 (2020 £2,665,792).
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2021
2020
£
£
120,175
134,980