Goodhill Developments Limited - Period Ending 2021-06-30

Goodhill Developments Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Statement of Changes in Equity	5
Notes to the Unaudited Financial Statements	6 to 10

Goodhill Developments Limited

Company Information

Directors

D C Goodwin E L Hill

Registered office

5 Prospect Place Millennium Way Pride Park Derby DE24 8HG

Bankers

The Royal Bank of Scotland plc Derby Cornmarket Branch 41 Cornmarket Derby DE1 2DG

Accountants

Ashgates Corporate Services Limited 5 Prospect Place Millennium Way Pride Park Derby DE24 8HG

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Goodhill Developments Limited
for the Year Ended 30 June 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Goodhill Developments Limited for the year ended 30 June 2021 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/
member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Goodhill Developments Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Goodhill Developments Limited and state those matters that we have agreed to state to the Board of Directors of Goodhill Developments Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet
-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Goodhill Developments Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Goodhill Developments Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Goodhill Developments Limited. You consider that Goodhill Developments Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Goodhill Developments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

.....................................................................

Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG

30 June 2022

Goodhill Developments Limited

(Registration number: 09631898)
Balance Sheet as at 30 June 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	4	-	1,043
Investment property	5	617,000	617,000
		617,000	618,043
Current assets
Debtors	6	24,845	9,854
Cash at bank and in hand		579	3,297
		25,424	13,151
Creditors: Amounts falling due within one year	7	(337,517)	(346,475)
Net current liabilities		(312,093)	(333,324)
Total assets less current liabilities		304,907	284,719
Creditors: Amounts falling due after more than one year	7	(294,096)	(303,986)
Provisions for liabilities		-	(198)
Net assets/(liabilities)		10,811	(19,465)
Capital and reserves
Called up share capital	9	2	2
Other reserves		(87,588)	(87,588)
Profit and loss account		98,397	68,121
Total equity		10,811	(19,465)

Goodhill Developments Limited

(Registration number: 09631898)
Balance Sheet as at 30 June 2021

For the financial year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 June 2022 and signed on its behalf by:
 

.........................................

D C Goodwin
Director

Goodhill Developments Limited

Statement of Changes in Equity for the Year Ended 30 June 2021

	Share capital £	Fair value reserve £	Profit and loss account £	Total £
At 1 July 2020	2	(87,588)	68,121	(19,465)
Profit for the year	-	-	30,276	30,276
Total comprehensive income	-	-	30,276	30,276
At 30 June 2021	2	(87,588)	98,397	10,811

	Share capital £	Fair value reserve £	Profit and loss account £	Total £
At 1 July 2019	2	(87,588)	40,245	(47,341)
Profit for the year	-	-	27,876	27,876
Total comprehensive income	-	-	27,876	27,876
At 30 June 2020	2	(87,588)	68,121	(19,465)

Goodhill Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021

1	General information

The company is a private company limited by share capital, incorporated in England.

The principal place of activity of the business is Ilkeston, Derby.

The address of the registered office is given in the company information on page 1 of the financial statements.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling (£) and rounded to the nearest £1.

Going concern

The global pandemic known as Covid-19 is causing uncertainty throughout the UK and global economy and the company has been affected by this. The Company is making use of the Government support schemes and is working closely with customers and suppliers to review their plans and expected activities in the coming months.
At the time of approving the accounts there is uncertainty over the projected income for the company because this pandemic is unprecedented so no one can accurately predict how the economy and our market sector will react over the coming year.
Consideration has been given to the risks of reduced turnover, slow payment or non-payment of debts, the value of stock and other assets owned by the company. The going concern of the business will be dependent on achieving minimum income projections as well as on the continued financial support of directors and the Government support schemes.
Based on the information available and using a reasonable range of assumptions, the business can continue as a going concern and the accounts have been prepared on this basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Goodhill Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Goodhill Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2020 - 2).

4	Tangible assets

	Plant and machinery  £	Total £
Cost or valuation
At 1 July 2020	6,500	6,500
At 30 June 2021	6,500	6,500
Depreciation
At 1 July 2020	5,457	5,457
Charge for the year	1,043	1,043
At 30 June 2021	6,500	6,500
Carrying amount
At 30 June 2021	-	-
At 30 June 2020	1,043	1,043

5	Investment properties

	2021 £
At 1 July	617,000

The fair value of the investment property was reviewed by the directors at 30 June 2021. The fair value has been determined by carrying out a review of the property and investment yields in the area. The property was valued at £617,000 (2020 - £617,000).

 

The directors valuation is further supported by an independent valuation carried out on the investment property in August 2019. The valuation was carried out in accordance with RICS and has been considered by the directors in establishing their fair value as at 30 June 2021.

6

Debtors

	2021 £	2020 £
Trade debtors	24,845	9,854
	24,845	9,854

Goodhill Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021

7

Creditors

	Note	2021 £	2020 £
Due within one year
Loans and borrowings	8	16,235	17,996
Trade creditors		43,063	43,532
Taxation and social security		13,360	8,102
Corporation tax		13,635	6,040
Other creditors		251,224	270,805
		337,517	346,475
Due after one year
Loans and borrowings	8	294,096	303,986

8	Loans and borrowings

	2021 £	2020 £
Non-current loans and borrowings
Bank borrowings	294,096	303,986

	2021 £	2020 £
Current loans and borrowings
Bank borrowings	16,235	17,996

The bank loans are secured by virtue of fixed and floating charges over the assets of the company. The carrying amount at the year end is £310,331 (2020 - £321,982).

Goodhill Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021

9	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary shares of £1 each	2	2	2	2

10	Related party transactions

Summary of transactions with other related parties

Directors of the company

At the balance sheet date amounts owed to the directors amounted to £37,999 (2020 - £95,998).