Goodkind Estates Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 03499894 (England and Wales)

GOODKIND ESTATES LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs L Goodkind

Mr G C Goodkind

SECRETARY:

Mrs L Goodkind

REGISTERED OFFICE:

1 Brookmans Avenue

Brookmans Park

Hatfield

Hertfordshire

AL9 7QH

REGISTERED NUMBER:

03499894 (England and Wales)

ACCOUNTANTS:

P G ASSOCIATES

Accountants

1 Brookmans Avenue

Brookmans Park

Hatfield

Hertfordshire

AL9 7QH

FIXED ASSETS

Tangible assets

4

29,981

18,964

Investments

5

51

51

Investment property

6

8,294,681

7,731,910

8,324,713

7,750,925

CURRENT ASSETS

Debtors

7

2,700,394

3,160,630

Cash at bank

24,820

64,258

2,725,214

3,224,888

CREDITORS

Amounts falling due within one year

8

3,820,487

3,569,432

NET CURRENT LIABILITIES

(1,095,273

)

(344,544

)

TOTAL ASSETS LESS CURRENT LIABILITIES

7,229,440

7,406,381

CREDITORS

Amounts falling due after more than one year

9

370,000

591,504

NET ASSETS

6,859,440

6,814,877

CAPITAL AND RESERVES

Called up share capital

100

100

Non distributable reserves

3,611,803

3,611,803

Retained earnings

3,247,537

3,202,974

SHAREHOLDERS' FUNDS

6,859,440

6,814,877

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 3 December 2017 and were signed on its behalf by:

Mrs L Goodkind - Director

1.	STATUTORY INFORMATION

Goodkind Estates Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company

Information page.

The financial statements are presented in sterling which is the functional currency of the company and

rounded to the nearest £.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs.

Subsequently, they are measured at amortised cost using the effective interest rate method, less

impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Investment property

Investment properties for which fair value can be measured reliably without undue cost or effort are

measured at fair value at each reporting date with changes in fair value recognised in profit or loss.

the methods and significant assumptions used to ascertain the fair value at the balance sheet date and

fair value movement included in the profit for the year are as follows:

Properties are valued by the directors of the company following detailed discussions with experienced

professionals within the property sector. The last valuation occurred on the 31 March 2016 and it has

not been thought necessary to make any further adjustment in the current year.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are

recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss

account in other administrative expenses.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at

each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's

cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount

exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is

carried at a revalued amount where the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 April 2016

10,793

27,505

38,298

Additions

16,604

4,407

21,011

At 31 March 2017

27,397

31,912

59,309

DEPRECIATION

At 1 April 2016

5,120

14,214

19,334

Charge for year

5,569

4,425

9,994

At 31 March 2017

10,689

18,639

29,328

NET BOOK VALUE

At 31 March 2017

16,708

13,273

29,981

At 31 March 2016

5,673

13,291

18,964

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

At 1 April 2016

and 31 March 2017

51

NET BOOK VALUE

At 31 March 2017

51

At 31 March 2016

51

Cost or valuation at 31 March 2017 is represented by:

Other

investments

£

Valuation in 2017

51

On the 29 November 2013 the Company acquired one B Share in Property Financial Capital Limited

for £50.00

On the 8 May 2015 the Company acquired 100 share in Woodchurch Limited (Being 100% of the

issued Share Capital) for £100

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2016

7,731,910

Additions

562,771

At 31 March 2017

8,294,681

NET BOOK VALUE

At 31 March 2017

8,294,681

At 31 March 2016

7,731,910

Cost or valuation at 31 March 2017 is represented by:

£

Valuation in 2016

3,611,803

Cost

4,682,878

8,294,681

If the investment property had not been revalued they would have been included at the following

historical cost:

2017

2016

£

£

Cost

4,682,878

4,120,107

The investment properties were valued on an open market basis on 31 March 2017 by the directors. .

The valuation was provided by the directors of the company following detailed discussions with

experienced professionals within the property sector. They believe the revaluation is conservative.

7.

DEBTORS

2017

2016

£

£

Amounts falling due within one year:

Other debtors

2,974

1,770

Deferred tax asset

722,361

722,361

Prepayments

7,843

9,248

733,178

733,379

Amounts falling due after more than one year:

Other debtors

1,967,216

2,427,251

Aggregate amounts

2,700,394

3,160,630

At the balance sheet date there was £1,967,216 (2016 - £2,4527,251) owing to Goodkind Estates form

Woodchurch Limited, a company who's issued share capital is owned 100% by Goodkind Estates.

This amount is included in Debtors falling due after more than one year.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Other loans

60,000

60,000

Social security and other taxes

713

10

Other creditors

25,417

23,815

Directors' loan accounts

3,712,886

3,463,783

Deferred income

10,111

12,429

Accrued expenses

11,360

9,395

3,820,487

3,569,432

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Other loans - 1-2 years

-

151,504

Other loans - 2-5 years

65,000

240,000

Other loans more 5yrs instal

305,000

200,000

370,000

591,504

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

305,000

200,000

Included in Creditors are Loans due to D & P Goodkind of £125,000 as Deferred Consideration on the

sale of Investment Properties. Under the provisions of the Loan Agreement, this Consideration is

repayable in 124 equal monthly instalments. The Loan Agreement commenced on the 25th January

2013.

During the year £325,000 of the Deferred Consideration was transferred to the Goodkind Trust

Account and this loan is repayable as and when funds are available with no agreed completion date.

This loan is therefore shown as repayable after more than five years in Creditors falling due after more

than one year.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The balance on the director's loan account at the 31 March 2017 was £3,712,886 (2016 - £3,463,783).

During the year the director's made further interest free loans to the company of £249,103. The

balance is repayable on demand as financial restraints allow. This is included in Creditors due within

one year.

At the 31 March 2016 the company owed £5,428 (2016 - £7,334) to The Goodkind Agency Limited.

The company's directors have a material share interest in this company. These loans are interest free.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Mrs L Goodkind and Mr G Goodkind.