Goodkind Estates Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03499894 (England and Wales)

GOODKIND ESTATES LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018

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

22,486

29,981

Investments

5

51

51

Investment property

6

8,396,632

8,294,681

8,419,169

8,324,713

CURRENT ASSETS

Debtors

7

2,645,842

2,700,394

Cash at bank

28,522

24,820

2,674,364

2,725,214

CREDITORS

Amounts falling due within one year

8

3,797,485

3,820,487

NET CURRENT LIABILITIES

(1,123,121

)

(1,095,273

)

TOTAL ASSETS LESS CURRENT LIABILITIES

7,296,048

7,229,440

CREDITORS

Amounts falling due after more than one year

9

296,000

370,000

NET ASSETS

7,000,048

6,859,440

CAPITAL AND RESERVES

Called up share capital

100

100

Non distributable reserves

3,611,803

3,611,803

Retained earnings

3,388,145

3,247,537

SHAREHOLDERS' FUNDS

7,000,048

6,859,440

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 19 December 2018 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.

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

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 (2017 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 April 2017

and 31 March 2018

27,397

31,912

59,309

DEPRECIATION

At 1 April 2017

10,689

18,639

29,328

Charge for year

4,177

3,318

7,495

At 31 March 2018

14,866

21,957

36,823

NET BOOK VALUE

At 31 March 2018

12,531

9,955

22,486

At 31 March 2017

16,708

13,273

29,981

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2017

and 31 March 2018

51

NET BOOK VALUE

At 31 March 2018

51

At 31 March 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 1 share in Woodchurch Limited (Being 100% of the issued

Share Capital) for £1

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2017

8,294,681

Additions

101,951

At 31 March 2018

8,396,632

NET BOOK VALUE

At 31 March 2018

8,396,632

At 31 March 2017

8,294,681

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

31.3.18

31.3.17

£

£

Amounts falling due within one year:

Other debtors

2,974

2,974

Deferred tax asset

722,361

722,361

Prepayments

10,065

7,843

735,400

733,178

Amounts falling due after more than one year:

Other debtors

1,910,442

1,967,216

Aggregate amounts

2,645,842

2,700,394

At the balance sheet date there was £1,910,442(2017 - £1,967,216) 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

31.3.18

31.3.17

£

£

Other loans

60,000

60,000

Trade creditors

2

-

Tax

6,614

-

Social security and other taxes

-

713

Other creditors

23,781

25,417

Directors' loan accounts

3,685,948

3,712,886

Deferred income

10,025

10,111

Accrued expenses

11,115

11,360

3,797,485

3,820,487

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.18

31.3.17

£

£

Other loans - 2-5 years

25,000

65,000

Other loans more 5yrs instal

271,000

305,000

296,000

370,000

Amounts falling due in more than five years:

Repayable by instalments

Other loans more 5yrs instal

271,000

305,000

Included in Creditors are Loans due to D & P Goodkind of £85,000 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. At the 31st March 2018 there were 17 monthly instalments remaining.

During the year to 31st March 2017, £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. At the 31st March 2018 there was balance of £271,000

remaining.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The balance on the director's loan account at the 31 March 2018 was £3,685,947 (2017 - £3,712,886).

During the year the director's made further interest free loans to the company of £30,000. 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 £5,806 (2017 - £5,428) 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.