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COMPANY REGISTRATION NUMBER: 04023709
Oakrise Limited
Filleted Unaudited Financial Statements
31 December 2021
Oakrise Limited
Balance Sheet
31 December 2021
2021
2020
Note
£
£
£
Fixed assets
Investments
4
1,726,500
2,026,500
Current assets
Debtors
5
98,886
108,060
Cash at bank and in hand
53,613
92,187
---------
---------
152,499
200,247
Creditors: amounts falling due within one year
6
178,899
136,419
---------
---------
Net current (liabilities)/assets
( 26,400)
63,828
------------
------------
Total assets less current liabilities
1,700,100
2,090,328
Creditors: amounts falling due after more than one year
7
2,018,763
1,986,186
------------
------------
Net (liabilities)/assets
( 318,663)
104,142
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
8
( 318,763)
104,042
---------
---------
Shareholders (deficit)/funds
( 318,663)
104,142
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Oakrise Limited
Balance Sheet (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 3 August 2022 , and are signed on behalf of the board by:
Mr J Malde
Director
Company registration number: 04023709
Oakrise Limited
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Kimberley House, 31 Burnt Oak Broadway, Edgware, Greater London, HA8 5LD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Investments
Investment properties are revalued annually and any surplus or deficit is dealt with through profit and loss. No depreciation is provided in respect of investment properties.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Investments
Investment Properties
£
Valuation
At 1 January 2021
2,026,500
Revaluations
( 300,000)
------------
At 31 December 2021
1,726,500
------------
Impairment
At 1 January 2021 and 31 December 2021
------------
Carrying amount
At 31 December 2021
1,726,500
------------
At 31 December 2020
2,026,500
------------
The valuations were made by the directors, on a fair value for existing use basis.
If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
2021
2020
£
£
Historic cost
2,309,777
2,309,777
5. Debtors
2021
2020
£
£
Prepayments and accrued income
3,512
4,743
Other debtors
95,374
103,317
--------
---------
98,886
108,060
--------
---------
6. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
40,515
39,259
Accruals and deferred income
16,203
17,123
Social security and other taxes
5,251
257
Director loan accounts
447
2,397
Other creditors
116,483
77,383
---------
---------
178,899
136,419
---------
---------
The bank loans are secured by a first legal charge over the company's investment properties.
7. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
773,380
847,900
Other creditors
1,245,383
1,138,286
------------
------------
2,018,763
1,986,186
------------
------------
8. Reserves
2021 2020
£ £
Distributable reserves 264,514 387,319
Fair value loss on investment properties (583,277) (283,277)
--------- ---------
(318,763) 104,042
--------- ---------