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COMPANY REGISTRATION NUMBER: 4961433
Oldrose Estates Limited
Filleted Unaudited Financial Statements
30 November 2021
Oldrose Estates Limited
Statement of Financial Position
30 November 2021
2021
2020
Note
£
£
£
Fixed assets
Tangible assets
5
2,335,000
2,178,220
Investments
6
21,448
21,448
------------
------------
2,356,448
2,199,668
Current assets
Debtors
7
50,916
63,405
Cash at bank and in hand
2,970
47,986
--------
---------
53,886
111,391
Creditors: amounts falling due within one year
8
131,009
149,715
---------
---------
Net current liabilities
77,123
38,324
------------
------------
Total assets less current liabilities
2,279,325
2,161,344
Creditors: amounts falling due after more than one year
9
1,208,401
1,217,499
Provisions
Taxation including deferred tax
132,393
113,388
------------
------------
Net assets
938,531
830,457
------------
------------
Capital and reserves
Called up share capital
100
100
Fair value reserve
564,412
483,390
Profit and loss account
374,019
346,967
---------
---------
Shareholders funds
938,531
830,457
---------
---------
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 comprehensive income has not been delivered.
For the year ending 30 November 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 .
Oldrose Estates Limited
Statement of Financial Position (continued)
30 November 2021
These financial statements were approved by the board of directors and authorised for issue on 19 August 2022 , and are signed on behalf of the board by:
T M Lazenbury Esq.
A J Rafferty Esq.
Director
Director
Company registration number: 4961433
Oldrose Estates Limited
Notes to the Financial Statements
Year ended 30 November 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 TML House, 1A The Anchorage, Gosport, Hampshire, PO12 1LY.
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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Tax on profit
Major components of tax expense
2021
2020
£
£
Current tax:
UK current tax expense
6,017
7,578
Adjustments in respect of prior periods
( 1,401)
-------
-------
Total current tax
4,616
7,578
-------
-------
Deferred tax:
Origination and reversal of timing differences
19,005
10,733
--------
--------
Tax on profit
23,621
18,311
--------
--------
5. Tangible assets
Freehold property
Long leasehold property
Total
£
£
£
Cost or valuation
At 1 December 2020
100,000
2,078,220
2,178,220
Additions
56,753
56,753
Revaluations
100,027
100,027
---------
------------
------------
At 30 November 2021
100,000
2,235,000
2,335,000
---------
------------
------------
Depreciation
At 1 December 2020 and 30 November 2021
---------
------------
------------
Carrying amount
At 30 November 2021
100,000
2,235,000
2,335,000
---------
------------
------------
At 30 November 2020
100,000
2,078,220
2,178,220
---------
------------
------------
The company holds investment property with a cost price of £1,695,169 (2020: £1,582,233). The properties are reflected in the accounts at their fair value at the balance sheet date. The valuation is carried out annually by the directors with reference to the open market.
6. Investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost
At 1 December 2020 and 30 November 2021
6
21,442
21,448
----
--------
--------
Impairment
At 1 December 2020 and 30 November 2021
----
--------
--------
Carrying amount
At 30 November 2021
6
21,442
21,448
----
--------
--------
At 30 November 2020
6
21,442
21,448
----
--------
--------
The company owns 100 per cent of the issued share capital of Buildfine Estates Limited. As at 30th November 2021 Buildfine Estates Limited had capital and reserves of £107,828 (2020: £99,841) and a profit within the year before taxation of £9,913 (2020: £7,862).
Under the provision of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.
7. Debtors
2021
2020
£
£
Trade debtors
2,337
838
Other debtors
48,579
62,567
--------
--------
50,916
63,405
--------
--------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
23,454
11,400
Corporation tax
15,552
21,706
Other creditors
92,003
116,609
---------
---------
131,009
149,715
---------
---------
9. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
1,033,401
1,042,499
Other creditors
175,000
175,000
------------
------------
1,208,401
1,217,499
------------
------------
The bank loans totalling £1,033,401 (2020: £1,042,499) are secured over all the company's leasehold land and buildings.
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
T M Lazenbury Esq.
( 12,085)
2,400
( 9,685)
A J Rafferty Esq.
( 94,882)
( 2,131)
( 97,013)
---------
-------
---------
( 106,967)
269
( 106,698)
---------
-------
---------
2020
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
T M Lazenbury Esq.
( 35,395)
23,310
( 12,085)
A J Rafferty Esq.
( 90,798)
( 4,085)
(94,883)
---------
--------
---------
( 126,193)
19,225
(106,968)
---------
--------
---------
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2021
2020
2021
2020
£
£
£
£
Buildfine Estates Limited
(3,700)
16,030
15,651
19,351
Hollyrush Developments Limited
15,500
10,800
( 31,038)
( 46,538)
Lazenbury Limited
8,871
65,912
( 120,464)
( 129,335)
Lazraf Properties Limited
(11,310)
30,365
19,559
30,869
--------
--------
---------
---------
The company was under the control of Hollyrush Developments Limited and Lazenbury Limited throughout the current and previous year. Each owns fifty per cent of the issued share capital of the company. Buildfine Estates Limited is the subsidiary company of Oldrose Estates Limited . Lazraf Properties Limited is a company under the control of T Lazenbury Esq and Mrs K J Rafferty.