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COMPANY REGISTRATION NUMBER: 04256143
Oldman Properties Limited
Unaudited financial statements
31 January 2022
Oldman Properties Limited
Statement of financial position
31 January 2022
2022
2021
Note
£
£
£
£
Fixed assets
Tangible assets
5
6,595,880
6,395,523
Investments
6
1
-----------
-----------
6,595,881
6,395,523
Current assets
Debtors
7
91,728
269,237
Cash at bank and in hand
156,096
171,225
---------
---------
247,824
440,462
Creditors: Amounts falling due within one year
8
( 3,488,068)
( 3,653,137)
-----------
-----------
Net current liabilities
( 3,240,244)
( 3,212,675)
-----------
-----------
Total assets less current liabilities
3,355,637
3,182,848
Provisions
Taxation including deferred tax
( 50,825)
( 38,558)
-----------
-----------
Net assets
3,304,812
3,144,290
-----------
-----------
Capital and reserves
Called up share capital
9
100
100
Revaluation reserve
1,525,860
1,490,860
Profit and loss account
1,778,852
1,653,330
-----------
-----------
Shareholders funds
3,304,812
3,144,290
-----------
-----------
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 income statement has not been delivered.
For the year ending 31 January 2022 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 .
Oldman Properties Limited
Statement of financial position (continued)
31 January 2022
These financial statements were approved by the board of directors and authorised for issue on 3 September 2022 , and are signed on behalf of the board by:
Mr P Oldman
Director
Company registration number: 04256143
Oldman Properties Limited
Notes to the financial statements
Year ended 31 January 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Excelsior House, 9 Quay View Business Park, Barnards Way, Lowestoft, Suffolk, NR32 2HD. The company's business address is Wolseley House, 1 Quay View Business Park, Barnards Way, Lowestoft, Suffolk, NR32 2HD.
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
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences.
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
20% reducing balance
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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of employees during the year was 3 (2021: 3 ).
5. Tangible assets
Investment property
Fixtures and fittings
Total
£
£
£
Cost or valuation
At 1 February 2021
6,393,960
20,143
6,414,103
Additions
165,670
165,670
Revaluations
35,000
35,000
-----------
-------
-----------
At 31 January 2022
6,594,630
20,143
6,614,773
-----------
-------
-----------
Depreciation
At 1 February 2021
18,580
18,580
Charge for the year
313
313
-----------
-------
-----------
At 31 January 2022
18,893
18,893
-----------
-------
-----------
Carrying amount
At 31 January 2022
6,594,630
1,250
6,595,880
-----------
-------
-----------
At 31 January 2021
6,393,960
1,563
6,395,523
-----------
-------
-----------
Tangible assets held at valuation
The company's investment properties were revalued by the directors at the 31 January 2022 on the basis of open market value with existing use.
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment property
£
At 31 January 2022
Aggregate cost
5,068,100
Aggregate depreciation
-----------
Carrying value
5,068,100
-----------
At 31 January 2021
Aggregate cost
4,903,100
Aggregate depreciation
-----------
Carrying value
4,903,100
-----------
6. Investments
Shares in group undertakings
£
Cost
At 1 February 2021
Additions
1
----
At 31 January 2022
1
----
Impairment
At 1 February 2021 and 31 January 2022
----
Carrying amount
At 31 January 2022
1
----
At 31 January 2021
----
7. Debtors
2022
2021
£
£
Trade debtors
26,540
36,085
Other debtors
65,188
233,152
-------
---------
91,728
269,237
-------
---------
8. Creditors: Amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
2,940,000
2,964,000
Trade creditors
3,321
4,192
Amounts owed to group undertakings and undertakings in which the company has a participating interest
345,398
495,397
Social security and other taxes
14,774
13,246
Corporation tax
32,861
39,918
Other creditors
151,714
136,384
-----------
-----------
3,488,068
3,653,137
-----------
-----------
The bank loan is secured against some of the investment properties held by the company.
9. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary A shares of £ 1 each
96
96
96
96
Ordinary B shares of £ 1 each
4
4
4
4
----
----
----
----
100
100
100
100
----
----
----
----
Both classes of share rank pari passu in all respects save that dividends may be declared in respect of one class and not the other.
10. Directors' advances, credits and guarantees
At the year end there was an overdrawn director's loan account balance of £nil (2021 : £ 1,915 ).