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COMPANY REGISTRATION NUMBER: 03006852
Oldman Homes Limited
Unaudited financial statements
31 January 2022
Oldman Homes Limited
Statement of financial position
31 January 2022
2022
2021
Note
£
£
£
£
Fixed assets
Tangible assets
5
56,539
44,843
Investments
6
245,611
245,612
---------
---------
302,150
290,455
Current assets
Stocks
2,012,952
1,743,646
Debtors
7
2,048,796
1,149,769
Cash at bank and in hand
412,241
1,036,984
-----------
-----------
4,473,989
3,930,399
Creditors: Amounts falling due within one year
8
( 543,142)
( 782,033)
-----------
-----------
Net current assets
3,930,847
3,148,366
-----------
-----------
Total assets less current liabilities
4,232,997
3,438,821
Creditors: Amounts falling due after more than one year
9
( 19,853)
( 26,862)
Provisions
Taxation including deferred tax
( 14,135)
( 8,520)
-----------
-----------
Net assets
4,199,009
3,403,439
-----------
-----------
Capital and reserves
Called up share capital
10
150
150
Profit and loss account
4,198,859
3,403,289
-----------
-----------
Shareholders funds
4,199,009
3,403,439
-----------
-----------
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 Homes 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: 03006852
Oldman Homes 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 on properties sold, stated net of discounts and of Value Added Tax.
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:
Plant & Machinery
-
25% reducing balance
Fixtures & Fittings
-
20% reducing balance
Motor Vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 7 (2021: 7 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2021
28,317
25,502
76,759
130,578
Additions
4,931
4,000
27,995
36,926
Disposals
( 28,245)
( 28,245)
-------
-------
-------
---------
At 31 January 2022
33,248
29,502
76,509
139,259
-------
-------
-------
---------
Depreciation
At 1 February 2021
22,393
22,496
40,846
85,735
Charge for the year
2,714
1,860
14,417
18,991
Disposals
( 22,006)
( 22,006)
-------
-------
-------
---------
At 31 January 2022
25,107
24,356
33,257
82,720
-------
-------
-------
---------
Carrying amount
At 31 January 2022
8,141
5,146
43,252
56,539
-------
-------
-------
---------
At 31 January 2021
5,924
3,006
35,913
44,843
-------
-------
-------
---------
6. Investments
Shares in group undertakings
Shares in participating interests
Total
£
£
£
Cost
At 1 February 2021
1
245,611
245,612
Disposals
( 1)
( 1)
----
---------
---------
At 31 January 2022
245,611
245,611
----
---------
---------
Impairment
At 1 February 2021 and 31 January 2022
----
---------
---------
Carrying amount
At 31 January 2022
245,611
245,611
----
---------
---------
At 31 January 2021
1
245,611
245,612
----
---------
---------
7. Debtors
2022
2021
£
£
Trade debtors
119,385
15,840
Other debtors
1,929,411
1,133,929
-----------
-----------
2,048,796
1,149,769
-----------
-----------
8. Creditors: Amounts falling due within one year
2022
2021
£
£
Trade creditors
162,071
222,784
Social security and other taxes
10,539
6,776
Corporation tax
201,573
127,985
Other creditors
168,959
424,488
---------
---------
543,142
782,033
---------
---------
9. Creditors: Amounts falling due after more than one year
2022
2021
£
£
Other creditors
19,853
26,862
-------
-------
10. Called up share capital
Authorised share capital
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
------
------
------
------
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
150
150
150
150
----
----
----
----
11. Directors' advances, credits and guarantees
During the year, the company operated a loan account with its directors. As at 31 January 2022, the director owed the company £ 74,610 (2021: £ 20,289 ) Interest of £978 (2021: £566) was charged on the directors' overdrawn loan account at the official rate of interest.