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Registration number: NI637676

Oxley Square Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Oxley Square Holdings Limited

(Registration number: NI637676)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

-

180

Investments

5

5,661,615

5,661,615

 

5,661,615

5,661,795

Current assets

 

Debtors

6

14,050

5,375

Cash at bank and in hand

 

14,087

3,668

 

28,137

9,043

Creditors: Amounts falling due within one year

7

(775,136)

(763,358)

Net current liabilities

 

(746,999)

(754,315)

Total assets less current liabilities

 

4,914,616

4,907,480

Creditors: Amounts falling due after more than one year

7

(4,910,488)

(4,897,947)

Net assets

 

4,128

9,533

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

4,028

9,433

Shareholders' funds

 

4,128

9,533

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Oxley Square Holdings Limited

(Registration number: NI637676)
Balance Sheet as at 31 March 2022

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 5 August 2022
 

.........................................
Mr Ryan Walker
Director

 

Oxley Square Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 59 Ballycowan Road, Ballymena, County Antrim, BT42 3DW.

These financial statements were authorised for issue by the director on 5 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Oxley Square Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Asset class

Depreciation method and rate

Office equipment

20% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Short term debtors and creditors

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 income statement in operating expenses.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Consolidation
Under section 399 of the Companies Act 2006, the Group is exempt from the requirement to prepare group accounts by virtue of its size. Therefore the accounts present information about the Company as an individual undertaking and not about its group.

 

Oxley Square Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2021 - 2).

4

Tangible assets

Office equipment
 £

Total
£

Cost or valuation

At 1 April 2021

1,558

1,558

At 31 March 2022

1,558

1,558

Depreciation

At 1 April 2021

1,558

1,558

At 31 March 2022

1,558

1,558

Carrying amount

At 31 March 2022

-

-

At 31 March 2021

180

180

5

Investments

2022
£

2021
£

Investments in subsidiaries and associated companies

5,661,615

5,661,615

Subsidiaries

£

Cost or valuation

At 1 April 2021

5,661,615

Carrying amount

At 31 March 2022

5,661,615

At 31 March 2021

5,661,615

 

Oxley Square Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

6

Debtors

2022
£

2021
£

Trade debtors

14,050

5,375

7

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Trade creditors

2,965

-

Taxation and social security

4,926

-

Accruals and deferred income

2,646

1,606

Other creditors

764,599

761,752

775,136

763,358

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Oxley Square Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

9

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Directors loan

1,076,324

1,110,935

10

Related party transactions

2022
 £

2021
 £

Related party balances

Director loan account > 1 yr

(1,076,324)

(1,110,935)

Due to Magell Limited

(3,684,164)

(3,187,012)

Included in debtors is an amount of £10,050 owed from Magell Limited, an associated company which is controlled by Mr Ryan Walker and his immediate family.
Also included in debtors is an amount of £4,000 owed from Magmel ( Ballymena) Limited, a subsidiary company of Magell Limited.

Included in creditors falling due after one year, and detailed above, is an amount owed to Magell Limited, an associated company which is controlled by Mr Ryan Walker and his immediate family.

Interest has been charged on the director's loan account at a rate of 3%.