Registered number
03511441
OAKDOWN PROPERTIES LIMITED
Unaudited Filleted Accounts
31 August 2022
OAKDOWN PROPERTIES LIMITED
Registered number: 03511441
Balance Sheet
as at 31 August 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 1 1
Investments 4 265,000 265,000
265,001 265,001
Current assets
Debtors 5 5,380 7,420
Cash at bank and in hand 10,795 10,153
16,175 17,573
Creditors: amounts falling due within one year 6 (5,912) (7,242)
Net current assets 10,263 10,331
Total assets less current liabilities 275,264 275,332
Creditors: amounts falling due after more than one year 7 (142,517) (142,517)
Provisions for liabilities (25,164) (25,164)
Net assets 107,583 107,651
Capital and reserves
Called up share capital 100 100
Fair value reserve 9 107,280 107,280
Profit and loss account 203 271
Shareholders' funds 107,583 107,651
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J M Croke
Director
Approved by the board on 12 September 2022
OAKDOWN PROPERTIES LIMITED
Notes to the Accounts
for the year ended 31 August 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2021 8,594
At 31 August 2022 8,594
Depreciation
At 1 September 2021 8,593
At 31 August 2022 8,593
Net book value
At 31 August 2022 1
At 31 August 2021 1
4 Investments
Other
investments
£
Cost
At 1 September 2021 265,000
At 31 August 2022 265,000
Historical cost
At 1 September 2021 132,556
At 31 August 2022 132,556
The freehold investment property has been revalued by the directors at open market value.
5 Debtors 2022 2021
£ £
Other debtors 5,380 7,420
6 Creditors: amounts falling due within one year 2022 2021
£ £
Taxation and social security costs 3,972 5,241
Other creditors 1,940 2,001
5,912 7,242
7 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 142,517 142,517
8 Loans 2022 2021
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 142,517 142,517
Secured bank loans 142,517 142,517
The loan is secured by a first charge on the freehold investment property.
9 Fair value reserve 2022 2021
£ £
At 1 September 2021 107,280 107,280
At 31 August 2022 107,280 107,280
10 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
J M Croke
[Loan 1] - 11,190 (8,500) 2,690
G T Dennis
[Loan 1] - 11,190 (8,500) 2,690
- 22,380 (17,000) 5,380
The overdrawn amount was repaid on 30 April 2022
11 Other information
OAKDOWN PROPERTIES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
3 Gateway Mews
Ringway
Bounds Green
London
N11 2UT
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