2022-02-012023-01-312023-01-31false13165107North Oak Property Rentals (UK) 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North Oak Property Rentals (UK) Limited

Registered Number
13165107
(England and Wales)

Unaudited Financial Statements for the Year ended
31 January 2023

North Oak Property Rentals (UK) Limited
Company Information
for the year from 1 February 2022 to 31 January 2023

Director

Jonathan Hickton

Registered Address

The Estate Thorngrove
Sinton Green
Worcester
WR2 6NP

Registered Number

13165107 (England and Wales)
North Oak Property Rentals (UK) Limited
Balance Sheet as at
31 January 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Investment property7377,200410,000
377,200410,000
Current assets
Debtors101,8353,237
Cash at bank and on hand11,6122,967
13,4476,204
Creditors amounts falling due within one year11(6,610)(5,014)
Net current assets (liabilities)6,8371,190
Total assets less current liabilities384,037411,190
Creditors amounts falling due after one year12(382,675)(378,525)
Net assets1,36232,665
Capital and reserves
Called up share capital11
Revaluation reserve-32,800
Profit and loss account1,361(136)
Shareholders' funds1,36232,665
The financial statements were approved and authorised for issue by the Director on 25 October 2023, and are signed on its behalf by:
Jonathan Hickton
Director
Registered Company No. 13165107
North Oak Property Rentals (UK) Limited
Notes to the Financial Statements
for the year ended 31 January 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The principle activity of the Company is residential property investment and rentals.
4.Basis of measurement used in financial statements
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).
5.Accounting policies
Investment property policy
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined periodically by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.
Revenue recognition policy
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.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
6.Employee information

20232022
Average number of employees during the year00
7.Investment property
In the opinion of the Director, the two investment properties have decreased in value by £32,800 during the year due. No independent valuation of the properties has been carried out.

£
Fair value at 01 February 22410,000
Fair value adjustments(32,800)
At 31 January 23377,200
8.Creditors or instalments due after 5 years
The Company has mortgages outstanding secured by fixed charges over its investment properties. The mortgages total £270,156 on an interest only repayment basis, the capital being due for repayment in 2046.
9.Description of nature of transactions and balances with related parties
The Company has borrowed £107,659 (2022: £108,369) from a company with a common director and common beneficial shareholder. The loan is unsecured and is shown in creditors due after one year. Interest is payable at a rate of 4.5% per annum.
10.Debtors

2023

2022

££
Trade debtors / trade receivables-1,750
Amounts owed by group undertakings11
Prepayments and accrued income1,8341,486
Total1,8353,237
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.
11.Creditors within one year

2023

2022

££
Trade creditors / trade payables5,0903,814
Taxation and social security319-
Accrued liabilities and deferred income1,2011,200
Total6,6105,014
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.
12.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts270,156270,156
Amounts owed to related parties112,519108,369
Total382,675378,525