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Registration number: 07323553

Oakmount (UK) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Oakmount (UK) Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Oakmount (UK) Ltd

(Registration number: 07323553)
Statement of Financial Position as at 30 June 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

4

2,216

2,607

Investment property

5

3,200,000

2,825,889

Debtors

6

2,400,008

2,650,004

 

5,602,224

5,478,500

Current assets

 

Debtors

6

307,501

524,753

Cash at bank and in hand

 

722,985

392,659

 

1,030,486

917,412

Creditors: Amounts falling due within one year

7

(159,215)

(157,197)

Net current assets

 

871,271

760,215

Total assets less current liabilities

 

6,473,495

6,238,715

Creditors: Amounts falling due after more than one year

7

(382,396)

(436,160)

Provisions for liabilities

(33,200)

-

Net assets

 

6,057,899

5,802,555

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

280,583

-

Profit and loss account

5,777,216

5,802,455

Shareholders' funds

 

6,057,899

5,802,555

For the financial year ending 30 June 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.





 

 

Oakmount (UK) Ltd

(Registration number: 07323553)
Statement of Financial Position as at 30 June 2023 (continued)

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 20 November 2023 and signed on its behalf by:
 

.........................................
Mr P Partridge
Director

 

Oakmount (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Plym House
3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

Principal activity

The principal activity of the company is that of a holding company.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Oakmount (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of rental income receivable in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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:

Asset class

Depreciation method and rate

Fittings, fixtures and equipment

15% reducing balance

Impairment

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.

 

Oakmount (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

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 statement of comprehensive income 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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

 

Oakmount (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 July 2022

4,994

4,994

At 30 June 2023

4,994

4,994

Depreciation

At 1 July 2022

2,387

2,387

Charge for the year

391

391

At 30 June 2023

2,778

2,778

Carrying amount

At 30 June 2023

2,216

2,216

At 30 June 2022

2,607

2,607

5

Investment properties

2023
£

At 1 July

2,825,889

Fair value adjustments

374,111

At 30 June

3,200,000

Investment property has been valued at open market value as estimated by the directors.

6

Debtors

Current

2023
£

(As restated)

2022
£

Other debtors

307,501

524,753

 

307,501

524,753

 

Oakmount (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

6

Debtors (continued)


 

Non-current

2023
£

2022
£

Other debtors

2,400,008

2,650,004

 

2,400,008

2,650,004

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

(As restated)

2022
£

Due within one year

 

Loans and borrowings

9

60,000

60,000

Trade creditors

 

5,712

25,598

Taxation and social security

 

7,206

2,798

Accruals and deferred income

 

920

750

Other creditors

 

85,377

68,051

 

159,215

157,197

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

382,396

436,160

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus on investment property

280,583

280,583

 

Oakmount (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023 (continued)

8

Reserves (continued)

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

382,396

436,160

2023
£

2022
£

Current loans and borrowings

Bank borrowings

60,000

60,000

Bank borrowings are secured.

10

Prior year restatement

The comparative figures have been adjusted to reflect the sale of the company's subsidiary, Oakmount Control Systems Ltd, the sale having completed on 30 June 2022.