Company registration number 11272810 (England and Wales)
OAKMERE ESTATES (NORTH) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
OAKMERE ESTATES (NORTH) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
OAKMERE ESTATES (NORTH) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
1,298,801
1,487,724
Current assets
Debtors
4
850
985
Cash at bank and in hand
184,834
123,981
185,684
124,966
Creditors: amounts falling due within one year
5
(1,465,471)
(592,638)
Net current liabilities
(1,279,787)
(467,672)
Total assets less current liabilities
19,014
1,020,052
Creditors: amounts falling due after more than one year
6
-
0
(1,001,172)
Provisions for liabilities
(8,718)
(2,944)
Net assets
10,296
15,936
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
10,295
15,935
Total equity
10,296
15,936

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 10 November 2023 and are signed on its behalf by:
Mr G  Middlebrook
Director
Company Registration No. 11272810
OAKMERE ESTATES (NORTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Oakmere Estates (North) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Helm Bank, Helm Lane, Natland, Kendal, LA9 7PS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In making this assessment, the directors have given due consideration to the impact of the coronavirus pandemic on the business. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Turnover

Turnover represents amounts receivable for rent net of VAT.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

OAKMERE ESTATES (NORTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
OAKMERE ESTATES (NORTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
3
Investment property
2023
£
Fair value
At 1 April 2022
1,487,724
Additions
99,280
Disposals
(315,000)
Revaluations
26,797
At 31 March 2023
1,298,801

The directors consider this valuation to be a fair indication of the value of the investment properties at 31 March 2023.

4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
850
985
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
777,207
-
0
Trade creditors
249
8
Amounts owed to group undertakings
684,942
583,455
Taxation and social security
-
0
6,025
Other creditors
3,073
3,150
1,465,471
592,638

Bank loans and overdrafts of £777,207 (2022: £Nil) are secured by fixed and floating charges over the assets of the undertaking. While due to expire within one year, the directors expect these to be renewed ahead of the loan expiry date.

6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
-
0
1,001,172

Bank loans and overdrafts of £Nil (2022: £1,001,172) are secured by fixed and floating charges over the assets of the undertaking.

OAKMERE ESTATES (NORTH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1

 

8
Non-distributable profits reserve

FRS102 requires changes in fair value of investment properties to be recognised in the profit and loss account and therefore these gains and losses are now included in the profit and loss reserve.

 

Since these gains and losses have not been realised they are not available for distribution. Total non-distributable reserves for 2023 are £34,873 before taking account of deferred tax.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Jenny McCabe
Statutory Auditor:
MHA Moore and Smalley

 

10
Related party transactions

Gary Middlebrook has provided a guarantee that Oakmere Estates (North) Limited will meet interest payments on its loan with Weatherbys bank.

The company is a wholly owned subsidiary of Oakmere Homes (NorthWest) Limited and in accordance with paragraph 33.1A of FRS102 is therefore not required to disclose transactions with that company and its fellow subsidiaries.

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