Company registration number 06318340 (England and Wales)
OAKMERE HOMES (LONGTOWN) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
OAKMERE HOMES (LONGTOWN) LIMITED
COMPANY INFORMATION
Directors
Mr G Middlebrook
Mr M Wilkinson
Mr A Bourne
Mrs L A Middlebrook
(Appointed 2 February 2023)
Company number
06318340
Registered office
Helm Bank
Helm Lane
Natland
Kendal
LA9 7PS
Auditor
MHA Moore and Smalley
Kendal House
Murley Moss Business Village
Oxenholme Road
Kendal
LA9 7RL
OAKMERE HOMES (LONGTOWN) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of income and retained earnings
7
Balance sheet
8
Notes to the financial statements
9 - 17
OAKMERE HOMES (LONGTOWN) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The directors present the strategic report for the year ended 31 March 2023.

Review of the business

Oakmere Homes (Longtown) Limited have had another successful year providing quality homes in North Lancashire and South Cumbria. Turnover in 2022/​23 has decreased by £3,127,847 from the total of £29,237,288, noting however that other group entities have been utilised for the purpose of ring fencing other sources of development finance.

 

Net assets have increased by some £4,942,777 from £12,075,019 in 2021/​22 as the group continues to trade profitably and identify further efficiencies on its site developments.

 

The group are also pleased to record that all of our houses are sold before practical completion with excellent buyer satisfaction. The company has maintained a strong cash position whilst increasing land in its ownership.

 

The company successfully secured further planning on land in 2022/​23, allowing us to increase sales volume in 2023/​24.

Principal risks and uncertainties

The directors have identified the following principal risks and uncertainties affecting the company:

 

Market risk

 

We believe that our cash reserves are good enough to sustain any slow down in the housing market over the next few years. Planning delays and supplier resources can be a key constraint on increasing delivery.

 

Base Rate and Cost of Living

The recent increases in the Bank of England base rate and Cost of Living relating to energy, fuel and inflation are being closely monitored however as the company is building quality homes in desirable locations where there is a housing need we are pleased to report that there has been no adverse effect on trading.

Key performance indicators

The company monitors its performance using a number of measures. These include.

 

Measure                    2023            2022

Turnover                        £26.1m            £29.2m    

Gross profit                    £6.4m            £7.8m

 

            

We control our costs carefully although not at the expense of providing a quality product which is the most important part of our success and results in excellent sales rates.

On behalf of the board

Mr G Middlebrook
Director
10 November 2023
OAKMERE HOMES (LONGTOWN) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2023.

Principal activities

The principal activity of the company continued to be that of house building.

Results and dividends

The results for the year are set out on page 7.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr G Middlebrook
Mr M Wilkinson
Mr A Bourne
Mrs L A Middlebrook
(Appointed 2 February 2023)
Future developments

Factors impacting the future development of the company are included within the strategic report.

Auditor

MHA Moore and Smalley were appointed auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr G Middlebrook
Director
10 November 2023
OAKMERE HOMES (LONGTOWN) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OAKMERE HOMES (LONGTOWN) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF OAKMERE HOMES (LONGTOWN) LIMITED
- 4 -
Opinion

We have audited the financial statements of Oakmere Homes (Longtown) Limited (the 'company') for the year ended 31 March 2023 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

OAKMERE HOMES (LONGTOWN) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF OAKMERE HOMES (LONGTOWN) LIMITED
- 5 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, are detailed below:

OAKMERE HOMES (LONGTOWN) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF OAKMERE HOMES (LONGTOWN) LIMITED
- 6 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.

Jenny McCabe
Senior Statutory Auditor
For and on behalf of MHA Moore and Smalley
Chartered Accountants
Statutory Auditor
Kendal House
Murley Moss Business Village
Oxenholme Road
Kendal
LA9 7RL
13 November 2023
OAKMERE HOMES (LONGTOWN) LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
26,109,441
29,237,288
Cost of sales
(19,749,566)
(21,483,628)
Gross profit
6,359,875
7,753,660
Administrative expenses
(101,242)
(2,570,614)
Operating profit
4
6,258,633
5,183,046
Interest receivable and similar income
7
51,572
175,442
Interest payable and similar expenses
8
(188,088)
(151,972)
Profit before taxation
6,122,117
5,206,516
Tax on profit
9
(1,179,340)
(956,275)
Profit for the financial year
4,942,777
4,250,241
Retained earnings brought forward
12,075,018
7,824,777
Retained earnings carried forward
17,017,795
12,075,018

The profit and loss account has been prepared on the basis that all operations are continuing operations.

OAKMERE HOMES (LONGTOWN) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
10
69
69
Current assets
Stocks
12
15,660,473
14,345,956
Debtors
13
336,847
179,640
Cash at bank and in hand
7,799,133
5,241,506
23,796,453
19,767,102
Creditors: amounts falling due within one year
14
(2,660,050)
(4,341,440)
Net current assets
21,136,403
15,425,662
Total assets less current liabilities
21,136,472
15,425,731
Creditors: amounts falling due after more than one year
15
(4,118,676)
(3,350,712)
Net assets
17,017,796
12,075,019
Capital and reserves
Called up share capital
18
1
1
Profit and loss reserves
17,017,795
12,075,018
Total equity
17,017,796
12,075,019

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.true

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 number 06318340 (England and Wales)
OAKMERE HOMES (LONGTOWN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
1
Accounting policies
Company information

Oakmere Homes (Longtown) 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.

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. 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 land & property and management fees, net of VAT, to the extent that the company has a right to consideration arising from the performance of its contractual arrangements. Land & property sales are recognised on legal completion. Sales extras are recognised on the date of invoice after the work is completed.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

OAKMERE HOMES (LONGTOWN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 10 -

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Stocks

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

 

Work in progress is valued at the lower of cost and net realisable value. Cost includes all direct costs and an appropriate proportion of overhead expenditure.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

OAKMERE HOMES (LONGTOWN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 11 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

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

Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes.

 

Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods where the timing differences will reverse. Deferred tax assets are recognised only to the extent that the directors consider it more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

OAKMERE HOMES (LONGTOWN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 12 -
1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Work in progress

Work in progress is calculated based on costs incurred to date less costs of sales completions. An assessment of overall projects is performed regularly by the company's professionally qualified Quantity Surveyor.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Property sales
26,109,441
29,234,002
Services
-
3,286
26,109,441
29,237,288
2023
2022
£
£
Other revenue
Interest income
51,572
469
Dividends received
-
174,973
OAKMERE HOMES (LONGTOWN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
4
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
4,883
4,650
5
Employees

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

2023
2022
Number
Number
3
3

Their aggregate remuneration comprised:

2023
2022
£
£
Pension costs
40,000
-
0
6
Directors' remuneration
2023
2022
£
£
Company pension contributions to defined contribution schemes
40,000
-
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
51,572
469
Income from fixed asset investments
Income from shares in group undertakings
-
0
174,973
Total income
51,572
175,442
8
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
188,088
151,972
OAKMERE HOMES (LONGTOWN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 14 -
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,163,202
955,993
Adjustments in respect of prior periods
16,138
282
Total current tax
1,179,340
956,275

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
6,122,117
5,206,516
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
1,163,202
989,238
Tax effect of income not taxable in determining taxable profit
-
0
(33,245)
Adjustments in respect of prior years
16,138
282
Taxation charge for the year
1,179,340
956,275
10
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
11
69
69
11
Subsidiaries

Details of the company's subsidiaries at 31 March 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Oakmere Homes (Furness) Limited
England
Ordinary
69.00
OAKMERE HOMES (LONGTOWN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 15 -
12
Stocks
2023
2022
£
£
Work in progress
14,570,473
14,070,956
Finished goods and goods for resale
1,090,000
275,000
15,660,473
14,345,956
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
10,577
26,114
Amounts owed by group undertakings
223,817
76,919
Other debtors
102,453
76,607
336,847
179,640
14
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
16
1,200,000
1,204,193
Other borrowings
16
-
0
1,295,112
Trade creditors
2,400
3,288
Amounts owed to group undertakings
-
0
292,819
Corporation tax
688,202
755,993
Other creditors
15,500
783,835
Accruals and deferred income
753,948
6,200
2,660,050
4,341,440

Bank loans and overdrafts of £1,200,000 (2022: £1,204,193) are secured by first legal charge over certain properties of the company and by a debenture over all assets of the undertaking.

 

Other borrowings of £Nil (2022: £1,295,112) are secured by a charge over the land the borrowings relate to. The loan is repayable by instalments as and when properties are sold. The directors have estimated the number of properties likely to be sold within 12 months and have disclosed that proportion of the loan as due within one year. The remainder of the loan is shown within creditors falling due outside one year.

15
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
16
4,118,676
3,350,712
OAKMERE HOMES (LONGTOWN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
15
Creditors: amounts falling due after more than one year
(Continued)
- 16 -

Bank loans and overdrafts of £4,118,676 (2022: £3,350,712) are secured by first legal charge over certain properties of the company and by a debenture over all assets of the undertaking.

16
Loans and overdrafts
2023
2022
£
£
Bank loans
5,318,676
4,554,905
Other loans
-
0
1,295,112
5,318,676
5,850,017
Payable within one year
1,200,000
2,499,305
Payable after one year
4,118,676
3,350,712

 

17
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
40,000
-

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

18
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
OAKMERE HOMES (LONGTOWN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 17 -
19
Financial commitments, guarantees and contingent liabilities

The following securities are held in favour of Handelsbanken:

 

- £350,000 guarantee dated 02/06/2016 from one of the company's directors.

 

- Cross company guarantee dated 01/04/2019 between the company and Oakmere Estates (South) Limited. The bank indebtedness of Oakmere Estates (South) Limited as at 31 March 2023 was £1,879,667.

 

- Deed of Postponement and Subordination of £2,500,000 from Oakmere Homes (NorthWest) Limited.

 

All guarantees have been terminated post year end, with the exception of the one from the company's directors.

 

20
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Sales
2023
2022
£
£
Entities over which the entity has control, joint control or significant influence
-
0
3,286
Dividends received
2023
2022
£
£
Entities over which the entity has control, joint control or significant influence
-
174,973

The following amounts were outstanding at the reporting end date:

Other information

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 subsidiary.

 

 

 

 

 

 

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