REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30th April 2023 |
for |
TWO OAKS HOLDINGS LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30th April 2023 |
for |
TWO OAKS HOLDINGS LIMITED |
TWO OAKS HOLDINGS LIMITED (REGISTERED NUMBER: 06580954) |
Contents of the Financial Statements |
for the Year Ended 30th April 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
TWO OAKS HOLDINGS LIMITED |
Company Information |
for the Year Ended 30th April 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
41 St Thomas's Road |
Chorley |
Lancashire |
PR7 1JE |
TWO OAKS HOLDINGS LIMITED (REGISTERED NUMBER: 06580954) |
Balance Sheet |
30th April 2023 |
30.4.23 | 30.4.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves |
Retained earnings |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
TWO OAKS HOLDINGS LIMITED (REGISTERED NUMBER: 06580954) |
Balance Sheet - continued |
30th April 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
TWO OAKS HOLDINGS LIMITED (REGISTERED NUMBER: 06580954) |
Notes to the Financial Statements |
for the Year Ended 30th April 2023 |
1. | STATUTORY INFORMATION |
Two Oaks Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue recognition |
Revenue represents the value of amounts received for rents for the total period of property occupation. |
Investment property |
Investment properties are held to earn rentals. They are initially measured at cost, including transaction costs. Subsequently, they are measured at fair value and are based on an open market value. Deferred tax is provided on these movements. Gains and losses arising from changes in the fair values are included in the Statement of Income in the period in which they arise. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Other financial liabilities: |
All the companies financial liabilities fall to be classified as basic financial liabilities under Section 11 of FRS 102 and the company therefore has no other financial instruments. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
TWO OAKS HOLDINGS LIMITED (REGISTERED NUMBER: 06580954) |
Notes to the Financial Statements - continued |
for the Year Ended 30th April 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st May 2022 |
and 30th April 2023 |
NET BOOK VALUE |
At 30th April 2023 |
At 30th April 2022 |
Fair value at 30th April 2023 is represented by: |
£ |
Valuation in 2022 | 138,437 |
Cost | 476,063 |
614,500 |
If the investment property had not been revalued it would have been included at the following historical cost: |
30.4.23 | 30.4.22 |
£ | £ |
Cost | 476,063 | 476,063 |
The investment property was valued on an open market basis on 31st March 2022 by B P Gilkes . |
TWO OAKS HOLDINGS LIMITED (REGISTERED NUMBER: 06580954) |
Notes to the Financial Statements - continued |
for the Year Ended 30th April 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.23 | 30.4.22 |
£ | £ |
Trade debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.23 | 30.4.22 |
£ | £ |
Tax |
Other creditors |
Directors' current accounts | 10,000 | 10,000 |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.23 | 30.4.22 |
£ | £ |
Directors' loan accounts | 462,046 | 435,638 |
8. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The balance of the loan due to the director at the balance sheet date was £472,046 (2022: £445,638). There is no interest payable on this loan and whilst the loan is repayable on demand, the director has confirmed that he will only draw against it when the company can sustain repayment whilst maintaining its trading operations. |
9. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mr C Manning. |