Oxford & Witney Factors (2018) Limited 11457479 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is other letting and operating own or leased real estate. Digita Accounts Production Advanced 6.30.9574.0 true true 11457479 2022-08-01 2023-07-31 11457479 2023-07-31 11457479 core:CurrentFinancialInstruments 2023-07-31 11457479 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 11457479 core:Non-currentFinancialInstruments 2023-07-31 11457479 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 11457479 bus:SmallEntities 2022-08-01 2023-07-31 11457479 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 11457479 bus:FullAccounts 2022-08-01 2023-07-31 11457479 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 11457479 bus:RegisteredOffice 2022-08-01 2023-07-31 11457479 bus:Director3 2022-08-01 2023-07-31 11457479 bus:Director4 2022-08-01 2023-07-31 11457479 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 11457479 core:OtherRelatedParties 2022-08-01 2023-07-31 11457479 countries:EnglandWales 2022-08-01 2023-07-31 11457479 2022-07-31 11457479 2021-08-01 2022-07-31 11457479 2022-07-31 11457479 core:CurrentFinancialInstruments 2022-07-31 11457479 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 11457479 core:Non-currentFinancialInstruments 2022-07-31 11457479 core:Non-currentFinancialInstruments core:AfterOneYear 2022-07-31 iso4217:GBP xbrli:pure

Registration number: 11457479

Prepared for the registrar

Oxford & Witney Factors (2018) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Oxford & Witney Factors (2018) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Oxford & Witney Factors (2018) Limited

Company Information

Directors

E W Denton

S Denton

Registered office

8 Grove Street
Oxford
OX2 7JT

Accountants

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Oxford & Witney Factors (2018) Limited

(Registration number: 11457479)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

4,530,000

4,687,000

Current assets

 

Debtors

5

42,254

34,380

Cash at bank and in hand

 

2,377,960

2,141,396

 

2,420,214

2,175,776

Creditors: Amounts falling due within one year

6

(104,709)

(92,668)

Net current assets

 

2,315,505

2,083,108

Total assets less current liabilities

 

6,845,505

6,770,108

Creditors: Amounts falling due after more than one year

6

(4,607,586)

(4,607,586)

Deferred tax liabilities

 

(132,000)

-

Net assets

 

2,105,919

2,162,522

Capital and reserves

 

Called up share capital

100

100

Share premium reserve

1,405,902

1,405,902

Revaluation reserve

396,000

-

Profit and loss account

303,917

756,520

Shareholders' funds

 

2,105,919

2,162,522

For the financial year ending 31 July 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.

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 February 2024 and signed on its behalf by:
 


S Denton
Director

 

Oxford & Witney Factors (2018) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
8 Grove Street
Oxford
OX2 7JT

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's current forecasts and projections, together with the facilities available to the company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Revenue recognition

Turnover comprises the fair value of the rent received or receivable in respect of the investment property in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period is current year corporation tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Oxford & Witney Factors (2018) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from tenants for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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 profit and loss account 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Oxford & Witney Factors (2018) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
 

 

3

Staff numbers

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

 

4

Investment properties

£

At 1 August 2022

4,687,000

Fair value adjustments

(157,000)

At 31 July 2023

4,530,000

At 31 July 2023, the investment properties were revalued by the director and the original cost was £4,687,000 (2022: £4,687,000).

 

5

Debtors

2023
 £

2022
 £

Trade debtors

38,845

31,415

Prepayments

3,409

2,965

 

42,254

34,380

 

Oxford & Witney Factors (2018) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

 

6

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

7

7,970

7,970

Social security and other taxes

 

5,676

5,707

Other creditors

 

24,725

24,725

Accrued expenses

 

3,490

2,000

Corporation tax liability

62,848

52,266

 

104,709

92,668

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

4,607,586

4,607,586

 

7

Loans and borrowings

Note

2023
£

2022
£

Current loans and borrowings

Other borrowings

8

7,970

7,970

Note

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

8

4,607,586

4,607,586

The loan is unsecured.

 

8

Related party transactions

Summary of transactions with other related parties

At 31 July 2023 the company owed £4,615,556 (2022: £4,615,556) to the directors in the form of a directors' loan account. No interest was charged on this balance and £4,607,586 of the loan is repayable by 31 July 2038.