Registered number
10811477
KINGS OAK ASSET PORTFOLIO LIMITED
Filleted Accounts
30 June 2023
KINGS OAK ASSET PORTFOLIO LIMITED
Registered number: 10811477
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 194,328 126,167
Investments 4 43,300,634 36,300,634
43,494,962 36,426,801
Current assets
Debtors 5 2,863,922 2,459,315
Cash at bank and in hand 29,354 41,729
2,893,276 2,501,044
Creditors: amounts falling due within one year 7 (1,346,394) (1,266,451)
#NAME? 1,546,882 1,234,593
Total assets less current liabilities 45,041,844 37,661,394
Creditors: amounts falling due after more than one year 8 (23,578,943) (22,924,067)
Provisions for liabilities (1,750,000) -
#NAME? 19,712,901 14,737,327
Capital and reserves
Called up share capital 3,719 3,719
Share premium 15,358,462 15,358,462
Non Distributable Reserve 9 5,250,000 -
Profit and loss account (899,280) (624,854)
Shareholders' funds 19,712,901 14,737,327
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr D Khullar
Director
Approved by the board on 2 April 2024
KINGS OAK ASSET PORTFOLIO LIMITED
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2022 22,309 152,500 174,809
Additions 490 186,742 187,232
At 30 June 2023 22,799 339,242 362,041
Depreciation
At 1 July 2022 10,517 119,793 130,310
Charge for the year 2,456 34,947 37,403
At 30 June 2023 12,973 154,740 167,713
Net book value
At 30 June 2023 9,826 184,502 194,328
At 30 June 2022 11,792 32,707 44,499
4 Investments
Other
investments
£
Cost
At 1 July 2022 36,300,634
Revaluation 7,000,000
At 30 June 2023 43,300,634
5 Debtors 2023 2022
£ £
Trade debtors 103,201 79,767
Amounts owed by Associate Companies 2,706,488 2,368,975
Other debtors 54,233 10,573
2,863,922 2,459,315
6 Investments held as current assets 2023 2022
£ £
Fair value
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Unlisted investments 7,000,000 -
7 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 60,245 -
Trade creditors 304,843 250,970
Amounts owed to Associated Companies 878,894 926,271
Taxation and social security costs 535 535
Other creditors 101,877 88,675
1,346,394 1,266,451
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 23,463,675 22,924,067
Obligations under finance lease and hire purchase contracts 115,268 -
23,578,943 22,924,067
9 Non Distributable Reservce 2023 2022
£ £
#NAME? 7,000,000 -
Deferred taxation arising on the revaluation of land and buildings (1,750,000) -
At 30 June 2023 5,250,000 -
10 Related party transactions
During the year under review, the Company provided property management services totalling £ 83,335 to an Associated Company. At the balance sheet date, the company was owed £ 2,706,488.00 by Associated Companies ( 2022 - £ 2,368,975.00) and owed £ 878,784.00 to Associated Companies ( 2022- £ 926,271.00)
11 Other information
KINGS OAK ASSET PORTFOLIO LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
52 High Street
Harrow
HA1 3LL
HA1 3LL
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