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Registration number: 12830978

OE20 Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2022

 

OE20 Holdings Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

OE20 Holdings Limited

(Registration number: 12830978)
Balance Sheet as at 31 August 2022

Note

2022
£

2021
£

Fixed assets

 

Investment property

4

466,650

1,384,951

Current assets

 

Debtors

5

10,296

30,405

Cash at bank and in hand

 

39,098

5,441

 

49,394

35,846

Creditors: Amounts falling due within one year

6

(145,630)

(364,794)

Net current liabilities

 

(96,236)

(328,948)

Total assets less current liabilities

 

370,414

1,056,003

Creditors: Amounts falling due after more than one year

6

(343,346)

(1,055,700)

Net assets

 

27,068

303

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

26,968

203

Total equity

 

27,068

303

For the financial year ending 31 August 2022 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 December 2023 and signed on its behalf by:
 

Mr J R Higdon
Director

   
     
 

OE20 Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

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:
Winchester House
Deane Gate Avenue
Taunton
Somerset
TA1 2UH

These financial statements were authorised for issue by the Board on 1 December 2023.

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 that as disclosed in the accounting policies certain items are shown at fair value.

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

Going concern

The directors are satisfied that the group will continue to support the company and therefore, the financial statements have been prepared on a going concern basis.

Revenue recognition

Rental income is recognised on a straight line basis over the term of the lease.

Tax

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

The current income 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.

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.

 

OE20 Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 subsequently measured at amortised cost using the effective interest method.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 2 (2021 - 2).

 

OE20 Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

4

Investment properties

2022
£

At 1 September

1,384,951

Disposals

(918,301)

At 31 August

466,650

There has been no valuation of investment property by an independent valuer.

5

Debtors

2022
£

2021
£

Other debtors

3,846

10,224

Prepayments

6,450

20,181

10,296

30,405

6

Creditors

Due within one year

Note

2022
£

2021
£

 

Amounts due to related parties

8

99,427

358,816

Accruals

 

7,287

3,470

Corporation tax liability

38,916

2,508

 

145,630

364,794

Due after one year

 

Loans and borrowings

7

343,346

1,055,700

 

OE20 Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2022

7

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

343,346

1,055,700

Bank borrowings

Bank loans are denominated in GB pounds with a nominal interest rate of 3.49%. The bank loans are not repayable by instalments and are due for repayment on 3 December 2045. The carrying amount at year end is £343,346 (2021 - £1,055,700).

Each bank loan is secured against the freehold property acquired with the proceeds of that particular loan.

8

Related party transactions

Transactions with directors

2022

At 1 September 2021
£

Advances to director
£

Repayments by director
£

At 31 August 2022
£

Interest free loan repayable on demand

7,716

127,313

(135,029)

-

         
       

 

2021

At 21 August 2020
£

Advances to director
£

At 31 August 2021
£

Interest free loan repayable on demand

-

7,716

7,716

       
     

 

Expenditure with and payables to related parties

2022

Parent
£

Amounts payable to related party

99,427

2021

Parent
£

Other related parties
£

Amounts payable to related party

470

358,346

9

Non adjusting events after the financial period

The remaining investment property was sold in February 2023 for £482,500.