Caseware UK (AP4) 2023.0.135 2023.0.135 2023-05-312023-05-31true2022-06-01falseThe principal activity of the company is that of property developers and building contranctors.89trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01554178 2022-06-01 2023-05-31 01554178 2021-06-01 2022-05-31 01554178 2023-05-31 01554178 2022-05-31 01554178 2021-06-01 01554178 c:Director2 2022-06-01 2023-05-31 01554178 d:FurnitureFittings 2022-06-01 2023-05-31 01554178 d:FurnitureFittings 2023-05-31 01554178 d:FurnitureFittings 2022-05-31 01554178 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-06-01 2023-05-31 01554178 d:FreeholdInvestmentProperty 2023-05-31 01554178 d:FreeholdInvestmentProperty 2022-05-31 01554178 d:FreeholdInvestmentProperty 2 2022-06-01 2023-05-31 01554178 d:CurrentFinancialInstruments 2023-05-31 01554178 d:CurrentFinancialInstruments 2022-05-31 01554178 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 01554178 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 01554178 d:ShareCapital 2023-05-31 01554178 d:ShareCapital 2022-05-31 01554178 d:RevaluationReserve 2022-06-01 2023-05-31 01554178 d:RevaluationReserve 2023-05-31 01554178 d:RevaluationReserve 2022-05-31 01554178 d:RetainedEarningsAccumulatedLosses 2022-06-01 2023-05-31 01554178 d:RetainedEarningsAccumulatedLosses 2023-05-31 01554178 d:RetainedEarningsAccumulatedLosses 2022-05-31 01554178 c:OrdinaryShareClass1 2022-06-01 2023-05-31 01554178 c:OrdinaryShareClass1 2023-05-31 01554178 c:OrdinaryShareClass1 2022-05-31 01554178 c:FRS102 2022-06-01 2023-05-31 01554178 c:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 01554178 c:FullAccounts 2022-06-01 2023-05-31 01554178 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 01554178 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 01554178 d:AcceleratedTaxDepreciationDeferredTax 2022-05-31 01554178 d:TaxLossesCarry-forwardsDeferredTax 2023-05-31 01554178 d:TaxLossesCarry-forwardsDeferredTax 2022-05-31 01554178 d:RetirementBenefitObligationsDeferredTax 2023-05-31 01554178 d:RetirementBenefitObligationsDeferredTax 2022-05-31 01554178 d:OtherDeferredTax 2023-05-31 01554178 d:OtherDeferredTax 2022-05-31 01554178 2 2022-06-01 2023-05-31 01554178 6 2022-06-01 2023-05-31 01554178 f:PoundSterling 2022-06-01 2023-05-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01554178










Oakland Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 May 2023

 
Oakland Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Oakland Limited for the year ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Oakland Limited for the year ended 31 May 2023 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Oakland Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Oakland Limited  and state those matters that we have agreed to state to the Board of directors of Oakland Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Oakland Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Oakland Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Oakland Limited. You consider that Oakland Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Oakland Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ
15 February 2024
Page 1

 
Oakland Limited
Registered number: 01554178

Balance sheet
As at 31 May 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,628
3,092

Investments
 5 
255,831
255,831

Investment property
 6 
993,542
804,168

  
1,252,001
1,063,091

Current assets
  

Debtors: amounts falling due within one year
 7 
448,933
470,158

Cash at bank and in hand
  
312,507
26,094

  
761,440
496,252

Creditors: amounts falling due within one year
 8 
(1,628,371)
(1,324,464)

Net current liabilities
  
 
 
(866,931)
 
 
(828,212)

Total assets less current liabilities
  
385,070
234,879

Provisions for liabilities
  

Deferred tax
 9 
(39,132)
-

  
 
 
(39,132)
 
 
-

Net assets
  
345,938
234,879

Page 2

 
Oakland Limited
Registered number: 01554178

Balance sheet (continued)
As at 31 May 2023

2023
2022
£
£

Capital and reserves
  

Called up share capital 
 10 
10,091
10,091

Fair value reserve
 11 
259,209
108,367

Profit and loss account
 11 
76,638
116,421

  
345,938
234,879


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Mrs S F M Evans
Director
Date: 13 February 2024

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
Oakland Limited
 

 
Notes to the financial statements
For the year ended 31 May 2023

1.


General information

Oakland Limited is a private company limited by share capital incorporated in England and Wales. Registered number 01554178.
The address of the registered office is 9 Donnington Park, 85 Birdham Road, Chichester, West Sussex PO20 7AJ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
Oakland Limited
 

 
Notes to the financial statements
For the year ended 31 May 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is charged as follows:

Fixtures and fittings
-
15%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
Oakland Limited
 

 
Notes to the financial statements
For the year ended 31 May 2023

2.Accounting policies (continued)

 
2.7

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the fair value reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
Oakland Limited
 

 
Notes to the financial statements
For the year ended 31 May 2023

2.Accounting policies (continued)

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 9).


4.


Tangible fixed assets





Fixtures and fittings

£



Cost 


At 1 June 2022
14,320



At 31 May 2023

14,320



Depreciation


At 1 June 2022
11,228


Charge for the year on owned assets
464



At 31 May 2023

11,692



Net book value



At 31 May 2023
2,628



At 31 May 2022
3,092

Page 7

 
Oakland Limited
 

 
Notes to the financial statements
For the year ended 31 May 2023

5.


Fixed asset investments





Investments in subsidiary companies
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 June 2022
4,581
251,250
255,831



At 31 May 2023
4,581
251,250
255,831





6.


Investment property


Freehold investment property

£



Valuation


At 1 June 2022
804,168


Surplus on revaluation
189,374



At 31 May 2023
993,542

The 2023 valuations were made by the directors, on an open market value for existing use basis.



At 31 May 2023



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
695,801
695,801

Page 8

 
Oakland Limited
 

 
Notes to the financial statements
For the year ended 31 May 2023

7.


Debtors

2023
2022
£
£


Trade debtors
3,775
-

Amounts owed by group undertakings
179,725
199,449

Other debtors
264,785
269,719

Prepayments and accrued income
648
280

Deferred taxation
-
710

448,933
470,158



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
8,803
1,768

Amounts owed to group undertakings
250,145
218

Amounts owed to other participating interests
1,332,084
1,271,679

Other taxation and social security
3,521
2,496

Other creditors
20,780
35,087

Accruals and deferred income
13,038
13,216

1,628,371
1,324,464


Page 9

 
Oakland Limited
 

 
Notes to the financial statements
For the year ended 31 May 2023

9.


Deferred taxation




2023
2022


£

£






At beginning of year
710
521


Charged to profit or loss
(39,842)
189



At end of year
(39,132)
710

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(657)
(773)

Short term timing differences
57
67

Losses and other deductions
-
1,416

Capital gains
(38,532)
-

(39,132)
710


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



10,091 (2022 - 10,091) Ordinary shares of £1.00 each
10,091
10,091



11.


Reserves

Fair value reserve

The fair value reserve represents the cumulative effect of revaluations and deferred tax movement arising on the on the revaluations of freehold investment properties which are revalued at each reporting date.

Profit and loss account

The profit and loss reserve represents cumulative realisable profits or losses, net of dividends paid and other adjustments.


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £3,874 (2022- £8,200) Contributions totalling £228 (2022 - £269) were payable to the fund at the balance sheet date.


Page 10