Company registration number 06830029 (England and Wales)
OUR PLACE (2008) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
OUR PLACE (2008) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
OUR PLACE (2008) LIMITED
BALANCE SHEET
AS AT 31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,339,923
4,365,910
Investments
5
101
101
4,340,024
4,366,011
Current assets
Debtors
6
1,010,688
49,670
Cash at bank and in hand
-
0
2,487
1,010,688
52,157
Creditors: amounts falling due within one year
7
(2,336,319)
(1,676,213)
Net current liabilities
(1,325,631)
(1,624,056)
Total assets less current liabilities
3,014,393
2,741,955
Creditors: amounts falling due after more than one year
8
(2,448,433)
(2,239,680)
Net assets
565,960
502,275
Capital and reserves
Called up share capital
100
100
Revaluation reserve
9
421,982
421,982
Profit and loss reserves
143,878
80,193
Total equity
565,960
502,275

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

OUR PLACE (2008) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023
31 August 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 March 2024 and are signed on its behalf by:
S Maguinness
Director
Company Registration No. 06830029
OUR PLACE (2008) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information

Our Place (2008) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Orchard, Bransford, Worcestershire, WR6 5JE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings
nil
Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Computers
25% straight line
Motor vehicles
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

 

Changes in the fair value of derivatives that are designed and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

OUR PLACE (2008) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

OUR PLACE (2008) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
3
Employees

Wages costs going through the profit and loss relate to recharges, there are no direct employees.

 

2023
2022
Number
Number
Total
-
0
40
4
Tangible fixed assets
Land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 September 2022
4,244,193
42,400
54,055
40,040
-
0
4,380,688
Additions
-
0
1,260
7,497
3,888
27,667
40,312
Disposals
(38,846)
-
0
-
0
-
0
-
0
(38,846)
At 31 August 2023
4,205,347
43,660
61,552
43,928
27,667
4,382,154
Depreciation and impairment
At 1 September 2022
-
0
6,360
4,387
4,031
-
0
14,778
Depreciation charged in the year
-
0
5,579
8,192
10,831
2,851
27,453
At 31 August 2023
-
0
11,939
12,579
14,862
2,851
42,231
Carrying amount
At 31 August 2023
4,205,347
31,721
48,973
29,066
24,816
4,339,923
At 31 August 2022
4,244,193
36,040
49,668
36,009
-
0
4,365,910
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
101
101
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,010,688
31,161
Other debtors
-
0
18,509
1,010,688
49,670
OUR PLACE (2008) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
267,531
239,930
Trade creditors
-
0
115,786
Amounts owed to group undertakings
1,891,997
1,189,046
Corporation tax
-
0
29,534
Other creditors
176,791
101,917
2,336,319
1,676,213
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
968,433
1,199,680
Other creditors
1,480,000
1,040,000
2,448,433
2,239,680
9
Revaluation reserve
2023
2022
£
£
At the beginning and end of the year
421,982
421,982
10
Parent company

The company has no ultimate controlling party.

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