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REGISTERED NUMBER: 00574352 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST OCTOBER 2023

FOR

OAKFIELD PROPERTIES (HAY MILLS) LIMITED

OAKFIELD PROPERTIES (HAY MILLS) LIMITED (REGISTERED NUMBER: 00574352)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


OAKFIELD PROPERTIES (HAY MILLS) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST OCTOBER 2023







DIRECTORS: Mrs A P Tovey
Mrs S J Volz
Mr M R Meddings



REGISTERED OFFICE: 38 Wichnor Road
Solihull
West Midlands
B92 7PX



REGISTERED NUMBER: 00574352 (England and Wales)



ACCOUNTANTS: Michael Heaven & Associates Limited
Chartered Certified Accountants
47 Calthorpe Road
Edgbaston
BIRMINGHAM
B15 1TH



BANKERS: Santander UK PLC
Customer Service Centre
Bootle
Merseyside
L30 4GB



INCORPORATED: 16th November 1956

OAKFIELD PROPERTIES (HAY MILLS) LIMITED (REGISTERED NUMBER: 00574352)

ABRIDGED BALANCE SHEET
31ST OCTOBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,968 2,135
Investment property 5 2,675,000 2,585,000
2,676,968 2,587,135

CURRENT ASSETS
Debtors 3,302 6,035
Cash at bank and in hand 216,614 197,828
219,916 203,863
CREDITORS
Amounts falling due within one year 83,556 89,836
NET CURRENT ASSETS 136,360 114,027
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,813,328

2,701,162

PROVISIONS FOR LIABILITIES 6 517,253 489,794
NET ASSETS 2,296,075 2,211,368

CAPITAL AND RESERVES
Called up share capital 7 600 600
Undistributable revenue
reserve 1,895,788 1,833,288
Retained earnings 399,687 377,480
SHAREHOLDERS' FUNDS 2,296,075 2,211,368

OAKFIELD PROPERTIES (HAY MILLS) LIMITED (REGISTERED NUMBER: 00574352)

ABRIDGED BALANCE SHEET - continued
31ST OCTOBER 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31st October 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22nd April 2024 and were signed on its behalf by:




Mrs A P Tovey - Director



Mr M R Meddings - Director


OAKFIELD PROPERTIES (HAY MILLS) LIMITED (REGISTERED NUMBER: 00574352)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST OCTOBER 2023


1. STATUTORY INFORMATION

Oakfield Properties (Hay Mills) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Rental income
Turnover represents rental income receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office equipment - 20% Reducing balance

Investment property
Investment properties are properties held to earn rentals and for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans from related parties.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


OAKFIELD PROPERTIES (HAY MILLS) LIMITED (REGISTERED NUMBER: 00574352)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st November 2022 4,112
Additions 325
At 31st October 2023 4,437
DEPRECIATION
At 1st November 2022 1,977
Charge for year 492
At 31st October 2023 2,469
NET BOOK VALUE
At 31st October 2023 1,968
At 31st October 2022 2,135

OAKFIELD PROPERTIES (HAY MILLS) LIMITED (REGISTERED NUMBER: 00574352)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2023


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st November 2022 2,585,000
Revaluations 90,000
At 31st October 2023 2,675,000
NET BOOK VALUE
At 31st October 2023 2,675,000
At 31st October 2022 2,585,000

Freehold land and buildings, which are held as investment properties, are stated at the revalued amount.

In the director's opinion the current carrying value of the investment property is reflective of it's current market value.

Fair value at 31st October 2023 is represented by:
£   
Valuation in 2005 820,106
Valuation in 2010 521,431
Valuation in 2015 315,088
Valuation in 2017 258,997
Valuation in 2019 170,000
Valuation in 2020 162,808
Valuation in 2021 52,563
Valuation in 2022 21,555
Valuation in 2023 90,000
Cost 262,452
2,675,000

6. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 517,253 489,794

OAKFIELD PROPERTIES (HAY MILLS) LIMITED (REGISTERED NUMBER: 00574352)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST OCTOBER 2023


6. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1st November 2022 489,794
Provided during the year 27,459
Balance at 31st October 2023 517,253

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
88 Ordinary A £1 88 88
42 Ordinary B £1 42 42
13 Ordinary C £1 13 13
12 Ordinary D £1 12 12
375 Ordinary E £1 375 375
42 Ordinary F £1 42 42
28 Ordinary G £1 28 28
600 600

8. RELATED PARTY DISCLOSURES

At the year end the amounts due to the directors totalled £19,332 and the amounts due to shareholders totalled £33,243 . The loans are interest free and repayable on demand.