Oakwrench Holdings Ltd 13001693 false 2022-12-01 2023-11-30 2023-11-30 The principal activity of the company is property investment Digita Accounts Production Advanced 6.30.9574.0 true true 13001693 2022-12-01 2023-11-30 13001693 2023-11-30 13001693 bus:OrdinaryShareClass1 2023-11-30 13001693 core:CurrentFinancialInstruments 2023-11-30 13001693 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 13001693 core:Non-currentFinancialInstruments 2023-11-30 13001693 core:Non-currentFinancialInstruments core:AfterOneYear 2023-11-30 13001693 core:OtherRelatedParties 2023-11-30 13001693 bus:SmallEntities 2022-12-01 2023-11-30 13001693 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 13001693 bus:FilletedAccounts 2022-12-01 2023-11-30 13001693 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 13001693 bus:RegisteredOffice 2022-12-01 2023-11-30 13001693 bus:Director1 2022-12-01 2023-11-30 13001693 bus:Director2 2022-12-01 2023-11-30 13001693 bus:OrdinaryShareClass1 2022-12-01 2023-11-30 13001693 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 13001693 core:OtherRelatedParties 2022-12-01 2023-11-30 13001693 countries:England 2022-12-01 2023-11-30 13001693 2022-11-30 13001693 core:OtherRelatedParties 2022-11-30 13001693 2021-12-01 2022-11-30 13001693 2022-11-30 13001693 bus:OrdinaryShareClass1 2022-11-30 13001693 core:CurrentFinancialInstruments 2022-11-30 13001693 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 13001693 core:Non-currentFinancialInstruments 2022-11-30 13001693 core:Non-currentFinancialInstruments core:AfterOneYear 2022-11-30 13001693 core:OtherRelatedParties 2022-11-30 13001693 core:OtherRelatedParties 2021-12-01 2022-11-30 13001693 2021-11-30 13001693 core:OtherRelatedParties 2021-11-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 13001693

Oakwrench Holdings Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Oakwrench Holdings Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Oakwrench Holdings Ltd

Company Information

Directors

R M Wood

A P O'Toole

Registered office

1299-1301 London Road
Leigh-On-Sea
Essex
SS9 2AD

Accountants

Kingswood Chase Consulting Ltd
Accountancy and taxation consultants
DeVine House
1299-1301 London Road
Leigh On Sea
Essex
SS9 2AD

 

Oakwrench Holdings Ltd

(Registration number: 13001693)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

2,325,554

1,285,255

Current assets

 

Debtors

5

36,903

61,407

Cash at bank and in hand

 

6,559

39,793

 

43,462

101,200

Creditors: Amounts falling due within one year

6

(33,233)

(1,097)

Net current assets

 

10,229

100,103

Total assets less current liabilities

 

2,335,783

1,385,358

Creditors: Amounts falling due after more than one year

6

(2,477,226)

(1,464,173)

Net liabilities

 

(141,443)

(78,815)

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

(141,445)

(78,817)

Shareholders' deficit

 

(141,443)

(78,815)

For the financial year ending 30 November 2023 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 11 June 2024 and signed on its behalf by:
 

.........................................
A P O'Toole
Director

 

Oakwrench Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
1299-1301 London Road
Leigh-On-Sea
Essex
SS9 2AD
United Kingdom

These financial statements were authorised for issue by the Board on 11 June 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred 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.

 

Oakwrench Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, 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.

Trade 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

 

Oakwrench Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Investment properties

2023
£

At 1 December

1,285,255

Additions

1,040,299

At 30 November

2,325,554

Investment properties are recorded at cost. All properties were acquired at market value within the last two years and the directors therefore believe that no significant variation in fair value has occurred as at 30 November 2022.

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

5

Debtors

Current

2023
£

2022
£

Other debtors

36,903

61,407

 

36,903

61,407

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

4,005

-

Accruals and deferred income

 

2,671

1,097

Other creditors

 

26,557

-

 

33,233

1,097

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

2,477,226

1,464,173

Creditors include secured bank loans and mortgages not repayable by instalments of £1,217,226 (2022 - £719,173) due after more than five years.

 

Oakwrench Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Creditors also include other loans of £1,260,,000 (2022 - £745,000) expected to be repayable within two to five years.

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

1,217,226

719,173

Other borrowings

1,260,000

745,000

2,477,226

1,464,173

Current loans and borrowings

2023
£

2022
£

Other borrowings

4,005

-

9

Related party transactions

Summary of transactions with other related parties

Wood Holdings Ltd is a company owned by R M Wood and his spouse.
 Wood Holdings Ltd has advanced funds to the company. The amount owing at 30 November 2023 was £1,260,000 (2022 - £745,000)..
 The loans are expected to be repayable within two to five years and interest is payable at 4% per annum.
 

Loans from related parties

2023

Other related parties
£

Total
£

At start of period

745,000

745,000

Advanced

515,000

515,000

Repaid

(44,088)

(44,088)

Interest transactions

44,088

44,088

At end of period

1,260,000

1,260,000

 

Oakwrench Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2022

Other related parties
£

Total
£

At start of period

609,196

609,196

Advanced

145,000

145,000

Repaid

(32,358)

(32,358)

Interest transactions

23,162

23,162

At end of period

745,000

745,000