REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Year Ended 31st October 2023 |
for |
West Ranga (Oakwood) Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
For The Year Ended 31st October 2023 |
for |
West Ranga (Oakwood) Ltd |
West Ranga (Oakwood) Ltd (Registered number: 12985756) |
Contents of the Financial Statements |
For The Year Ended 31st October 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
West Ranga (Oakwood) Ltd |
Company Information |
For The Year Ended 31st October 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
4 Old Market Place |
Ripon |
North Yorkshire |
HG4 1EQ |
West Ranga (Oakwood) Ltd (Registered number: 12985756) |
Balance Sheet |
31st October 2023 |
31.10.23 | 31.10.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
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. |
West Ranga (Oakwood) Ltd (Registered number: 12985756) |
Balance Sheet - continued |
31st October 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
West Ranga (Oakwood) Ltd (Registered number: 12985756) |
Notes to the Financial Statements |
For The Year Ended 31st October 2023 |
1. | STATUTORY INFORMATION |
West Ranga (Oakwood) Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. |
Critical accounting 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. |
The key assumptions concerning the future and other key sources of estimation uncertainty at the |
reporting date that have a significant risk of causing a material adjustment to the carrying amounts of |
assets and liabilities within the next financial year are those used to assess the fair value of the |
investment property at each year end, which are explained in the accounting policy note below. |
Tangible fixed assets |
Plant & equipment - 4 year straight line |
West Ranga (Oakwood) Ltd (Registered number: 12985756) |
Notes to the Financial Statements - continued |
For The Year Ended 31st October 2023 |
2. | ACCOUNTING POLICIES - continued |
Investment property |
The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss. Investment properties are valued using RICS open market valuation on a freehold basis. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are |
recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss |
account in other administrative expenses. |
Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, liabilities that are due after more than 12 months are measured at amortised cost using the effective interest rate method, less impairment. Liabilities that are repayable on demand or within 12 months are reported at transaction price, less impairment. |
Provisions for liabilities |
Provisions for liabilities are recognised when the company has an obligation at the balance sheet date as a result of a past event; it is probable that there will be an outflow of economic benefit to discharge the obligation; and the amount of the obligation can be reliably estimated. Where these criteria are not met, a provision is not recognised in the financial statements but a contingent liability is disclosed if material. Amounts recoverable from third parties are only recognised as assets when the receipt is virtually certain. Provisions are measured at the best estimate of the amount required to settle the obligation at the balance sheet date. The best estimate is the amount which the company would rationally pay to settle the obligation at the balance sheet date. Provisions for liabilities are measured at the present value of the expenditures expected to be required in order to settle the obligation where the effects of the time value of money are material using a pre-tax rate which reflects current market assessments. Increases in the provision at each balance sheet date arising due to the passage of time are recognised in profit or loss as an interest expense. |
Turnover and other income |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade |
discounts. |
Other income relates to rent, other property charges and interest receivable. Rental income and other |
property charges are recognised when the company is entitled to receive income based on the |
contractual agreement in force. Interest income is recognised using the effective interest method. |
Interest payable and similar expenses |
Interest payable and similar charges include loan interest payable and lending charges. Interest |
payable is recognised in profit or loss as accrued, using the effective interest method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
West Ranga (Oakwood) Ltd (Registered number: 12985756) |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1st November 2022 |
Additions |
At 31st October 2023 |
DEPRECIATION |
At 1st November 2022 |
Charge for year |
At 31st October 2023 |
NET BOOK VALUE |
At 31st October 2023 |
At 31st October 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st November 2022 |
and 31st October 2023 |
NET BOOK VALUE |
At 31st October 2023 |
At 31st October 2022 |
West Ranga (Oakwood) Ltd (Registered number: 12985756) |
Notes to the Financial Statements - continued |
For The Year Ended 31st October 2023 |
5. | INVESTMENT PROPERTY - continued |
The investment property is included in the balance sheet at fair value as at 31st October 2023. |
The directors obtained a market valuation of the investment property dated 27th May 2022. The valuation was undertaken by Knight Frank LLP and was prepared in accordance with current RICS Valuation Guidelines. |
The directors consider it appropriate to use the 27th May 2022 market value as the fair value of the investment property at 31 October 2023. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts |
Called up share capital not paid |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Trade creditors |
Corporation Tax |
VAT |
Other creditors |
Accruals and deferred income |
8. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 31.10.23 | 31.10.22 |
value: | £ | £ |
Ordinary share capital | £0.01 | 10 | 10 |
9. | RESERVES |
Retained |
earnings |
£ |
At 1st November 2022 |
Deficit for the year | ( |
) |
At 31st October 2023 |
Included within the retained earnings of £1,120,170 (2022: £1,154,818) are non-distributable reserves of £1,084,315 (2022 :£1,084,315). The non-distributable reserves are comprised of the fair value increase in the investment property of £1,445,753 (2022:£1,445,753) and a related deferred tax provision of £361,438 (2022:£361,438). |
West Ranga (Oakwood) Ltd (Registered number: 12985756) |
Notes to the Financial Statements - continued |
For The Year Ended 31st October 2023 |
10. | SECURITY |
The company has provided security to The Royal Bank of Scotland PLC in relation to loan facilities that the bank has provided to West Ranga Property Group Limited. The security that the company has provided is by way of a charge over the freehold property owned by the company and a floating charge over all the property or undertakings of the company. |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31st October 2023 and 31st October 2022: |
31.10.23 | 31.10.22 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The director's loan is interest free, and is repayable on demand. |
12. | RELATED PARTY DISCLOSURES |
At the year end, a loan of £1,258,692 (2022: £1,352,996) was outstanding to West Ranga Property Group Limited, a company in which the directors are both shareholders and directors. The loan is interest bearing and unsecured. See note 10 for details of security provided by the company in relation to the loans of West Ranga Property Group Limited. |
At the year end, a loan of £10,000 (2022: £10,000) was outstanding to West Ranga (Eurocentral) Limited, a company in which the directors are both shareholders and directors.The loan is interest free and unsecured. |
At the year end, a loan of £992,000 (2022: £992,000) was outstanding to Jalsh Limited, a company in which a director is both sole shareholder and director. |
These three related party loans are repayable on demand and are disclosed as other creditors due within one year. |