Company Registration No. 13552369 (England and Wales)
OLD OAK COMMON HOLDINGS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
OLD OAK COMMON HOLDINGS LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
OLD OAK COMMON HOLDINGS LTD
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
5,800,000
5,800,000
Current assets
Debtors
5
21,031
633,615
Cash at bank and in hand
880,670
23,710
901,701
657,325
Creditors: amounts falling due within one year
6
(158,112)
(140,636)
Net current assets
743,589
516,689
Total assets less current liabilities
6,543,589
6,316,689
Provisions for liabilities
7
(232,000)
(416,422)
Net assets
6,311,589
5,900,267
Capital and reserves
Called up share capital
320,460
320,460
Profit and loss reserves
9
5,991,129
5,579,807
Total equity
6,311,589
5,900,267

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 January 2024 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.

The financial statements were approved by the board of directors and authorised for issue on 2 August 2024 and are signed on its behalf by:
IP Jones
Director
Company registration number 13552369 (England and Wales)
OLD OAK COMMON HOLDINGS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 February 2022
320,460
4,431,008
4,751,468
Year ended 31 January 2023:
Profit and total comprehensive income
-
1,469,259
1,469,259
Dividends
-
(320,460)
(320,460)
Balance at 31 January 2023
320,460
5,579,807
5,900,267
Year ended 31 January 2024:
Profit and total comprehensive income
-
411,322
411,322
Balance at 31 January 2024
320,460
5,991,129
6,311,589
OLD OAK COMMON HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information

Old Oak Common Holdings Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 73-75 Scrubs Lane, London, NW10 6QU.

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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

 

Rental income

 

Revenue from rental income is recognised in accordance with the terms stipulated in the leases with the tenants.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

OLD OAK COMMON HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

OLD OAK COMMON HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation of investment properties

Investment properties are held at fair value and are valued in accordance with FRS 102. Valuations have been made on an open market basis using estimated rental values and also made with reference to market conditions and recent market activity. The directors have reviewed the valuation undertaken in February 2023 and consider the values in the financial statements to be materially correct as at the reporting date.

3
Employees

There were no employees in the company during the current and prior year. There are 3 directors.

4
Investment property
2024
£
Fair value
At 1 February 2023 and 31 January 2024
5,800,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 6th February 2023 by an independent valuer. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors have reviewed this valuation and consider the values in the financial statements to be materially correct as at the reporting date.

 

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
21,031
633,615
OLD OAK COMMON HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
6,608
-
0
Corporation tax
74,971
63,725
Other taxation and social security
21,912
16,300
Other creditors
54,621
60,611
158,112
140,636
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
8
232,000
416,422
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Deferred tax on property
232,000
416,422
2024
Movements in the year:
£
Liability at 1 February 2023
416,422
Credit to profit or loss
(184,422)
Liability at 31 January 2024
232,000
9
Profit and loss reserves

As at 31 January 2024, the Company had distributable profits of £5,023,446 (2023: £4,714,434).

 

 

 

 

 

 

 

 

 

 

OLD OAK COMMON HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
10
Operating lease commitments
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
1,575,000
29,167
11
Related party transactions

During the year the company made payments totalling £14,423 (2023: nil) on behalf of its parent company. As at the reporting date the company was owed £14,423 (2023: nil) by its parent company.

 

 

2024-01-312023-02-01false06 August 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityIP JonesSR AngelP Christensenfalsefalse135523692023-02-012024-01-31135523692024-01-31135523692023-01-3113552369core:CurrentFinancialInstrumentscore:WithinOneYear2024-01-3113552369core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-3113552369core:CurrentFinancialInstruments2024-01-3113552369core:CurrentFinancialInstruments2023-01-3113552369core:ShareCapital2024-01-3113552369core:ShareCapital2023-01-3113552369core:RetainedEarningsAccumulatedLosses2024-01-3113552369core:RetainedEarningsAccumulatedLosses2023-01-3113552369core:ShareCapital2022-01-3113552369core:RetainedEarningsAccumulatedLosses2022-01-3113552369bus:Director12023-02-012024-01-3113552369core:RetainedEarningsAccumulatedLosses2022-02-012023-01-31135523692022-02-012023-01-3113552369core:RetainedEarningsAccumulatedLosses2023-02-012024-01-31135523692023-01-3113552369core:WithinOneYear2024-01-3113552369core:WithinOneYear2023-01-3113552369bus:PrivateLimitedCompanyLtd2023-02-012024-01-3113552369bus:SmallCompaniesRegimeForAccounts2023-02-012024-01-3113552369bus:FRS1022023-02-012024-01-3113552369bus:AuditExemptWithAccountantsReport2023-02-012024-01-3113552369bus:Director22023-02-012024-01-3113552369bus:Director32023-02-012024-01-3113552369bus:FullAccounts2023-02-012024-01-31xbrli:purexbrli:sharesiso4217:GBP