Company registration number 05566505 (England and Wales)
OAKAPPLE COMMERCIAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
OAKAPPLE COMMERCIAL LIMITED
COMPANY INFORMATION
Director
P J Taylor
Company number
05566505
Registered office
1 Worsley Court
High Street
Worsley
Manchester
M28 3NJ
OAKAPPLE COMMERCIAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
OAKAPPLE COMMERCIAL LIMITED
BALANCE SHEET
AS AT
24 AUGUST 2023
24 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
910,000
797,325
Investments
5
2
2
910,002
797,327
Current assets
Debtors
7
71,245
1,001,936
Cash at bank and in hand
15,186
26,228
86,431
1,028,164
Creditors: amounts falling due within one year
8
(28,523)
(177,108)
Net current assets
57,908
851,056
Total assets less current liabilities
967,910
1,648,383
Creditors: amounts falling due after more than one year
9
(672,312)
(1,127,892)
Net assets
295,598
520,491
Capital and reserves
Called up share capital
11
6
6
Profit and loss reserves
295,592
520,485
Total equity
295,598
520,491

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

For the financial year ended 24 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his 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 21 August 2024 and are signed on its behalf by:
P J Taylor
Director
Company Registration No. 05566505
OAKAPPLE COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 AUGUST 2023
- 2 -
1
Accounting policies
Company information

Oakapple Commercial Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Worsley Court, High Street, Worsley, Manchester, M28 3NJ.

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. The principal accounting policies adopted are set out below.

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.

1.2
Going concern

Atruet 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
Reporting period

In the previous period, the Company changed its accounting reference date to 24 August 2022 preparing accounts for an 18 month period.

1.4
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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Turnover represents rentals received on the company's properties.

1.5
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.

OAKAPPLE COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 AUGUST 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Work in progress is valued at the lower of direct costs incurred in respect of properties under development and net realisable value.

1.7
Cash at bank and in hand

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.

1.8
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.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

OAKAPPLE COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 AUGUST 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated 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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
4
Investment property
2023
£
Fair value
At 25 August 2022
-
0
Additions
910,000
At 24 August 2023
910,000

Investment property comprises of land and buildings known as 2-10 Market Square, Shipley. The fair value of the investment property has been arrived at by the directors of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties as at 24 February 2021.

OAKAPPLE COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 AUGUST 2023
- 5 -
5
Fixed asset investments
2023
2022
£
£
Investment in subsidiaries
2
2

 

Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 25 August 2022 & 24 August 2023
2
Carrying amount
At 24 August 2023
2
At 24 August 2022
2
6
Subsidiaries

Details of the company's subsidiaries at 24 August 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Oakapple Homes (Crossley House) Limited
England & Wales
Ordinary
100.00
-
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,233
-
0
Amounts owed by group undertakings
-
0
996,461
Other debtors
30,012
-
0
Prepayments and accrued income
40,000
5,475
71,245
1,001,936
OAKAPPLE COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 AUGUST 2023
- 6 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10
5,736
69,414
Trade creditors
12,045
10,147
Taxation and social security
-
0
6,259
Other creditors
5,400
51,913
Accruals and deferred income
5,342
39,375
28,523
177,108

 

9
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
10
672,312
1,127,892
Amounts included above which fall due after five years are as follows:
Payable by instalments
-
1,042,059
10
Loans and overdrafts
2023
2022
£
£
Bank loans
678,048
1,197,306
Payable within one year
5,736
69,414
Payable after one year
672,312
1,127,892

Bank loans are secured by way of fixed and floating charges over the properties and land owned by the company and it's subsidiary undertakings.

11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
6
6
6
6
OAKAPPLE COMMERCIAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 AUGUST 2023
- 7 -
12
Related party transactions

Oakapple Homes (Crossley House) Limited, fellow subsidiary undertaking. are related parties.

 

By virtue of common directorships and shareholdings Newcastle Clinic Limited, Heavenly Residential Limited, Oakapple Primary Care Properties (Fleetwood) Limited and Oakapple Sweet Street Limited, are related parties.

 

During the year, the following transactions took place:

 

Loan interest of £Nil (2022: £52,657) was recharged to group companies and other related parties.

 

A management charge of £Nil (2022: £Nil) was paid to group companies.

 

At the period end, a balance of £Nil (2022: £996,461) was due from group companies.

 

At the period end, a balance of £29,823 (2022: £Nil) was due from other related parties.

 

At the period end, a balance of £Nil (2022: £46,513) was due to other related parties.

 

The above loans are repayable on demand.

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