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REGISTERED NUMBER: 04954220 (England and Wales)















Oaktower Properties Limited

Unaudited Financial Statements

for the Year Ended 30 November 2023






Oaktower Properties Limited (Registered number: 04954220)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 3


Oaktower Properties Limited

Company Information
for the Year Ended 30 November 2023







DIRECTOR: M G Williams



REGISTERED OFFICE: 4 King Square
Bridgwater
Somerset
TA6 3YF



REGISTERED NUMBER: 04954220 (England and Wales)



ACCOUNTANTS: Maxwells
Chartered Accountants
4 King Square
Bridgwater
Somerset
TA6 3YF



BANKERS: National Westminster Bank plc
9 York Buildings
Cornhill
Bridgwater
Somerset
TA6 3BU

Oaktower Properties Limited (Registered number: 04954220)

Abridged Statement of Financial Position
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 511,135 473,451

CURRENT ASSETS
Cash at bank 718 3,591

CREDITORS
Amounts falling due within one year 652,830 602,326
NET CURRENT LIABILITIES (652,112 ) (598,735 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(140,977

)

(125,284

)

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings (140,987 ) (125,294 )
SHAREHOLDERS' FUNDS (140,977 ) (125,284 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Financial Position for the year ended 30 November 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 director and authorised for issue on 29 August 2024 and were signed by:





M G Williams - Director


Oaktower Properties Limited (Registered number: 04954220)

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

1. STATUTORY INFORMATION

Oaktower Properties 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis which assumes the continuing support of the director and the company's bankers.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - not provided

In accordance with Financial Reporting Standard 102, no depreciation is provided on investment properties. This departure from the the requirements of the Companies Act 2006 for all properties to be depreciated is, in the opinion of the directors, necessary for the financial statements to give a true and fair view in accordance with applicable accounting standards, as properties are included at their open market value and so therefore, their fair values, though no formal valuation took place in the year, as it is considered by the directors that it would be unlikely to result in any significant changes to the values, and so there would be little to justify the cost of any valuation.

4. EMPLOYEES AND DIRECTORS

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

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 December 2022 473,451
Additions 37,684
At 30 November 2023 511,135
NET BOOK VALUE
At 30 November 2023 511,135
At 30 November 2022 473,451

The director is not aware of any material changes to the valuation of the property hence no adjustment has been made.

Oaktower Properties Limited (Registered number: 04954220)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

6. SECURED DEBTS

The following secured debts are included within creditors:

30.11.23 30.11.22
£    £   
Bank loans 331,320 335,583

The bank loans are secured by charges over the freehold properties, namely 1 St Saviours Avenue, 1 Kingston Mews and 14 Heather Close. The director Michael Williams has in addition to the above, provided a personal guarantee using the properties named 4 and 6 Northgate.

7. ULTIMATE CONTROLLING PARTY

The company was controlled throughout the current and previous period by its director, M G Williams, by virtue
of the fact that he owns the majority of the company's ordinary share capital and has day to day control over the
business.