2 false false false false false false false false false false true false false false false false false No description of principal activity 2022-12-01 Sage Accounts Production Advanced 2023 - FRS102_2023 607,389 110,557 27,054 745,000 745,000 607,389 xbrli:pure xbrli:shares iso4217:GBP 13759770 2022-12-01 2023-11-30 13759770 2023-11-30 13759770 2022-11-30 13759770 2021-11-23 2022-11-30 13759770 2022-11-30 13759770 2021-11-22 13759770 bus:OrdinaryShareClass1 2022-12-01 2023-11-30 13759770 bus:Director2 2022-12-01 2023-11-30 13759770 core:WithinOneYear 2023-11-30 13759770 core:WithinOneYear 2022-11-30 13759770 core:AfterOneYear 2023-11-30 13759770 core:AfterOneYear 2022-11-30 13759770 core:ShareCapital 2023-11-30 13759770 core:ShareCapital 2022-11-30 13759770 core:RetainedEarningsAccumulatedLosses 2023-11-30 13759770 core:RetainedEarningsAccumulatedLosses 2022-11-30 13759770 core:CostValuation core:Non-currentFinancialInstruments 2022-11-30 13759770 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-11-30 13759770 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2023-11-30 13759770 core:CostValuation core:Non-currentFinancialInstruments 2023-11-30 13759770 core:Non-currentFinancialInstruments 2023-11-30 13759770 core:Non-currentFinancialInstruments 2022-11-30 13759770 bus:SmallEntities 2022-12-01 2023-11-30 13759770 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 13759770 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 13759770 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 13759770 bus:AbridgedAccounts 2022-12-01 2023-11-30 13759770 bus:OrdinaryShareClass1 2023-11-30 13759770 bus:OrdinaryShareClass1 2022-11-30 13759770 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-11-30 13759770 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-11-30
COMPANY REGISTRATION NUMBER: 13759770
Oxdale Properties Limited
Filleted Unaudited Abridged Financial Statements
30 November 2023
Oxdale Properties Limited
Abridged Financial Statements
Year Ended 30 November 2023
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
Oxdale Properties Limited
Abridged Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed Assets
Investment property
5
745,000
607,389
Current Assets
Cash at bank and in hand
4,457
10,060
Creditors: amounts falling due within one year
385,369
332,806
---------
---------
Net Current Liabilities
380,912
322,746
---------
---------
Total Assets Less Current Liabilities
364,088
284,643
Creditors: amounts falling due after more than one year
335,434
277,390
Provisions
5,140
---------
---------
Net Assets
23,514
7,253
---------
---------
Capital and Reserves
Called up share capital
7
2
2
Profit and loss account
23,512
7,251
--------
-------
Shareholders Funds
23,514
7,253
--------
-------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
For the 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 abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 30 November 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Oxdale Properties Limited
Abridged Statement of Financial Position (continued)
30 November 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 16 August 2024 , and are signed on behalf of the board by:
Dr K Butcher
Director
Company registration number: 13759770
Oxdale Properties Limited
Notes to the Abridged Financial Statements
Year Ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 91-97 Saltergate, Chesterfield, S40 1LA, England.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis as modified by the revaluation of investment properties measured at fair value through profit and loss. The financial statements are prepared in sterling, which is the functional currency of the entity. All of the members have consented to the preparation of abridged accounts in accordance with Section 444(2A) of the Companies Act 2006.
Revenue recognition
The turnover shown in the profit and loss account represents rents due under operating leases.
Income tax
Current Tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Investments
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Investment property
Investment property
£
Cost
At 1 December 2022
607,389
Additions
110,557
Revaluations
27,054
---------
At 30 November 2023
745,000
---------
Impairment
At 1 December 2022 and 30 November 2023
---------
Carrying amount
At 30 November 2023
745,000
---------
At 30 November 2022
607,389
---------
The fair value of the properties were made in the year by the directors, who have experience in the location and class of properties, on an open market value for existing basis. No further input from an independent valuer was deemed to be required.
6. Secured liabilities
The aggregate amount of secured liabilities, secured on the assets of the company at the year end were £362,169 (2022 : £295,561).
7. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
8. Reserves
Both previous UK GAAP and FRS 102 require investment properties to be stated in the accounts at their current market value, with no annual depreciation charge. However, while previous UK GAAP stipulated that the surplus on revaluation of the property should be held in the revaluation reserve, which is an unrealised surplus that does not form part of the company's distributable reserve. FRS 102 requires that these surpluses, although still not distributable, be charged through the Profit and Loss Account.
Consequently, the Profit and Loss Account reserve at 30 November 2023 includes a non-distributable amount of £21,914 (2022: £NIL).
9. Related party transactions
During the period the company provided and received short and long term loans from related parties. The balances outstanding due from/(to) related parties at 30 November 2023 are as follows:
2023 2022
£ £
Amounts owed to related parties ( 155,000) ( 150,000)