REGISTERED NUMBER: |
Financial Statements for the Year Ended 29th November 2023 |
for |
O & C Properties Ltd. |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 29th November 2023 |
for |
O & C Properties Ltd. |
O & C Properties Ltd. (Registered number: 08284708) |
Contents of the Financial Statements |
for the Year Ended 29th November 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
O & C Properties Ltd. |
Company Information |
for the Year Ended 29th November 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
34 - 35 Clarges Street |
Mayfair |
London |
W1J 7EJ |
O & C Properties Ltd. (Registered number: 08284708) |
Balance Sheet |
29th November 2023 |
29/11/23 | 29/11/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 7 |
Retained earnings |
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. |
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 |
O & C Properties Ltd. (Registered number: 08284708) |
Notes to the Financial Statements |
for the Year Ended 29th November 2023 |
1. | STATUTORY INFORMATION |
O & C Properties Ltd. is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net rent, excluding value added tax. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
In accordance with FRS 102 1A no depreciation is provided in respect of freehold properties held as investments. This is a departure from the requirements of the Companies Act 2006 which requires all properties to be depreciated. Such properties are held for investment and not for consumption and the directors consider that to depreciate them would not give a true and fair view. Depreciation is only one of the many elements reflected in the annual valuation of properties and accordingly the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified. The directors consider that this policy results in the financial statements giving a true and fair view. |
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. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
O & C Properties Ltd. (Registered number: 08284708) |
Notes to the Financial Statements - continued |
for the Year Ended 29th November 2023 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 30th November 2022 |
Additions |
At 29th November 2023 |
NET BOOK VALUE |
At 29th November 2023 |
At 29th November 2022 |
Fair value at 29th November 2023 is represented by: |
£ |
Valuation in 2015 | 7,353,000 |
Valuation in 2016 | 2,048,737 |
Valuation in 2017 | 88,254 |
Valuation in 2018 | 304,043 |
Valuation in 2019 | 72,141 |
Valuation in 2020 | 1,126,825 |
Valuation in 2021 | 377,256 |
Valuation in 2023 | 79,000 |
11,449,256 |
If investment properties had not been revalued they would have been included at the following historical cost: |
29/11/23 | 29/11/22 |
£ | £ |
Cost | 10,285,172 | 10,285,172 |
Investment properties were valued on an open market basis on 30th November 2023 by the directors . |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29/11/23 | 29/11/22 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29/11/23 | 29/11/22 |
£ | £ |
Taxation and social security |
Other creditors |
7. | RESERVES |
Fair |
value |
reserve |
£ |
At 30th November 2022 |
and 29th November 2023 |