Registered number
01789845
OCTAGON PROPERTIES LIMITED
Unaudited Filleted Accounts
31 March 2024
OCTAGON PROPERTIES LIMITED
Registered number: 01789845
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 3,231,130 2,932,462
3,231,130 2,932,462
Current assets
Debtors 4 22,999 14,226
Investments held as current assets 5 400,000 -
Cash at bank and in hand 592,211 777,596
1,015,210 791,822
Creditors: amounts falling due within one year 6 (312,706) (230,027)
Net current assets 702,504 561,795
Total assets less current liabilities 3,933,634 3,494,257
Provisions for liabilities (184,025) (184,025)
Net assets 3,749,609 3,310,232
Capital and reserves
Called up share capital 200 200
Revaluation reserve 7 1,206,971 936,615
Profit and loss account 8 2,542,438 2,373,417
Shareholders' funds 3,749,609 3,310,232
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Y T Watfa
Director
Approved by the board on 23 August 2024
OCTAGON PROPERTIES LIMITED
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover represents rental and service charges received, excluding VAT.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land over 50 years
Leasehold land and buildings over the lease term
Motor Vehicles over 4 years
Investment Properties
Investment Properties for which fair value can be measured reliably without undue cost or effort
are measured at fair value at each reporting date with changes in fair value recognised in profit
or loss.
The method and significant assumptions used to ascertain the fair value at the Balance Sheet
date and fair value movement included in the profit for the year are as follows:
Properties are valued using open market valuation and are conducted by Professional Property
Valuers.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Current Asset Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably or the gain is insignificant, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Investment Properties Leasehold Premises Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 2,595,000 437,505 34,182 3,066,687
Additions/Transfer 412,461 (412,461) 39,421 39,421
Surplus on revaluation 190,969 - - 190,969
Disposals - - (34,182) (34,182)
At 31 March 2024 3,198,430 25,044 39,421 3,262,895
Depreciation
At 1 April 2023 - 100,045 34,180 134,225
Charge for the year - 1,252 9,855 11,107
Surplus on revaluation (79,387) - - (79,387)
On disposals/Transfer 79,387 (79,387) (34,180) (34,180)
At 31 March 2024 - 21,910 9,855 31,765
Net book value
At 31 March 2024 3,198,430 3,134 29,566 3,231,130
At 31 March 2023 2,595,000 337,460 2 2,932,462
Freehold land and buildings: 2024 2023
£ £
Historical cost 1,886,821 1,474,360
Cumulative depreciation based on historical cost - -
1,886,821 1,474,360
Investment Properties were valued in 2018 using open market valuation and conducted by
Professional Property Valuers.
4 Debtors 2024 2023
£ £
Trade debtors 8,096 8,874
Other debtors 14,903 5,352
22,999 14,226
Amounts due after more than one year included above - -
5 Investments held as current assets 2024 2023
£ £
At Cost
UK Fixed Income Securities 200,000 -
UK Short Dated Gilts 200,000 -
400,000 -
The market value at Balance Sheet date of the Investments was £419,886.
6 Creditors: amounts falling due within one year 2024 2023
£ £
Directors' Loan 33,359 22,392
Accruals and deferred income 72,113 103,453
Trade creditors 3,790 513
Taxation and social security costs 54,153 35,039
Other creditors 149,291 68,630
312,706 230,027
7 Revaluation reserve 2024 2023
£ £
At 1 April 2023 936,615 980,780
Gain/(loss) on revaluation of land and buildings 270,356
Deferred taxation arising on the revaluation of land and buildings - (44,165)
At 31 March 2024 1,206,971 936,615
8 Profit and Loss Account 2024 2023
£ £
At 1 April 2023 2,373,417 2,234,590
Profit for the Year 439,377 138,827
Transfer to Revaluation Reserve - Gain on revaluation of
Land & Building (270,356) -
At 31 March 2024 2,542,438 2,373,417
9 Capital commitments
There were no capital commitments 31 March 2024. (31.3.2023 - Nil)
10 Related party transactions
On 29 August 2019, Y T Watfa, transferred his Freehold interest in 11 Elvaston Place, London SW7 5QG to Jett Partners LLP, a Limited Liabilty Partnership incorporated in England. Jett Partners LLP is 100% controlled by Y T Wafa and his immediate family. Rental income paid by the company in the period under review to Jett Partners LLP was £80,000 (2023 - £80,000).
11 Controlling party
The company is controlled by the Director Mr Y T Watfa who together with his immediate family, has 99.5% interest in its share capital.
12 Other information
OCTAGON PROPERTIES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Flat 1
249 Goldhurst Terrace
London
NW6 3EP
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