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 |