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Registration number: 10498686

21/27 Oxford Street Limited

Unaudited Financial Statements

31 March 2024

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21/27 Oxford Street Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
21/27 Oxford Street Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of 21/27 Oxford Street Limited for the year ended 31 March 2024 as set out on pages 2 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of 21/27 Oxford Street Limited, as a body, in accordance with the terms of our engagement letter dated 1 February 2024. Our work has been undertaken solely to prepare for your approval the accounts of 21/27 Oxford Street Limited and state those matters that we have agreed to state to the Board of Directors of 21/27 Oxford Street Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than 21/27 Oxford Street Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that 21/27 Oxford Street Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of 21/27 Oxford Street Limited. You consider that 21/27 Oxford Street Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of 21/27 Oxford Street Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

30 August 2024

 

21/27 Oxford Street Limited

(Registration number: 10498686)
Balance Sheet as at 31 March 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Investment property

4

440,000

422,247

Current assets

 

Debtors

5

1,792

-

Cash at bank and in hand

 

9,675

9,761

 

11,467

9,761

Creditors: Amounts falling due within one year

6

(89,697)

(90,479)

Net current liabilities

 

(78,230)

(80,718)

Total assets less current liabilities

 

361,770

341,529

Creditors: Amounts falling due after more than one year

6

(197,525)

(217,181)

Provisions for liabilities

(9,110)

(5,922)

Net assets

 

155,135

118,426

Capital and reserves

 

Allotted, called up and fully paid share capital

400

400

Capital redemption reserve

400

400

Non-distributable reserve

 

32,331

17,766

Profit and loss account

122,004

99,860

Total equity

 

155,135

118,426

 

21/27 Oxford Street Limited

(Registration number: 10498686)
Balance Sheet as at 31 March 2024 (continued)

For the financial year ending 31 March 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 August 2024 and signed on its behalf by:
 

.........................................

P N Tupman

Company secretary and director

 

21/27 Oxford Street Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
25/26 Church Street
WHITEHAVEN
CA28 7EB

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company has net current liabilities at 31 March 2024 and meets its day to day working capital requirements through financial support from its directors by way of short term loans. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its directors, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

Reclassification of comparative amounts

The directors have considered the disclosure of the comparative figures and made adjustments in order to more accurately reflect the transactions undertaken. There has been no impact on profit for the prior year.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

 

21/27 Oxford Street Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

 

21/27 Oxford Street Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

21/27 Oxford Street Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Investment properties

£

At 1 April 2023

422,247

Fair value adjustments

17,753

At 31 March 2024

440,000


The investment properties were revalued by Walton Goodland Chartered Surveyors on 1 March 2024.

5

Debtors

2024
£

2023
£

Trade debtors

1,083

-

Other debtors

709

-

1,792

-

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

80,559

79,680

Trade creditors

 

-

456

Taxation and social security

 

-

960

Corporation tax liability

 

7,338

6,781

Other creditors

 

1,800

2,602

 

89,697

90,479

Due after one year

 

Loans and borrowings

8

197,525

217,181

 

21/27 Oxford Street Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

7

Reserves

A reconciliation of the opening and closing non-distributable reserve for the current year is as follows:

Non-distributable reserve
£

Brought forward

17,766

Transfer

17,753

Other movement

-

Deferred tax

(3,188)

Carried forward

32,331

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

20,059

19,180

Other borrowings

60,500

60,500

80,559

79,680

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

20,059

19,180

Bank borrowings are secured by a fixed charge over the company's investment property.

 

21/27 Oxford Street Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

197,525

217,181

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

197,525

217,181

Bank borrowings are secured by a fixed charge over the company's investment property.

9

Non adjusting events after the financial period

Since the year end the company has disposed of all its investment properties and repaid all bank loans with a view to winding up the company.