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South Oxfordshire Crematorium and Memorial Park Limited
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For the year ended 31 December 2023
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Registered number: 08762870
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South Oxfordshire Crematorium and Memorial Park Limited - Registered number:08762870
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Statement of financial position
As at 31 December 2023
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Page 1
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South Oxfordshire Crematorium and Memorial Park Limited - Registered number:08762870
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Statement of financial position (continued)
As at 31 December 2023
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board on 29 August 2024 and were signed on its behalf by:
The notes on pages 3 to 8 form part of these financial statements.
Page 2
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South Oxfordshire Crematorium and Memorial Park Limited
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Notes to the financial statements
For the year ended 31 December 2023
South Oxfordshire Crematorium and Memorial Park Limited is a private company limited by shares and incorporated in England and Wales. Registered number is 08762870. Its registered office is located at The Pool House, Bicester Road, Stratton Audley, Bicester, Oxfordshire, OX27 9BS.
The company's functional and presentational currency is GBP.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
The following principal accounting policies have been applied:
The directors monitor market developments and the potential impact on the company on an ongoing basis and remain confident that the going concern basis of accounting remains appropriate and thus the accounts have been produced on this basis.
Turnover consists of income from the sale of cremation services, memorialisation options, contracts and
other services provided by the crematorium.
Turnover in relation to the provision of services is recognised at the date the service is provided. Turnover
arising from the sale of memorialisation options is recognised at the date of completion of the sale. Turnover
arising from contracts is recognised in accordance with the terms of the specified contract and when the
risks and rewards of ownership have been transferred.
Turnover is accounted for on an accruals basis and where income is received in advance, it is deferred until
the date that it meets the company’s recognition criteria.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Page 3
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South Oxfordshire Crematorium and Memorial Park Limited
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Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment.
Page 4
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South Oxfordshire Crematorium and Memorial Park Limited
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Notes to the financial statements
For the year ended 31 December 2023
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
The company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, redeemable preference shares, loans from
banks, and other third parties.
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Redeemable preference shares
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Redeemable preference shares are recognised as financial liabilities upon issuance and measured at fair value.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Dividends on redeemable preference shares are recognised when they become legally payable and are recognised in interest payable and similar expenses
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The average monthly number of employees, including directors, during the year was 6 (2022 - 5).
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Page 5
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South Oxfordshire Crematorium and Memorial Park Limited
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Notes to the financial statements
For the year ended 31 December 2023
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Included in freehold property is freehold land of £628,484 (2022: £628,484) which is not depreciated.
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Page 6
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South Oxfordshire Crematorium and Memorial Park Limited
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Notes to the financial statements
For the year ended 31 December 2023
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Amounts owed by related companies
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Prepayments and accrued income
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Creditors: amounts falling due within one year
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Amounts owed to related companies
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Other taxation and social security
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Accruals and deferred income
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Creditors: amounts falling due after more than one year
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The other creditors balance relates to 5% redeemable preference shares of £1,200,000. The shares are redeemable 20 years from the date of issue (being 18 December 2033) or earlier at the company's discretion. These shares carry voting rights if the dividends are 90 days in arrears.
During the year, 300,000 (2022: nil) £1 redeemable preference shares were redeemed.
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Page 7
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South Oxfordshire Crematorium and Memorial Park Limited
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Notes to the financial statements
For the year ended 31 December 2023
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Fixed asset timing differences
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At 31 December 2023 and 31 December 2022, Lloyds Bank Plc held fixed and floating charges dated 29 May 2015 covering the property of the company, the outstanding charges contains a negative pledge clause.
At 31 December 2023 and 31 December 2022, the company had no other contingent liabilities.
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The company had no capital commitments at 31 December 2023 or 31 December 2022.
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The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.
The audit report was signed on 29 August 2024 by Philip Westerman (Senior statutory auditor) on behalf of Buzzacott LLP.
Page 8
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