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COMPANY REGISTRATION NUMBER: 08562142
Oasis Fairstead and Mulbarton Limited
Unaudited financial statements
31 December 2023
Oasis Fairstead and Mulbarton Limited
Statement of financial position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
186,872
58,800
Current assets
Debtors
6
287,439
280,531
Creditors: Amounts falling due within one year
7
( 180)
( 550)
---------
---------
Net current assets
287,259
279,981
---------
---------
Total assets less current liabilities
474,131
338,781
Provisions
Taxation including deferred tax
8
( 46,718)
( 14,700)
Other provisions
8
( 28,620)
( 72,870)
-------
-------
(75,338)
(87,570)
Accruals and deferred income
( 2,976)
( 2,736)
---------
---------
Net assets
395,817
248,475
---------
---------
Capital and reserves
Called up share capital
1
1
Revaluation reserve
140,152
44,098
Profit and loss account
255,664
204,376
---------
---------
Shareholders funds
395,817
248,475
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 December 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Oasis Fairstead and Mulbarton Limited
Statement of financial position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 17 September 2024 , and are signed on behalf of the board by:
Mr B J Blake
Director
Company registration number: 08562142
Oasis Fairstead and Mulbarton Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 34-52 Out Westgate, Bury St Edmunds, Suffolk, IP33 3PA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
Estimates and judgements used in preparing the financial statements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition seldom equal the related actual results. Any subsequent changes are accounted for with an effect on income at the time such updated information is available.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of employees during the year was 2 (2022: 2 ).
5. Tangible assets
Freehold property
£
Cost or valuation
At 1 January 2023
58,800
Revaluations
128,072
---------
At 31 December 2023
186,872
---------
Depreciation
At 1 January 2023 and 31 December 2023
---------
Carrying amount
At 31 December 2023
186,872
---------
At 31 December 2022
58,800
---------
At the year end the land has been revalued by the directors to its current market value.
6. Debtors
2023
2022
£
£
Amounts owed by group undertakings
233,947
233,180
Other debtors
53,492
47,351
---------
---------
287,439
280,531
---------
---------
7. Creditors: Amounts falling due within one year
2023
2022
£
£
Trade creditors
180
550
----
----
8. Provisions
Onerous contracts
Deferred tax
Total
£
£
£
At 1 January 2023
72,870
14,700
87,570
Additions
( 42,342)
32,018
( 10,324)
Charge against provision
( 1,908)
( 1,908)
-------
-------
-------
At 31 December 2023
28,620
46,718
75,338
-------
-------
-------
An onerous contract provision has been made to reflect the ongoing costs of maintaining the public open space by multiplying the expected annual cost by 15 years. The directors have chosen 15 years as this is the basis the initial commuted sum from the developer was calculated on.