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COMPANY REGISTRATION NUMBER: 01320686
OZLAND LIMITED
FILLETED FINANCIAL STATEMENTS
31 March 2024
OZLAND LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
2,508,366
2,565,530
Current assets
Stocks
42,666
55,177
Debtors
6
769,060
664,809
Cash at bank and in hand
196,062
249,621
-------------
----------
1,007,788
969,607
Creditors: amounts falling due within one year
7
483,363
512,549
-------------
----------
Net current assets
524,425
457,058
-------------
-------------
Total assets less current liabilities
3,032,791
3,022,588
Creditors: amounts falling due after more than one year
8
413,369
409,128
Provisions
Taxation including deferred tax
9
131,412
140,118
-------------
-------------
Net assets
2,488,010
2,473,342
-------------
-------------
Capital and reserves
Called up share capital
11
42
42
Capital redemption reserve
12
58
58
Other reserves
12
372,200
372,200
Profit and loss account
12
2,115,710
2,101,042
-------------
-------------
Shareholders funds
2,488,010
2,473,342
-------------
-------------
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 statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
OZLAND LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 20 September 2024 , and are signed on behalf of the board by:
T R Choudhary
Director
Company registration number: 01320686
OZLAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL.
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 properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. For this purpose, the directors have considered the adequacy of the company's cash resources covering the period 12 months ahead of the approval of these financial statements. The directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing these financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Property valuations Properties are valued annually at fair value by the directors. Fair value is ascertained through review of a number of factors to include market knowledge and market yields. There is an inevitable degree of judgement involved and value can only ultimately be reliably tested in the market itself.
Turnover and revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Takeaway food service income is recognised when customers' orders are completed and accepted by the customer. Rental income is recognised as accommodation is provided to tenants.
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.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
-
nil
Fixtures & fitting
-
15% reducing balance
Equipment
-
15% reducing balance
The company does not depreciate its freehold properties and although this policy is in accordance with FRS 102, it is a departure from the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors, compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation and the amount in respect of this which might otherwise have been shown cannot be separately identified or quantified.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 100 (2023: 105 ).
5. Tangible assets
Freehold properties
Short leasehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
1,945,000
106,610
425,398
1,207,150
3,684,158
Additions
39,476
39,476
-------------
----------
----------
-------------
-------------
At 31 March 2024
1,945,000
106,610
425,398
1,246,626
3,723,634
-------------
----------
----------
-------------
-------------
Depreciation
At 1 April 2023
106,609
425,398
586,621
1,118,628
Charge for the year
96,640
96,640
-------------
----------
----------
-------------
-------------
At 31 March 2024
106,609
425,398
683,261
1,215,268
-------------
----------
----------
-------------
-------------
Carrying amount
At 31 March 2024
1,945,000
1
563,365
2,508,366
-------------
----------
----------
-------------
-------------
At 31 March 2023
1,945,000
1
620,529
2,565,530
-------------
----------
----------
-------------
-------------
In the opinion of the directors, the carrying value of the property as at 31 March 2024, which is based on the directors' valuation is not significantly different from the open market fair value of the property.
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold properties
£
At 31 March 2024
Aggregate cost
1,560,004
Aggregate depreciation
-------------
Carrying value
1,560,004
-------------
At 31 March 2023
Aggregate cost
1,560,004
Aggregate depreciation
-------------
Carrying value
1,560,004
-------------
6. Debtors
2024
2023
£
£
Trade debtors
33,883
36,004
Amounts owed by group undertakings
509,613
525,470
Prepayments and accrued income
175,000
26,150
Corporation tax repayable
129
6,094
Other debtors
50,435
71,091
----------
----------
769,060
664,809
----------
----------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
23,871
42,743
Trade creditors
302,927
321,224
Social security and other taxes
106,107
11,918
Other creditors
50,458
136,664
----------
----------
483,363
512,549
----------
----------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
413,369
409,128
----------
----------
The bank loans are secured by a legal charge over one of the company's properties.
9. Provisions
Deferred tax (note 10)
£
At 1 April 2023
140,118
Additions
( 8,706)
----------
At 31 March 2024
131,412
----------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 9)
131,412
140,118
----------
----------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
118,615
131,485
Revaluation of tangible assets
12,797
12,797
Unused tax losses
( 4,164)
----------
----------
131,412
140,118
----------
----------
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
42
42
42
42
----
----
----
----
12. Reserves
Other reserves (non-distributable) - This reserve is used to record changes in the fair value of properties, net of deferred tax on property revaluation gains. Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.
13. Contingencies
The company has given guarantees for the bank borrowings of group companies, which amounted to £963,875 (2023: £1,162,791), as at 31 March 2024.
14. Summary audit opinion
The auditor's report dated 20 September 2024 was unqualified .
The senior statutory auditor was Charles Homan , for and on behalf of UHY Hacker Young (S.E.) Limited .
15. Related party transactions
The company paid rent of £nil (2023: £24,650), to a director in respect of premises from which the company trades. During the year, a director rented property from the company to the value of £7,200 (2023: £7,200). At 31 March 2024, creditors included a director's loan account amounting to £nil (2023: £321). The loan is interest free, unsecured and repayable on demand.
16. Controlling party
The company is a 100% subsidiary of TRC Realty Limited, a company incorporated in England & Wales. The ultimate holding company is Ozland Group Limited, a company incorporated in England & Wales. The registered office of Ozland Group Limited is 168 Church Road, Hove, East Sussex BN3 2DL and copies of group accounts can be obtained from Companies House.