Registered number
01124075
Oldfield Developments Limited
Filleted Accounts
31 July 2024
Oldfield Developments Limited
Registered number: 01124075
Balance Sheet
as at 31 July 2024
Notes 2024 2023
Fixed assets
Tangible assets 3 95,000 95,000
Investments 4 11,916 8,988
106,916 103,988
Current assets
Stocks 10,000 10,000
Debtors 5 231 176
Cash at bank and in hand 8,827 10,468
19,058 20,644
Creditors: amounts falling due within one year 6 (30,480) (27,922)
Net current liabilities (11,422) (7,278)
Total assets less current liabilities 95,494 96,710
Provisions for liabilities (7,733) (7,177)
Net assets 87,761 89,533
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 86,761 88,533
Shareholder's funds 87,761 89,533
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her 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.
Mrs J Oldfield
Director
Approved by the board on 14 October 2024
Oldfield Developments Limited
Notes to the Accounts
for the year ended 31 July 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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment properties
Investment properties are carried at fair value determined annually by external valuers or the directors and derived from the current market rents and investment property yields for comparable properties, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss. No depreciation is provided on investment proprties.
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, 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Investment properties
Fair value
At 1 August 2023 95,000
At 31 July 2024 95,000
Depreciation
At 31 July 2024 -
Net book value
At 31 July 2024 95,000
At 31 July 2023 95,000
Freehold land and buildings: 2024 2023
Historical cost 36,635 36,635
Cumulative depreciation based on historical cost - -
36,635 36,635
4 Investments
Other
investments
Fair value
At 1 August 2023 8,988
Revaluation 2,928
At 31 July 2024 11,916
Historical cost
At 1 August 2023 5,842
At 31 July 2024 5,842
5 Debtors 2024 2023
Other debtors 231 176
6 Creditors: amounts falling due within one year 2024 2023
Taxation and social security costs 1,244 567
Other creditors 29,236 27,355
30,480 27,922
7 Controlling party
Mrs J Oldfield, the director, is the controlling party.
8 Other information
Oldfield Developments Limited is a private company limited by shares and incorporated in England. Its registered office is:
20a Racecommon Road
Barnsley
South Yorkshire
S70 1BH
Oldfield Developments Limited 01124075 false 2023-08-01 2024-07-31 2024-07-31 VT Final Accounts July 2024 Mrs J Oldfield No description of principal activity 01124075 2022-08-01 2023-07-31 01124075 core:WithinOneYear 2023-07-31 01124075 core:ShareCapital 2023-07-31 01124075 core:RetainedEarningsAccumulatedLosses 2023-07-31 01124075 2023-08-01 2024-07-31 01124075 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 01124075 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 01124075 bus:Director40 2023-08-01 2024-07-31 01124075 1 2023-08-01 2024-07-31 01124075 2 2023-08-01 2024-07-31 01124075 countries:England 2023-08-01 2024-07-31 01124075 bus:FRS102 2023-08-01 2024-07-31 01124075 bus:FilletedAccounts 2023-08-01 2024-07-31 01124075 2024-07-31 01124075 core:WithinOneYear 2024-07-31 01124075 core:ShareCapital 2024-07-31 01124075 core:RetainedEarningsAccumulatedLosses 2024-07-31 01124075 core:LandBuildings 2024-07-31 01124075 core:RevaluationsIncreaseDecreaseInInvestments 2024-07-31 01124075 2023-07-31 01124075 core:LandBuildings 2023-07-31 iso4217:GBP xbrli:pure