REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
OFFICELIFE DEVELOPMENTS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
FOR |
OFFICELIFE DEVELOPMENTS LIMITED |
OFFICELIFE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03003986) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
OFFICELIFE DEVELOPMENTS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JANUARY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
BANKERS: |
113 Dalton Road |
Barrow-in-Furness |
Cumbria |
LA14 1WY |
OFFICELIFE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03003986) |
ABRIDGED BALANCE SHEET |
31 JANUARY 2024 |
31.1.24 | 31.1.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Revaluation reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
OFFICELIFE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03003986) |
ABRIDGED BALANCE SHEET - continued |
31 JANUARY 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
OFFICELIFE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03003986) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JANUARY 2024 |
1. | STATUTORY INFORMATION |
Officelife Developments Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on the going concern basis the directors having agreed to continue to support the company. |
Turnover |
Turnover represents net invoiced rental income as adjusted for accrued income, excluding VAT. |
Investment properties |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
All of the company's properties are held for long-term investment and are included in the Balance Sheet at open market value. The surpluses or deficits on revaluation of freehold properties are transferred to the investment property revaluation reserve. Depreciation is not provided in respect of investment properties which is a departure from the Companies Act 2006. Depreciation if provided would not have been of a material nature. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
OFFICELIFE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03003986) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST OR VALUATION |
At 1 February 2023 |
Disposals | ( |
) |
At 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
Charge for year |
At 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
Cost or valuation at 31 January 2024 is represented by: |
Totals |
£ |
Valuation in 2003 | 107,815 |
Valuation in 2007 | 864,119 |
Valuation in 2008 | (15,733 | ) |
Valuation in 2009 | (115,000 | ) |
Valuation in 2011 | (266,000 | ) |
Valuation in 2012 | 356,295 |
Valuation in 2013 | (190,898 | ) |
Valuation in 2014 | (37,983 | ) |
Valuation in 2019 | (74,750 | ) |
Cost | 427,970 |
1,055,835 |
If investment properties had not been revalued they would have been included at the following historical cost: |
31.1.24 | 31.1.23 |
£ | £ |
Cost | 476,633 | 483,735 |
Investment properties were valued on an open market basis on 31 January 2024 by Mr D M Corrie, director . |
OFFICELIFE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03003986) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
All of the company's properties are held for long-term investment and are included in the Balance Sheet at open market value. The surpluses or deficits on revaluation of freehold properties are transferred to the investment property revaluation reserve. Depreciation is not provided in respect of investment properties which is a departure from the Companies Act 2006. Depreciation if provided would not have been of a material nature. |
The directors consider that their policy is necessary in order that the Financial Statements give a true and fair view. Current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation. |
5. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 February 2023 | 313,914 |
Additions | 1,500 |
At 31 January 2024 | 315,414 |
NET BOOK VALUE |
At 31 January 2024 | 315,414 |
At 31 January 2023 | 313,914 |
6. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.1.24 | 31.1.23 |
£ | £ |
Bank loans | 353,805 | 377,902 |
Together Commercial Finance Limited and National Westminster Bank PLC both hold legal charges over the freehold property owned by the company. |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.1.24 | 31.1.23 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
OFFICELIFE DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03003986) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JANUARY 2024 |
8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 January 2024 and 31 January 2023: |
31.1.24 | 31.1.23 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
During the financial year the director was charged £1,111 interest on the loan which is unsecured and repayable on demand. |
9. | RELATED PARTY DISCLOSURES |
Officelife Developments Limited purchased 50% of the shares in Corrie and Co Limited. Mr D M Corrie a director and shareholder of Officelife Developments Limited owns 50% of Corrie and Co Limited. |
10. | ULTIMATE CONTROLLING PARTY |
The company is controlled by Mr & Mrs D M Corrie. |