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REGISTERED NUMBER: 03003986 (England and Wales)
























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: Mrs M J Corrie
Mr D M Corrie



SECRETARY: Mrs M J Corrie



REGISTERED OFFICE: Newbiggin Farm
Eller Riggs Brow
Ulverston
Cumbria
LA12 7PD



REGISTERED NUMBER: 03003986 (England and Wales)



BANKERS: National Westminster Bank plc
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 1,052,546 1,127,789
Investments 5 315,414 313,914
1,367,960 1,441,703

CURRENT ASSETS
Debtors 128,138 16,244
Cash at bank and in hand 18,738 8,224
146,876 24,468
CREDITORS
Amounts falling due within one year 130,490 57,555
NET CURRENT ASSETS/(LIABILITIES) 16,386 (33,087 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,384,346

1,408,616

CREDITORS
Amounts falling due after more than one year 330,587 353,805
NET ASSETS 1,053,759 1,054,811

CAPITAL AND RESERVES
Called up share capital 7 100 100
Revaluation reserve 573,967 641,865
Retained earnings 479,692 412,846
SHAREHOLDERS' FUNDS 1,053,759 1,054,811

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 January 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2024 and were signed on its behalf by:





Mr D M Corrie - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on cost
Fixtures and fittings - 10% on cost
Computer equipment - 33% on cost

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 2 (2023 - 2 ) .

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 1,130,835
Disposals (75,000 )
At 31 January 2024 1,055,835
DEPRECIATION
At 1 February 2023 3,046
Charge for year 243
At 31 January 2024 3,289
NET BOOK VALUE
At 31 January 2024 1,052,546
At 31 January 2023 1,127,789

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: £    £   
100 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
£    £   
Mr D M Corrie
Balance outstanding at start of year - -
Amounts advanced 112,299 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 112,299 -

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.