Registration number:
Optimum Properties Group Limited
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Optimum Properties Group Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Optimum Properties Group Limited
Company Information
Directors |
L P Crehan J F Crehan |
Registered office |
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Accountants |
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Optimum Properties Group Limited
Statement of Financial Position as at 31 January 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
100 |
1 |
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Retained earnings |
(428,469) |
(334,793) |
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Shareholders' deficit |
(428,369) |
(334,792) |
For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Optimum Properties Group Limited
Statement of Financial Position as at 31 January 2024
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Approved and authorised by the
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L P Crehan
Director
Company registration number: 11161133
Optimum Properties Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of buying and selling of own real estate..
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The company made a loss for the year ended 31 January 2024 and had net liabilities of £428,369 at that date, including cash at bank of £107,138.
The company purchased two additional investment properties in the year. Due to these large capital outlays, the company has continued to make losses in the current year. One of the properties now generates rental income, and it is expected that the remaining properties will generate income in the year ending 31 January 2025. Furthermore, the directors have the personal finances to continue investment into the company.
The company now has mortgages secured over four of the six investment properties. These mortgages have provided the company with additional working capital to fund its day to day operations.
On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Optimum Properties Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the rents charged to tenants of the investment properties in the ordinary course of the company’s activities on a time apportioned basis.
Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured, it is probable that
future economic benefits will flow to the entity and specific criteria have been met for the company's activities.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
25% straight line |
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Optimum Properties Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Optimum Properties Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Staff numbers |
The average number of persons employed by the company during the year, was
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 February 2023 |
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Additions |
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At 31 January 2024 |
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Depreciation |
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At 1 February 2023 |
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Charge for the year |
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At 31 January 2024 |
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Carrying amount |
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At 31 January 2024 |
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At 31 January 2023 |
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Investment properties |
2024 |
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At 1 February |
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Additions |
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Fair value adjustments |
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At 31 January |
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The directors' fair value assessment of its six investment properties is based on the purchase price of each property. Two properties have been purchased during the year.
The directors have considered the current market and they believe that market prices have not significantly changed since they originally purchased their portfolio of properties and consider their purchase price to be an
appropriate fair value at the end of the current year.
Optimum Properties Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Investments |
2024 |
2023 |
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Investments in subsidiaries |
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Investments in associates |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 February 2023 |
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Carrying amount |
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At 31 January 2024 |
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At 31 January 2023 |
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Associates |
£ |
Cost |
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At 1 February 2023 |
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Additions |
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At 31 January 2024 |
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Carrying amount |
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At 31 January 2024 |
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At 31 January 2023 |
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During the year the company invested further funds into Above The Coconuts PMA, an overseas property development company of which it owns 25%.
Debtors |
Note |
2024 |
2023 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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Deferred tax assets |
144,659 |
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Optimum Properties Group Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Loans and borrowings |
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Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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The bank borrowings relate to mortgages secured on investment properties held by the company.
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
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Not later than one year |
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Later than one year and not later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £