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Company registration number:
NI692717
Ox Street Limited
Unaudited filleted financial statements
31 January 2024
Ox Street Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Ox Street Limited
Directors and other information
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Directors |
Mr Ian Annesley |
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Mrs Avril Annesley |
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Mr Stuart Annesley |
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Mrs Amy Annesley Pearse |
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Mrs Victoria Annesley Turner |
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Company number |
NI692717 |
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Registered office |
c/o Hill Vellacott |
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22 Great Victoria Street |
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Belfast |
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BT2 7BA |
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Accountants |
Hill Vellacott |
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22 Great Victoria Street |
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Belfast |
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BT2 7BA |
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Report to the board of directors on the preparation of the
unaudited statutory financial statements of
Ox Street Limited
Period ended 31 January 2024
In accordance with the engagement letter dated 18 September 2023, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company for the period ended 31 January 2024 which comprise the statement of financial position and related notes from the company's accounting records and information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements detailed at www.charteredaccountants.ie/Professional-Standards/Home.
This report is made solely to the Company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the Company's Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's Board of Directors, as a body, for our work, or for this report.
We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants Ireland and have complied with the relevant ethical guidance laid down by the Institute of Chartered Accountants Ireland.
You have acknowledged on the balance sheet for the period ended 31 January 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the period.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Hill Vellacott
29 October 2024
22 Great Victoria Street
Belfast
BT2 7BA
Ox Street Limited
Statement of financial position
31 January 2024
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31/01/24 |
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31/03/23 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
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4 |
10,421,931 |
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10,421,931 |
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_______ |
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_______ |
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10,421,931 |
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10,421,931 |
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Current assets |
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Debtors |
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5 |
53,780 |
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110,042 |
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Cash at bank and in hand |
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309,415 |
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- |
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_______ |
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_______ |
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363,195 |
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110,042 |
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Creditors: amounts falling due |
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within one year |
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6 |
(
111,823) |
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(
84,720) |
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_______ |
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_______ |
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Net current assets |
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251,372 |
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25,322 |
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_______ |
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_______ |
Total assets less current liabilities |
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10,673,303 |
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10,447,253 |
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_______ |
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_______ |
Net assets |
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10,673,303 |
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10,447,253 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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2 |
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2 |
Profit and loss account |
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10,673,301 |
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10,447,251 |
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_______ |
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_______ |
Shareholders funds |
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10,673,303 |
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10,447,253 |
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_______ |
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_______ |
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For the period 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:
-
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
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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 financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
29 October 2024
, and are signed on behalf of the board by:
Mr Ian Annesley
Director
Company registration number:
NI692717
Ox Street Limited
Notes to the financial statements
Period ended 31 January 2024
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is c/o Hill Vellacott, 22 Great Victoria Street, Belfast, BT2 7BA.The principal activity of the compamny is that of Investment Property
.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 investment 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
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Judgements and key sources of estimation uncertainty
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:Market value of Investment PropertyEstimates are made in respect of the market value of investment property. When assessing the market value of these assets, factors including current rent receivable and available data on current yields and activity are considered.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Exceptional items
Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment property is measured initially 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
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Tangible assets
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Investment Property |
Total |
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£ |
£ |
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Cost |
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At 1 April 2023 and 31 January 2024 |
10,421,931 |
10,421,931 |
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_______ |
_______ |
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Depreciation |
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At 1 April 2023 and 31 January 2024 |
- |
- |
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_______ |
_______ |
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Carrying amount |
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At 31 January 2024 |
10,421,931 |
10,421,931 |
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_______ |
_______ |
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At 31 March 2023 |
10,421,931 |
10,421,931 |
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_______ |
_______ |
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Investment property
The 2024 valuations were made by the Director's, on an open market value for exisiting use basis.
5.
Debtors
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31/01/24 |
31/03/23 |
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|
£ |
£ |
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Amounts owed by group undertakings |
|
52,215 |
- |
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Other debtors |
|
1,565 |
110,042 |
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_______ |
_______ |
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53,780 |
110,042 |
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_______ |
_______ |
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6.
Creditors: amounts falling due within one year
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31/01/24 |
31/03/23 |
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£ |
£ |
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Corporation tax |
|
61,841 |
4,561 |
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Other creditors |
|
49,982 |
80,159 |
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|
|
_______ |
_______ |
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111,823 |
84,720 |
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_______ |
_______ |
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7.
Related party transactions
The company is connected to The Door Store Limited by virtue of common control. In the period the company repaid funds of £108,477. At the balance sheet date the amount owed from The Door Store Limited was £882 (2023 - £109,359). The loan is unsecured, interest free and repayable upon demand.
8.
Controlling party
The immediate controlling party of
Ox Street Limited
i s Ox Street Holdings Limited due to the shareholding in the company. The ultimate controlling party of
Ox Street Limited
are the trustees of The Annesley Family Trust 2023
.
9.
Share Capital
Includes all called up issued share capital.