Registration number:
Oakdale Commercial Limited
Filleted
for the Year Ended 31 January 2024
Oakdale Commercial Limited
Contents
Company Information |
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Director's Report |
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Accountants' Report |
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Abridged Balance Sheet |
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Notes to the Unaudited Abridged Financial Statements |
Oakdale Commercial Limited
Company Information
Director |
Mr DB Gill |
Company secretary |
Mr DT Gill |
Registered office |
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Accountants |
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Oakdale Commercial Limited
Director's Report for the Year Ended 31 January 2024
The director presents his report and the abridged financial statements for the year ended 31 January 2024.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is the purchase and resale of property with planning permissions attached.
Small companies provision statement
This report has 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.
Approved by the
.........................................
Director
Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Oakdale Commercial Limited
for the Year Ended 31 January 2024
This report is made solely to the Board of Directors of Oakdale Commercial Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Oakdale Commercial Limited and state those matters that we have agreed to state to the Board of Directors of Oakdale Commercial Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Oakdale Commercial Limited and its Board of Directors as a body for our work or for this report.
As described on the balance sheet you are responsible for the compilation of the accounts for the year ended 31 January 2024, as set out on pages 4 to 10, and you consider that the company is exempt from an audit. In accordance with your instructions we have compiled the unaudited accounts from the accounting records and from information and explanations supplied to us.
Hazell Drive
Newport
South Wales
NP10 8FY
Oakdale Commercial Limited
(Registration number: 03909581)
Abridged Balance Sheet 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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Current assets |
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Stocks and work in progress |
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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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Accruals and deferred income |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Fair value reserve |
(175,003) |
(172,503) |
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Retained earnings |
126,722 |
125,053 |
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Shareholders' deficit |
(48,181) |
(47,350) |
Oakdale Commercial Limited
(Registration number: 03909581)
Abridged Balance Sheet as at 31 January 2024
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.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
.........................................
Director
Oakdale Commercial Limited
Notes to the Unaudited Abridged 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:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
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.
Statement of compliance
These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The company balance sheet is showing negative net assets which is a cause for concern. However, this is partly due to the reduction in value of the investment property held, which can change quickly over time, and an impairment to work in progress, which is not guaranteed in every financial period. The director is attempting to make the company profitable in the next twelve months and for the reserves to be positive again at the next balance sheet date. The director also pledges his financial support to the company and will not withdraw his funding over the course of the next year. For this reason, the accounts are prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. 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 each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Oakdale Commercial Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the balance sheet 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% reducing balance |
Motor vehicle |
25% reducing balance |
Investment property
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 and work in progress
Stocks and work in progress 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 and work in progress are assessed for impairment. If stocks and work in progress 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Oakdale Commercial Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024
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 profit and loss account 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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 February 2023 |
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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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Oakdale Commercial Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024
Investment properties
2024 |
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At 1 February |
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Fair value adjustments |
( |
At 31 January |
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The fair value of the investment property is given by the director based on a previous assessment by Brinsons Chartered Surveyors who are local professionals in valuation of commercial property and wholly independent from the company. The downturn in value of the property is caused by the level of work needed to convert the site if sold, and to damages caused to the site during its occupation by tenants.
Stocks and work in progress |
2024 |
2023 |
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Work in progress |
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Creditors |
Creditors: amounts falling due within one year
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £nil (2023 - £1,955).
Oakdale Commercial Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Related party transactions |
Key management personnel
Relationship: Director
Summary of transactions with key management