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REGISTERED NUMBER: SC090819 (Scotland)












Financial Statements

for the Year Ended 31 March 2024

for

Oakmount Properties Limited

Oakmount Properties Limited (Registered number: SC090819)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Oakmount Properties Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: R K Gilchrist
Mrs L M Gilchrist





SECRETARY: Mrs L M Gilchrist





REGISTERED OFFICE: South Craighall Lodge
Jackton Road
Jackton
GLASGOW
G75 8RR





REGISTERED NUMBER: SC090819 (Scotland)





ACCOUNTANTS: O'Haras Chartered Accountants
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

Oakmount Properties Limited (Registered number: SC090819)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 3 1,090,366 1,090,488

CURRENT ASSETS
Debtors 4 750 -
Cash at bank 42,238 55,542
42,988 55,542
CREDITORS
Amounts falling due within one year 5 64,926 59,212
NET CURRENT LIABILITIES (21,938 ) (3,670 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,068,428

1,086,818

CREDITORS
Amounts falling due after more than one
year

6

(275,375

)

(306,225

)

PROVISIONS FOR LIABILITIES (14,818 ) (14,841 )
NET ASSETS 778,235 765,752

CAPITAL AND RESERVES
Called up share capital 7 50,000 50,000
Revaluation reserve 8 130,832 130,832
Retained earnings 597,403 584,920
SHAREHOLDERS' FUNDS 778,235 765,752

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

Oakmount Properties Limited (Registered number: SC090819)

Statement of Financial Position - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 November 2024 and were signed on its behalf by:





R K Gilchrist - Director


Oakmount Properties Limited (Registered number: SC090819)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. 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.

Going concern
The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - not provided
Fixtures and fittings - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Oakmount Properties Limited (Registered number: SC090819)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold and
property fittings Totals
£    £    £   
COST OR VALUATION
At 1 April 2023
and 31 March 2024 1,090,000 31,572 1,121,572
DEPRECIATION
At 1 April 2023 - 31,084 31,084
Charge for year - 122 122
At 31 March 2024 - 31,206 31,206
NET BOOK VALUE
At 31 March 2024 1,090,000 366 1,090,366
At 31 March 2023 1,090,000 488 1,090,488

Cost or valuation at 31 March 2024 is represented by:

Fixtures
Freehold and
property fittings Totals
£    £    £   
Valuation in 2006 149,990 - 149,990
Valuation in 2020 (19,159 ) - (19,159 )
Cost 959,169 31,572 990,741
1,090,000 31,572 1,121,572

If freehold property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 959,169 959,169

Freehold property was valued on an open market basis on 1 July 2020 by the directors .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 750 -

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 3,000 3,000
Taxation and social security 2,951 4,993
Other creditors 58,975 51,219
64,926 59,212

Oakmount Properties Limited (Registered number: SC090819)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 4,750 8,000
Other creditors 270,625 298,225
275,375 306,225

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
50,000 Ordinary £1 50,000 50,000

8. RESERVES
Revaluation
reserve
£   
At 1 April 2023
and 31 March 2024 130,832