IRIS Accounts Production v24.2.0.383 00360552 Board of Directors 31.3.24 1.4.23 31.3.24 31.3.24 holding and purchasing freehold properties for selling and letting and the holding of investments in the form of shares and loans. Its income has been derived therefrom. true false true true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh003605522023-03-31003605522024-03-31003605522023-04-012024-03-31003605522022-03-31003605522022-04-012023-03-31003605522023-03-3100360552ns15:EnglandWales2023-04-012024-03-3100360552ns14:PoundSterling2023-04-012024-03-3100360552ns10:Director12023-04-012024-03-3100360552ns10:Director22023-04-012024-03-3100360552ns10:Consolidated2024-03-3100360552ns10:ConsolidatedGroupCompanyAccounts2023-04-012024-03-3100360552ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3100360552ns10:Consolidatedns10:SmallEntities2023-04-012024-03-3100360552ns10:Consolidatedns10:Audited2023-04-012024-03-3100360552ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3100360552ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3100360552ns10:Consolidatedns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3100360552ns10:Consolidatedns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3100360552ns10:FullAccounts2023-04-012024-03-3100360552ns10:Consolidated2023-04-012024-03-3100360552ns10:Director32023-04-012024-03-3100360552ns10:Director42023-04-012024-03-3100360552ns10:Director52023-04-012024-03-3100360552ns10:CompanySecretary12023-04-012024-03-3100360552ns10:RegisteredOffice2023-04-012024-03-3100360552ns10:Consolidated2022-04-012023-03-3100360552ns5:CurrentFinancialInstruments2024-03-3100360552ns5:CurrentFinancialInstruments2023-03-3100360552ns5:ShareCapital2024-03-3100360552ns5:ShareCapital2023-03-3100360552ns5:FurtherSpecificReserve3ComponentTotalEquity2024-03-3100360552ns5:FurtherSpecificReserve3ComponentTotalEquity2023-03-3100360552ns5:RetainedEarningsAccumulatedLosses2024-03-3100360552ns5:RetainedEarningsAccumulatedLosses2023-03-3100360552ns5:ShareCapital2022-03-3100360552ns5:RetainedEarningsAccumulatedLosses2022-03-3100360552ns5:FurtherSpecificReserve3ComponentTotalEquity2022-03-3100360552ns5:RetainedEarningsAccumulatedLosses2022-04-012023-03-3100360552ns5:FurtherSpecificReserve3ComponentTotalEquity2022-04-012023-03-3100360552ns5:RetainedEarningsAccumulatedLosses2023-04-012024-03-3100360552ns5:FurtherSpecificReserve3ComponentTotalEquity2023-04-012024-03-3100360552ns5:CostValuation2023-03-3100360552ns5:AdditionsToInvestments2024-03-3100360552ns5:DisposalsRepaymentsInvestments2024-03-3100360552ns5:RevaluationsIncreaseDecreaseInInvestments2024-03-3100360552ns5:CostValuation2024-03-3100360552ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-3100360552ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-3100360552ns5:DeferredTaxation2023-03-3100360552ns5:DeferredTaxation2023-04-012024-03-3100360552ns5:DeferredTaxation2024-03-31
REGISTERED NUMBER: 00360552 (England and Wales)


















Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 March 2024

for

Oakley Properties (Bedford) Limited

Oakley Properties (Bedford) Limited (Registered number: 00360552)






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




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Consolidated Income Statement 7

Consolidated Balance Sheet 8

Company Balance Sheet 9

Consolidated Statement of Changes in Equity 10

Company Statement of Changes in Equity 11

Consolidated Cash Flow Statement 12

Notes to the Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 14


Oakley Properties (Bedford) Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr T F Wells
Mr R Ashworth
Viscount M W R Slim
Mr C H Wells
Mr N F Wells





SECRETARY: Mr R Ashworth





REGISTERED OFFICE: Brewpoint
Fairhill
Bedford
MK41 7FY





REGISTERED NUMBER: 00360552 (England and Wales)





AUDITORS: George Hay Partnership LLP
Chartered Accountants
Statutory Auditor
Brigham House
High Street
Biggleswade
Bedfordshire
SG18 0LD

Oakley Properties (Bedford) Limited (Registered number: 00360552)

Report of the Directors
for the Year Ended 31 March 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report.

Mr T F Wells
Mr R Ashworth
Viscount M W R Slim
Mr C H Wells
Mr N F Wells

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr R Ashworth - Director


14 November 2024

Report of the Independent Auditors to the Members of
Oakley Properties (Bedford) Limited

Opinion
We have audited the financial statements of Oakley Properties (Bedford) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Oakley Properties (Bedford) Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Oakley Properties (Bedford) Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations, we considered the following:
1. The nature of the industry and sector, control environment and business performance
2. Key drivers for the remuneration policies of Key employee's remuneration, bonus levels and performance targets
3. Enquiries with management about their own identification and assessment of the risks of irregularities.
4. The matters discussed among the audit team regarding how and where fraud might occur and fraud indicators.
As a result of these procedures, we identified the greatest potential for fraud in terms of misstatements in the financial statements was in relation to the valuation of Freehold Property . In common with all audits under ISA's (UK), we are also required to perform specific procedures to respond to the risk of management override. The assessment of the risk of fraud in terms of misappropriation of assets highlighted fraudulent payments as a focus area.
In considering the legal and regulatory framework that the company operates in, focusing on provisions of these law and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. Key laws considered include the UK Companies Act and UK Tax Legislation.
Audit response to risks identified:
Testing was undertaken to confirm the accuracy of the directors' valuation of investment property and unlisted investments. This included enquiries of the board as to the basis of their judgement and what factors had been considered. We sought to corroborate their assertions to general market trends and knowledge of the sector. We assessed the appropriateness of the estimates in light of the audit evidence obtained.
Standard procedures were pursued to test management override including the review of year end journals and whether the judgments made in making accounting estimates are indicative of potential bias.
To cover the assessed risks in relation to fraudulent payments, we ensure that transactions are conducted in line with the company's authority matrix, together with a review of expenses in the profit and loss to ensure that they are genuine business expenses. We also perform analytical procedures to identify any unusual or unexpected relationship that may indicate risks of material misstatement due to fraud, these procedures include, but are not limited to variance analysis.
We remained alert to any indications of fraud or non compliance throughout the entire audit process.
We have nothing to report to you as a result of our work on irregularities.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Oakley Properties (Bedford) Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed.




Colin Airey FCCA (Senior Statutory Auditor)
for and on behalf of George Hay Partnership LLP
Chartered Accountants
Statutory Auditor
Brigham House
High Street
Biggleswade
Bedfordshire
SG18 0LD

21 November 2024

Oakley Properties (Bedford) Limited (Registered number: 00360552)

Consolidated
Income Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £    £    £   

TURNOVER 198,926 186,382

Cost of sales 45,557 20,622
GROSS PROFIT 153,369 165,760

Administrative expenses 63,027 69,585
90,342 96,175

Other operating income 3,068 24,023
OPERATING PROFIT 93,410 120,198

Income from fixed asset investments 373,929 315,415
Interest receivable and similar income 21,546 21,122
395,475 336,537
488,885 456,735
Gain/loss on revaluation of assets 1,374,929 547,199
PROFIT BEFORE TAXATION 1,863,814 1,003,934

Tax on profit 5 372,169 434,265
PROFIT FOR THE FINANCIAL YEAR 1,491,645 569,669

Profit attributable to:
Owners of the parent 1,491,645 569,669

Oakley Properties (Bedford) Limited (Registered number: 00360552)

Consolidated Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 7 7,603,553 6,224,260
Investment property 8 3,090,000 3,090,000
10,693,553 9,314,260

CURRENT ASSETS
Debtors 9 1,182,779 1,159,899
Cash at bank 350,847 203,053
1,533,626 1,362,952
CREDITORS
Amounts falling due within one year 10 79,742 65,395
NET CURRENT ASSETS 1,453,884 1,297,557
TOTAL ASSETS LESS CURRENT
LIABILITIES

12,147,437

10,611,817

PROVISIONS FOR LIABILITIES 11 1,760,009 1,416,334
NET ASSETS 10,387,428 9,195,483

CAPITAL AND RESERVES
Called up share capital 18,500 18,500
Fair value reserve 12 6,263,357 5,232,103
Retained earnings 12 4,105,571 3,944,880
SHAREHOLDERS' FUNDS 10,387,428 9,195,483

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

The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2024 and were signed on its behalf by:





Mr T F Wells - Director


Oakley Properties (Bedford) Limited (Registered number: 00360552)

Company Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 7 7,603,554 6,224,261
Investment property 8 1,175,000 1,175,000
8,778,554 7,399,261

CURRENT ASSETS
Debtors 9 1,497,691 1,569,138
Cash at bank 321,707 189,235
1,819,398 1,758,373
CREDITORS
Amounts falling due within one year 10 22,375 31,908
NET CURRENT ASSETS 1,797,023 1,726,465
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,575,577

9,125,726

PROVISIONS FOR LIABILITIES 11 1,647,339 1,303,664
NET ASSETS 8,928,238 7,822,062

CAPITAL AND RESERVES
Called up share capital 18,500 18,500
Fair value reserve 12 5,830,470 4,799,216
Retained earnings 12 3,079,268 3,004,346
SHAREHOLDERS' FUNDS 8,928,238 7,822,062

Company's profit for the financial year 1,405,876 163,053

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

The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2024 and were signed on its behalf by:





Mr T F Wells - Director


Oakley Properties (Bedford) Limited (Registered number: 00360552)

Consolidated Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 18,500 3,802,373 5,092,616 8,913,489

Changes in equity
Total comprehensive income - 430,182 139,487 569,669
Dividends - (287,675 ) - (287,675 )
Balance at 31 March 2023 18,500 3,944,880 5,232,103 9,195,483

Changes in equity
Total comprehensive income - 460,391 1,031,254 1,491,645
Dividends - (299,700 ) - (299,700 )
Balance at 31 March 2024 18,500 4,105,571 6,263,357 10,387,428

Oakley Properties (Bedford) Limited (Registered number: 00360552)

Company Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 18,500 2,949,463 4,978,721 7,946,684

Changes in equity
Total comprehensive income - 342,558 (179,505 ) 163,053
Dividends - (287,675 ) - (287,675 )
Balance at 31 March 2023 18,500 3,004,346 4,799,216 7,822,062

Changes in equity
Total comprehensive income - 374,622 1,031,254 1,405,876
Dividends - (299,700 ) - (299,700 )
Balance at 31 March 2024 18,500 3,079,268 5,830,470 8,928,238

Oakley Properties (Bedford) Limited (Registered number: 00360552)

Consolidated Cash Flow Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 101,452 88,091
Tax paid (26,553 ) (22,899 )
Net cash from operating activities 74,899 65,192

Cash flows from investing activities
Purchase of fixed asset investments (118,940 ) (107,882 )
Sale of fixed asset investments 117,606 122,709
Interest received - 1
Dividends received 373,929 315,415
Net cash from investing activities 372,595 330,243

Cash flows from financing activities
Equity dividends paid (299,700 ) (287,675 )
Net cash from financing activities (299,700 ) (287,675 )

Increase in cash and cash equivalents 147,794 107,760
Cash and cash equivalents at
beginning of year

2

203,053

95,293

Cash and cash equivalents at end of
year

2

350,847

203,053

Oakley Properties (Bedford) Limited (Registered number: 00360552)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2024 2023
£    £   
Profit before taxation 1,863,814 1,003,934
Profit on disposal of fixed assets (3,030 ) (24,023 )
Gain on revaluation of fixed assets (1,374,929 ) (547,199 )
Finance income (395,475 ) (336,537 )
90,380 96,175
(Increase)/decrease in trade and other debtors (1,334 ) 4,439
Increase/(decrease) in trade and other creditors 12,406 (12,523 )
Cash generated from operations 101,452 88,091

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 350,847 203,053
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 203,053 95,293


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank 203,053 147,794 350,847
203,053 147,794 350,847
Total 203,053 147,794 350,847

Oakley Properties (Bedford) Limited (Registered number: 00360552)

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

1. STATUTORY INFORMATION

Oakley Properties (Bedford) 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 General Information page.

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


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
The directors have used their knowledge and experience to arrive at the fair value of the investment property and of unlisted investments.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

The effects of any corresponding deferred tax adjustment is also recognised in the profit or loss.

The directors value Investment Property at each year end. Every third year the directors consider if there is a possibility that the fair value has materially altered since the last professional valuation and, where they consider this possible, the directors appoint an independent professional valuer to revalue the properties.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 balance sheet date.


Oakley Properties (Bedford) Limited (Registered number: 00360552)

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

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Investment income
This comprises dividends and interest received and receivable. Dividends received are shown net of the tax credit attached thereto.

Financial instruments
Loans with group companies are repayable on demand and therefore measured at cost less impairment with no adjustment made to discount future cash flows.

Investments other than property
The group holds substantial investments in both listed and unlisted shares.

Listed shares are valued at the publicly traded fair value at the balance sheet date according to the valuation provided by the professional fund managers.

Unlisted shares are also valued at fair value as it is considered that their value can be measured reliably.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

The average number of employees by undertakings that were proportionately consolidated during the year was 5 (2023 - 5 ) .

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 28,494 26,553

Deferred tax 343,675 407,712
Tax on profit 372,169 434,265

UK corporation tax has been charged at 25 % (2023 - 19 %).

Deferred taxation is calculated using a rate of 25%.

6. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Oakley Properties (Bedford) Limited (Registered number: 00360552)

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

7. FIXED ASSET INVESTMENTS

Group
Other
investments
£   
COST OR VALUATION
At 1 April 2023 6,224,260
Additions 118,940
Disposals (114,576 )
Revaluations 1,374,929
At 31 March 2024 7,603,553
NET BOOK VALUE
At 31 March 2024 7,603,553
At 31 March 2023 6,224,260

Cost or valuation at 31 March 2024 is represented by:

Other
investments
£   
Valuation in 2015 4,290,137
Valuation in 2016 33,952
Valuation in 2017 694,530
Valuation in 2018 (122,047 )
Valuation in 2019 658,618
Valuation in 2020 (364,248 )
Valuation in 2021 (115,325 )
Valuation in 2022 343,630
Valuation in 2023 (19,301 )
Valuation in 2024 1,374,929
Cost 828,678
7,603,553
Company
Other
investments
£   
COST OR VALUATION
At 1 April 2023 6,224,261
Additions 118,940
Disposals (114,576 )
Revaluations 1,374,929
At 31 March 2024 7,603,554
NET BOOK VALUE
At 31 March 2024 7,603,554
At 31 March 2023 6,224,261

Oakley Properties (Bedford) Limited (Registered number: 00360552)

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

7. FIXED ASSET INVESTMENTS - continued

Company

Cost or valuation at 31 March 2024 is represented by:

Other
investments
£   
Valuation in 2015 4,290,137
Valuation in 2016 33,952
Valuation in 2017 694,530
Valuation in 2018 (122,047 )
Valuation in 2019 658,618
Valuation in 2020 (364,248 )
Valuation in 2021 (115,325 )
Valuation in 2022 343,630
Valuation in 2023 (19,300 )
Valuation in 2024 1,374,929
Cost 828,678
7,603,554


Included in unlisted investments of both the group and the company is a holding of 34,811 ordinary shares of £1 in Charles Wells Limited and a holding of 77,223 ordinary shares of £1 in Muntons (Holdings) PLC, both companies are connected with the directors. These investments are valued at their fair value as reliable measurements are available.

Included in the unlisted investments of the company is a holding of £1 in the subsidiary Napier Street (Bedford) Ltd. This investment is valued in the company's financial statements at cost as there is no reliable fair value measurement available.

Consolidated Financial Statements

The consolidated financial statements include the financial results for Napier Street (Bedford) Ltd, registered office; Brewpoint, Fairhill, Bedford, MK41 7FY. The parent company owns 1 Ordinary share in the subsidiary which represents 100% of the subsidiary's issued share capital.

8. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 3,090,000
NET BOOK VALUE
At 31 March 2024 3,090,000
At 31 March 2023 3,090,000

Oakley Properties (Bedford) Limited (Registered number: 00360552)

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

8. INVESTMENT PROPERTY - continued

Group

The freehold land and buildings are revalued annually by the directors on an open market value basis. Every third year the properties are valued by an independent valuer where the directors consider there is a possibility that the valuation has materially changed since the last professional valuation.

A valuation by the directors took place at the balance sheet date for the properties owned by the group.

No independent professional valuation took place at the balance sheet date as the directors consider that the value of the properties has not materially altered since the last professional valuation in 2023.

Valuation models & techniques

The directors have considered their knowledge of the rental yields and local property market in arriving at their valuation.

Significant assumptions

That the valuation of the land has not materially altered since 2023

Effects on the profit and loss and fair value reserve

No change to the fair value of the properties has been made and therefore there are no adjustments to the profit and loss account or the fair value reserve.

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2002 18,355
Valuation in 2005 229,598
Valuation in 2011 (105,000 )
Valuation in 2014 332,481
Valuation in 2017 42,500
Valuation in 2020 283,363
Valuation in 2023 566,500
Cost 1,722,203
3,090,000

Company
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 1,175,000
NET BOOK VALUE
At 31 March 2024 1,175,000
At 31 March 2023 1,175,000

Oakley Properties (Bedford) Limited (Registered number: 00360552)

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

8. INVESTMENT PROPERTY - continued

Company

The freehold land and buildings are revalued annually by the directors on an open market value basis. Every third year the properties are valued by an independent valuer where the directors consider there is a possibility that the valuation has materially changed since the last professional valuation.

A valuation by the directors took place at the balance sheet date for the properties owned by the company.

No independent professional valuation took place at the balance sheet date as the directors consider that the value of the properties has not materially altered since the last professional valuation in 2023
Valuation models & techniques

The directors have considered their knowledge of the rental yields and local property market in arriving at their valuation.

Significant assumptions

That the valuation of the land has not materially altered since 2023.

Effects on the profit and loss and fair value reserve

No change to the fair value of the properties has been made and therefore there are no adjustments to the profit and loss account or the fair value reserve.

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2002 18,355
Valuation in 2005 229,598
Valuation in 2011 (105,000 )
Valuation in 2014 322,481
Valuation in 2017 42,500
Valuation in 2020 23,500
Valuation in 2023 171,500
Cost 472,066
1,175,000

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 17,936 - 1,011 -
Amounts owed by group undertakings - - 384,919 471,919
Other debtors 74,025 90,627 20,943 27,947
Loan 1,090,818 1,069,272 1,090,818 1,069,272
1,182,779 1,159,899 1,497,691 1,569,138

Oakley Properties (Bedford) Limited (Registered number: 00360552)

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

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade creditors 585 586 585 586
Corporation Tax 28,494 26,553 122 6,000
VAT 6,092 3,431 - -
Accruals and deferred income 44,571 34,825 21,668 25,322
79,742 65,395 22,375 31,908

11. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax 1,760,009 1,416,334 1,647,339 1,303,664

Group
Deferred
tax
£   
Balance at 1 April 2023 1,416,334
Charge to Income Statement during year 343,675
Balance at 31 March 2024 1,760,009

Company
Deferred
tax
£   
Balance at 1 April 2023 1,303,664
Provided during year 343,675
Balance at 31 March 2024 1,647,339

Oakley Properties (Bedford) Limited (Registered number: 00360552)

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

12. RESERVES

Group Fair Value Reserve
£   
At 1 April 2023 5,232,103
Revaluation of investment property -
Deferred taxation on revaluation of investment property -
Revaluation of listed investments 1,333,641
Deferred taxation on revaluation of listed investments (333,410 )
Revaluation of unlisted investments 41,288
Deferred taxation on revaluation of unlisted investments (10,265 )

At 31 March 2024 6,263,357

Company Fair Value Reserve
£   
At 1 April 2023 4,799,216
Revaluation of investment property -
Deferred taxation on revaluation of investment property -
Revaluation of listed investments 1,333,641
Deferred taxation on revaluation of listed investments (333,410 )
Revaluation of unlisted investments 41,288
Deferred taxation on revaluation of unlisted investments (10,265 )

At 31 March 2024 5,830,470

13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

At the balance sheet date the group was owed £1,090,818 (2023: £1,069,272) by Charles Wells Ltd, a company connected with the directors.