REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 19 August 2022 to 31 August 2023 |
for |
Osney Lets Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 19 August 2022 to 31 August 2023 |
for |
Osney Lets Ltd |
Osney Lets Ltd (Registered number: 14307409) |
Contents of the Financial Statements |
for the Period 19 AUGUST 2022 TO 31 AUGUST 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
Osney Lets Ltd (Registered number: 14307409) |
Balance Sheet |
31 AUGUST 2023 |
Notes | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 | ( |
) |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
6 |
( |
) |
NET LIABILITIES | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
( |
) |
The director acknowledges his 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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Osney Lets Ltd (Registered number: 14307409) |
Notes to the Financial Statements |
for the Period 19 AUGUST 2022 TO 31 AUGUST 2023 |
1. | STATUTORY INFORMATION |
Osney Lets Ltd is a private company, limited by shares, registered in England and Wales, registration number 14307409. The registered office is Solar House, PF 915 High Road, North Finchley, London N12 8QJ. |
The presentation currency of the financial statements is pound sterling (£) and the level of rounding is the nearest £1. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Investment property |
Investment property is shown at most recent valuation. Investment property is recognised at its cost at initial recognition. The cost of purchase comprises its purchase price and any directly attributable expenditure such as legal and brokerage fees, property transfer taxes and other transactions costs. |
The investment property is subsequently measured at fair value and any changes are recognised in profit and loss accounts. |
The investment properties are stated at the current market value at the director's best estimate. |
Taxation |
Taxation for the period 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 balance sheet date. |
Finance costs |
Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
Cash |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty |
on notice of not more than 24 hours. |
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. |
Going concern |
The director considers it appropriate to prepare the Financial Statements on a going concern basis because of their continued support. |
Osney Lets Ltd (Registered number: 14307409) |
Notes to the Financial Statements - continued |
for the Period 19 AUGUST 2022 TO 31 AUGUST 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL. |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
Osney Lets Ltd (Registered number: 14307409) |
Notes to the Financial Statements - continued |
for the Period 19 AUGUST 2022 TO 31 AUGUST 2023 |
4. | INVESTMENT PROPERTY - continued |
1. This Charge incorporates the Mortgage Conditions a copy of which has been received by the Borrower which the Borrower hereby acknowledges. |
2. The Borrower as legal owner with full title guarantee hereby (to the intent that the security so constituted shall be a continuing security) charges in favour of the Company as for the payment and discharge of the secured liabilities (as defined in the Mortgage Conditions); |
2.1 by way of first legal mortgage the Property. |
2.2 by way of first fixed charge all proceeds of any insurances effected in respect of the Property. |
2.3 by way of first fixed charge the goodwill of any bus.ines carried on by the Borrower in and from the Property from time to time. |
2.4 by way of first equitable assignment all the Borrower's rights, title and interest in (i) the benefit of all guarantees, warranties and representations given or made now or hereafter by and any rights or remedies against all or any of 111e designers, builders, contractors, professional advisors. sub.contractors, manufacturers. suppliers and installers of any fixtures in each case "' far as the same relate to the Property and (ii) any other rights arising from the Property (including any rights to statutory compensation) not otherwise charged under this Charge, (and in each case to be re-assigned to the Borrower when the secured liabilities (as defined in the Mortgage Conditions) are discharged in full). |
2.5 any shares or other membership rights in any management company or residents' association held by virtue of the Borrower owning the Property. |
2.6 by way of mortgage the benefit of the landlord lo and in the occupation leases and the rents (each defined in the Mortgage Conditions) in accordance with Condition .5.1 of the Mortgage Conditions. |
3. This charge secures further advances. |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Other creditors |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
£ |
Other creditors |