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Registered Number: SC650816
Scotland

 

 

 

OAK & STONE PROPERTIES LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
Directors Mahesh Raghunath Khandge
Harpreet Singh Saini
Registered Number SC650816
Registered Office 21 Wellside Wynd
Kingswells
Aberdeen
AB15 8EZ
Accountants Magnus Accounting Limited
Chartered Accountants
Office 2, Westhill Business Centre,
Arnhall Business Park, Westhill
AB32 6UF
1
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Investments 3 175,000    152,196 
175,000    152,196 
Current assets      
Debtors 4 475    539 
Cash at bank and in hand 7,171    948 
7,646    1,487 
Creditors: amount falling due within one year 5 (20,390)   (2,664)
Net current assets (12,744)   (1,177)
 
Total assets less current liabilities 162,256    151,019 
Creditors: amount falling due after more than one year 6 (133,298)   (149,088)
Provisions for liabilities 7 (5,701)  
Net assets 23,257    1,931 
 

Capital and reserves
     
Called up share capital 100    100 
Reserves 8 22,804   
Profit and loss account 353    1,831 
Shareholders' funds 23,257    1,931 
 


For the year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 26 November 2024 and were signed on its behalf by:


-------------------------------
Mahesh Raghunath Khandge
Director
-------------------------------
Harpreet Singh Saini
Director
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General Information
OAK & STONE PROPERTIES LIMITED is a private company, limited by shares, registered in Scotland, registration number SC650816, registration address 21 Wellside Wynd, Kingswells, Aberdeen, AB15 8EZ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
These financial statements have been prepared in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.


The financial statements are prepared in sterling, which is the functional currency of the company. 

The financial statements have been prepared under the historical cost convention, as modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The financial statements of Oak & Stone Properties Limited for the period ended 31 March 2024 are prepared in accordance with FRS 102 1A, the Financial Reporting Standard applicable in the UK and Republic of Ireland.



Turnover
Turnover represents renal income receivable.
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The companys liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date
Deferred taxation
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.











Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
2.

Average number of employees

Average number of employees during the year was 2 (2023 : 2).
3.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 April 2023 152,196    152,196 
Additions  
Transfer to/from tangible fixed assets  
Disposals  
Revaluations 22,804    22,804 
At 31 March 2024 175,000    175,000 
Investment property comprises a small number of properties in Aberdeen.

The historical cost of the property is £152,196 ( 2023 : £152,196).  The company has used an historical cost method plus subsequent revaluation method to determine the value per the financial statements. 



4.

Debtors: amounts falling due within one year

2024
£
  2023
£
Other Debtors 475    539 
475    539 

5.

Creditors: amount falling due within one year

2024
£
  2023
£
Corporation Tax 991    139 
Accrued Expenses 550    550 
Accruals & Deferred income 2,175   
Other Creditors 16,674    1,975 
20,390    2,664 

6.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts (secured) 133,298    133,298 
Other Creditors   15,790 
133,298    149,088 
Bank loans
As at end of 31 March 2024, the company's bank finance facility, secured by a charge over specific properties included borrowings as below :

> Of the Creditors : amount falling due after more than one year, the following amounts £133,298 are secured by a charge, with interest accrued and paid on monthly basis at an interest rates between 3.14% to 3.23% p.a..


7.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 5,701   
5,701   

8.

Reserves

2024
£
  2023
£
Transfers to/from Other Reserves 22,804   
22,804   

9.

Judgements and Key sources of estimation uncertainty

In the application of the companys accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.


The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods



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