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Registered number: 09299366









OFFORD WORKS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
OFFORD WORKS LIMITED
REGISTERED NUMBER: 09299366

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
                                                                        Note
£
£

Fixed assets
  

Investments
 4 
3,765,000
4,505,000

Current assets
  

Debtors: amounts falling due within one year
 5 
9,373
9,467

Cash at bank and in hand
 6 
45,075
33,259

  
54,448
42,726

Creditors: amounts falling due within one year
 7 
(104,704)
(426,644)

Net current liabilities
  
 
 
(50,256)
 
 
(383,918)

Total assets less current liabilities
  
3,714,744
4,121,082

Creditors: amounts falling due after more than one year
 8 
-
(280,922)

  

Net assets
  
3,714,744
3,840,160


Capital and reserves
  

Called up share capital 
  
3,442,036
3,442,036

Capital redemption reserve
  
181,160
181,160

Profit and loss account
  
91,548
216,964

  
3,714,744
3,840,160


Page 1

 
OFFORD WORKS LIMITED
REGISTERED NUMBER: 09299366
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 November 2024.



T Attwood
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 2

 
OFFORD WORKS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 April 2022
3,623,196
-
524,396
4,147,592



Profit for the year
-
-
180,029
180,029

Dividends: Equity capital
-
-
(131,500)
(131,500)

Purchase of own shares
-
181,160
(355,961)
(174,801)

Shares cancelled during the year
(181,160)
-
-
(181,160)



At 1 April 2023
3,442,036
181,160
216,964
3,840,160



Profit for the year
-
-
154,584
154,584

Dividends: Equity capital
-
-
(280,000)
(280,000)


At 31 March 2024
3,442,036
181,160
91,548
3,714,744


The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
OFFORD WORKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Offord Works Limited ("the Company") is a Company limited by shares, incorporated in England and Wales. Its registered office is 1 - 5 Offord Street, London, N1 1DH.
The Company's principal activity continued to be that of property investment.  

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

  
2.2

Revenue

Revenue is measured at the fair value of consideration received or receivable and represents the amount receivable for services rendered, net of returns, discounts and rebates allowed by the Company and value added taxes.
The Company’s source of revenue is from rental income from investment properties. Sales invoices are raised monthly in advance for services provided. Revenue is recognised in the accounting period in which the services are rendered.

  
2.3

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

  
2.4

Debtors

Short term debtors are measured at transaction price, less any impairment.

Page 4

 
OFFORD WORKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

  
2.6

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.7

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.

 
2.8

Finance costs

Finance costs are charged to profit or loss 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.

Page 5

 
OFFORD WORKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an Annual General Meeting. 

 
2.10

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

  
2.11

Interest income

Interest income is recognised in profit or loss using the effective interest method.

  
2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.13

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


3.


Employees




The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 6

 
OFFORD WORKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Fixed asset investments





Investment Properties

£



Cost or valuation


At 1 April 2023
4,505,000


Disposals
(740,000)



At 31 March 2024
3,765,000




On 3 November 2014, the investment properties were valued by Edward Symmons LLP, a registered member of RICS, on an open market existing use basis at £3,765,000. The directors do not feel the market value of the properties at the balance sheet date is significantly different to their carrying value.
The above investments are used in operating leases and generated income of £313,123 
(2023 - £298,213).

Page 7

 
OFFORD WORKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Prepayments and accrued income
9,373
9,467

9,373
9,467



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
45,075
33,259



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
22,245

Trade creditors
10,628
30,382

Corporation tax
67,775
43,202

Other taxation and social security
15,361
10,715

Other creditors
-
309,160

Accruals and deferred income
10,940
10,940

104,704
426,644



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
280,922


Secured loans
Included within creditors due within one year and over one year is a bank loan of £Nil (2023 - £303,167). The loan was repaid during the year. 

Page 8

 
OFFORD WORKS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
-
22,245

Amounts falling due 1-2 years

Bank loans
-
69,816

Amounts falling due 2-5 years

Bank loans
-
211,106


-
303,167



10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



3,442,036 (2023 - 3,442,036) Ordinary shares of £1.00 each
3,442,036
3,442,036

During the prior year, 181,160 Ordinary shares were repurchased for consideration of £355,961. The ordinary shares were subsequently cancelled. 



11.


Related party transactions

The directors had an interest in dividends of £280,000 (2023 - £131,500).
During the prior year the company repurchased shares from a director for consideration of £355,961.

 
Page 9