Company registration number 01992049 (England and Wales)
OXFORDSHIRE DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
OXFORDSHIRE DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
OXFORDSHIRE DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT 29 FEBRUARY 2024
29 February 2024
- 1 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
20,525
17,307
Investment property
5
2,098,500
1,945,000
2,119,025
1,962,307
Current assets
Debtors
6
8,313
2,284
Cash at bank and in hand
12,107
26,140
20,420
28,424
Creditors: amounts falling due within one year
7
(26,309)
(49,242)
Net current liabilities
(5,889)
(20,818)
Total assets less current liabilities
2,113,136
1,941,489
Creditors: amounts falling due after more than one year
8
(713,779)
(698,112)
Provisions for liabilities
9
(250,925)
(161,849)
Net assets
1,148,432
1,081,528
Capital and reserves
Called up share capital
10
100
100
Non-distributable profits reserve
11
1,146,699
1,031,574
Distributable profit and loss reserves
1,633
49,854
Total equity
1,148,432
1,081,528
OXFORDSHIRE DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024
29 February 2024
- 2 -

For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 15 January 2025 and are signed on its behalf by:
Mr I G Roberts
Mrs V Denison-Edson
Director
Director
Company registration number 01992049 (England and Wales)
OXFORDSHIRE DEVELOPMENTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
Share capital
Non-distri-butable profits
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 March 2022
100
1,031,574
81,779
1,113,453
Year ended 28 February 2023:
Loss and total comprehensive income
-
-
(5,310)
(5,310)
Dividends
-
-
(26,615)
(26,615)
Balance at 28 February 2023
100
1,031,574
49,854
1,081,528
Year ended 29 February 2024:
Profit and total comprehensive income
-
115,125
(44,221)
70,904
Dividends
-
-
(4,000)
(4,000)
Balance at 29 February 2024
100
1,146,699
1,633
1,148,432
OXFORDSHIRE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
1
Accounting policies
Company information

Oxfordshire Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 264 Banbury Road, Oxford, OX2 7DY.

1.1
Accounting convention

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. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [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.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.

Income generated from rental properties is recognised on a receivable basis.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% straight line
Fixtures and fittings
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

OXFORDSHIRE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.6
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

OXFORDSHIRE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax

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.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s 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.

OXFORDSHIRE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 March 2023
38,439
5,186
43,625
Additions
20,000
-
0
20,000
Disposals
(38,005)
(818)
(38,823)
At 29 February 2024
20,434
4,368
24,802
Depreciation and impairment
At 1 March 2023
22,435
3,883
26,318
Depreciation charged in the year
6,667
314
6,981
Eliminated in respect of disposals
(28,251)
(771)
(29,022)
At 29 February 2024
851
3,426
4,277
Carrying amount
At 29 February 2024
19,583
942
20,525
At 28 February 2023
16,004
1,303
17,307
5
Investment property
2024
£
Fair value
At 1 March 2023
1,945,000
Revaluations
153,500
At 29 February 2024
2,098,500

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

OXFORDSHIRE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 8 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
7,805
693
Other debtors
508
1,591
8,313
2,284
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
221
-
0
Corporation tax
1,032
267
Other creditors
25,056
48,975
26,309
49,242
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
698,112
698,112
Other creditors
15,667
-
0
713,779
698,112

The bank loan of £698,112 (2023 - £698,112) is secured by a fixed charge over the investment properties held. Finance leases are secured over the assets to which they relate.

 

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable other than by instalments
(698,112)
(698,112)
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
250,925
161,849
OXFORDSHIRE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 9 -
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 10p each
750
750
75
75
Ordinary B shares of 10p each
250
250
25
25
1,000
1,000
100
100
11
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
1,031,574
1,031,574
Non distributable profits in the year
115,125
-
At the end of the year
1,146,699
1,031,574
12
Related party transactions

Included in other creditors is a balance of £14,735 (2023: £17,922) owed to the directors. This amount is unsecured an interest free with no fixed repayment terms.

13
Directors' transactions

During the year dividends totalling £4,000 (2023: £26,615) were declared to the directors.

2024-02-292023-03-01false15 January 2025CCH SoftwareCCH Accounts Production 2024.210No description of principal activityMr I G RobertsMrs V Denison-EdsonMr I G Robertsfalsefalse019920492023-03-012024-02-29019920492024-02-29019920492023-02-2801992049core:PlantMachinery2024-02-2901992049core:FurnitureFittings2024-02-2901992049core:PlantMachinery2023-02-2801992049core:FurnitureFittings2023-02-2801992049core:CurrentFinancialInstrumentscore:WithinOneYear2024-02-2901992049core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-2801992049core:Non-currentFinancialInstrumentscore:AfterOneYear2024-02-2901992049core:Non-currentFinancialInstrumentscore:AfterOneYear2023-02-2801992049core:CurrentFinancialInstruments2024-02-2901992049core:CurrentFinancialInstruments2023-02-2801992049core:Non-currentFinancialInstruments2024-02-2901992049core:Non-currentFinancialInstruments2023-02-2801992049core:ShareCapital2024-02-2901992049core:ShareCapital2023-02-2801992049core:FurtherSpecificReserve1ComponentTotalEquity2024-02-2901992049core:FurtherSpecificReserve1ComponentTotalEquity2023-02-2801992049core:RetainedEarningsAccumulatedLosses2024-02-2901992049core:RetainedEarningsAccumulatedLosses2023-02-2801992049core:ShareCapital2022-02-2801992049core:FurtherSpecificReserve1ComponentTotalEquity2022-02-2801992049core:RetainedEarningsAccumulatedLosses2022-02-2801992049core:ShareCapitalOrdinaryShares2024-02-2901992049core:ShareCapitalOrdinaryShares2023-02-2801992049bus:CompanySecretaryDirector12023-03-012024-02-2901992049bus:Director12023-03-012024-02-2901992049core:RetainedEarningsAccumulatedLosses2022-03-012023-02-28019920492022-03-012023-02-2801992049core:RetainedEarningsAccumulatedLosses2023-03-012024-02-2901992049core:PlantMachinery2023-03-012024-02-2901992049core:FurnitureFittings2023-03-012024-02-2901992049core:PlantMachinery2023-02-2801992049core:FurnitureFittings2023-02-28019920492023-02-2801992049core:WithinOneYear2024-02-2901992049core:WithinOneYear2023-02-2801992049bus:PrivateLimitedCompanyLtd2023-03-012024-02-2901992049bus:SmallCompaniesRegimeForAccounts2023-03-012024-02-2901992049bus:FRS1022023-03-012024-02-2901992049bus:AuditExemptWithAccountantsReport2023-03-012024-02-2901992049bus:Director22023-03-012024-02-2901992049bus:CompanySecretary12023-03-012024-02-2901992049bus:FullAccounts2023-03-012024-02-29xbrli:purexbrli:sharesiso4217:GBP