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Registration number: 02524652

Oliver T Properties Limited

Annual Report and Unaudited Financial Statements

Pages for filing with the Registrar

for the Year Ended 31 August 2024

 

Oliver T Properties Limited

Contents

Company Information

1

Accountants' Report

2

Statement of Comprehensive Income

3

Balance Sheet

4 to 5

Statement of Changes in Equity

6

Notes to the Unaudited Financial Statements

7 to 13

 

Oliver T Properties Limited

Company Information

Director

Mr K P Cattermole

Company secretary

Mr K P Cattermole

Registered office

10 Neale Street
Ipswich
Suffolk
IP1 3JB

Accountants

Oxlade & Bond Limited
Chartered Certified Accountants
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Oliver T Properties Limited
for the Year Ended 31 August 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Oliver T Properties Limited for the year ended 31 August 2024 as set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Oliver T Properties Limited, as a body, in accordance with the terms of our engagement letter dated 22 May 2024. Our work has been undertaken solely to prepare for your approval the accounts of Oliver T Properties Limited and state those matters that we have agreed to state to the Board of Directors of Oliver T Properties Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Oliver T Properties Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Oliver T Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Oliver T Properties Limited. You consider that Oliver T Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Oliver T Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Oxlade & Bond Limited
Chartered Certified Accountants
Unit 14, Riduna Park
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT

3 December 2024

 

Oliver T Properties Limited

Statement of Comprehensive Income for the Year Ended 31 August 2024

2024
£

2023
£

Profit for the year

107,135

86,327

Fair value gains on investment properties

-

(28,820)

Total comprehensive income for the year

107,135

57,507

 

Oliver T Properties Limited

(Registration number: 02524652)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,731

3,211

Investment property

5

350,000

350,000

 

352,731

353,211

Current assets

 

Stocks

6

373,287

784,204

Debtors

7

1,177,091

687,564

Cash at bank and in hand

 

72,312

38,859

 

1,622,690

1,510,627

Creditors: Amounts falling due within one year

8

(81,098)

(76,730)

Net current assets

 

1,541,592

1,433,897

Total assets less current liabilities

 

1,894,323

1,787,108

Provisions for liabilities
(deferred taxation)

(36,593)

(36,513)

Net assets

 

1,857,730

1,750,595

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

185,540

185,540

Profit and loss account

1,672,090

1,564,955

Total equity

 

1,857,730

1,750,595

 

Oliver T Properties Limited

(Registration number: 02524652)
Balance Sheet as at 31 August 2024

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 3 December 2024
 

.........................................
Mr K P Cattermole
Company secretary and director

 

Oliver T Properties Limited

Statement of Changes in Equity for the Year Ended 31 August 2024

Called up share capital
£

Investment property fair value reserve
£

Profit and loss account
£

Total equity
£

At 1 September 2023

100

185,540

1,564,955

1,750,595

Profit for the year

-

-

107,135

107,135

Total comprehensive income

-

-

107,135

107,135

At 31 August 2024

100

185,540

1,672,090

1,857,730

Called up share capital
£

Investment property fair value reserve
£

Profit and loss account
£

Total equity
£

At 1 September 2022

100

214,360

1,478,628

1,693,088

Profit for the year

-

-

86,327

86,327

Fair value gains/(deficits) on investment properties

-

(28,820)

-

(28,820)

Total comprehensive income

-

(28,820)

86,327

57,507

At 31 August 2023

100

185,540

1,564,955

1,750,595

 

Oliver T Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
10 Neale Street
Ipswich
Suffolk
IP1 3JB

These financial statements were authorised for issue by the director on 3 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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 £.

Revenue recognition

Turnover represents the proceeds received from the sale of development properties during the course of the year and is recognised based on the legal completion date for the sale of the property.

Other operating income includes the rent receivable from the letting by the company of its development properties. Rental income is recognised in the financial statements on the basis of that receivable in the accounting period.

 

Oliver T Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred taxation is also recognised on the investment property value included in the financial statements. The deferred tax liability on this asset is calculated based on the market value property at the balance sheet date minus the original costs of the property.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

15% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The director uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss under an investment property fair value reserve.

Any associated deferred tax movement is also recognised in this investment property fair value reserve.

The investment property fair value reserve forms part of the general revenue reserve but any surpluses shown here are not distributable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Oliver T Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Trade debtors

Trade debtors are amounts due from tenants for rental income owed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stock is represented by development properties held by the company at the year end date.

Development properties are valued at the lower of cost and net realisable value.

Cost assessed includes all direct expenditure on the properties but no addition for overheads as these are considered immaterial.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Oliver T Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

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.

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.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.


3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

Oliver T Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Tangible assets

Office equipment
£

Total
£

Cost

At 1 September 2023

7,333

7,333

Additions

936

936

Disposals

(4,275)

(4,275)

At 31 August 2024

3,994

3,994

Depreciation

At 1 September 2023

4,122

4,122

Charge for the year

470

470

Eliminated on disposal

(3,329)

(3,329)

At 31 August 2024

1,263

1,263

Carrying amount

At 31 August 2024

2,731

2,731

At 31 August 2023

3,211

3,211

5

Investment properties

2024
£

At 1 September

350,000

At 31 August

350,000

The investment property was valued at the 31st August 2024 by K P Cattermole who is a director of Oliver T Properties Limited and therefore is internal to the company. The basis of the valuation was on an open market basis. The investment property has a current value of £350,000 (2023 £350,000) and a carrying amount at historical cost of £128,752 (2022 £128,752).

There has been no valuation of investment property by an independent valuer.

6

Stocks

2024
£

2023
£

Valuation of property developments

373,287

784,204

 

Oliver T Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

7

Debtors

2024
£

2023
£

Prepayments

615

537

Other debtors

1,176,476

687,027

1,177,091

687,564

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

39,752

28,751

Accruals and deferred income

3,325

3,075

Other creditors

38,021

44,904

81,098

76,730

9

Reserves

The profit and loss reserves of the company have been sub divided into the profit and loss reserve, which is fully distributable, and the component of the reserves relating to the investment property fair values which is not distributable.

The investment property fair value reserve at 31 August 2024 is made up as follows:
 

Valuation of property at 31 August 2024

350,000

Deferred tax provision on value

£(35,708)

Original cost of property

£(128,752)

Investment property fair value reserve at 31 August 2024

£185,540

 

Oliver T Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

10

Related party transactions

Transactions with the director

2024

At 1 September 2023
£

Advances to director
£

Repayments by director
£

At 31 August 2024
£

Mr K P Cattermole

Overdrawn directors loan account

(9,634)

88,838

(107,099)

(27,895)

Other transactions with the director

Included in creditors at the 31st August 2024 is an amount of £27,895 (2023 £9,634) owed to the director Mr K P Cattermole.

The loan is in respect of personal funds injected in to the company by the director, is repayable on demand and is interest free.

During the course of the 2024 year the director advanced the sum of £107,099 and was repaid the sum of £88,838.

During the course of the year the loan account went overdrawn for a period of 7 months. The company charged the director the sum of £317 (2023 £nil) in respect of the interest on this overdrawn balance at HMRC official rates.

The maximum overdrawn loan in the year was £26,785 and the overdrawn balance was fully repaid in August 2024..

Included in debtors at 31st August 2024 is a loan amount of £723,955 (2023 £29,145 creditor) which is owed by a company known as Oakhurst (East Anglia) Limited. This is a property development company registered in England in which Mr K P Cattermole is also a director and a 99% shareholder. Net funds of £753,100 were advanced to Oakhurst during the course of the year.

All of the above loans to the company are repayable on demand and are interest free.