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Registration number: 02265454

Oakhurst (East Anglia) Limited

Annual Report and Unaudited Financial Statements

Pages for filing with the Registrar

for the Year Ended 31 August 2024

 

Oakhurst (East Anglia) Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 11

 

Oakhurst (East Anglia) Limited

Company Information

Director

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
Oakhurst (East Anglia) 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 Oakhurst (East Anglia) Limited for the year ended 31 August 2024 as set out on pages 3 to 11 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 Oakhurst (East Anglia) Limited, as a body, in accordance with the terms of our engagement letter dated 23 May 2024. Our work has been undertaken solely to prepare for your approval the accounts of Oakhurst (East Anglia) Limited and state those matters that we have agreed to state to the Board of Directors of Oakhurst (East Anglia) 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 Oakhurst (East Anglia) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Oakhurst (East Anglia) 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 Oakhurst (East Anglia) Limited. You consider that Oakhurst (East Anglia) 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 Oakhurst (East Anglia) 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

5 December 2024

 

Oakhurst (East Anglia) Limited

(Registration number: 02265454)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

50,289

50,423

Current assets

 

Stocks

5

2,548,694

634,340

Debtors

6

1,719,539

712,242

Cash at bank and in hand

 

352,700

1,638,442

 

4,620,933

2,985,024

Creditors: Amounts falling due within one year

7

(2,917,627)

(1,473,565)

Net current assets

 

1,703,306

1,511,459

Total assets less current liabilities

 

1,753,595

1,561,882

Provisions for liabilities (deferred taxation)

-

(34)

Net assets

 

1,753,595

1,561,848

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

1,753,495

1,561,748

Total equity

 

1,753,595

1,561,848

 

Oakhurst (East Anglia) Limited

(Registration number: 02265454)
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 5 December 2024
 

.........................................
Mr K P Cattermole
Director

 

Oakhurst (East Anglia) Limited

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

Called up share capital
£

Profit and loss account
£

Total equity
£

At 1 September 2023

100

1,561,748

1,561,848

Profit for the year

-

191,747

191,747

Total comprehensive income

-

191,747

191,747

At 31 August 2024

100

1,753,495

1,753,595

Called up share capital
£

Profit and loss account
£

Total equity
£

At 1 September 2022

100

1,234,811

1,234,911

Profit for the year

-

326,937

326,937

Total comprehensive income

-

326,937

326,937

At 31 August 2023

100

1,561,748

1,561,848

 

Oakhurst (East Anglia) 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 5 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. Where these properties have an option to tax election in force the sale proceeds are shown excluding value added tax.

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.

 

Oakhurst (East Anglia) 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 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

15% reducing balance basis

Freehold property

no depreciation is provided

No depreciation is provided on the freehold property since it is the company's policy to maintain these assets in a continual state of sound repair and accordingly the director considers that the lives of these assets are so long and their residual value is so high that their depreciation would be immaterial. Any permanent diminution in the value of these assets would be charged to the trading and profit and loss account.

The non depreciation of these assets represents a departure from the requirements of the Companies Act whose requirements are to depreciate all tangible fixed assets. This departure from the requirements of the Companies Act is necessary for the financial statements to show a true and fair view as the director is of the opinion that these assets do not depreciate. If this departure had not been made the net profit for the year would have been reduced by the depreciation on these assets

 

Oakhurst (East Anglia) Limited

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

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed 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.

 

Oakhurst (East Anglia) 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).

 

Oakhurst (East Anglia) Limited

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

4

Tangible assets

Freehold property
£

Office equipment
£

Total
£

Cost

At 1 September 2023

50,289

1,608

51,897

Disposals

-

(1,608)

(1,608)

At 31 August 2024

50,289

-

50,289

Depreciation

At 1 September 2023

-

1,474

1,474

Eliminated on disposal

-

(1,474)

(1,474)

At 31 August 2024

-

-

-

Carrying amount

At 31 August 2024

50,289

-

50,289

At 31 August 2023

50,289

134

50,423

5

Stocks

2024
£

2023
£

Value of development properties on hand

2,548,694

634,340

6

Debtors

2024
£

2023
£

Prepayments

-

497

Other debtors

1,719,539

711,745

1,719,539

712,242

 

Oakhurst (East Anglia) Limited

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

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

69,273

156,866

Accruals and deferred income

4,075

5,175

Other creditors

2,844,279

1,311,524

2,917,627

1,473,565

8

Reserves

The profit and loss reserves of the company are wholly distributable.

9

Related party transactions

Other transactions with the director

Included in creditors at 31st August 2024 is a loan amount of £723,955 (2023 £29,145 debtor) which is owed by the company to Oliver T Properties 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.

The above loan is an interest free loan and is repayable on demand.

Included in creditors at 31st August 2024 is a loan amount of £42 (2023 £42) which is owed by the company to Colwyn Developments Limited. This is a property development company registered in England in which Mr K P Cattermole is also a director and a 50% shareholder. There were no movements in this loan account during the course of the year.

Included in creditors at 31st August 2024 is an amount of £1,144,118 (2023 £1,088,718) owed by the company to the director Mr K P Cattermole. This is in respect of undrawn salaries and expenses owed to him at the year end and monies injected in to the company. The loan from the director is an interest free loan and is repayable on demand.