Registration number:
Oliver T Properties Limited
Pages for filing with the Registrar
for the Year Ended 31 August 2024
Oliver T Properties Limited
Contents
Company Information |
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Accountants' Report |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Oliver T Properties Limited
Company Information
Director |
Mr K P Cattermole |
Company secretary |
Mr K P Cattermole |
Registered office |
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Accountants |
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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.
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Chartered Certified Accountants
Station Road
Melton
Woodbridge
Suffolk
IP12 1QT
Oliver T Properties Limited
Statement of Comprehensive Income for the Year Ended 31 August 2024
2024 |
2023 |
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Profit for the year |
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Fair value gains on investment properties |
- |
( |
Total comprehensive income for the year |
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Oliver T Properties Limited
(Registration number: 02524652)
Balance Sheet as at 31 August 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities
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( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
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Total equity |
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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:
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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
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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 |
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At 1 September 2023 |
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Profit for the year |
- |
- |
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Total comprehensive income |
- |
- |
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At 31 August 2024 |
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Called up share capital |
Investment property fair value reserve |
Profit and loss account |
Total equity |
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At 1 September 2022 |
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Profit for the year |
- |
- |
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Fair value gains/(deficits) on investment properties |
- |
( |
- |
( |
Total comprehensive income |
- |
( |
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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
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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
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
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Oliver T Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
Tangible assets |
Office equipment |
Total |
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Cost |
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At 1 September 2023 |
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Additions |
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Disposals |
( |
( |
At 31 August 2024 |
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Depreciation |
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At 1 September 2023 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
At 31 August 2024 |
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Carrying amount |
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At 31 August 2024 |
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At 31 August 2023 |
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Investment properties |
2024 |
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At 1 September |
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At 31 August |
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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.
Stocks |
2024 |
2023 |
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Valuation of property developments |
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Oliver T Properties Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
Debtors |
2024 |
2023 |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2024 |
2023 |
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Due within one year |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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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 |
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Deferred tax provision on value |
£(35,708) |
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Original cost of property |
£(128,752) |
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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
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 |
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Overdrawn directors loan account |
( |
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( |
( |
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.