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Registration number: 14027301

Oldmoor Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Oldmoor Developments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Oldmoor Developments Limited

Company Information

Director

S M Y Anwar

Registered office

114 St Martin's Lane
Covent Garden
London
WC2N 4BE

Accountants

Bourner Bullock
Chartered Accountants
114 St Martin's Lane
Covent Garden
London
WC2N 4BE

 

Oldmoor Developments Limited

(Registration number: 14027301)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

10,166

-

Investment property

7

2,072,127

1,471,388

 

2,082,293

1,471,388

Current assets

 

Debtors

8

10

235

Cash at bank and in hand

 

133,254

4,615

 

133,264

4,850

Creditors: Amounts falling due within one year

9

(1,513,847)

(996,331)

Net current liabilities

 

(1,380,583)

(991,481)

Total assets less current liabilities

 

701,710

479,907

Creditors: Amounts falling due after more than one year

9

-

(500,000)

Provisions for liabilities

(150,132)

-

Net assets/(liabilities)

 

551,578

(20,093)

Capital and reserves

 

Called up share capital

11

10

10

Retained earnings

14

551,568

(20,103)

Total equity

 

551,578

(20,093)

 

Oldmoor Developments Limited

(Registration number: 14027301)
Balance Sheet as at 30 April 2024

For the financial year ending 30 April 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 their 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 28 January 2025
 

.........................................
S M Y Anwar
Director

 

Oldmoor Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

Principal activity

The principal activity of the Company is buying and selling of own real estate

The address of its registered office is:
114 St Martin's Lane
Covent Garden
London
WC2N 4BE

These financial statements were authorised for issue by the director on 28 January 2025.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Turnover recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities

Government grants

Government grants are recognised when there is reasonable assurance that the entity will comply with the conditions of the grant and the grant will be received. Grants related to income are recognised in profit or loss on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants related to assets are recognised as deferred income and systematically released to profit or loss over the useful life of the asset. The entity discloses the nature and amounts of government grants recognised and the accounting policies adopted for their recognition and measurement.

 

Oldmoor Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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 income 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

Fixtures and Fittings

Straight line over 3 years

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use 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.

Financial instruments

Classification
The Company only enters into basic financial instrument 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 from 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 profit or 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.

 

 

Oldmoor Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Debtors

Trade debtors are amounts due from customers for 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.

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Oldmoor Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

3

Significant judgements and key sources of estimation uncertainty

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

Valuation of investment property

There are a number of estimates involved in assessing the fair value of the company's investment property. The director have determined the fair value on similar properties at the same location. The carry amount is £2,072,127 (2023 at cost: £1,471,388).

4

Staff numbers

The average number of persons employed by the Company (including the director) during the year, was 1 (2023 - 1).

5

Other operating income

The analysis of the Company's other operating income for the year is as follows:

2024
£

Period from 5 April 2022 to 30 April
2023
£

Government grants

104,000

-

During the year the company received a government grant from The Council of the London Borough of Brent for £104,000 in respect of the Empty Properties Scheme.

 

Oldmoor Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Tangible assets

Properties under construction
 £

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 May 2023

-

-

-

Additions

1,400

11,496

12,896

At 30 April 2024

1,400

11,496

12,896

Depreciation

At 1 May 2023

-

-

-

Charge for the year

-

2,730

2,730

At 30 April 2024

-

2,730

2,730

Carrying amount

At 30 April 2024

1,400

8,766

10,166

At 30 April 2023

-

-

-

7

Investment properties

2024
£

At 1 May 2023

1,471,388

Additions at cost

10,379

Fair value adjustments

590,360

At 30 April 2024

2,072,127

The fair value of the investment property was assessed by the director after consideration of comparable data from properties in a similar location. This included looking at average price per square meter and rental yield.

8

Debtors

Current

2024
£

2023
£

Other debtors

10

235

 

10

235

 

Oldmoor Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

500,000

-

Amounts owed to Group undertakings and undertakings in which the Company has a participating interest

13

536,775

536,775

Accruals and deferred income

 

55,061

12,221

Other creditors

 

419,977

447,335

Corporation tax control

 

2,034

-

 

1,513,847

996,331

Amounts owed to related parties include a loan from a shareholder of £536,775 and is interest free and repayable on demand. Other creditors includes a loan from another party which is secured by way of a fixed charge on the assets of the company. The loan charges interest at BoE base rate +3% which is accrued daily over a 365-day year.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

-

500,000

Other creditors includes a loan from another party which is secured by way of a fixed charge on the assets of the company.

 

Oldmoor Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

-

500,000

Current loans and borrowings

2024
£

2023
£

Bank borrowings

500,000

-

11

Share capital

Allotted, called up and not fully paid shares

2024

2023

No.

£

No.

£

Share capital of £0.01 each

1,000

10.00

1,000

10.00

       

12

Dividends

There were no dividends paid or proposed in the current period.

13

Related party transactions

Transactions with shareholders
An amount of £536,550 is due from the company to Zhor Anwar, a 20% shareholder in the company. The loan is interest free and repayable on demand.
Transactions with director
During the year ended 30 April 2024, payments were made to the director, amounting to £27,350. The balance owing to the directors at the year end amounted to £419,985 (2023: £447,335). The amounts due are interest free and repayable on demand.

14

Reserves

The reserves are split as distributable profit and loss gain of £111,340 and non distributable property revaluation gain of £440,228.