Registration number:
Oldmoor Developments Limited
for the Year Ended 30 April 2024
Oldmoor Developments Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Oldmoor Developments Limited
Company Information
Director |
S M Y Anwar |
Registered office |
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Accountants |
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Oldmoor Developments Limited
(Registration number: 14027301)
Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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- |
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Investment property |
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Current assets |
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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 liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Provisions for liabilities |
( |
- |
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Net assets/(liabilities) |
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( |
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Capital and reserves |
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Called up share capital |
10 |
10 |
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Retained earnings |
551,568 |
(20,103) |
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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:
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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
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Oldmoor Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
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:
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.
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
Financial instruments
Classification
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
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. |
Staff numbers |
The average number of persons employed by the Company (including the director) during the year, was
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 |
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Government grants |
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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
Tangible assets |
Properties under construction |
Fixtures and fittings |
Total |
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Cost or valuation |
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At 1 May 2023 |
- |
- |
- |
Additions |
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At 30 April 2024 |
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Depreciation |
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At 1 May 2023 |
- |
- |
- |
Charge for the year |
- |
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At 30 April 2024 |
- |
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Carrying amount |
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At 30 April 2024 |
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At 30 April 2023 |
- |
- |
- |
Investment properties |
2024 |
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At 1 May 2023 |
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Additions at cost |
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Fair value adjustments |
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At 30 April 2024 |
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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.
Debtors |
Current |
2024 |
2023 |
Other debtors |
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Oldmoor Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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- |
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Amounts owed to Group undertakings and undertakings in which the Company has a participating interest |
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Accruals and deferred income |
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Other creditors |
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Corporation tax control |
2,034 |
- |
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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 |
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Due after one year |
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Loans and borrowings |
- |
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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
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Other borrowings |
- |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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- |
Share capital |
Allotted, called up and not fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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10.00 |
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10.00 |
Dividends |
There were no dividends paid or proposed in the current period.
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.
Reserves |
The reserves are split as distributable profit and loss gain of £111,340 and non distributable property revaluation gain of £440,228.