Company registration number 01087388 (England and Wales)
OASTLODGE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
OASTLODGE LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
OASTLODGE LTD
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
10,569,688
10,276,206
Current assets
Debtors
5
956,725
1,128,755
Cash at bank and in hand
149,090
156,717
1,105,815
1,285,472
Creditors: amounts falling due within one year
6
(599,591)
(551,475)
Net current assets
506,224
733,997
Total assets less current liabilities
11,075,912
11,010,203
Creditors: amounts falling due after more than one year
7
(2,455,289)
(2,708,496)
Provisions for liabilities
(56,061)
(57,155)
Net assets
8,564,562
8,244,552
Capital and reserves
Called up share capital
100,000
100,000
Non-distributable profits reserve
1,290,705
1,080,993
Profit and loss reserves
8
7,173,857
7,063,559
Total equity
8,564,562
8,244,552

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

OASTLODGE LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2024
31 May 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 February 2025 and are signed on its behalf by:
T C Beynon
M J Beynon
Director
Director
Company Registration No. 01087388
OASTLODGE LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
Share capital
Non-distributable reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 June 2022
100,000
1,780,705
6,172,564
8,053,269
Year ended 31 May 2023:
Profit for the year
-
-
373,129
373,129
Other comprehensive income:
Fair value adjustments reclassified to profit or loss
-
209,712
(209,712)
-
Total comprehensive income for the year
-
0
209,712
163,417
373,129
Dividends
-
-
(181,846)
(181,846)
Balance at 31 May 2023
100,000
1,990,417
6,154,135
8,244,552
Year ended 31 May 2024:
Profit for the year
-
-
518,427
518,427
Other comprehensive income:
Fair value adjustments reclassified to profit or loss
-
290,000
(290,000)
-
Total comprehensive income for the year
-
0
(290,000)
228,427
518,427
Dividends
-
-
(198,417)
(198,417)
Balance at 31 May 2024
100,000
2,280,417
6,184,145
8,564,562
OASTLODGE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
1
Accounting policies
Company information

Oastlodge Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor Eldon Chambers, Falcon Court, 30-32 Fleet Street, London, EC4Y 1AA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is the total amount receivable by the company for rents and services, excluding VAT.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Furniture and equipment
15% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

No depreciation charge is made in relation to the freehold property owned by the company, as the directors believe that the residual value of freehold property is not significantly different to its cost and therefore any depreciation charge would be immaterial in terms of these financial statements.

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

 

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

OASTLODGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

OASTLODGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

OASTLODGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 7 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
4
OASTLODGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2023
10,275,100
23,674
10,298,774
Additions
-
0
4,167
4,167
Revaluation
290,000
-
0
290,000
At 31 May 2024
10,565,100
27,841
10,592,941
Depreciation and impairment
At 1 June 2023
-
0
22,568
22,568
Depreciation charged in the year
-
0
685
685
At 31 May 2024
-
0
23,253
23,253
Carrying amount
At 31 May 2024
10,565,100
4,588
10,569,688
At 31 May 2023
10,275,100
1,106
10,276,206

All the properties have been valued by T C Beynon, a director of the company, at their open market value as at 31st May 2024.

 

The historical cost of the freehold investment properties included in the valuation was £8,938,026 (2023 : £8,938,026).

 

The historical cost of the freehold properly included in the valuation was £137,591 (2023 : £137,591).

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
77,276
109,875
Other debtors
879,449
1,018,880
956,725
1,128,755
OASTLODGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
294,109
294,308
Trade creditors
134,493
130,424
Corporation tax
74,810
44,780
Other taxation and social security
24,733
23,627
Other creditors
71,446
58,336
599,591
551,475
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,455,289
2,708,496

The bank loans, mortgages and overdrafts are secured by first legal charges on the company's investment properties.

Included within creditors : amounts falling due after more than one year is an amount of £1,461,322 (2023 : £1,656,860) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

 

 

 

8
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
6,580,352
6,598,781
Profit for the year
518,427
373,129
Current year profits transferred to non-distributable reserve
(290,000)
(209,712)
Dividends declared and paid in the year
(198,417)
(181,846)
At the end of the year
6,610,362
6,580,352
OASTLODGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
8
Profit and loss reserves
(Continued)
- 10 -
Non distributable reserve - property revaluations
The non dsitributable reserve records the value of asset revaluations and fair value movements on
assets recognised in other comprehensive income.
2024
2023
£
£
At the beginning of the year
1,745,417
1,535,705
Non distributable profits in the year
(303,186)
(209,712)
At the end of the year
2,048,603
1,745,417
9
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Capecroft Limited
543
543
Kilomanor
874,834
1,003,834

 

During the year the company had loans as detailed above with companies which are controlled by M J Beynon and T C Beynon, directors and shareholders of the company.

 

The loans are interest free and repayable on demand.

 

The bank loans and mortgages of the company are secured by a legal charge over the assets of Capecroft Ltd.

 

 

2024
2023
Amounts due from related parties
£
£
Hallway Estates Limited
20,000
20,000
10
Ultimate controlling party

The controlling parties were J Beynon, T C Beynon, M J Beynon and L Beynon by virtue of their 95.3% joint ownership of the issued share capital of the company.

 

OASTLODGE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 11 -
11
Directors' transactions

Dividends totalling £130,350 (2023 - £126,340) were paid in the year in respect of shares held by the company's directors.

The directors' loans are interest free with no fixed date for repayment.

 

Balances at the year end were :-

 

J Beynon - £ nil (2023 : £10,000)

 

T Beynon - £ nil (2023 : £10,000)

 

M Beynon - £nil (2023 : £nil)

 

 

 

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