Lo Oasis Limited 10769440 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is buying and selling of own real estate Digita Accounts Production Advanced 6.30.9574.0 true true 10769440 2023-06-01 2024-05-31 10769440 2024-05-31 10769440 bus:OrdinaryShareClass1 2024-05-31 10769440 core:CurrentFinancialInstruments 2024-05-31 10769440 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 10769440 core:Non-currentFinancialInstruments 2024-05-31 10769440 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 10769440 core:FurnitureFittingsToolsEquipment 2024-05-31 10769440 bus:SmallEntities 2023-06-01 2024-05-31 10769440 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 10769440 bus:FilletedAccounts 2023-06-01 2024-05-31 10769440 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 10769440 bus:RegisteredOffice 2023-06-01 2024-05-31 10769440 bus:Director1 2023-06-01 2024-05-31 10769440 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 10769440 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 10769440 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 10769440 countries:Wales 2023-06-01 2024-05-31 10769440 2023-05-31 10769440 2022-06-01 2023-05-31 10769440 2023-05-31 10769440 bus:OrdinaryShareClass1 2023-05-31 10769440 core:CurrentFinancialInstruments 2023-05-31 10769440 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 10769440 core:Non-currentFinancialInstruments 2023-05-31 10769440 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10769440

Lo Oasis Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Lo Oasis Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Lo Oasis Limited

Company Information

Director

Mrs X H Lo

Registered office

1ST Floor 6 St John's Court
Upper Fforest Way
Swansea Enterprise Park
Swansea
C & C of Swansea
SA6 8QQ

 

Lo Oasis Limited

(Registration number: 10769440)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,840

-

Investment property

5

1,536,506

1,536,506

 

1,538,346

1,536,506

Current assets

 

Cash at bank and in hand

 

1,693

18,433

Creditors: Amounts falling due within one year

6

(617,461)

(575,501)

Net current liabilities

 

(615,768)

(557,068)

Total assets less current liabilities

 

922,578

979,438

Creditors: Amounts falling due after more than one year

6

(937,929)

(980,604)

Net liabilities

 

(15,351)

(1,166)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

(15,451)

(1,266)

Shareholders' deficit

 

(15,351)

(1,166)

For the financial year ending 31 May 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 her 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 20 February 2025
 

.........................................
Mrs X H Lo
Director

 

Lo Oasis Limited

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

1

General information

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

The address of its registered office is:
1ST Floor 6 St John's Court
Upper Fforest Way
Swansea Enterprise Park
Swansea
C & C of Swansea
SA6 8QQ
United Kingdom

These financial statements were authorised for issue by the director on 20 February 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 the going concern basis. The director has confirmed that they will continue to support the company for a minimum period of twelve months from the date of these financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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.

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.

 

Lo Oasis Limited

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

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:

Investment property

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

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 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.

3

Staff numbers

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

 

Lo Oasis Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

2,300

2,300

At 31 May 2024

2,300

2,300

Depreciation

Charge for the year

460

460

At 31 May 2024

460

460

Carrying amount

At 31 May 2024

1,840

1,840

5

Investment properties

2024
£

At 1 June

1,536,506

At 31 May

1,536,506

The investment properties are based on cost/ market value at time of purchase during the year, the director does not feel the need to revalue at the present time.

 

Lo Oasis Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

75,579

45,272

Accruals and deferred income

 

1,575

2,591

Other creditors

 

540,307

527,638

 

617,461

575,501

Amounts due on mortgages amount to £1,013,508 (2023 £1,025,877). Charges are secured on the property address with which it relates.

A mortgage and legal fixed charge with negative pledge dated 4th May 2018 held on 24, St Catherine Court, Maritime Quarter, Swansea, SA1 1SD secures all borrowings of Charter Court Financial Services Limited, Trading as Precise Mortgages

A mortgage and legal fixed charge with negative pledge dated 12th October 2018 held on 61, St Catherine Court, Maritime Quarter, Swansea, SA1 1SD secures all borrowings of Charter Court Financial Services Limited, Trading as Precise Mortgages

A mortgage and legal fixed charge with negative pledge dated 2nd November 2018 held on 75 St Christophers Court, Maritime Quarter, Swansea, SA1 1UA secures all borrowings of The Mortgage Works (UK) Plc.

A legal fixed charge with negative pledge dated 25th January 2019 held by Paragon Bank Plc secures borrowings on 79 a & 79B Oxford Street, Swansea SA1 3JG.

A legal fixed charge with negative pledge dated 29th April 2019 held by Gatehouse Bank Plc secures borrowings on 65 Cityview Point, 139, Leven Road, London E14 0LL.

A legal charge containing floating charges with negative pledges dated 20th November 2018 is held by Together Commercial Finance Limited and secures all Together Commercial Finance Limited borrowings of the company. An additional charge dated 20th November 2018, held together by Together Commercial Finance Limited and secures borrowings on 410 Levan Wharf, London E14 0LP.

A legal charge with negative pledge dated 21st October 2021 held by The Mortgage Works (UK) Plc secure borrowings on 67 Cityview Point, 139 Leven Road, London, E14 0LL.

Legal charges dated 2nd March 2022 containing fixed and floating charges with negative pledge held by Together Commercial Finance Limited secures all borrowings on 12 Dillwyn Street, Swansea, SA1 4AQ.

 

Lo Oasis Limited

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

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

937,929

980,604

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

937,929

980,604

Current loans and borrowings

2024
£

2023
£

Bank borrowings

75,579

45,272

Amounts due on mortgages amount to £1,013,508 (2023 - £1,025,877). Charges are secured on the property address to which they relate.