Registration number:
Lo Oasis Limited
for the Year Ended 31 May 2024
Lo Oasis Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Lo Oasis Limited
Company Information
Director |
Mrs X H Lo |
Registered office |
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Lo Oasis Limited
(Registration number: 10769440)
Balance Sheet as at 31 May 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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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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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
(15,451) |
(1,266) |
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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:
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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
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Lo Oasis Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
General information |
The company is a private company limited by share capital, incorporated in Wales.
The address of its registered office is:
United Kingdom
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 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
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Lo Oasis Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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Additions |
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At 31 May 2024 |
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Depreciation |
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Charge for the year |
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At 31 May 2024 |
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Carrying amount |
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At 31 May 2024 |
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Investment properties |
2024 |
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At 1 June |
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At 31 May |
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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
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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Accruals and deferred income |
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Other creditors |
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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 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Amounts due on mortgages amount to £1,013,508 (2023 - £1,025,877). Charges are secured on the property address to which they relate.