REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
OAKLEIGH RESIDENTIAL PARK LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
OAKLEIGH RESIDENTIAL PARK LIMITED |
OAKLEIGH RESIDENTIAL PARK LIMITED (REGISTERED NUMBER: 10118568) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
OAKLEIGH RESIDENTIAL PARK LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Maltings |
Rosemary Lane |
Halstead |
Essex |
CO9 1HZ |
OAKLEIGH RESIDENTIAL PARK LIMITED (REGISTERED NUMBER: 10118568) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Fair value reserve | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
OAKLEIGH RESIDENTIAL PARK LIMITED (REGISTERED NUMBER: 10118568) |
BALANCE SHEET - continued |
31 MARCH 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
OAKLEIGH RESIDENTIAL PARK LIMITED (REGISTERED NUMBER: 10118568) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Oakleigh Residential Park Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
Sales of Holiday Lodges |
Sales of holiday lodges are recognised when the risks and rewards of ownership are transferred to the customer, usually on occupation when the licence agreement is signed or legal completion takes place. |
Commissions |
Commissions are recognised on an accruals basis in the period to which they relate. |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. |
Freehold property | - not depreciated |
Long-term leasehold property | - not depreciated |
Plant and machinery | - 20% straight line |
Motor vehicles | - 20% reducing balance |
Office equipment | - 15% reducing balance |
Hire fleet | - 20% reducing balance |
The assets' residual lives, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Valuation of investments |
Investments in chattels are recorded initially at cost and are subsequently revalued at each year end to represent their fair value. Fair value is decided based upon market value. The increase in value is recorded in the fair value reserve which is shown separately on the balance sheet. |
Stocks |
Stocks and work in progress are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. |
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. |
OAKLEIGH RESIDENTIAL PARK LIMITED (REGISTERED NUMBER: 10118568) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Debtors |
Short-term debtors are measures at transaction price, less any impairment. Loans receivable are measured initialy at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Creditors |
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Going concern |
The directors have considered the going concern basis in preparing these financial statements. They have concluded that the going concern basis is appropriate because sufficient funds will be generated from future trading for a period of at least twelve months from the date of approval of these financial statements to enable the company to meet its liabilities as they arise. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
OAKLEIGH RESIDENTIAL PARK LIMITED (REGISTERED NUMBER: 10118568) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2023 |
Transfer to ownership | (234,924 | ) |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
Transfer to ownership | (165,633 | ) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
OAKLEIGH RESIDENTIAL PARK LIMITED (REGISTERED NUMBER: 10118568) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 April 2023 |
Impairments | ( |
) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Cost or valuation at 31 March 2024 is represented by: |
Other |
investments |
£ |
Valuation in 2023 | 28,500 |
Valuation in 2024 | (5,639 | ) |
Cost | 55,000 |
77,861 |
Fair value is determined by the market value of the investments. No amounts have been charged to the P&L in relation to this revaluation and similarly there is no tax effect. |
These assets are not and have never been depreciated. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 9) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
OAKLEIGH RESIDENTIAL PARK LIMITED (REGISTERED NUMBER: 10118568) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Included within creditors are secured debts amounting to £63,772 (2023: £204,029) which are secured on the fixed assets to which they relate. |
9. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2024 | 2023 |
£ | £ |
Gross obligations repayable: |
Within one year |
Finance charges repayable: |
Within one year |
Net obligations repayable: |
Within one year |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
100 | Ordinary | 1 | 100 |
20 | A | 1 | 20 |
120 |
11. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 April 2023 |
Asset revaluation | (5,639 | ) |
At 31 March 2024 |
OAKLEIGH RESIDENTIAL PARK LIMITED (REGISTERED NUMBER: 10118568) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
12. | PENSION COMMITMENTS |
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £5,957 (2023: £4,656). Contributions totalling £2,004 (2023: £2,918) were payable to the fund at the balance sheet date and are included in creditors. |
13. | RELATED PARTY DISCLOSURES |
During the year the company operated loan accounts with the directors of the Company. The amount due to the Company at the year end was £736,743 (2023: £660,275) and this is recorded in other debtors. Interest has been charged of £16,041 (2023: £12,475) and the loans are repayable on demand. |
During the year the Company operated loan accounts with close family members of Mr M Doran a director of the Company. The amounts owed to the Company at the year end was £812,011 (2023: £654,868) and this is recorded in other debtors. Interest has been charged of £18,117 (2023: £12,219) and the loans are repayable on demand. |
During the year the Company operated loan accounts with fellow group Companies. The amount payable to fellow group Companies at the year end was £31,767 (2023: £611,810 receivable) and is shown within creditors. These loans are interest free and repayable on demand. |
During the year there was a management charge to Oakleigh Utilities Ltd of £66,376 (2023: £56,186). |
The land the park operates from is owned by Mr T Doran, who is the father of Mr M Doran. There is no cash consideration paid to operate from the land. |
14. | ULTIMATE CONTROLLING PARTY |
The controlling party is Doran Park Homes Ltd. |
Registered Office Address: Oakleigh Residential Park, Weeley, Clacton On Sea, Essex, CO16 9DH |