REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
ODSEY PROPERTIES LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 March 2024 |
for |
ODSEY PROPERTIES LIMITED |
ODSEY PROPERTIES LIMITED (REGISTERED NUMBER: 02156907) |
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 |
Chartered Accountants' Report | 6 |
ODSEY PROPERTIES LIMITED |
Company Information |
for the year ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Unit 14 |
Hoddesdon Enterprise Centre |
Pindar Road |
Hoddesdon |
Hertfordshire |
EN11 0FJ |
ODSEY PROPERTIES LIMITED (REGISTERED NUMBER: 02156907) |
Balance Sheet |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 6 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
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. |
ODSEY PROPERTIES LIMITED (REGISTERED NUMBER: 02156907) |
Balance Sheet - continued |
31 March 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
ODSEY PROPERTIES LIMITED (REGISTERED NUMBER: 02156907) |
Notes to the Financial Statements |
for the year ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Odsey Properties Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Stocks |
Stocks and work in progress are stated at lower of cost and net realisable value as established by the directors. Cost comprises land and development expenditure incurred to the present state of the project. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
VAT |
Amounts falling due after more than one year: |
Accumulated rent charged to FFP |
Aggregate amounts |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Tax |
Project Capital from FFP 1 | 23,078 | 23,078 |
Project Capital from FFP 2 | 14,538 | 8,368 |
Project Capital from LB | 14,500 | 14,500 |
Project Capital from AND | 12,500 | 12,500 |
Accrued expenses |
ODSEY PROPERTIES LIMITED (REGISTERED NUMBER: 02156907) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Directors` loan accounts | 604,420 | 604,420 |
Directors` loans consist of £604,420 (2023 - £604,420 ) Due to C.H.C. Fordham £550,395 (2023 - £550,395) due to C.J.K. Fordham and £54,025 (2023 - £54,025). |
These other loans and the directors` loans are unsecured, interest free and there are no fixed repayment dates. The loan holders, however, have agreed that they will neither withdraw their support within a year of approval of the accounts nor demand repayment until the company makes sufficient profits to enable repayments to be made. |
7. | RELATED PARTY DISCLOSURES |
During the year the company earned rent of £7,000 (2023 - £7,000) from Fordham Farming Partnership on a normal commercial basis. The company directors are partners in Fordham Farming Partnership. |
8. | ULTIMATE CONTROLLING PARTY |
There is no ultimate controlling party |
9. | GOING CONCERN |
The financial statements have been prepared on a going concern basis. This basis may not be appropriate because the company had a balance sheet deficit of £580,321 at 31 March 2024. The directors have already committed substantial sums of money to the company and have undertaken to continue to support the company so that, together with the bank facilities available, the company is able to meet its liabilities as they fall due and to carry on its business without a significant curtailment of operations. |
Should the company be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify long term liabilities as current liabilities. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Odsey Properties Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Odsey Properties Limited for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Odsey Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Odsey Properties Limited and state those matters that we have agreed to state to the Board of Directors of Odsey Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Odsey Properties Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Odsey Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Odsey Properties Limited. You consider that Odsey Properties Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Odsey Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Unit 14 |
Hoddesdon Enterprise Centre |
Pindar Road |
Hoddesdon |
Hertfordshire |
EN11 0FJ |