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Registration number: 12160140

Oakwrench Properties Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Oakwrench Properties Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Oakwrench Properties Ltd

Company Information

Director

R M Wood

Registered office

1299-1301 London Road
Leigh-On-Sea
Essex
SS9 2AD

Accountants

Kingswood Chase Consulting Ltd DeVine House
1299-1301 London Road
Leigh On Sea
Essex
SS9 2AD

 

Oakwrench Properties Ltd

(Registration number: 12160140)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

603,058

603,058

Current assets

 

Cash at bank and in hand

 

1,707

2,070

Creditors: Amounts falling due within one year

5

(165,778)

(169,315)

Net current liabilities

 

(164,071)

(167,245)

Total assets less current liabilities

 

438,987

435,813

Creditors: Amounts falling due after more than one year

5

(424,716)

(422,750)

Net assets

 

14,271

13,063

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

14,171

12,963

Shareholders' funds

 

14,271

13,063

For the financial year ending 31 August 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 his 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 and 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 16 April 2025
 

.........................................
R M Wood
Director

 

Oakwrench Properties Ltd

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

1

General information

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

The address of its registered office is:
1299-1301 London Road
Leigh-On-Sea
Essex
SS9 2AD
United Kingdom

These financial statements were authorised for issue by the director on 16 April 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.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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.

 

Oakwrench Properties Ltd

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

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).

 

Oakwrench Properties Ltd

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

4

Investment properties

2024
£

At 1 September

603,058

At 31 August

603,058

There has been no valuation of investment property by an independent valuer.

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

163,936

166,936

Taxation and social security

 

283

1,164

Accruals and deferred income

 

1,559

1,216

Other creditors

 

-

(1)

 

165,778

169,315

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

424,716

422,750


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £424,716 (2023 - £422,750).

 

Oakwrench Properties Ltd

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

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

424,716

422,750

Current loans and borrowings

2024
£

2023
£

Other borrowings

163,936

166,936

8

Related party transactions

Summary of transactions with parent

Wood Holdings Ltd is the parent company of Oakwrench Properties Ltd
 

Loans from related parties

2024

Parent
£

Total
£

At start of period

166,936

166,936

Advanced

825

825

Repaid

(3,000)

(3,000)

Interest transactions

(825)

(825)

At end of period

163,936

163,936

2023

Parent
£

Total
£

At start of period

171,936

171,936

Repaid

(5,000)

(5,000)

At end of period

166,936

166,936

Terms of loans from related parties

 

Oakwrench Properties Ltd

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

The loan from Wood Holdings Ltd is repayable on demand. Part of the debt bears interest at 4%.
 

9

Parent and ultimate parent undertaking

The company's immediate parent is Wood Holdings Ltd, incorporated in England & Wales.