Company registration number 01647019 (England and Wales)
OASTCROWN PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
OASTCROWN PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
OASTCROWN PROPERTIES LIMITED
BALANCE SHEET
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
4
360,986
414,373
Tangible assets
5
333,378
362,191
Investments
6
3
28,815
694,367
805,379
Current assets
Debtors
7
852,305
786,979
Cash at bank and in hand
53,579
255,475
905,884
1,042,454
Creditors: amounts falling due within one year
8
(1,597,147)
(1,171,774)
Net current liabilities
(691,263)
(129,320)
Total assets less current liabilities
3,104
676,059
Creditors: amounts falling due after more than one year
9
(566,660)
(465,869)
Provisions for liabilities
(16,698)
(21,032)
Net (liabilities)/assets
(580,254)
189,158
Capital and reserves
Called up share capital
10
23,500
23,500
Share premium account
346,500
346,500
Revaluation reserve
71,185
71,185
Other reserves
22,812
Profit and loss reserves
(1,021,439)
(274,839)
Total equity
(580,254)
189,158
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
OASTCROWN PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 May 2025 and are signed on its behalf by:
Mr S Bikhit
Director
Company registration number 01647019 (England and Wales)
OASTCROWN PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
Share capital
Share premium account
Revaluation reserve
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
£
As restated for the period ended 31 May 2023:
Balance at 1 June 2022
23,500
346,500
71,185
22,812
(218,233)
245,764
Year ended 31 May 2023:
Loss and total comprehensive income
-
-
-
-
(56,606)
(56,606)
Balance at 31 May 2023
23,500
346,500
71,185
22,812
(274,839)
189,158
Year ended 31 May 2024:
Loss and total comprehensive income
-
-
-
-
(769,412)
(769,412)
Other movements
-
-
-
(22,812)
22,812
-
Balance at 31 May 2024
23,500
346,500
71,185
-
(1,021,439)
(580,254)
OASTCROWN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
1
Accounting policies
Company information
Oastcrown Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 55-57 Sloane Avenue, London, United Kingdom, SW3 3DH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover represents amount receivable for commissions and management fee.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
Intangible fixed assets other than goodwill
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Franchise
5% straight line
Website
33% reducing balance
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
OASTCROWN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
OASTCROWN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 6 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
OASTCROWN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
30
30
4
Intangible fixed assets
Goodwill
Franchise
Website
Total
£
£
£
£
Cost
At 1 June 2023 and 31 May 2024
482,101
31,266
36,413
549,780
Amortisation and impairment
At 1 June 2023
104,455
5,491
25,461
135,407
Amortisation charged for the year
48,210
1,563
3,614
53,387
At 31 May 2024
152,665
7,054
29,075
188,794
Carrying amount
At 31 May 2024
329,436
24,212
7,338
360,986
At 31 May 2023
377,646
25,775
10,952
414,373
OASTCROWN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
5
Tangible fixed assets
Land and buildings Leasehold
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 June 2023
201,216
560,639
133,567
895,422
Additions
27,263
3,106
1,091
31,460
At 31 May 2024
228,479
563,745
134,658
926,882
Depreciation and impairment
At 1 June 2023
83,398
332,341
117,492
533,231
Depreciation charged in the year
31,468
23,140
5,665
60,273
At 31 May 2024
114,866
355,481
123,157
593,504
Carrying amount
At 31 May 2024
113,613
208,264
11,501
333,378
At 31 May 2023
117,818
228,298
16,075
362,191
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
3
3
Other investments other than loans
28,812
3
28,815
Fixed asset investments not carried at market value
OASTCROWN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
6
Fixed asset investments
(Continued)
- 9 -
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 June 2023
3
28,812
28,815
Disposals
-
(28,812)
(28,812)
At 31 May 2024
3
-
3
Carrying amount
At 31 May 2024
3
-
3
At 31 May 2023
3
28,812
28,815
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
17,216
61,790
Other debtors
118,886
95,451
Prepayments and accrued income
716,203
629,738
852,305
786,979
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
276,104
120,316
Other borrowings
22,018
21,937
Trade creditors
165,640
155,652
Amounts owed to group undertakings
177,302
Taxation and social security
273,791
115,219
Other creditors
859,594
544,241
Accruals and deferred income
37,107
1,597,147
1,171,774
OASTCROWN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 10 -
9
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
459,939
318,073
Other borrowings
106,721
147,796
566,660
465,869
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
23,500
23,500
23,500
23,500
11
Prior period adjustment
During the year, it was noted that there were cut off issues which resulted in the understatement of income, interest paid, franchise fee, taxation, amortization, and the overstatement of the gain on disposal of intangible assets.
Changes to the balance sheet
As previously reported
Adjustment at 1 Jun 2022
Adjustment at 31 May 2023
As restated at 31 May 2023
£
£
£
£
Fixed assets
Goodwill
913,234
913,234
(1,448,822)
377,646
Investments
(478,185)
(901,596)
1,408,596
28,815
Current assets
Debtors due within one year
875,362
22,359
(110,742)
786,979
Creditors due within one year
Loans and overdrafts
(398,922)
(269,586)
526,255
(142,253)
Taxation
(115,219)
123,369
(123,369)
(115,219)
Other creditors
(914,302)
15,000
(15,000)
(914,302)
Creditors due after one year
Loans and overdrafts
(222,118)
-
(243,751)
(465,869)
Net assets
293,211
(97,220)
(6,833)
189,158
Capital and reserves
Profit and loss reserves
(170,786)
(97,220)
(6,833)
(274,839)
OASTCROWN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
11
Prior period adjustment
(Continued)
- 11 -
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 May 2023
£
£
£
Administrative expenses
(1,488,702)
(52,567)
(1,541,269)
Other operating income
-
24,628
24,628
Interest payable and similar expenses
(70,090)
(11,710)
(81,800)
Amounts written off investments
64,404
(64,404)
-
Profit/(loss) for the financial period
47,447
(104,053)
(56,606)
Reconciliation of changes in equity
1 June
31 May
2022
2023
£
£
Adjustments to prior year
Understatement of other income
63,342
24,628
Understatement of Interest paid
(40,948)
(11,710)
Understatement of franchise fee
(144,725)
-
Understatement of taxation
145,727
-
Overstatement of gain on disposal intangible assets
-
(68,761)
Understament of amortisation
(120,616)
(48,210)
Total adjustments
(97,220)
(104,053)
Equity as previously reported
342,984
293,211
Equity as adjusted
245,764
189,158
Analysis of the effect upon equity
Profit and loss reserves
(97,220)
(104,053)
Reconciliation of changes in profit/(loss) for the previous financial period
2023
£
Adjustments to prior year
Understatement of other income
24,628
Understatement of Interest paid
(11,710)
Overstatement of gain on disposal intangible assets
(68,761)
Understament of amortisation
(48,210)
Total adjustments
(104,053)
Profit as previously reported
47,447
Loss as adjusted
(56,606)
2024-05-312023-06-01falsefalsefalse25 October 2023CCH SoftwareCCH Accounts Production 2025.100No description of principal activityMr S BikhitMr M BikhitMr S HussainMr S Bikhit016470192023-06-012024-05-31016470192024-05-31016470192023-05-3101647019core:Goodwill2024-05-3101647019core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-05-3101647019core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2024-05-3101647019core:Goodwill2023-05-3101647019core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-05-3101647019core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2023-05-3101647019core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-05-3101647019core:FurnitureFittings2024-05-3101647019core:ComputerEquipment2024-05-3101647019core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-05-3101647019core:FurnitureFittings2023-05-3101647019core:ComputerEquipment2023-05-3101647019core:CurrentFinancialInstrumentscore:WithinOneYear2024-05-3101647019core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-3101647019core:Non-currentFinancialInstrumentscore:AfterOneYear2024-05-3101647019core:Non-currentFinancialInstrumentscore:AfterOneYear2023-05-3101647019core:CurrentFinancialInstruments2024-05-3101647019core:CurrentFinancialInstruments2023-05-3101647019core:Non-currentFinancialInstruments2024-05-3101647019core:Non-currentFinancialInstruments2023-05-3101647019core:ShareCapital2024-05-3101647019core:ShareCapital2023-05-3101647019core:SharePremium2024-05-3101647019core:SharePremium2023-05-3101647019core:RevaluationReserve2024-05-3101647019core:RevaluationReserve2023-05-3101647019core:OtherMiscellaneousReserve2024-05-3101647019core:OtherMiscellaneousReserve2023-05-3101647019core:RetainedEarningsAccumulatedLosses2024-05-3101647019core:RetainedEarningsAccumulatedLosses2023-05-3101647019core:ShareCapital2022-05-3101647019core:SharePremium2022-05-3101647019core:RevaluationReserve2022-05-3101647019core:RetainedEarningsAccumulatedLosses2022-05-3101647019core:ShareCapitalOrdinaryShareClass12024-05-3101647019core:ShareCapitalOrdinaryShareClass12023-05-3101647019bus:CompanySecretaryDirector12023-06-012024-05-3101647019core:RetainedEarningsAccumulatedLosses2022-06-012023-05-31016470192022-06-012023-05-3101647019core:RetainedEarningsAccumulatedLosses2023-06-012024-05-3101647019core:Goodwill2023-06-012024-05-3101647019core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-06-012024-05-3101647019core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2023-06-012024-05-3101647019core:Goodwill2023-05-3101647019core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-05-3101647019core:Non-standardIntangibleAssetClass2ComponentIntangibleAssetsOtherThanGoodwill2023-05-31016470192023-05-3101647019core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-05-3101647019core:FurnitureFittings2023-05-3101647019core:ComputerEquipment2023-05-3101647019core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-06-012024-05-3101647019core:FurnitureFittings2023-06-012024-05-3101647019core:ComputerEquipment2023-06-012024-05-3101647019bus:OrdinaryShareClass12023-06-012024-05-3101647019bus:OrdinaryShareClass12024-05-3101647019bus:OrdinaryShareClass12023-05-3101647019core:ContinuingOperations2022-06-012023-05-3101647019bus:PrivateLimitedCompanyLtd2023-06-012024-05-3101647019bus:SmallCompaniesRegimeForAccounts2023-06-012024-05-3101647019bus:FRS1022023-06-012024-05-3101647019bus:AuditExempt-NoAccountantsReport2023-06-012024-05-3101647019bus:Director12023-06-012024-05-3101647019bus:Director22023-06-012024-05-3101647019bus:Director32023-06-012024-05-3101647019bus:CompanySecretary12023-06-012024-05-3101647019bus:FullAccounts2023-06-012024-05-31xbrli:purexbrli:sharesiso4217:GBP