REGISTERED NUMBER: 04931783 (England and Wales)

Oldland Limited

Financial Statements

for the Year Ended 30 September 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs C E Oldland

D W Oldland

SECRETARY:

P M Bailey

REGISTERED OFFICE:

11 Mead Lane

Bognor Regis

West Sussex

PO22 8AP

REGISTERED NUMBER:

04931783 (England and Wales)

ACCOUNTANTS:

Read Woodruff

Chartered Accountants

24 Cornwall Road

Dorchester

Dorset

DT1 1RX

FIXED ASSETS

Tangible assets

4

249,121

227,419

Investments

5

20,618

214,081

Investment property

6

384,000

530,000

653,739

971,500

CURRENT ASSETS

Stocks

7

553,693

263,547

Debtors

8

5,918

35,702

Cash at bank and in hand

111,673

214,727

671,284

513,976

CREDITORS

Amounts falling due within one year

9

132,229

53,909

NET CURRENT ASSETS

539,055

460,067

TOTAL ASSETS LESS CURRENT LIABILITIES

1,192,794

1,431,567

CREDITORS

Amounts falling due after more than one year

10

(65,014

)

(80,180

)

PROVISIONS FOR LIABILITIES

12

(4,477

)

(21,083

)

NET ASSETS

1,123,303

1,330,304

CAPITAL AND RESERVES

Called up share capital

6

6

Undistributable reserves

13

38,911

95,040

Retained earnings

1,084,386

1,235,258

SHAREHOLDERS' FUNDS

1,123,303

1,330,304

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 12 June 2025 and were signed on its behalf by:

D W Oldland - Director

Mrs C E Oldland - Director

1.	STATUTORY INFORMATION

Oldland Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

20% on reducing balance

The directors consider that freehold properties are maintained in such a state of repair that their residual value is at least equal to their net book value. As a result, the corresponding depreciation charge for the year is nil. The directors perform annual impairment reviews to ensure that the recoverable amount is not lower than the carrying value.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Undistributable reserves

Whilst fair value gains on investment property are taken to the profit and loss account, they are not distributable as dividend to shareholders because the gain is unrealised. The company therefore adopts the policy of transferring the fair value adjustment net/inclusive of the deferred tax charge/credit to a separate account, 'undistributable reserves'.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 October 2023

201,301

258

8,030

Additions

-

-

-

Disposals

-

-

-

At 30 September 2024

201,301

258

8,030

DEPRECIATION

At 1 October 2023

-

125

6,379

Charge for year

-

27

330

Eliminated on disposal

-

-

-

At 30 September 2024

-

152

6,709

NET BOOK VALUE

At 30 September 2024

201,301

106

1,321

At 30 September 2023

201,301

133

1,651

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 October 2023

47,081

20,503

277,173

Additions

57,086

-

57,086

Disposals

(47,081

)

-

(47,081

)

At 30 September 2024

57,086

20,503

287,178

DEPRECIATION

At 1 October 2023

27,219

16,031

49,754

Charge for year

14,271

894

15,522

Eliminated on disposal

(27,219

)

-

(27,219

)

At 30 September 2024

14,271

16,925

38,057

NET BOOK VALUE

At 30 September 2024

42,815

3,578

249,121

At 30 September 2023

19,862

4,472

227,419

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 October 2023

214,081

Disposals

(193,463

)

At 30 September 2024

20,618

NET BOOK VALUE

At 30 September 2024

20,618

At 30 September 2023

214,081

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2023

530,000

Disposals

(115,000

)

Revaluation in year

(31,000

)

At 30 September 2024

384,000

NET BOOK VALUE

At 30 September 2024

384,000

At 30 September 2023

530,000

Fair value at 30 September 2024 is represented by:

£

Valuation in 2024

45,844

Cost

338,156

384,000

If investment property had not been revalued it would have been included at the following historical cost:

2024

2023

£

£

Cost

338,156

272,545

Investment property was valued on a fair value basis on 30 September 2024 by the directors .

7.

STOCKS

2024

2023

£

£

Stock

1,000

1,000

Work-in-progress

552,693

262,547

553,693

263,547

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

-

4,629

Other debtors

5,918

31,073

5,918

35,702

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

15,123

13,098

Trade creditors

4,282

1,885

Taxation and social security

9,373

1,598

Other creditors

103,451

37,328

132,229

53,909

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

65,014

80,180

2024

2023

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

-

15,326

11.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

80,137

93,278

The bank loan is secured by a legal mortgage created on 30 April 2014 over the company's freehold premises.

12.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

Accelerated capital allowances

5,010

4,948

Tax losses carried forward

(7,466

)

-

Capital gains on investment properties

6,933

16,135

4,477

21,083

Deferred

tax

£

Balance at 1 October 2023

21,083

Credit to Income Statement during year

(16,606

)

Balance at 30 September 2024

4,477

13.

RESERVES

Undistributable

reserves

£

At 1 October 2023

95,040

Transfer unrealised gain/loss on investment properties to undistributable reserves

(21,798

)

Transfer realised gain/loss to retained earnings

(34,331

)

At 30 September 2024

38,911

Undistributable reserves represent the unrealised gains on carrying investment property at fair value less the deferred tax provision thereon; being unrealised, such amounts are not available to be distributed as dividend to shareholders.