Company registration number 11084746 (England and Wales)
OLDRO LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
OLDRO LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
OLDRO LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
520,000
520,000
Current assets
Debtors
5
113
280
Cash at bank and in hand
10,360
9,090
10,473
9,370
Creditors: amounts falling due within one year
6
(155,653)
(152,083)
Net current liabilities
(145,180)
(142,713)
Total assets less current liabilities
374,820
377,287
Creditors: amounts falling due after more than one year
7
(306,070)
(310,280)
Provisions for liabilities
(24,949)
(24,949)
Net assets
43,801
42,058
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
43,799
42,056
Total equity
43,801
42,058

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 30 November 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.

OLDRO LTD
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2024
30 November 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 August 2025 and are signed on its behalf by:
Miss F S Handfield
Mr J D Connolly
Director
Director
Company Registration No. 11084746
OLDRO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -
1
Accounting policies
Company information

Oldro Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 32 Main Street, Lambley, Nottingham, NG4 4PN.

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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value as at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. No depreciation is provided in respect of such properties. Although the Companies Act 2006 would normally require the systematic annual depreciation of fixed assets, it is believed that this policy of not providing depreciation is necessary in order for the accounts to give a true and fair view.

 

Deferred taxation is provided on revaluation surpluses at the rate expected to apply when the properties are sold.

 

1.3
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.

1.4
Financial instruments
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.

OLDRO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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.

1.5

Rents receivable

Rents represent the total sums due by the tenants of the company during the year.

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
2
2
4
Investment property
2024
£
Fair value
At 1 December 2023 and 30 November 2024
520,000

Investment property comprises a portfolio of rental properties. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 November 2024 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

OLDRO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
113
280
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
4,200
4,200
Other creditors
151,453
147,883
155,653
152,083
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
306,070
310,280

The bank loans shown within creditors due after more than one year is secured on the investment properties they relate to and the directors have also provided personal guarantees.

8
Related party transactions

During the year a joint loan account existed between the company and its directors. The amount owing to the directors as at 30 November 2024 was £113,733 (2023 - £110,163).

 

The directors have provided a personal guarantee in respect of the bank loan shown within creditors due after more than one year.

 

There were sums due to the Claregrange Nottingham Lettings Ltd at 30 November 2024 of £36,520 (2023 - £36,520). This relates to a loan which is unsecured, repayabe on demand and on an interest free basis.

9
Reserves

Included within the profit and loss reserves are non-distributable reserves that represent fair value gains on the investment properties held by the company of £ 74,846 (2023 - £74,846).

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