REGISTERED NUMBER: 03003986 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2025

FOR

OFFICELIFE DEVELOPMENTS LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs M J Corrie

Mr D M Corrie

SECRETARY:

Mrs M J Corrie

REGISTERED OFFICE:

Newbiggin Farm

Eller Riggs Brow

Ulverston

Cumbria

LA12 7PD

REGISTERED NUMBER:

03003986 (England and Wales)

BANKERS:

National Westminster Bank plc

113 Dalton Road

Barrow-in-Furness

Cumbria

LA14 1WY

FIXED ASSETS

Tangible assets

4

971,953

1,052,546

Investments

5

315,414

315,414

1,287,367

1,367,960

CURRENT ASSETS

Debtors

175,673

128,138

Cash at bank and in hand

89,133

18,738

264,806

146,876

CREDITORS

Amounts falling due within one year

140,021

130,490

NET CURRENT ASSETS

124,785

16,386

TOTAL ASSETS LESS CURRENT LIABILITIES

1,412,152

1,384,346

CREDITORS

Amounts falling due after more than one year

261,583

330,587

NET ASSETS

1,150,569

1,053,759

CAPITAL AND RESERVES

Called up share capital

7

100

100

Revaluation reserve

573,967

573,967

Retained earnings

576,502

479,692

SHAREHOLDERS' FUNDS

1,150,569

1,053,759

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 January 2025 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2025 and were signed on its behalf by:

Mr D M Corrie - Director

1.	STATUTORY INFORMATION

Officelife Developments 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The financial statements have been prepared on the going concern basis the directors having agreed to continue to support the company.

Turnover

Turnover represents net invoiced rental income as adjusted for accrued income, excluding VAT.

Investment properties

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

Plant and machinery

-

10% on cost

Fixtures and fittings

-

10% on cost

Computer equipment

-

33% on cost

All of the company's properties are held for long-term investment and are included in the Balance Sheet at open market value. The surpluses or deficits on revaluation of freehold properties are transferred to the investment property revaluation reserve. Depreciation is not provided in respect of investment properties which is a departure from the Companies Act 2006. Depreciation if provided would not have been of a material nature.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 February 2024

1,055,835

Disposals

(80,350

)

At 31 January 2025

975,485

DEPRECIATION

At 1 February 2024

3,289

Charge for year

243

At 31 January 2025

3,532

NET BOOK VALUE

At 31 January 2025

971,953

At 31 January 2024

1,052,546

Cost or valuation at 31 January 2025 is represented by:

Totals

£

Valuation in 2003

107,815

Valuation in 2007

864,119

Valuation in 2008

(15,733

)

Valuation in 2009

(115,000

)

Valuation in 2011

(266,000

)

Valuation in 2012

356,295

Valuation in 2013

(190,898

)

Valuation in 2014

(37,983

)

Valuation in 2019

(128,648

)

Cost

401,518

975,485

If investment properties had not been revalued they would have been included at the following historical cost:

31.1.25

31.1.24

£

£

Cost

396,283

476,633

Investment properties were valued on an open market basis on 31 January 2025 by Mr D M Corrie, director .

All of the company's properties are held for long-term investment and are included in the Balance Sheet at open market value. The surpluses or deficits on revaluation of freehold properties are transferred to the investment property revaluation reserve. Depreciation is not provided in respect of investment properties which is a departure from the Companies Act 2006. Depreciation if provided would not have been of a material nature.

The directors consider that their policy is necessary in order that the Financial Statements give a true and fair view. Current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation.

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 February 2024

and 31 January 2025

315,414

NET BOOK VALUE

At 31 January 2025

315,414

At 31 January 2024

315,414

6.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.25

31.1.24

£

£

Bank loans

328,675

353,805

Together Commercial Finance Limited and National Westminster Bank PLC both hold legal charges over the freehold property owned by the company.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.25

31.1.24

value:

£

£

100

Ordinary

£1

100

100

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 January 2025 and 31 January 2024:

31.1.25

31.1.24

£

£

Mr D M Corrie

Balance outstanding at start of year

112,299

-

Amounts advanced

186,646

112,299

Amounts repaid

(112,299

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

186,646

112,299

During the financial year the director was charged £2,944 (2024: £1,111) interest on the loan which is unsecured and repayable on demand.

9.	RELATED PARTY DISCLOSURES

Officelife Developments Limited purchased 50% of the shares in Corrie and Co Limited. Mr D M Corrie a director and shareholder of Officelife Developments Limited owns 50% of Corrie and Co Limited.

10.	ULTIMATE CONTROLLING PARTY

The company is controlled by Mr & Mrs D M Corrie.