Oak Holdings (Stalbridge) Limited - Period Ending 2019-03-31
Oak Holdings (Stalbridge) Limited - Period Ending 2019-03-31
Company registration number:
for the Year Ended
Oak Holdings (Stalbridge) Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Oak Holdings (Stalbridge) Limited
(Registration number: 04399097)
Balance Sheet as at 31 March 2019
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2019 |
2018 |
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Fixed assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Profit and loss reserve |
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Total equity |
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For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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Oak Holdings (Stalbridge) Limited
(Registration number: 04399097)
Balance Sheet as at 31 March 2019
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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Oak Holdings (Stalbridge) Limited
Notes to the Financial Statements
for the Year Ended 31 March 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
These financial statements are presented in Sterling (£).
Turnover recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of management services to the company's subsidiary, net of value added tax.
Turnover is recognised on a straight line basis over the period in which the services are provided.
Tax
The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, 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 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
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Oak Holdings (Stalbridge) Limited
Notes to the Financial Statements
for the Year Ended 31 March 2019
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Amounts owed by group undertakings are measured initially at fair value and subsequently 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
When shares are issued, any component that creates a financial liability of the company or group is presented as a liability in the balance sheet; measured initially at fair value net of transaction costs and thereafter at amortised cost until extinguished on conversion or redemption. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss. The initial fair value of the liability component is determined using a market rate for an equivalent liability without a conversion feature.
Ordinary shares not creating a financial liability of the company or group 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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
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Oak Holdings (Stalbridge) Limited
Notes to the Financial Statements
for the Year Ended 31 March 2019
Investment properties |
2019 |
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At 1 April 2018 |
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At 31 March 2019 |
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The directors are of the opinion that the fair value of the investment properties class of fixed assets was £570,000 at 31 March 2018 and at 31 March 2019. The basis of this valuation is current market value.
There has been no valuation of investment property by an independent valuer.
Investments |
2019 |
2018 |
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Investments in subsidiaries |
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Subsidiaries |
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Cost or valuation |
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At 1 April 2018 |
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At 31 March 2019 |
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Provision |
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At 1 April 2018 |
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At 31 March 2019 |
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Carrying amount |
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At 31 March 2019 |
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At 31 March 2018 |
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Debtors |
Note |
2019 |
2018 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Total current trade and other debtors |
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Oak Holdings (Stalbridge) Limited
Notes to the Financial Statements
for the Year Ended 31 March 2019
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Taxation and social security |
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Corporation tax |
31,110 |
31,147 |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2019 |
2018 |
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Non-current loans and borrowings |
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Redeemable preference shares |
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Loans and borrowings due in greater than five years
Loans and borrowings comprise 570,000 10% Preference Shares of £1 each. On a winding up these Preference Shares shall be entitled to repayment of a capital sum per share equivalent to the open market value of freehold property owned by the Company as determined by a qualified valuer appointed by the directors divided by the number of 10% Preference Shares in issue and fully paid.
Dividends |
Interim dividends paid
The company paid interim ordinary share dividends of £123,000 (2018: £163,000), and also paid preference share dividends totalling £57,000 (2018: £57,000). The latter are recognised as an interest expense in the profit and loss account as the said shares are debt instruments.
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