Oakmere Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00650640 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2020

FOR

OAKMERE PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K Rowley

J B Rowley

Mrs C E J Dunn

SECRETARY:

K Rowley

REGISTERED OFFICE:

34 Hartopp Road

Four Oaks

Sutton Coldfield

West Midlands

B74 2QX

REGISTERED NUMBER:

00650640 (England and Wales)

ACCOUNTANTS:

Vinings Limited

Chartered Certified Accountants

Grafton House

Bulls Head Yard

Alcester

Warwickshire

B49 5BX

FIXED ASSETS

Tangible assets

4

1,116

206

Investment property

5

1,955,000

1,815,000

1,956,116

1,815,206

CURRENT ASSETS

Debtors

6

24,942

12,059

Cash at bank

499,073

400,018

524,015

412,077

CREDITORS

Amounts falling due within one year

7

76,658

58,487

NET CURRENT ASSETS

447,357

353,590

TOTAL ASSETS LESS CURRENT LIABILITIES

2,403,473

2,168,796

PROVISIONS FOR LIABILITIES

133,850

107,250

NET ASSETS

2,269,623

2,061,546

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Fair value reserve

8

570,623

457,223

Retained earnings

1,698,000

1,603,323

SHAREHOLDERS' FUNDS

2,269,623

2,061,546

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2020 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 23rd November 2020 and were signed on its behalf by:

K Rowley - Director

1.	STATUTORY INFORMATION

Oakmere Properties 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.

TANGIBLE FIXED ASSETS

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

Equipment

-

33% on cost and 10% on cost

INVESTMENT PROPERTY

Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Equipment

£

COST

At 1st April 2019

4,902

Additions

1,189

At 31st March 2020

6,091

DEPRECIATION

At 1st April 2019

4,696

Charge for year

279

At 31st March 2020

4,975

NET BOOK VALUE

At 31st March 2020

1,116

At 31st March 2019

206

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st April 2019

1,815,000

Fair value adjustments

140,000

At 31st March 2020

1,955,000

NET BOOK VALUE

At 31st March 2020

1,955,000

At 31st March 2019

1,815,000

Fair value at 31st March 2020 is represented by:

£

Valuation in 2016

534,473

Valuation in 2017

15,000

Valuation in 2018

15,000

Valuation in 2020

140,000

Cost

1,250,527

1,955,000

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

31.3.20

31.3.19

£

£

Cost

1,250,527

1,250,527

Investment property was valued on open market basis on 14th March 2016 by Gerald Eve LLP .

The directors have reviewed the fair value of the assets as at 31st March 2020. The directors do not consider the cost benefit of formal valuation to be of material benefit to the company having undertaken a full valuation in 2016.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

21,567

5,771

Other debtors

3,375

6,288

24,942

12,059

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade creditors

219

-

Taxation and social security

23,168

16,635

Other creditors

53,271

41,852

76,658

58,487

8.

RESERVES

Fair

value

reserve

£

At 1st April 2019

457,223

Movement in fair value reserve

113,400

At 31st March 2020

570,623

The fair value reserve relates to the adjustments in fair value of the investment properties. Deferred tax is provided on this at a rate of 19%.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st March 2020 and 31st March 2019:

31.3.20

31.3.19

£

£

J B Rowley

Balance outstanding at start of year

103

-

Amounts advanced

-

103

Amounts repaid

(103

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

103

Mrs C E J Dunn

Balance outstanding at start of year

103

-

Amounts advanced

-

103

Amounts repaid

(103

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

103

The balance bought forward represents the highest balance on the loan account in the year.

The loans were provided no interest, no fixed terms of repayment and no security provided.

10.	RELATED PARTY DISCLOSURES

V Potter

V Potter is a child of a director. At the year end they were owed £3,444 (2019 - they owed the company £103).

G Rowley

G Rowley is a child of a director. At the year end they were owed £3,444 (2019 - they owed the company £103).

11.	ULTIMATE CONTROLLING PARTY

In the opinion of the directors there is no controlling party.