Oriental Place Limited - Accounts to registrar (filleted) - small 18.2
Oriental Place Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 30 December 2019 |
| for |
| Oriental Place Limited |
| Oriental Place Limited (Registered number: 11450765) |
| Contents of the Financial Statements |
| for the Year Ended 30 December 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Oriental Place Limited |
| Company Information |
| for the Year Ended 30 December 2019 |
| Directors: |
| Registered office: |
| Registered number: |
| Accountants: |
| Chartered accountants |
| 85 Church Road |
| Hove |
| East Sussex |
| BN3 2BB |
| Oriental Place Limited (Registered number: 11450765) |
| Balance Sheet |
| 30 December 2019 |
| 2019 | 2018 |
| as restated |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Investment property | 4 |
| Current assets |
| Debtors | 5 |
| Cash at bank |
| Creditors |
| Amounts falling due within one year | 6 |
| Net current liabilities | ( |
) | ( |
) |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| Provisions for liabilities | ( |
) | ( |
) |
| Net assets |
| Capital and reserves |
| Called up share capital | 9 |
| Fair value reserve | 10 | 372,697 |
| Retained earnings | ( |
) | 4,687 |
| Shareholders' funds |
| 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. |
| Oriental Place Limited (Registered number: 11450765) |
| Balance Sheet - continued |
| 30 December 2019 |
| 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 |
| Oriental Place Limited (Registered number: 11450765) |
| Notes to the Financial Statements |
| for the Year Ended 30 December 2019 |
| 1. | Statutory information |
| Oriental Place Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| The company's reporting period was twelve months. The comparative period was shortened to six months to align with the reporting period of other companies within the group. The two sets of results are therefore not immediately comparable. |
| 2. | Accounting policies |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable. |
| Rents are received net of commissions and fees. |
| Investment property |
| Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. |
| Investment property is revalued at its fair value at each reporting date and any changes in fair value are recognised in profit or loss. |
| Financial instruments |
| A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
| Oriental Place Limited (Registered number: 11450765) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 December 2019 |
| 2. | Accounting policies - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 NIL (2018 - NIL). |
| 4. | Investment property |
| Total |
| £ |
| Fair value |
| At 31 December 2018 |
| Additions |
| Revaluations | (46,021 | ) |
| At 30 December 2019 |
| Net book value |
| At 30 December 2019 |
| At 30 December 2018 |
| The investment property fair value of £2,100,000 (2018 - £2,100,000) was determined by the directors based on the market value of similar properties in the area. |
| Oriental Place Limited (Registered number: 11450765) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 December 2019 |
| 5. | Debtors: amounts falling due within one year |
| 2019 | 2018 |
| as | restated |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 6. | Creditors: amounts falling due within one year |
| 2019 | 2018 |
| as | restated |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Amounts owed to associates | 46,563 | 103,277 |
| Taxation and social security |
| Other creditors |
| 7. | Creditors: amounts falling due after more than one year |
| 2019 | 2018 |
| as | restated |
| £ | £ |
| Bank loans |
| Amounts owed to group undertakings |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| Bank loans more than 5 years |
| by non-installments |
| Oriental Place Limited (Registered number: 11450765) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 December 2019 |
| 8. | Secured debts |
| The following secured debts are included within creditors: |
| 2019 | 2018 |
| as | restated |
| £ | £ |
| Bank loans |
| Loans from group undertakings | - | 1,239,328 |
| Loans are secured against the assets to which they relate. |
| 9. | Called up share capital |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2019 | 2018 |
| value: | as restated |
| £ | £ |
| Ordinary | £1 | 1 | 1 |
| 10. | Reserves |
| Fair |
| value |
| reserve |
| £ |
| At 31 December 2018 |
| Transfer | (108,954 | ) |
| At 30 December 2019 |
| 11. | Related party disclosures |
| Within creditors is an amount of £145,459 (2018 - £1,524,196) owed to group undertakings. |
| Within creditors is an amount of £46,563 (2018 - £103,277) owed to associates. |