137 Oxford Road (Manchester) Limited - Period Ending 2019-12-31

137 Oxford Road (Manchester) Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 6

137 Oxford Road (Manchester) Limited

Company Information

Director

Mr Stephen Beech

Registered office

60 Oxford Street Manchester M1 5EE

Accountants

Williamson & Croft LLP Chartered Certified Accountants 81 King Street Manchester M2 4AH

137 Oxford Road (Manchester) Limited

(Registration number: 10659646)
Balance Sheet as at 31 December 2019

	Note	2019 £	2018 £
Current assets
Stocks	4	-	1,364,465
Debtors	5	20,971	317,737
Cash at bank and in hand		3,869	2,150
		24,840	1,684,352
Creditors: Amounts falling due within one year	6	(246,661)	(1,845,758)
Net liabilities		(221,821)	(161,406)
Capital and reserves
Called up share capital	7	100	100
Profit and loss account		(221,921)	(161,506)
Shareholders' deficit		(221,821)	(161,406)

For the financial year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and Directors' Report has been taken.

Approved and authorised by the director on 22 December 2020
 

.........................................

Mr Stephen Beech
Director

137 Oxford Road (Manchester) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
60 Oxford Street
Manchester
M1 5EE

These financial statements were authorised for issue by the director on 22 December 2020.

2	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.

The financial statements are presented in sterling which is the functional currency of the company.

Summary of disclosure exemptions

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Going concern

The company has recorded a loss position to date and due to this, holds a net liability position. In addition the group has breached the terms of the secured debenture held and a demand for payment has been issued by the debenture holders. The group is currently working with the debenture holders to meet its financial obligations and ultimately continue as a going concern. As these discussion are still ongoing at the date of filing these financial statements, the director has decided to adopt the going concern basis, however the director recognises that failure to obtain support from these creditors may result in the company not being a going concern.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of property in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Finance income and costs policy

The entity has chosen to capitalise finance costs in relation to loans used to fund on-going development in line with FRS 102.

137 Oxford Road (Manchester) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Property stock is valued at the lower of cost and net realisable value, including all direct costs.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares 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.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and third parties, loans to
related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in any case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.

137 Oxford Road (Manchester) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the new amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2018 - 0).

4

Stocks

	2019 £	2018 £
Work in progress	-	1,364,465

5

Debtors

	Note	2019 £	2018 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest	8	5,400	310,434
Other debtors		15,571	7,303
		20,971	317,737

6

Creditors

	Note	2019 £	2018 £
Due within one year
Trade creditors		-	2,654
Amounts owed to group undertakings and undertakings in which the company has a participating interest	8	244,161	1,841,854
Accruals and deferred income		2,500	1,250
		246,661	1,845,758

Group borrowings are secured by a fixed and floating charge over the assets held in the group and by a personal guarantee from the director S Beech.

137 Oxford Road (Manchester) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2019

7	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100

8	Related party transactions

The company has taken advantage of the exemption conferred by section 1A of FRS 102 not to disclose transactions with wholly owned members of the group headed by BH (Manchester) Limited.

Due to a common directorship Beech Holdings (Manchester) Limited is a related party. At the year end a balance of £9,241 (2018: £2,655 creditor) included within other debtors is due from Beech Holdings (Manchester) Limited.

9	Parent and ultimate parent undertaking

The company's immediate parent is BH (Manchester) Ltd, incorporated in England and Wales.