Oakleaze Holdings Limited - Period Ending 2019-12-31

Registration number: 00557903

Oakleaze Holdings Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2019

Oakleaze Holdings Limited

Contents

Company Information	1
Directors' Report	2
Statement of Directors' Responsibilities	3
Independent Auditor's Report	4 to 5
Profit and Loss Account	6
Balance Sheet	7
Statement of Changes in Equity	8
Notes to the Financial Statements	9 to 14

Oakleaze Holdings Limited

Company Information

Directors

V H Jotcham D R Jotcham N A Maunton K A Jotcham K A Probert P R Mardon

Registered office

Old Crown House 18 Market Street Wotton-under-Edge GL12 7AE

Bankers

Santander UK Plc Clarence Place Newport NP19 7UP

Auditors

Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL30 3AT

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Oakleaze Holdings Limited

Directors' Report for the Year Ended 31 December 2019

The directors present their report and the financial statements for the year ended 31 December 2019.

Directors of the company

The directors who held office during the year were as follows:

V H Jotcham

D R Jotcham

N A Maunton

K A Jotcham

K A Probert

P R Mardon

Disclosure of information to the auditors

Each director has taken the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Reappointment of auditors

Having been appointed in the year, Hazlewoods LLP have expressed their willingness to continue in office

Small companies provision statement

This report has 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.

Going concern and liquidity risk

In accordance with Financial Reporting Council's 'Going Concern and Liquidity Risk: Guidance for Directors of UK Companies 2006' the directors of all companies are now required to provide disclosures regarding the adoption of the going concern basis of accounting.

The company has sufficient financial resources available and is currently trading profitably and generating cash. The directors have prepared forecasts for the next 12 months that indicate that this trend will continue. The directors believe that the company has sufficient resources to continue in operational existence for the foreseeable future and have continued to adopt the going concern basis in preparing the financial statements.

Approved by the Board on 23 December 2020 and signed on its behalf by:

.........................................
N A Maunton
Director

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Oakleaze Holdings Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Oakleaze Holdings Limited

Independent Auditor's Report to the Members of Oakleaze Holdings Limited

Opinion

We have audited the financial statements of Oakleaze Holdings Limited (the 'company') for the year ended 31 December 2019, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

•	give a true and fair view of the state of the company's affairs as at 31 December 2019 and of its profit for the year then ended;
•	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
•	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

•	the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
•	the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

•	the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Directors' Report has been prepared in accordance with applicable legal requirements.

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Oakleaze Holdings Limited

Independent Auditor's Report to the Members of Oakleaze Holdings Limited

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

•	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
•	the financial statements are not in agreement with the accounting records and returns; or
•	certain disclosures of directors’ remuneration specified by law are not made; or
•	we have not received all the information and explanations we require for our audit; or
•	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Jon Cartwright (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Windsor House
Bayshill Road
Cheltenham
GL30 3AT

23 December 2020

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Oakleaze Holdings Limited

Profit and Loss Account for the Year Ended 31 December 2019

	Note	2019  £	2018  £
Turnover		215,089	205,752
Administrative expenses		(176,522)	(168,005)
Other operating income		7,131	6,960
Operating profit		45,698	44,707
Gains/(losses) on investments held		-	(13,187)
Interest receivable and similar income		2,193	3,748
Profit before tax	4	47,891	35,268
Taxation	5	(22,687)	-
Profit for the financial year		25,204	35,268

The above results were derived from continuing operations.

The company has no other comprehensive income for the year.

The notes on pages 9 to 14 form an integral part of these financial statements.
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Oakleaze Holdings Limited

(Registration number: 00557903)
Balance Sheet as at 31 December 2019

	Note	2019  £	2018  £
Fixed assets
Tangible assets	6	12,453	15,647
Investment property	7	3,026,113	2,500,000
		3,038,566	2,515,647
Current assets
Debtors	8	19,147	12,046
Cash at bank and in hand		328,453	952,541
		347,600	964,587
Creditors: Amounts falling due within one year	9	(55,826)	(105,906)
Net current assets		291,774	858,681
Total assets less current liabilities		3,330,340	3,374,328
Deferred tax liabilities	5	(84,097)	(66,407)
Net assets		3,246,243	3,307,921
Capital and reserves
Called up share capital	10	14,330	14,330
Capital redemption reserve		670	670
Revaluation reserve		1,190,441	1,190,441
Other reserves		3,649	3,649
Profit and loss account		2,037,153	2,098,831
Total equity		3,246,243	3,307,921

These accounts have been prepared in accordance with the provisions applicable to companies’ subject to the small companies’ regime of the Companies Act 2006 and in accordance with FRS 102 Section 1A Small Entities.

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 has been taken.

Approved and authorised by the Board on 23 December 2020 and signed on its behalf by:
 

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

N A Maunton
Director

The notes on pages 9 to 14 form an integral part of these financial statements.
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Oakleaze Holdings Limited

Statement of Changes in Equity for the Year Ended 31 December 2019

	Share capital £	Capital redemption reserve £	Revaluation reserve £	Other reserves £	Profit and loss account £	Total £
At 1 January 2019	14,330	670	1,190,441	3,649	2,098,831	3,307,921
Profit for the year	-	-	-	-	25,204	25,204
Dividends	-	-	-	-	(86,882)	(86,882)
At 31 December 2019	14,330	670	1,190,441	3,649	2,037,153	3,246,243

	Share capital £	Capital redemption reserve £	Revaluation reserve £	Other reserves £	Profit and loss account £	Total £
At 1 January 2018	14,330	670	1,192,191	3,649	2,170,635	3,381,475
Profit for the year	-	-	-	-	35,268	35,268
Dividends	-	-	-	-	(108,822)	(108,822)
Transfers	-	-	(1,750)	-	1,750	-
At 31 December 2018	14,330	670	1,190,441	3,649	2,098,831	3,307,921

The notes on pages 9 to 14 form an integral part of these financial statements.
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Oakleaze Holdings Limited

Notes to the 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:
Old Crown House
18 Market Street
Wotton-under-Edge
GL12 7AE

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. The company has taken advantage of the small company exemptions available in Section 1A of FRS 102 to produce reduced disclosure accounts.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of rent to customers.

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.

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Oakleaze Holdings Limited

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

Corporation tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income 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.

Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Motor vehicles	20% reducing balance
Fixtures and fittings	20-25% reducing balance

Investment property

The carrying value of the investment property is considered annually by the directors in the light of known movements and trends in the property markets and taking account of directors' knowledge and experience of the market place for such properties. Periodically, the directors consult with professional advisors to confirm that their views are in line with those of the industry. The directors consider that this accounting policy results in the accounts giving a true and fair view. The aggregate surplus or deficit arising on revaluation is charged to the profit and loss account.

Fixed asset investments

Fixed asset investments are stated at market value.

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 in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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Oakleaze Holdings Limited

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

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

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Oakleaze Holdings Limited

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

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

	2019  No.	2018  No.
Average number of employees	5	5

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Oakleaze Holdings Limited

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

4

Profit before tax

Arrived at after charging:

	2019  £	2018  £
Auditor's remuneration - The audit of the company's annual accounts	1,400	1,375
Depreciation of tangible fixed assets	3,194	3,966

5

Taxation

Tax charged in the profit and loss account

	2019  £
Current taxation
UK corporation tax	4,938
UK corporation tax adjustment to prior periods	59
	4,997
Deferred taxation
Arising from origination and reversal of timing differences	17,690
Tax expense in the profit and loss account	22,687

6

Tangible assets

	Fixtures and fittings  £	Motor vehicles  £	Total £
Cost or valuation
At 1 January 2019 and 31 December 2019	17,027	40,000	57,027
Depreciation
At 1 January 2019	16,377	25,003	41,380
Charge for the year	194	3,000	3,194
At 31 December 2019	16,571	28,003	44,574
Carrying amount
At 31 December 2019	456	11,997	12,453
At 31 December 2018	650	14,997	15,647

7

Investment properties

	Investment properties £
At 1 January 2017	2,500,000
Additions	526,113
At 31 December 2017	3,026,113

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Oakleaze Holdings Limited

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

8

Debtors

	2019  £	2018  £
Trade debtors	14,396	303
Other debtors	4,751	11,743
	19,147	12,046

9

Creditors

	2019  £	2018  £
Due within one year
Trade creditors	937	787
Other taxes and social security	5,241	5,489
Other creditors	44,710	99,417
Corporation tax liability	4,938	213
	55,826	105,906

10

Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary A shares of £1 each	9,650	9,650	9,650	9,650
Ordinary B shares of £1 each	1,050	1,050	1,050	1,050
Ordinary C shares of £1 each	720	720	720	720
Ordinary D shares of £1 each	50	50	50	50
Ordinary E shares of £1 each	720	720	720	720
Ordinary F shares of £1 each	1,390	1,390	1,390	1,390
Ordinary G shares of £1 each	750	750	750	750
	14,330	14,330	14,330	14,330

Each class of share has separate dividend rights. In all other respects they rank pari passu.

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