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

REGISTERED NUMBER: 00906511 (England and Wales)

Olicana Properties Limited

Financial Statements

for the Year Ended 31 March 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr J R Quarmby

Mrs J M Quarmby

Mr O A Quarmby

Mrs L G I Davies

Mrs H M Eames

SECRETARY:

Mr J A Batty

REGISTERED OFFICE:

Holt Farm Farmhouse

Harewood

Arthington

Otley

West Yorkshire

LS21 1PN

REGISTERED NUMBER:

00906511 (England and Wales)

AUDITORS:

Jolliffe Cork LLP

Chartered Accountants & Statutory Auditor

33 George Street

Wakefield

West Yorkshire

WF1 1LX

FIXED ASSETS

Tangible assets

4

27,887

39,583

Investment property

5

9,182,435

11,639,587

9,210,322

11,679,170

CURRENT ASSETS

Debtors

6

983,216

87,241

Cash at bank and in hand

100,422

176,195

1,083,638

263,436

CREDITORS

Amounts falling due within one year

7

1,364,827

4,867,927

NET CURRENT LIABILITIES

(281,189

)

(4,604,491

)

TOTAL ASSETS LESS CURRENT LIABILITIES

8,929,133

7,074,679

CREDITORS

Amounts falling due after more than one year

8

2,116,764

-

NET ASSETS

6,812,369

7,074,679

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

11

6,812,269

7,074,579

SHAREHOLDERS' FUNDS

6,812,369

7,074,679

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 24 March 2021 and were signed on its behalf by:

Mr J R Quarmby - Director

1.	STATUTORY INFORMATION

Olicana 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.

The functional and presentation currency for the company is the pound sterling (£). All financial information presented has been rounded to the nearest (£), unless otherwise stated.

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.

Going concern - Coronavirus Pandemic

The directors have considered the risks and uncertainties arising from the Coronavirus Covid-19 Pandemic which began to take effect on a global scale from February 2020 onwards. At the date of approving these financial statements, the impact of Covid-19 on the company's operations is being continually reviewed, although it remains difficult to assess what the medium and long term future will be.

In common with many other businesses of similar size and nature, the company has ongoing exposure to certain business risks and uncertainties, notably the ability of the tenants to pay the rent as it falls due and the servicing of the company's bank debt and the directors have considered these risks and uncertainties accordingly. Throughout the pandemic the directors have been in regular communication with the tenants, working collaboratively with the tenants to support them during these difficult times and the directors expect that ultimately there will be no loss of rental income from the vast majority of the commercial property portfolio.

Whilst the ultimate outcome of the coronavirus pandemic is beyond any normal range of predictability, the directors believe that in view of the above assessment, the company should be able to operate within the level of its financial facilities. Accordingly, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, and therefore, continue to adopt the going concern basis in preparing these financial statements.

Turnover

Turnover represents the amount receivable, in the ordinary course of business, from rental income received in accordance with the leases, excluding value added tax.

Tangible fixed assets

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

Motor vehicles

-

25% on cost

Equipment

-

15% on cost

Fixed assets are initially recorded at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Fair value has been determined by the directors having taken the appropriate professional advice and based on similar properties in the local area.

Financial instruments

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

The company has no 'Other financial assets'.

Financial assets are derecognised when (a) the contractual rights to the cashflow from the asset expire or are settled or (b) substantially all the risks and rewards of ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other creditors and hire purchase contracts, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

The company has no 'Other financial liabilities'.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

Pension costs

The company makes contributions in to the private pension plans in respect of its employees , contributions payable are charged to the profit and loss account in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Motor

vehicles

Equipment

Totals

£

£

£

COST

At 1 April 2019

24,729

139,240

163,969

Disposals

(16,765

)

(44,341

)

(61,106

)

At 31 March 2020

7,964

94,899

102,863

DEPRECIATION

At 1 April 2019

24,729

99,657

124,386

Charge for year

-

10,103

10,103

Eliminated on disposal

(16,765

)

(42,748

)

(59,513

)

At 31 March 2020

7,964

67,012

74,976

NET BOOK VALUE

At 31 March 2020

-

27,887

27,887

At 31 March 2019

-

39,583

39,583

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2019

11,639,587

Additions

729,283

Disposals

(3,159,846

)

Fair value adjustment

(26,589

)

At 31 March 2020

9,182,435

NET BOOK VALUE

At 31 March 2020

9,182,435

At 31 March 2019

11,639,587

The investment properties (with the exception of those properties under re-development which remain at cost) have been valued by the directors during the year at their fair value.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

127,539

78,270

Amounts owed by group undertakings

840,890

-

Prepayments and accrued income

14,787

8,971

983,216

87,241

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

58,659

3,818,607

Trade creditors

49,310

44,342

Amounts owed to group undertakings

-

677,714

Social security and other taxes

3,343

4,333

VAT

25,847

17,507

Directors' current accounts

830,008

100,000

Accruals and deferred income

397,660

205,424

1,364,827

4,867,927

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

2,116,764

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

2,175,423

3,818,607

The borrowings of the company are secured by way of a first legal charge over the freehold investment land and buildings of the company, excluding Arthington Estate, together with a further fixed charge associated with any assets contained within each property.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

£1

100

100

11.

RESERVES

Included within retained earnings at 31 March 2020 is an amount of £3,877,251 which is non-distributable. This relates to the accumulated fair value adjustments, less the associated deferred tax, on the investment property held by the Company.

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Claire Lawton FCA DChA (Senior Statutory Auditor)

for and on behalf of Jolliffe Cork LLP

13.	RELATED PARTY DISCLOSURES

14.	POST BALANCE SHEET EVENTS