Oaks Town Properties Limited Accounts

OAKS TOWN PROPERTIES LIMITED - Company Information






Oaks Town Properties Limited

	Company No. 03251934
		Information for Filing with The Registrar
		30 September 2020

The Director presents his report and the accounts for the year ended 30 September 2020.

Principal activities
The principal activity of the company during the year under review was acquiring properties for the purpose of selling, leasing or hiring such properties..




Director

The Director who served at any time during the year was as follows:

S. Gantley





































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

S. Gantley
Director
14 May 2021

at	30 September 2020
Company No.		03251934	Notes	2020	2019
				£	£
Fixed assets

	Tangible assets		4	141,239	129,784


				141,239	129,784
Current assets
	Stocks		5	591,876	853,315
	Debtors		6	2,400	1,109

	Cash at bank and in hand			734,338	512,513
				1,328,614	1,366,937
Creditors: Amount falling due within one year			7	(167,188)	(142,335)
Net current assets				1,161,426	1,224,602
Total assets less current liabilities				1,302,665	1,354,386
Creditors: Amounts falling due after more than one year			8	(10,839)	(11,315)
Provisions for liabilities
	Deferred taxation		9	(8,612)	(6,435)

Net assets				1,283,214	1,336,636

Capital and reserves
	Called up share capital			100	100



	Profit and loss account		10	1,283,114	1,336,536

Total equity				1,283,214	1,336,636



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 14 May 2021
And signed on its behalf by:
S. Gantley
Director
14 May 2021

for the year ended 30 September 2020

General information

Its registered number is: 03251934

Its registered office is:

317 Old Wakefield Road

Moldgreen

Huddersfield

HD5 8AA

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Plant and machinery

25% Reducing balance

Motor vehicles

25% Reducing balance

Furniture, fittings and equipment

25% Reducing balance

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

3	Employees
			2020	2019
			Number	Number
		The average monthly number of employees (including directors) during the year was:	2	2

4	Tangible fixed assets
			Land and buildings	Plant and machinery	Motor vehicles	Fixtures, fittings and equipment	Total
			£	£	£	£	£
		Cost or revaluation
		At 1 October 2019	95,915	78,570	27,402	2,244	204,131
		Additions	-	47,500	-	-	47,500


		Disposals	-	(26,500)	-	-	(26,500)
		At 30 September 2020	95,915	99,570	27,402	2,244	225,131
		Depreciation
		At 1 October 2019	-	64,091	8,177	2,079	74,347
		Charge for the year	-	4,680	4,825	40	9,545



		At 30 September 2020	-	68,771	13,002	2,119	83,892
		Net book values
		At 30 September 2020	95,915	30,799	14,400	125	141,239
		At 30 September 2019	95,915	14,479	19,225	165	129,784

5	Stocks
			2020	2019
			£	£

		Work in progress	591,876	853,315

			591,876	853,315

6	Debtors
			2020	2019
			£	£
		Trade debtors	2,400	-



		VAT recoverable	-	1,109



			2,400	1,109

7	Creditors:
		amounts falling due within one year
			2020	2019
			£	£



		Obligations under finance lease and hire purchase contracts	9,458	3,900
		Trade creditors	21,007	19,870

		Corporation tax	7,459	39,890
		Other taxes and social security	3,664	2,153
		Loans from directors	125,600	76,522


			167,188	142,335

8	Creditors:
		amounts falling due after more than one year
			2020	2019
			£	£



		Obligations under finance lease and hire purchase contracts	10,839	11,315




			10,839	11,315

9	Provisions for liabilities
		Deferred taxation

			Accelerated Capital Allowances, Losses and Other Timing Differences	Total
			£	£
		At 1 October 2019	6,435	6,435
		Charge to the profit and loss account for the period	2,177	2,177

		At 30 September 2020	8,612	8,612



			2020	2019
			£	£
		Accelerated capital allowances	8,612	6,435



			8,612	6,435

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

11	Dividends
			2020	2019
			£	£
		Dividends for the period:
		Dividends paid in the period	100,000	4,000

			100,000	4,000

		Dividends by type:

		Equity dividends	100,000	4,000
			100,000	4,000