OAKFIELD_ESTATES_(WARWICK - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial Period ended 31 July 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Oakfield Estates (Warwick) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 24 Brueton Avenue, Solihull, West Midlands, B91 3EN.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company commenced trading on the 01 September 2019, therefore these accounts are for an 11 month period to 31 July 2020.

Turnover is recognised at the fair value of the consideration received or receivable for holiday rental letting services provided in the normal course of business.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

The freehold property is not depreciated due to it's continual maintenance regime to keep it in a good state of repair for the holiday lettings market. The Directors believe that the property will increase in value rather than depreciate.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant from South Hams District Council was received during the year to aid income lost through the coronavirus pandemic.

The average monthly number of persons (including directors) employed by the company during the Period was: