Oakstone Property Limited - Period Ending 2021-08-31

Oakstone Property Limited

Contents

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

Oakstone Property Limited

Company Information

Director

Mr Jonathan Mayhall

Company secretary

Mr Jonathan Mayhall

Registered office

Glassenbury Hill Oast Glassenbury Road Cranbrook Kent TN17 2QF

Accountants

Perrys Accountants Limited Chartered Accountants Churchdown Chambers Bordyke Tonbridge Kent TN9 1NR

Oakstone Property Limited

(Registration number: 06332551)
Balance Sheet as at 31 August 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	4	707,310	340,000
Current assets
Cash at bank and in hand		2,966	15,572
Creditors: Amounts falling due within one year	6	(372,478)	(32,660)
Net current liabilities		(369,512)	(17,088)
Total assets less current liabilities		337,798	322,912
Creditors: Amounts falling due after more than one year	6	(234,757)	(234,757)
Provisions for liabilities		(6,749)	(4,849)
Net assets		96,292	83,306
Capital and reserves
Called up share capital	8	1	1
Other reserves		76,728	68,628
Profit and loss account		19,563	14,677
Shareholders' funds		96,292	83,306

For the financial year ending 31 August 2021 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 has been taken.

Approved and authorised by the director on 20 May 2022
 

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

Mr Jonathan Mayhall
Company secretary and director

Oakstone Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021

1	General information

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

The address of its registered office is:
Glassenbury Hill Oast
Glassenbury Road
Cranbrook
Kent
TN17 2QF

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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.

Tax

The tax expense for the period comprises current and deferred tax.

Deferred income 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.

The carrying amount of deferred tax assets is reviewed at each reporting date.

Tangible assets

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

Investment property

No depreciation is charged on investment properties.

Oakstone Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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

Borrowings

Interest-bearing borrowings are recorded at fair value, net of transaction costs.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

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.

Financial instruments

Recognition and measurement
Interest free loans from directors or their close relatives are recognised at the initial transaction value less any repayments.
 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2020 - 1).

Oakstone Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021

4	Tangible assets

	Land and buildings £	Total £
Cost or valuation
At 1 September 2020	340,000	340,000
Revaluations	10,000	10,000
Additions	357,310	357,310
At 31 August 2021	707,310	707,310
Depreciation
Carrying amount
At 31 August 2021	707,310	707,310
At 31 August 2020	340,000	340,000

Included within the net book value of land and buildings above is £707,310 (2020 - £340,000) in respect of freehold land and buildings.
 

5	Investment properties

Investment properties were revalued at the end of the period by Mr J Mayhall using sold prices of similar properties in the area as a benchmark.

There has been no valuation of investment property by an independent valuer.

Oakstone Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021

6

Creditors

Creditors: amounts falling due within one year

	2021 £	2020 £
Due within one year
Taxation and social security	1,136	1,740
Accruals and deferred income	790	775
Other creditors	370,552	30,145
	372,478	32,660

Creditors: amounts falling due after more than one year

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	7	234,757	234,757

7	Loans and borrowings

	2021 £	2020 £
Non-current loans and borrowings
Other borrowings	234,757	234,757

8	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary of £1 each	1	1	1	1