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 2022

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 Road

Arthington

Otley

West Yorkshire

LS21 1PN

REGISTERED NUMBER:

00906511 (England and Wales)

AUDITORS:

SMH Jolliffe Cork Audit Ltd

Chartered Accountants & Statutory Auditor

33 George Street

Wakefield

West Yorkshire

WF1 1LX

FIXED ASSETS

Tangible assets

4

35,391

17,225

Investment property

5

8,915,000

8,891,830

8,950,391

8,909,055

CURRENT ASSETS

Debtors

6

690,765

860,995

Cash at bank

301,888

378,942

992,653

1,239,937

CREDITORS

Amounts falling due within one year

7

744,350

1,277,260

NET CURRENT ASSETS/(LIABILITIES)

248,303

(37,323

)

TOTAL ASSETS LESS CURRENT LIABILITIES

9,198,694

8,871,732

CREDITORS

Amounts falling due after more than one year

8

(526,535

)

(1,347,970

)

PROVISIONS FOR LIABILITIES

(320,053

)

-

NET ASSETS

8,352,106

7,523,762

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

11

8,352,006

7,523,662

SHAREHOLDERS' FUNDS

8,352,106

7,523,762

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 5 October 2022 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.

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 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 1 (2021 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Motor

vehicles

Equipment

Totals

£

£

£

COST

At 1 April 2021

7,964

72,929

80,893

Additions

45,750

231

45,981

Disposals

-

(40,755

)

(40,755

)

At 31 March 2022

53,714

32,405

86,119

DEPRECIATION

At 1 April 2021

7,964

55,704

63,668

Charge for year

11,438

746

12,184

Eliminated on disposal

-

(25,124

)

(25,124

)

At 31 March 2022

19,402

31,326

50,728

NET BOOK VALUE

At 31 March 2022

34,312

1,079

35,391

At 31 March 2021

-

17,225

17,225

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2021

8,891,830

Disposals

(950,000

)

Fair value adjustment

973,170

At 31 March 2022

8,915,000

NET BOOK VALUE

At 31 March 2022

8,915,000

At 31 March 2021

8,891,830

The investment properties have been valued by Feather Smailes Scales on 18 March 2022 with the exception of Arthington Estate which was valued by Strutt & Parker on 24 March 2022. All investment properties have been valued at their fair value.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

80,022

82,580

Amounts owed by group undertakings

609,452

775,658

Prepayments and accrued income

1,291

2,757

690,765

860,995

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

59,184

143,595

Trade creditors

15,671

19,094

Tax

15,603

18,000

Social security and other taxes

16,451

2,091

VAT

13,630

195,222

Other creditors

173

173

Directors' current accounts

503,310

636,845

Accruals and deferred income

120,328

262,240

744,350

1,277,260

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

526,535

1,347,970

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

585,719

1,491,565

The borrowings of the company are secured by way of a first legal charge over some of 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

2022

2021

value:

£

£

100

Ordinary

£1

100

100

11.

RESERVES

Included within retained earnings at 31 March 2022 is an amount of £4,544,115 (2021: £4,331,468) 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 SMH Jolliffe Cork Audit Ltd

13.	RELATED PARTY DISCLOSURES