Abbreviated Company Accounts - OASIS HOUSING LTD

Registered Number NI048997

OASIS HOUSING LTD

Abbreviated Accounts

31 December 2014

OASIS HOUSING LTD Registered Number NI048997

Abbreviated Balance Sheet as at 31 December 2014

	Notes	2014	2013
		£	£
Fixed assets
Tangible assets	3	773,250	585,742
		773,250	585,742
Current assets
Debtors	4	137,813	359,941
Cash at bank and in hand		9,709	1,480
		147,522	361,421
Creditors: amounts falling due within one year		(340,867)	(370,665)
Net current assets (liabilities)		(193,345)	(9,244)
Total assets less current liabilities		579,905	576,498
Creditors: amounts falling due after more than one year		(584,691)	(580,149)
Total net assets (liabilities)		(4,786)	(3,651)
Reserves
Revaluation reserve		1,863	1,863
Income and expenditure account		(6,649)	(5,514)
Members' funds		(4,786)	(3,651)

For the year ending 31 December 2014 the company was entitled to exemption 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 Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 24 September 2015

And signed on their behalf by:
Mr Clifford Kennedy, Director
Mr Paul Westwood, Director

OASIS HOUSING LTD Registered Number NI048997

Notes to the Abbreviated Accounts for the period ended 31 December 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The financial statements have been prepared in accordance with United Kingdom generally accepted accounting practice and statute comprising the Companies Act 2006 and the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover policy
Turnover is derives from the provision of residential accommodation and services falling within the company's ordinary activities.

Tangible assets depreciation policy
Tangible fixed assets are initially recorded at historic cost. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset systematically over its expected useful life, as follows:
Fixtures, fittings & equipment 25% reducing balance

Valuation information and policy
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the applicable accounting standard, SSAP 19, Accounting for investment properties, it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

Investment properties are revalued annually and the aggregate surplus or deficit is transferred to a revaluation reserve. Full valuations are made by a professional qualified valuer every five years and in the intervening years these valuations are updated by directors with the assistance of professional advice as required.

Other accounting policies
Going concern
These financial statements have been prepared on the going concern basis, notwithstanding the fact that the company had a balance sheet deficit of £4,786 (2013: deficit of £3,651) at the balance sheet date. The directors have reviewed the financial operation of the company and taken steps to ensure that the company can become solvent in the near future and as such they have continued to adopt the going concern basis in preparing these financial statements.

2Company limited by guarantee
Company is limited by guarantee and consequently does not have share capital.

3Tangible fixed assets

	£
Cost
At 1 January 2014	589,987
Additions	188,299
Disposals	-
Revaluations	-
Transfers	-
At 31 December 2014	778,286
Depreciation
At 1 January 2014	4,245
Charge for the year	791
On disposals	-
At 31 December 2014	5,036
Net book values
At 31 December 2014	773,250
At 31 December 2013	585,742

The historical cost of the properties stated above is £769,036 (2013: £583,137).

Investment properties are valued on an open market value for existing use basis at the balance sheet date by the directors.

4Debtors

Debtors includes £134,072 of designated funds which relate to monies received in 2012 (2013: £5,307) which is due after more than one year.