Okaa Property Limited - Accounts to registrar (filleted) - small 22.3
Okaa Property Limited - Accounts to registrar (filleted) - small 22.3
REGISTERED NUMBER: |
OKAA PROPERTY LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 JUNE 2022 |
OKAA PROPERTY LIMITED (REGISTERED NUMBER: 11928737) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 JUNE 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 7 |
Chartered Certified Accountants' Report | 8 |
OKAA PROPERTY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 29 JUNE 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
4 Bank Court |
Weldon Road |
Loughborough |
Leicestershire |
LE11 5RF |
OKAA PROPERTY LIMITED (REGISTERED NUMBER: 11928737) |
BALANCE SHEET |
29 JUNE 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | 9 | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
OKAA PROPERTY LIMITED (REGISTERED NUMBER: 11928737) |
BALANCE SHEET - continued |
29 JUNE 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved and authorised for issue by the director and authorised for issue on |
OKAA PROPERTY LIMITED (REGISTERED NUMBER: 11928737) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 JUNE 2022 |
1. | STATUTORY INFORMATION |
Okaa Property Ltd is a limited company incorporated in England and Wales under the Companies Act. The address of the registered office is given in the company information section and its principal place of business is at Ascentis House, Mannin Way, Lancaster. |
The financial statements are presented in Sterling (£) and rounded to the nearest pound. |
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. |
Significant judgements and estimates |
In the application of the company's accounting policies, which are described in the accounting policies below, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates which could result in a material adjustment to the carrying amounts of assets or liabilities affected in future periods. |
Judgements |
In preparing these financial statements, the directors have made the following judgements, which have the most significant effect on the amounts recognised in the financial statements: |
Operating lease commitments - company as lessor |
The Company has entered into a commercial property lease on its investment property. The Company has determined, based on an evaluation of the terms and conditions of the arrangements, such as the lease term not constituting a major part of the economic life of the property and the present value of the minimum lease payments not amounting to substantially all of the fair value of the property, that it retains all the significant risks and rewards of ownership of these properties and accounts for the contracts as operating leases. |
Estimates and assumptions |
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Company based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments; however, may change due to market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur. |
Valuation of investment properties |
The Company carries its investment property at fair value, with changes in fair value being recognised in the statement of profit or loss. The Company director assessed the fair value of the properties in the year end 29 June 2022 following an independent valuation being undertaken in March 2021. |
The key assumptions used to determine the fair value of the property is provided in the investment property accounting policy. |
Turnover |
Rental income arising from operating leases on investment properties is accounted for on a straight line basis over the lease term. |
OKAA PROPERTY LIMITED (REGISTERED NUMBER: 11928737) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 JUNE 2022 |
2. | ACCOUNTING POLICIES - continued |
Investment property |
The property is held to earn rental income and for its long term investment potential. Investment property is accounted for as follows: |
Investment property is measured initially at cost, including transaction costs and any directly attributable expenditure. Subsequent to initial recognition, investment property is stated at fair value, where such value can be measured reliably and which reflects market conditions at the reporting date. Gains or losses arising from changes in the fair value of investment property is included in the profit or loss in the period in which they arise, including the corresponding tax effect. |
Fair values are determined based on an annual evaluation by either independent professional third party valuers or the directors. No depreciation is provided in respect of investment properties. |
Investment property is derecognised either when it has been disposed of or when it is permanently withdrawn from use and no future economic benefit is expected from its disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognised in profit or loss in the period of derecognition. |
Income from investment property is disclosed in 'Turnover' and details are shown in note 4 'Investment property'. The related operating costs are included within administrative expenses. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts payable and loans to/from related parties. |
Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade creditor deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
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. |
OKAA PROPERTY LIMITED (REGISTERED NUMBER: 11928737) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 JUNE 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2021 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 30 June 2021 |
Revaluations |
At 29 June 2022 |
NET BOOK VALUE |
At 29 June 2022 |
At 29 June 2021 |
The land and buildings included at valuation in the balance sheet were made at their fair value on the basis of market value assessed by the directors following an independent valuation being undertaken in March 2021. |
The value of the property included within freehold investment properties, has a cost of £3,155,787. Depreciation is not charged as the property is held for use in operating leases for the purpose of generating rental income. |
Fair value at 29 June 2022 is represented by: |
£ |
Valuation in 2022 | 94,213 |
Cost | 3,155,787 |
3,250,000 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Other debtors |
OKAA PROPERTY LIMITED (REGISTERED NUMBER: 11928737) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 JUNE 2022 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
Other creditors |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 60 | 60 |
9. | RESERVES |
Retained |
earnings |
£ |
At 30 June 2021 | ( |
) |
Profit for the year |
At 29 June 2022 |
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
OKAA PROPERTY LIMITED |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Okaa Property Limited for the year ended 29 June 2022 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
This report is made solely to the director of Okaa Property Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Okaa Property Limited and state those matters that we have agreed to state to the director of Okaa Property Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report. |
It is your duty to ensure that Okaa Property Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Okaa Property Limited. You consider that Okaa Property Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Okaa Property Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
4 Bank Court |
Weldon Road |
Loughborough |
Leicestershire |
LE11 5RF |