Oldfield Lodge Property Holdings Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03936901 (England and Wales)

Financial Statements

for the Year Ended 30 June 2022

for

Oldfield Lodge Property Holdings Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P W Reginald

A L Desai

Dr S Levi

M Thomas

O M A Karim

SECRETARY:

O M A Karim

REGISTERED OFFICE:

The Bridge Clinic

Bridge Road

Maindenhead

Berks

SL6 8DG

REGISTERED NUMBER:

03936901 (England and Wales)

SENIOR STATUTORY AUDITOR:

James Foskett

AUDITORS:

CANSDALES AUDIT LLP

St Mary’s Court

The Broadway

Old Amersham

Buckinghamshire

HP7 0UT

FIXED ASSETS

Tangible assets

4

3,281,308

3,330,441

Investments

5

4

4

3,281,312

3,330,445

CURRENT ASSETS

Debtors

6

124

7,930

Cash at bank

4,253

8,173

4,377

16,103

CREDITORS

Amounts falling due within one year

7

(527,327

)

(680,943

)

NET CURRENT LIABILITIES

(522,950

)

(664,840

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,758,362

2,665,605

PROVISIONS FOR LIABILITIES

(2,081

)

(2,197

)

NET ASSETS

2,756,281

2,663,408

CAPITAL AND RESERVES

Called up share capital

120

120

Retained earnings

2,756,161

2,663,288

SHAREHOLDERS' FUNDS

2,756,281

2,663,408

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 15 March 2023 and were signed on its behalf by:

P W Reginald - Director

1.	STATUTORY INFORMATION

Oldfield Lodge Property Holdings 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.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

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.

TURNOVER

The turnover shown in the profit and loss account represents amounts received for rent during the year.

TANGIBLE FIXED ASSETS

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

All fixed assets are initially recorded at cost.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows;

Land and buildings Freehold 2% on cost of buildings, land not depreciated.

Land and buildings Leasehold 7 years straight line

Fixtures, fittings & equipment 7 years straight line

Plant and machinery 7 years straight line

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 .

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.

HIRE PURCHASE AND LEASING COMMITMENTS

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

GOING CONCERN

In the opinion of the directors, the group, which comprises the company and its wholly owned subsidiaries as set out in note 7, has sufficient working capital. The directors consider that the going concern basis of preparation for these financial statements is appropriate because:

- the group has total net assets of £2,755,330 (2021: £2,663,408).

- the directors will not require repayment of their loan accounts with the company's subsidiary until they can be made whilst maintaining repayments to third parties as they fall due.

- The company and the group are able to meet their liabilities as they fall due.

CONSOLIDATION

In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.

IMPAIRMENT OF TANGIBLE AND INTANGIBLE ASSETS

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2021 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Short

Plant and

and

property

leasehold

machinery

fittings

Totals

£

£

£

£

£

COST

At 1 July 2021

and 30 June 2022

4,254,303

193,519

31,805

39,818

4,519,445

DEPRECIATION

At 1 July 2021

923,862

193,519

31,805

39,818

1,189,004

Charge for year

49,133

-

-

-

49,133

At 30 June 2022

972,995

193,519

31,805

39,818

1,238,137

NET BOOK VALUE

At 30 June 2022

3,281,308

-

-

-

3,281,308

At 30 June 2021

3,330,441

-

-

-

3,330,441

5.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1 July 2021

and 30 June 2022

4

NET BOOK VALUE

At 30 June 2022

4

At 30 June 2021

4

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Oldfield Lodge Medical Practice Ltd

Registered office: U.K

Nature of business: Medical Practice

%

Class of shares:

holding

Ordinary

100.00

Oldfield Lodge Partnership Ltd

Registered office: U.K

Nature of business: Medical Practice

%

Class of shares:

holding

Ordinary

100.00

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other debtors

-

7,361

Prepayments and accrued income

124

569

124

7,930

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

11,638

1,883

Amount due to Subsidiary

473,911

633,672

Corporation tax

33,283

37,415

Accruals and deferred income

8,495

7,973

527,327

680,943

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

James Foskett (Senior Statutory Auditor)

for and on behalf of CANSDALES AUDIT LLP

9.	RELATED PARTY DISCLOSURE

The balance due to Oldfield Lodge Medical Practice Limited, the subsidiary company, at 30 June 2022 was £276,190 (2021: £435,951). The balance is included in the Creditors note in amounts due to Subsidiaries. During the year, the company earned rent of £282,000 (2021: £282,000) from Oldfield Lodge Medical Practice Limited under normal commercial terms. Management and service charges of £45,000 (2021: £45,000) were paid to Oldfield Lodge Medical Practice Limited and costs totalling £2,239 (2021: £2,091) were received from Oldfield Lodge Medical Practice Limited. Loans of £75,000 (2021: £50,000) were taken from Oldfield Lodge Medical Practice Limited.

The balance due to Oldfield Lodge Partnership Limited, the subsidiary company, at 30 June 2022 was £197,720 (2021: £197,720). The balance is included in the Creditors note in amounts due to Subsidiaries.

One director makes use of office space owned by the company (2021: one director) and pays normal commercial rates. Income from this was £2,000 (2021: £4,000)