Oscar Consultants Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03085096 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2022

for

OSCAR CONSULTANTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

5

Chartered Certified Accountants' Report

11

DIRECTORS:

Mr B K P Mistry

Mrs S Mistry

SECRETARY:

Mrs S Mistry

REGISTERED OFFICE:

11 Stratford Road

Shirley

Solihull

West Midlands

B90 3LU

BUSINESS ADDRESS:

907 Bristol Road

Selly Oak

Birmingham

West Midlands

B29 6ND

REGISTERED NUMBER:

03085096 (England and Wales)

ACCOUNTANTS:

Raven Accounting (West Midlands) Limited

Chartered Certified Accountants

11 Stratford Road

Shirley

Solihull

West Midlands

B90 3LU

BANKERS:

Lloyds Bank plc

142 Edgbaston Park Road

Birmingham

B15 2TY

FIXED ASSETS

Tangible assets

4

918

1,860

Investments

5

28,715

28,715

Investment property

6

1,712,000

1,658,000

1,741,633

1,688,575

CURRENT ASSETS

Debtors

7

40,183

36,983

Cash at bank

80,745

55,983

120,928

92,966

CREDITORS

Amounts falling due within one year

8

183,626

146,188

NET CURRENT LIABILITIES

(62,698

)

(53,222

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,678,935

1,635,353

CREDITORS

Amounts falling due after more than one year

9

(1,012,465

)

(1,021,497

)

PROVISIONS FOR LIABILITIES

11

(95,569

)

(85,488

)

NET ASSETS

570,901

528,368

CAPITAL AND RESERVES

Called up share capital

12

10

10

Fair value reserve

13

406,684

362,944

Retained earnings

13

164,207

165,414

SHAREHOLDERS' FUNDS

570,901

528,368

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 31 March 2023 and were signed on its behalf by:

Mr B K P Mistry - Director

1.	STATUTORY INFORMATION

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 rental income receivable in the accounting period.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures and fittings

-

10% on cost

Computer equipment

-

20% on 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.

Taxation

Taxation for the year comprises current anrecognizedtrecognized recognised in the the externalizingextenrecogrecognizedes to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognized 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 recognized 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 recognized 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 recognized 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 and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2021

and 31 March 2022

26,947

979

27,926

DEPRECIATION

At 1 April 2021

25,364

702

26,066

Charge for year

746

196

942

At 31 March 2022

26,110

898

27,008

NET BOOK VALUE

At 31 March 2022

837

81

918

At 31 March 2021

1,583

277

1,860

5.	FIXED ASSET INVESTMENTS

Other

investment

£

COST OR VALUATION

At 1 April 2021

and 31 March 2022

28,715

NET BOOK VALUE

At 31 March 2022

28,715

At 31 March 2021

28,715

The unlisted investment is in a company called JES Investments Limited and represents one third of the issued share capital. A director of the company is also a director of JES Investments Limited.

The company has made a loan to JES Investments Limited of £39,787 (2021 - £36,587).

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2021

1,658,000

Revaluations

54,000

At 31 March 2022

1,712,000

NET BOOK VALUE

At 31 March 2022

1,712,000

At 31 March 2021

1,658,000

Fair value at 31 March 2022 is represented by:

£

Valuation in 2022

1,712,000

If the investment properties had not been revalued they would have been included at the following historical cost:

2022

2021

£

£

Cost

1,224,857

1,224,857

The investment properties were valued on an open market basis basis on 31 March 2022 by the directors .

The bank loans are secured on the investment properties. Both the title to the properties and the bank loans are in the name of a director of the company who has signed a declaration of trust in favour of the company. The trust shows the company to be the beneficial owner of the properties from the date that they were purchased by the director.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

396

396

Other debtors

39,787

36,587

40,183

36,983

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

10,550

11,622

Taxation and social security

13,176

15,054

Other creditors

159,900

119,512

183,626

146,188

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

1,012,465

1,021,497

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans

792,355

792,355

Repayable by instalments

Bank loans

177,911

181,990

10.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

1,023,015

1,033,119

The bank loans are secured on the investment properties.

11.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

Accelerated capital allowances

370

549

Other timing differences

95,199

84,939

95,569

85,488

Deferred

tax

£

Balance at 1 April 2021

85,488

Charge to Income Statement during year

10,081

Balance at 31 March 2022

95,569

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

10

Ordinary

£1

10

10

13.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 April 2021

165,414

362,944

528,358

Profit for the year

47,533

47,533

Dividends

(5,000

)

(5,000

)

Transfer of net gains / losses

on investments

(43,740

)

43,740

-

At 31 March 2022

164,207

406,684

570,891

The Fair value reserve comprises:

2022

2021

£

£

Surplus on listed investments

14,936

14,936

Surplus on investment properties

487,143

433,143

502,079

448,079

less deferred tax

(95,395

)

(85,135

)

406,684

362,944

14.	RELATED PARTY DISCLOSURES

During the year, total dividends of £5,000 (2021 - £25,000) were paid to the directors .

The directors of the company have loaned the company money which is interest free and repayable on demand. At the end of the year the outstanding amounts totalled £56,590 (2021 - £64,071).

The following reproduces the text of the report prepared for the directors 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 Directors 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 Oscar Consultants Limited for the year ended 31 March 2022 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 Board of Directors of Oscar Consultants Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Oscar Consultants Limited and state those matters that we have agreed to state to the Board of Directors of Oscar Consultants Limited, as a body, 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 Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Oscar Consultants 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 Oscar Consultants Limited. You consider that Oscar Consultants 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 Oscar Consultants 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.

Raven Accounting (West Midlands) Limited

Chartered Certified Accountants

11 Stratford Road

Shirley

Solihull

West Midlands

B90 3LU

31 March 2023