Oakleaze Holdings Limited - Period Ending 2022-12-31

Oakleaze Holdings Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 9

Oakleaze Holdings Limited

Company Information

Directors

N A Maunton K A Jotcham K A Probert

Company secretary

N A Maunton

Registered office

Old Crown House 18 Market Street Wotton-under-Edge GL12 7AE

Accountants

Hazlewoods LLP Staverton Court Staverton Cheltenham GL51 0UX

Oakleaze Holdings Limited

(Registration number: 00557903)
Balance Sheet as at 31 December 2022

	Note	2022  £	2021  £
Fixed assets
Tangible assets	4	860	-
Investment property	5	3,131,790	3,032,103
		3,132,650	3,032,103
Current assets
Debtors	6	18,762	31,278
Cash at bank and in hand		86,428	263,243
		105,190	294,521
Creditors: Amounts falling due within one year	7	(286,188)	(204,183)
Net current (liabilities)/assets		(180,998)	90,338
Total assets less current liabilities		2,951,652	3,122,441
Creditors: Amounts falling due after more than one year	7	(28,333)	(38,333)
Net assets		2,923,319	3,084,108
Capital and reserves
Called up share capital	12	14,330	14,330
Capital redemption reserve		670	670
Revaluation reserve		1,287,333	1,190,441
Other reserves		3,649	3,649
Profit and loss account		1,617,337	1,875,018
Total equity		2,923,319	3,084,108

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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 of the Companies Act 2006 and in accordance with FRS 102 Section 1A Small Entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 June 2023 and signed on its behalf by:
 

N A Maunton
Company secretary and director

Oakleaze Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Old Crown House
18 Market Street
Wotton-under-Edge
GL12 7AE

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The company has taken advantage of the small company exemptions available in Section 1A of FRS 102 to produce reduced disclosure accounts.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of rent to customers.

The company recognises revenue when: The amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Corporation tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Oakleaze Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Deferred corporation tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Motor vehicles	20% reducing balance
Fixtures and fittings	20-25% reducing balance

Investment property

The carrying value of the investment property is considered annually by the directors in the light of known movements and trends in the property markets and taking account of directors' knowledge and experience of the market place for such properties. Periodically, the directors consult with professional advisors to confirm that their views are in line with those of the industry. The directors consider that this accounting policy results in the accounts giving a true and fair view. The aggregate surplus or deficit arising on revaluation is charged to the profit and loss account.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Oakleaze Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Oakleaze Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

	2022  No.	2021  No.
Average number of employees	3	4

4

Tangible assets

	Fixtures and fittings  £
Cost or valuation
At 1 January 2022	17,027
Additions	878
At 31 December 2022	17,905
Depreciation
At 1 January 2022	17,027
Charge for the year	18
At 31 December 2022	17,045
Carrying amount
At 31 December 2022	860

Oakleaze Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

5

Investment properties

	Investment properties £
At 1 January 2022	3,032,103
Additions	2,795
Change in value on revaluation	96,892
At 31 December 2022	3,131,790

Investment properties are carried at valuation. The carrying amount of £3,131,790 was assessed by the directors for the position at 31 December 2022 on the basis of market value of similar properties in the area. If the investment properties were measured using the historic cost model, the carrying amounts would have been £1,844,457 (2021: £1,841,662).

6

Debtors

	2022  £	2021  £
Trade debtors	13,584	27,055
Other debtors	3,249	2,527
Prepayments	1,929	1,696
	18,762	31,278

7

Creditors

	2022  £	2021  £
Due within one year
Loans and borrowings	69,381	10,000
Trade creditors	1,260	8,845
Other taxes and social security	2,612	1,479
Other creditors	59,297	59,278
Corporation tax liability	17,085	14,618
Deferred tax liability	136,553	109,963
	286,188	204,183
Due after one year
Loans and borrowings	28,333	38,333

Oakleaze Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

8

Loans and borrowings

	2022 £	2021 £
Current loans and borrowings
Bank borrowings	10,000	10,000
Directors' loan accounts	59,381	-
	69,381	10,000

	2022 £	2021 £
Non-current loans and borrowings
Bank borrowings	28,333	38,333

Bank borrowings

The bank loan relates to a bounce bank loan is denominated in GB£ with a nominal interest rate of 2.5%, and the final instalment is due on 31 December 2026. The carrying amount at year end is £38,333 (2021 - £48,333).

9

Deferred tax

Deferred tax assets and liabilities

2022	Liability £
Fixed asset timing differences	(351)
Capital gains/(losses)	136,904
	136,553

2021	Liability £
Fixed asset timing differences	(691)
Capital gains/(losses)	110,654
	109,963

10

Related party transactions

Transactions with directors

At the balance sheet date the company owes £59,381 (2021 company is owed - £590) to the director of the company. There are no fixed repayment terms and no interest is charged on the outstanding balance.

11

Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £16,893 (2021 - £24,110). The amount due in under 1 year is £6,350 (2021 - £7,638), and the amount due in over 1 year is £10,543 (2021 - £16,472).

Oakleaze Holdings Limited

Notes to the Financial Statements for the Year Ended 31 December 2022

12

Share capital

Allotted, called up and fully paid shares

	2022		2021
	No.	£	No.	£
Ordinary A shares of £1 each	9,650	9,650	10,700	10,700
Ordinary B shares of £1 each	1,050	1,050	-	-
Ordinary C shares of £1 each	720	720	720	720
Ordinary D shares of £1 each	50	50	50	50
Ordinary E shares of £1 each	720	720	720	720
Ordinary F shares of £1 each	1,390	1,390	1,390	1,390
Ordinary G shares of £1 each	750	750	750	750
	14,330	14,330	14,330	14,330

Each class of share has separate dividend rights. In all other respects they rank pari passu.