Oakfield A Limited - Period Ending 2022-12-31

Oakfield A Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 8

Oakfield A Limited

Company Information

Director

Mr J T F Cham

Registered office

Loftus Road Stadium South Africa Road London W12 7PJ

Accountants

Mr Darrell R Emerson FCCA Chartered Accountants 66 Roundmead Avenue Loughton IG10 1PZ

Auditors

Richlands Business Advisers Limited Chartered Accountants and Statutory Auditor 42-46 Station Road Edgware Middlesex HA8 7AB

Oakfield A Limited

(Registration number: 11020722)
Balance Sheet as at 31 December 2022

	Note	2022 £	(As restated) Unaudited 2021 £
Fixed assets
Tangible assets	4	279,562	358,523
Investment property	5	40,976,810	40,976,810
		41,256,372	41,335,333
Current assets
Debtors	6	12,721,117	13,354,129
Cash at bank and in hand		757,536	365,510
		13,478,653	13,719,639
Creditors: Amounts falling due within one year	7	(148,285)	(281,149)
Net current assets		13,330,368	13,438,490
Total assets less current liabilities		54,586,740	54,773,823
Creditors: Amounts falling due after more than one year	7	(27,145,698)	(27,021,653)
Provisions for liabilities		(2,280,000)	(2,280,000)
Net assets		25,161,042	25,472,170
Capital and reserves
Called up share capital	8	16,132,835	16,132,835
Revaluation reserve		9,720,000	9,720,000
Retained earnings		(691,793)	(380,665)
Shareholders' funds		25,161,042	25,472,170

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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 director on 26 June 2023
 

......................................... Mr J T F Cham Director

Oakfield A 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:
Loftus Road Stadium
South Africa Road
London
W12 7PJ
United Kingdom

These financial statements were authorised for issue by the director on 26 June 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

Comparative information in the financial statements is derived from the company's prior period financial statements which were not audited.

Audit report

The Independent Auditor's Report was unqualified . The name of the Senior Statutory Auditor who signed the audit report on 26 June 2023 was Jay Shah, who signed for and on behalf of Richlands Business Advisers Limited.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable from the rental of the company's investment property, excluding value added tax.

Tax

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

Oakfield A Limited

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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
Furniture and fittings	25% on reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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 subsequently measured at amortised cost using the effective interest method.

Oakfield A Limited

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

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.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

Oakfield A Limited

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

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2022	455,214	455,214
Additions	14,226	14,226
At 31 December 2022	469,440	469,440
Depreciation
At 1 January 2022	96,691	96,691
Charge for the year	93,187	93,187
At 31 December 2022	189,878	189,878
Carrying amount
At 31 December 2022	279,562	279,562
At 31 December 2021	358,523	358,523

5	Investment properties

	2022 £
At 1 January	40,976,810
At 31 December	40,976,810

The properties were externally valued in April 2021 by an independent valuer, CBRE Ltd (exclusively for Deutsche Bank Singapore). In 2022, the investment properties were revalued on a fair value basis by the director with reference to their knowledge and expertise in the business.
 

6

Debtors

	Note	2022 £	(As restated) Unaudited 2021 £
Amounts owed by group undertakings	11	12,641,769	13,027,998
Other debtors		17,993	268,357
Prepayments		61,355	57,774
Total current trade and other debtors		12,721,117	13,354,129

Oakfield A Limited

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

7

Creditors

Creditors: amounts falling due within one year

	Note	2022 £	(As restated) Unaudited 2021 £
Due within one year
Trade creditors		100,975	102,235
Other creditors		34,810	79,985
Accrued expenses		12,500	98,929
		148,285	281,149
Due after one year
Loans and borrowings	9	27,145,698	27,021,653

Creditors: amounts falling due after more than one year

	Note	2022 £	(As restated) Unaudited 2021 £
Due after one year
Loans and borrowings	9	27,145,698	27,021,653

8	Share capital

Allotted, called up and fully paid shares

	2022		Unaudited 2021
	No.	£	No.	£
Ordinary of £1 each	16,132,835	16,132,835	16,132,835	16,132,835

9	Loans and borrowings

	2022 £	Unaudited 2021 £
Non-current loans and borrowings
Bank borrowings	27,145,698	27,021,653

The bank borrowings are secured by a fixed and floating charge over the company's invesstment property and bank account.

Oakfield A Limited

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

10	Financial commitments, guarantees and contingencies

On 26 February 2021 the company granted a lease of 21 years and one day to NWX Residences A Limited, a wholly owned Subsidiary. This lease together with the company bank accounts have a charge over them by Deutsche Bank AG.

11	Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The ultimate parent entity producing publicly available consolidated financial statements is Pembinaan Redza SDN.BHD, whose registered office is 62C, Jalan SS21/62, Damansara Utama, 47400 Petaling Jaya, Selangor Darul Ehsan, Malaysia. These financial statements are available upon request.

12	Parent and ultimate parent undertaking

The company's immediate parent is Oakfield S.A.R.L, incorporated in Luxembourg, owning 100% of the shares of the company and has its registered office at 9 rue de Bitbourg, L-1273 Luxembourg.

 The ultimate parent is Pembinaan Redza SDN.BHD, incorporated in Malaysia.
The results of the company are consolidated at group level headed by Pembinaan Redzai SDN.BHD.

 The ultimate controlling party are Ruben Emir Gnanalingam Bin Abdullah, Shaline Gnanalingam and Marco Jager.