Oncoland Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 00865608 (England and Wales)

Financial Statements

for the Year Ended 31 December 2022

for

Oncoland Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A J Billings

C J Billings

R J Billings

S J Billings

SECRETARY:

S J Billings

REGISTERED OFFICE:

Gay Dawn Offices

Pennis Lane

Fawkham

Longfield

Kent

DA3 8LY

REGISTERED NUMBER:

00865608 (England and Wales)

FIXED ASSETS

Property, plant and equipment

4

12,538,027

12,067,029

Investments

5

4

4

Investment property

6

12,400,000

13,650,000

24,938,031

25,717,033

CURRENT ASSETS

Inventories

1,343,085

1,369,550

Debtors

7

1,126,296

1,386,698

Cash at bank and in hand

198,799

5,708

2,668,180

2,761,956

CREDITORS

Amounts falling due within one year

8

8,436,570

9,571,143

NET CURRENT LIABILITIES

(5,768,390

)

(6,809,187

)

TOTAL ASSETS LESS CURRENT LIABILITIES

19,169,641

18,907,846

CREDITORS

Amounts falling due after more than one year

9

(2,112,033

)

(2,250,905

)

PROVISIONS FOR LIABILITIES

11

(1,224,066

)

(1,057,706

)

NET ASSETS

15,833,542

15,599,235

CAPITAL AND RESERVES

Called up share capital

12

573,432

573,432

Revaluation reserve

13

8,313,951

7,803,248

Capital redemption reserve

13

26,572

26,572

Fair value reserve

13

3,327,216

4,183,173

Retained earnings

13

3,592,371

3,012,810

SHAREHOLDERS' FUNDS

15,833,542

15,599,235

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 29 September 2023 and were signed on its behalf by:

A J Billings - Director

1.	STATUTORY INFORMATION

Oncoland 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 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

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Land is stated at fair value however it is not being depreciated as it has an unlimited life.

Buildings, plant and machinery etc are stated at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Buildings

4% on reducing balance basis

Plant and machinery etc

5%-25% on reducing balance basis

Land

Not depreciated

Investment property

In accordance with the requirements of FRS 102 properties which are considered to be held to earn rentals or for capital appreciation or both have been reclassified as investment properties at 1January 2015, the FRS 102 transition date.

The company carries its investment property at fair value, with changes in fair value being recognised in profit or loss. The fair value at 31 December 2022 of the properties has been determined by the directors of the company. The directors have adopted a valuation model based upon a multiple of the gross rental income adjusted where appropriate for any individual property market considerations. The directors over-ride their valuation model where independent valuation specialists have been engaged.

Inventories

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

Property, plant and equipment acquired under finance leases or hire purchase contracts are capitalised and depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance charges, are included in creditors.

Government grants

The company is in receipt of monies from the Government in the form of the Single Payment Scheme and monies received are recognised in the year of claim.

Fixed asset investments

Investments in shares are accounted for at cost less accumulated impairment losses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2021 - 11 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 January 2022

11,568,508

3,639,664

15,208,172

Additions

8,500

149,450

157,950

Disposals

-

(45,750

)

(45,750

)

Revaluations

663,601

-

663,601

At 31 December 2022

12,240,609

3,743,364

15,983,973

DEPRECIATION

At 1 January 2022

1,093,152

2,047,991

3,141,143

Charge for year

84,494

253,752

338,246

Eliminated on disposal

-

(33,443

)

(33,443

)

At 31 December 2022

1,177,646

2,268,300

3,445,946

NET BOOK VALUE

At 31 December 2022

11,062,963

1,475,064

12,538,027

At 31 December 2021

10,475,356

1,591,673

12,067,029

Cost or valuation at 31 December 2022 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2013

5,188,254

-

5,188,254

Valuation in 2014

532,472

-

532,472

Valuation in 2015

1,386,271

-

1,386,271

Valuation in 2019

758,730

-

758,730

Valuation in 2022

663,601

-

663,601

Cost

3,711,281

3,743,364

7,454,645

12,240,609

3,743,364

15,983,973

If land and buildings had not been revalued they would have been included at the following historical cost:

2022

2021

£

£

Cost

3,214,008

3,205,507

Aggregate depreciation

1,177,647

1,093,152

Value of land in freehold land and buildings

487,273

487,273

Land and buildings were valued on a fair value basis on 31 December 2022 by the directors .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST OR VALUATION

At 1 January 2022

1,396,820

Additions

116,464

Transfer to ownership

(819,031

)

At 31 December 2022

694,253

DEPRECIATION

At 1 January 2022

512,832

Charge for year

73,043

Transfer to ownership

(383,182

)

At 31 December 2022

202,693

NET BOOK VALUE

At 31 December 2022

491,560

At 31 December 2021

883,988

5.	FIXED ASSET INVESTMENTS

Interest

in other

Investments

£

COST

At 1 January 2022

and 31 December 2022

125,698

PROVISIONS

At 1 January 2022

and 31 December 2022

125,694

NET BOOK VALUE

At 31 December 2022

4

At 31 December 2021

4

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2022

13,650,000

Disposals

(700,000

)

Revaluations

(550,000

)

At 31 December 2022

12,400,000

NET BOOK VALUE

At 31 December 2022

12,400,000

At 31 December 2021

13,650,000

Investment properties are stated in the balance sheet at their aggregate fair value based on valuations carried out at 31 December 2022 by the directors. If investment property had not been revalued it would have been included at the historical cost of £ £8,169,731 (2021- £ 8,599,391).

7.

DEBTORS

2022

2021

£

£

Amounts falling due within one year:

Trade debtors

186,817

101,320

Amounts owed by group undertakings

230,694

-

Other debtors

708,785

1,284,698

1,126,296

1,386,018

Amounts falling due after more than one year:

Other debtors

-

680

Aggregate amounts

1,126,296

1,386,698

Included in other debtors is a deferred tax asset of £97,644 (2021 - £97,644).

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

7,643,304

8,329,416

Hire purchase contracts

120,846

266,849

Trade creditors

412,576

339,559

Amounts owed to group undertakings

-

196,806

Taxation and social security

66,259

42,608

Other creditors

193,585

395,905

8,436,570

9,571,143

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

2,055,244

2,160,941

Hire purchase contracts

56,789

89,964

2,112,033

2,250,905

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

1,829,153

1,931,545

10.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans and overdrafts

9,698,548

10,490,357

Hire purchase contracts

177,635

356,813

9,876,183

10,847,170

Nature of Security

The hire purchase contracts are secured by the financed assets.

Bank loans are secured by legal charge over company's properties and guarantees given by F.C. Stark Limited, Oncoland Energy Limited and personal guarantees from the directors.

11.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

Accelerated capital allowances

105,637

127,793

Unrealised surplus on

revaluation of investment

properties

903,052

867,434

Unrealised surplus on

revaluation of

trading properties

215,377

62,479

1,224,066

1,057,706

Deferred

tax

£

Balance at 1 January 2022

1,057,706

Provided during year

13,462

Charge to other comprehensive

152,898

income

Balance at 31 December 2022

1,224,066

12.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2022

2021

value:

£

£

234,000

Ordinary A

£1

234,000

234,000

339,432

Ordinary B

£1

339,432

339,432

573,432

573,432

13.

RESERVES

Capital

Fair

Retained

Revaluation

redemption

value

earnings

reserve

reserve

reserve

Totals

£

£

£

£

£

At 1 January 2022

3,012,810

7,803,248

26,572

4,183,173

15,025,803

Deficit for the year

(276,396

)

(276,396

)

Transfer deferred tax on

investment property

35,618

-

-

(35,618

)

-

Surplus on transfer

270,339

-

-

(270,339

)

-

Revaluation of

land and buildings

-

663,601

-

-

663,601

Transfer revaluation on

investment property

550,000

-

-

(550,000

)

-

Deferred tax on trading

property

-

(152,898

)

-

-

(152,898

)

At 31 December 2022

3,592,371

8,313,951

26,572

3,327,216

15,260,110

14.	CONTINGENT LIABILITIES

C Hoare & Co

The company is a guarantor to a guarantee limited to £4,430,000 plus interest and charges provided to C Hoare & Co in respect of the bank borrowing of F.C. Stark Limited, the company's parent company, supported by legal charge over company property.

15.	RELATED PARTY DISCLOSURES

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.

16.	PARENT COMPANY

The parent company is F.C. Stark Limited.