Orton Decorating Contractors Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02198008 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

ORTON DECORATING CONTRACTORS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

D M Cope

G L Cope

B D Cope

REGISTERED OFFICE:

Unit 1 Wainman Road

Woodston

Peterborough

Cambridgeshire

PE2 7BU

REGISTERED NUMBER:

02198008 (England and Wales)

ACCOUNTANTS:

TC Group

4 Office Village

Forder Way

Cygnet Park, Hampton

Peterborough

Cambridgeshire

PE7 8GX

FIXED ASSETS

Tangible assets

4

-

510,000

Investment property

5

675,000

-

675,000

510,000

CURRENT ASSETS

Debtors

6

269

241

Cash at bank and in hand

6,653

9,635

6,922

9,876

CREDITORS

Amounts falling due within one year

7

7,039

9,064

NET CURRENT (LIABILITIES)/ASSETS

(117

)

812

TOTAL ASSETS LESS CURRENT LIABILITIES

674,883

510,812

PROVISIONS FOR LIABILITIES

9

41,250

-

NET ASSETS

633,633

510,812

CAPITAL AND RESERVES

Called up share capital

10

100

100

Revaluation reserve

11

165,000

-

Retained earnings

11

468,533

510,712

SHAREHOLDERS' FUNDS

633,633

510,812

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 4 December 2023 and were signed on its behalf by:

G L Cope - Director

1.	STATUTORY INFORMATION

Orton Decorating Contractors 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.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

No significant judgements (apart from those involving estimations) have been made by management in the process of applying the entity's accounting policies and preparing these financial statements.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There have been no key assumptions or there sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Tangible fixed assets

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

Freehold property

-

in accordance with the property

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.

Financial instruments

The company holds basic financial instruments as defined in FRS102. The financial assets and financial liabilities of the company and their measurement basis are as follows:

Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost.

Financial liabilities - trade creditors, accruals and other creditors and basic financial instruments and are measured at amortised cost. Taxation and social security and not included in the financial instruments disclosure definition.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Debtors

Short term debtors are initially measured at transaction price less attributable costs and then subsequently measured at amortised costs using EIR. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors are initially measured at transaction price less attributable costs. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

property

£

COST

At 1 April 2022

510,000

Reclassification/transfer

(510,000

)

At 31 March 2023

-

NET BOOK VALUE

At 31 March 2023

-

At 31 March 2022

510,000

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Revaluations

165,000

Reclassification/transfer

510,000

At 31 March 2023

675,000

NET BOOK VALUE

At 31 March 2023

675,000

Fair value at 31 March 2023 is represented by:

£

Valuation in 2023

165,000

Cost

510,000

675,000

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

2023

2022

£

£

Cost

510,000

510,000

The investment properties were valued on an open market basis on 31 March 2023 by the director .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Prepayments and accrued income

269

241

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Corporation tax

1,307

1,321

Social security and other taxes

159

466

Other creditors

-

1,000

Directors' current accounts

109

891

Accruals and deferred income

5,464

5,386

7,039

9,064

8.	SECURED DEBTS

A legal charge dated 13 November 1998 is held by Barclays Bank PLC over all monies or hereafter to become due or from time to time accruing due from the company to the bank upon any account and in any manner whatsoever. The legal charge is held against the freehold property known as

55 Farriers Court, Orton Longueville, Peterborough.

A legal charge dated 31 March 1995 is held by Barclays Bank PLC over all monies or hereafter to become due or from time to time accruing due from the company to the bank upon any account and in any manner whatsoever. The legal charge is held against the freehold property known as

436 Oundle Road, Peterborough.

A legal charge dated 23 June 1993 is held by Barclays Bank PLC over all monies or hereafter to become due or from time to time accruing due from the company to the bank upon any account and in any manner whatsoever. The legal charge is held against the freehold property known as

438 Oundle Road, Peterborough.

9.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

41,250

-

Deferred

tax

£

Provided during year

41,250

Balance at 31 March 2023

41,250

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100

Ordinary

£1

100

100

11.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 April 2022

510,712

-

510,712

Profit for the year

129,321

129,321

Dividends

(6,500

)

(6,500

)

Revaluation gains and losses

(165,000

)

165,000

-

At 31 March 2023

468,533

165,000

633,533

12.	RELATED PARTY DISCLOSURES

During the year, total dividends of £6,500 were paid to the directors .

At the year end a director was owed £109 (2022 - £891. This loan is unsecured, interest free and repayable on demand.

13.	ULTIMATE CONTROLLING PARTY

The controlling party is B D Cope.