Oswell Property Limited - Filleted accounts

OSWELL PROPERTY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 JUNE 2023

Company Registration Number: 13433149

OSWELL PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
CONTENTS									PAGES
Company information									1
Balance sheet									2 to 3
Notes to the financial statements									4 to 8

OSWELL PROPERTY LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023
DIRECTORS
P N Waite
G L Waite
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
4 Witan Way
Witney
Oxon
OX28 6FF
COMPANY REGISTRATION NUMBER
13433149 England and Wales

OSWELL PROPERTY LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
			Notes		2023				2022
					£				£
FIXED ASSETS
Investments			5				320,000				288,881
CURRENT ASSETS
Debtors			6		393				235
Cash at bank and in hand					2,914				9,248
					3,307				9,483
CREDITORS: Amounts falling due within one year			7		85,099				91,097
NET CURRENT LIABILITIES							(81,792)				(81,614)
TOTAL ASSETS LESS CURRENT LIABILITIES							238,208				207,267
CREDITORS: Amounts falling due after more than one year			8				208,265				208,265
Provisions for liabilities and charges							7,780				-
NET ASSETS / (LIABILITIES)							22,163				(998)
CAPITAL AND RESERVES
Called up share capital							2				2
Distributable profit and loss account							(8,958)				(1,000)
Non distributable profit and loss account							31,119				-
SHAREHOLDERS' FUNDS / (DEFICIT)							22,163				(998)

OSWELL PROPERTY LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
P N Waite						G L Waite
Director						Director
Date approved by the board: 28 February 2024

OSWELL PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
1	GENERAL INFORMATION
	Oswell Property Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
	4 Witan Way
	Witney
	Oxon
	OX28 6FF
	The financial statements are presented in Sterling, which is the functional currency of the company.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of preparation of financial statements
	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
	Going concern

	The accounts have been drawn up on the going concern basis. The company owes its bank £208,265 and the directors £83,998, both of which could be required for repayment without notice. The company is therefore dependent upon the continued support of the directors. The directors do not consider their own support likely to be withdrawn.
	If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets.

	Revenue recognition

	Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of rental property services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts.
	The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

OSWELL PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Investment properties

	Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs.
	Subsequently, investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in the profit and loss account in the period in which they arise.

	Financial Instruments
	The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
	Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.

The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

	Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
	Debtors

Short term debtors are measured at transaction price, less any impairment.

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

OSWELL PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Taxation
	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
	Deferred tax is measured using 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.
	Deferred tax relating to land and investment properties that is measured at fair value is measured using the tax rates and allowances that apply to the sale of the asset.

	Current and deferred tax assets and liabilities are not discounted.
3	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

	No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.

4	EMPLOYEES
	The average number of persons employed by the company (including directors) during the year was:
									2023		2022
	Average number of employees								2		2

OSWELL PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
5	FIXED ASSET INVESTMENTS
											Investment Property
											£
	Cost
	At 1 July 2022										288,881
	Revaluation										31,119
	At 30 June 2023										320,000
	Net book value
	At 1 July 2022										288,881
	At 30 June 2023										320,000
	The investment property was revalued during the year by a director of the company on 30 June 2023. The property was revalued to a market value of £320,000.
	In the opinion of the director, all investment property has been stated at fair value.
6	DEBTORS
									2023		2022
									£		£
	Other debtors								393		235
7	CREDITORS: Amounts falling due within one year
									2023		2022
									£		£
	Accruals and deferred income								1,101		1,099
	Other creditors								83,998		89,998
									85,099		91,097

OSWELL PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
8	CREDITORS: Amounts falling due after more than one year
									2023		2022
									£		£
	Bank loans and overdrafts								208,265		208,265
	Included in the amounts falling due after more than one year are the following amounts which are due in more
	than five years:
									2023		2022
									£		£
	Bank loans and overdrafts								208,265		208,265
9	SECURED DEBTS
	The company has a bank loan with The Mortgage Works (UK) Plc which is secured on the investment property 10 Chestnut End. The full amount is due to be repaid in July 2056.