Oakmont Estates Ltd - Accounts to registrar (filleted) - small 23.2.5
Oakmont Estates Ltd - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| OAKMONT ESTATES LTD |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| OAKMONT ESTATES LTD (REGISTERED NUMBER: 06507017) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| Page |
| Balance Sheet | 1 |
| Notes to the Financial Statements | 2 |
| Chartered Certified Accountants' Report | 7 |
| OAKMONT ESTATES LTD (REGISTERED NUMBER: 06507017) |
| BALANCE SHEET |
| 31 MARCH 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investments | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 7 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| 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 |
| OAKMONT ESTATES LTD (REGISTERED NUMBER: 06507017) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 1. | STATUTORY INFORMATION |
| Oakmont Estates Ltd is a |
| Registered number: |
| Registered office: |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Critical accounting judgements and key sources of estimation uncertainty |
| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty. |
| Turnover |
| Turnover represents net invoiced sales of service and rent receivable, excluding value added tax. |
| Government grants |
| Government grants have been accounted for under the accrual model, recognised as other income against the period to which they relate. |
| Stocks |
| Stocks 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. |
| OAKMONT ESTATES LTD (REGISTERED NUMBER: 06507017) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account. |
| 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 amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Going concern |
| The directors have a reasonable expectation that the company will continue to operate for the foreseeable future and so these financial statements are prepared on the going concern basis. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST |
| At 1 April 2022 |
| Additions |
| At 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| 5. | DEBTORS |
| 2023 | 2022 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Other debtors |
| Amounts falling due after more than one year: |
| Other debtors |
| Aggregate amounts |
| OAKMONT ESTATES LTD (REGISTERED NUMBER: 06507017) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Bank loans |
| Bank loans due more than 5 years by instalments amount to £138,813 (2022: £145,743). |
| 8. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2023 | 2022 |
| £ | £ |
| Bank loans |
| 9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The directors received dividends this year of £4,000 (2022: £4,000). |
| OAKMONT ESTATES LTD (REGISTERED NUMBER: 06507017) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 10. | RELATED PARTY DISCLOSURES |
| Greenman Homes Limited |
| A company in which Oakmont Estates is a shareholder. |
| 2023 | 2022 |
| Amount due from the related party at the balance sheet date | £1,260,000 | £260,000 |
| No interest is payable on the loan and there are no agreed repayment terms. |
| Basra Enterprises Limited |
| A company in which M S Basra's brother is a director. |
| 2023 | 2022 |
| Amount due from the related party at the balance sheet date | £138,500 | £138,500 |
| No interest is payable on the loan and there are no agreed repayment terms. |
| Basra Group Limited |
| A company in which M S Basra is a director. |
| 2023 | 2022 |
| Amount due to the related party at the balance sheet date | £Nil | £205,000 |
| No interest is payable on the loan and there are no agreed repayment terms. |
| Meadow Lodge Capital Limited |
| A company in which M S Basra is a director and shareholder. |
| 2023 | 2022 |
| Amount due from the related party at the balance sheet date | £96,500 | £54,500 |
| No interest is payable on the loan and there are no agreed repayment terms. |
| Stonewater Properties Group Limited |
| A company Oakmont Estates Ltd owns shares in. |
| 2023 | 2022 |
| Amount due from the related party at the balance sheet date | £534,750 | £529,750 |
| No interest is payable on the loan and there are no agreed repayment terms. |
| Student City Inn Limited |
| A company Oakmont Estates Limited owns share in. |
| 2023 | 2022 |
| Amount due from the related party at the balance sheet date | £Nil | £500,000 |
| No interest is payable on the loan and there are no agreed repayment terms. |
| Asset Wealth Management Limited |
| A company in which M S Basra is a director and shareholder. |
| 2023 | 2022 |
| Amount due from the related party at the balance sheet date | £20,000 | £(20,000 | ) |
| No interest is payable on the loan and there are no agreed repayment terms. |
| Basra Investments Limited |
| A company in which M S Basra is a director and shareholder. |
| 2023 | 2022 |
| Amount due from the related party at the balance sheet date | £10,000 | £(110,000 | ) |
| No interest is payable on the loan and there are no agreed repayment terms. |
| OAKMONT ESTATES LTD (REGISTERED NUMBER: 06507017) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| Whiterock Capital Limited |
| A company in which M S Basra is a director and an indirect shareholder. |
| 2023 | 2022 |
| Amount due from the related party at the balance sheet date | £100,000 | £100,000 |
| No interest is payable on the loan and there are no agreed repayment terms. |
| Waterstone Construction Limited |
| A company in which A K Basra is a director and a shareholder. |
| 2023 | 2022 |
| Amount due from the related party at the balance sheet date | £295,000 | £Nil |
| No interest is payable on the loan and there are no agreed repayment terms. |
| CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| OAKMONT ESTATES LTD (REGISTERED NUMBER: 06507017) |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Oakmont Estates Ltd for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
| This report is made solely to the Board of Directors of Oakmont Estates Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Oakmont Estates Ltd and state those matters that we have agreed to state to the Board of Directors of Oakmont Estates Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Oakmont Estates Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Oakmont Estates Ltd. You consider that Oakmont Estates Ltd is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Oakmont Estates Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| Chartered Certified Accountants and |
| Chartered Tax Advisers |
| 71 Knowl Piece |
| Wilbury Way |
| Hitchin |
| Hertfordshire |
| SG4 0TY |