| OM Estates Ltd |
|
| Chartered Accountants' report to the board of directors on the preparation of the unaudited abbreviated accounts of OM Estates Ltd for the year ended 31 July 2015 |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abbreviated accounts of OM Estates Ltd for the year ended 31 July 2015 which comprise of the balance sheet 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 Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at
icaew.com/membershandbook. |
| This report is made solely to the Board of Directors of OM Estates Ltd, as a body, in accordance with the terms of our engagement letter dated 13 October 2014. Our work has been undertaken solely to prepare for your approval the accounts of OM Estates Ltd and state those matters that we have agreed to state to the Board of Directors of OM Estates Ltd, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than OM Estates Ltd and its Board of Directors as a body for our work or for this report. |
| It is your duty to ensure that OM Estates Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of OM Estates Ltd. You consider that OM 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 accounts of OM 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 abbreviated accounts. |
|
| Alacrity Accountancy Ltd |
| Chartered Accountants |
| 21 High View Close |
| Hamilton Office Park |
| Leicester |
| Leicestershire |
| LE4 9LJ |
|
| 31 March 2016 |
|
| OM Estates Ltd |
| Registered number: |
04839893 |
| Abbreviated Balance Sheet |
| as at 31 July 2015 |
|
| Notes |
|
|
2015 |
|
|
2014 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
2 |
|
|
3,058 |
|
|
2,005 |
| Investments |
3 |
|
|
2,512,224 |
|
|
1,712,224 |
|
|
|
|
2,515,282 |
|
|
1,714,229 |
|
| Current assets |
| Cash at bank and in hand |
|
|
12,610 |
|
|
44,034 |
|
| Creditors: amounts falling due within one year |
|
|
(136,535) |
|
|
(29,657) |
|
| Net current (liabilities)/assets |
|
|
|
(123,925) |
|
|
14,377 |
|
| Total assets less current liabilities |
|
|
|
2,391,357 |
|
|
1,728,606 |
|
| Creditors: amounts falling due after more than one year |
|
|
|
(831,975) |
|
|
(581,398) |
|
| Provisions for liabilities |
|
|
|
(611) |
|
|
(401) |
|
|
| Net assets |
|
|
|
1,558,771 |
|
|
1,146,807 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
5 |
|
|
10 |
|
|
10 |
| Revaluation reserve |
|
|
|
1,176,805 |
|
|
800,379 |
| Profit and loss account |
|
|
|
381,956 |
|
|
346,418 |
|
| Shareholder's funds |
|
|
|
1,558,771 |
|
|
1,146,807 |
|
|
|
|
|
|
|
|
| The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
|
|
| Mr H Ganatra |
| Director |
| Approved by the board on 31 March 2016 |
|
| OM Estates Ltd |
| Notes to the Abbreviated Accounts |
| for the year ended 31 July 2015 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). |
|
|
Turnover |
|
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. |
|
|
Depreciation |
|
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
|
|
Plant and machinery |
25% reducing balance |
|
|
Deferred taxation |
|
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse. |
|
|
Foreign currencies |
|
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. |
|
|
Investment properties |
|
In accordance with SSAP 19 investment properties are revalued annually and any surplus or deficit is transferred to the revaluation reserve. No depreciation is provided in respect of investment properties. This treatment conflicts with the requirements of the Companies Act 2006 that all properties should be depreciated. The directors consider that because these properties are not held for consumption but for their investment potential, it is necessary to adapt the requirements of SSAP 19 in order to give a True and Fair view.
Leasehold investment properties will be subject to periodic charges for depreciation on the basis set out in SSAP 12 when the unexpired term of the lease is 20 years or less. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2 |
Tangible fixed assets |
£ |
|
|
Cost |
|
At 1 August 2014 |
4,776 |
|
Additions |
2,071 |
|
At 31 July 2015 |
6,847 |
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 August 2014 |
2,771 |
|
Charge for the year |
1,018 |
|
At 31 July 2015 |
3,789 |
|
|
|
|
|
|
|
|
Net book value |
|
At 31 July 2015 |
3,058 |
|
At 31 July 2014 |
2,005 |
|
|
|
|
|
|
|
|
| 3 |
Investments |
£ |
|
|
Cost |
|
At 1 August 2014 |
1,712,224 |
|
Additions |
800,000 |
|
|
At 31 July 2015 |
2,512,224 |
|
|
|
|
|
|
|
|
|
The directors of the company, in accordance with SSAP19, carried out a valuation of the properties and believe that the open market value of the properties has increased by £376,426 since the last balance sheet date, this increase in value is subject to a potential liability to taxation estimated at £75,285. |
|
| 4 |
Loans |
2015 |
|
2014 |
| £ |
£ |
|
Creditors include: |
|
Secured bank loans |
834,298 |
|
563,877 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Share capital |
Nominal |
|
2015 |
|
2015 |
|
2014 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
B Ordinary shares |
£1 each |
|
10 |
|
10 |
|
10 |
|
|
|
|
|
|
|
|
|
