| OM Estates Ltd |
| Registered number: |
04839893 |
| Balance Sheet |
| as at 31 July 2016 |
|
| Notes |
|
|
2016 |
|
|
2015 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
2 |
|
|
4,478 |
|
|
3,058 |
| Investments |
3 |
|
|
2,680,000 |
|
|
2,512,224 |
|
|
|
|
2,684,478 |
|
|
2,515,282 |
|
| Current assets |
| Debtors |
4 |
|
8,655 |
|
|
- |
| Cash at bank and in hand |
|
|
78,394 |
|
|
12,610 |
|
|
|
87,049 |
|
|
12,610 |
|
| Creditors: amounts falling due within one year |
5 |
|
(171,496) |
|
|
(136,535) |
|
| Net current liabilities |
|
|
|
(84,447) |
|
|
(123,925) |
|
| Total assets less current liabilities |
|
|
|
2,600,031 |
|
|
2,391,357 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(811,162) |
|
|
(831,975) |
|
| Provisions for liabilities |
|
|
|
(896) |
|
|
(611) |
|
|
| Net assets |
|
|
|
1,787,973 |
|
|
1,558,771 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
10 |
|
|
10 |
| Revaluation reserve |
8 |
|
|
1,343,741 |
|
|
1,176,805 |
| Profit and loss account |
|
|
|
444,222 |
|
|
381,956 |
|
| Shareholder's funds |
|
|
|
1,787,973 |
|
|
1,558,771 |
|
|
|
|
|
|
|
|
| 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 and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
| Mr H Ganatra |
| Director |
| Approved by the board on 10 March 2017 |
|
| OM Estates Ltd |
| Notes to the Accounts |
| for the year ended 31 July 2016 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant and machinery |
25% reducing balance |
|
|
Investments 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. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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 future taxable profits. Deferred tax is measured using the 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Foreign currency translation |
|
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
|
| 2 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
| £ |
|
Cost |
|
At 1 August 2015 |
6,847 |
|
Additions |
2,914 |
|
At 31 July 2016 |
9,761 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 August 2015 |
3,789 |
|
Charge for the year |
1,494 |
|
At 31 July 2016 |
5,283 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 July 2016 |
4,478 |
|
At 31 July 2015 |
3,058 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3 |
Investments |
| Other |
| investments |
| £ |
|
Cost |
|
At 1 August 2015 |
2,512,224 |
|
Additions |
167,776 |
|
|
At 31 July 2016 |
2,680,000 |
|
|
|
|
|
|
|
|
|
|
|
The director of the company, in accordance with SSAP19, carried out a valuation of the properties and believes that the open market value of the properties has increased by £166,936 since the last balance sheet date, this increase in value is subject to a potential liability to taxation estimated at £33,387. |
|
| 4 |
Debtors |
2016 |
|
2015 |
| £ |
£ |
|
|
Other debtors |
8,655 |
|
- |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2016 |
|
2015 |
| £ |
£ |
|
|
Bank loans and overdrafts |
27,744 |
|
15,936 |
|
Corporation tax |
13,515 |
|
9,800 |
|
Other creditors |
130,237 |
|
110,799 |
|
|
|
|
|
|
171,496 |
|
136,535 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2016 |
|
2015 |
| £ |
£ |
|
|
Bank loans |
800,752 |
|
818,362 |
|
Trade creditors |
10,410 |
|
13,613 |
|
|
|
|
|
|
811,162 |
|
831,975 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Loans |
2016 |
|
2015 |
| £ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
828,496 |
|
834,298 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 8 |
Revaluation reserve |
2016 |
|
2015 |
| £ |
£ |
|
|
At 1 August 2015 |
1,176,805 |
|
800,379 |
|
Gain on revaluation of land and buildings |
166,936 |
|
376,426 |
|
|
At 31 July 2016 |
1,343,741 |
|
1,176,805 |
|
|
|
|
|
|
|
|
|
|
| 9 |
Related party transactions |
|
|
The balance on the directors loan account as at 31 July 2016 was £113,747 (2015: £109,482) and is included within other creditors.
The loan is free of interest and repayable on demand. |
|
|
| 10 |
Controlling party |
|
|
Mr H Ganatra is the ultimate controlling party by virtue of his ownership of 100% of the ordinary share capital of the company. |
|
|
| 11 |
Other information |
|
|
OM Estates Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
5 Whittle Court |
|
Knowlhill |
|
Milton Keynes |
|
MK5 8FT |
