Oncoland Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 00865608 (England and Wales)

Financial Statements

for the Year Ended 31 December 2016

for

Oncoland Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A J Billings

C J Billings

R J Billings

S J Billings

SECRETARY:

S J Billings

REGISTERED OFFICE:

Gay Dawn Offices

Pennis Lane

Fawkham

Longfield

Kent

DA3 8LY

REGISTERED NUMBER:

00865608 (England and Wales)

FIXED ASSETS

Property, plant and equipment

4

9,850,189

9,960,171

Investments

5

4

4

Investment property

6

1,721,395

1,499,908

11,571,588

11,460,083

CURRENT ASSETS

Inventories

496,425

533,152

Debtors

7

189,550

377,316

Cash at bank

24,195

-

710,170

910,468

CREDITORS

Amounts falling due within one year

8

6,124,755

6,241,591

NET CURRENT LIABILITIES

(5,414,585

)

(5,331,123

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,157,003

6,128,960

CREDITORS

Amounts falling due after more than one year

9

(62,040

)

(123,896

)

PROVISIONS FOR LIABILITIES

11

(660,190

)

(731,692

)

NET ASSETS

5,434,773

5,273,372

CAPITAL AND RESERVES

Called up share capital

12

573,432

573,432

Revaluation reserve

13

6,802,858

6,734,022

Capital redemption reserve

13

26,572

26,572

Fair value reserve

13

1,381,448

-

Retained earnings

13

(3,349,537

)

(2,060,654

)

SHAREHOLDERS' FUNDS

5,434,773

5,273,372

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 14 September 2017 and were signed on its behalf by:

A J Billings - Director

1.	STATUTORY INFORMATION

Oncoland 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Land is stated at fair value however it is not being depreciated as it has an unlimited life.

Buildings, plant and machinery etc are stated at cost less accumulated depreciation and accumulated

impairment losses.

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

life or, if held under a finance lease, over the lease term, whichever is the shorter.

Buildings

4% on reducing balance basis

Plant and machinery etc

15%-25% on reducing balance basis

Land

Not depreciated

Investment property

In accordance with the requirements of FRS 102 properties which are considered to be held to earn rentals or

for capital appreciation or both have been reclassified as investment properties at 1January 2015, the FRS 102

transition date.

The company carries its investment property at fair value, with changes in fair value being recognised in profit

or loss. The fair value at 31 December 2016 of the properties has been determined by the directors of the

company. The directors have adopted a valuation model based upon a multiple of the gross rental income

adjusted where appropriate for any individual property market considerations. The directors over-ride their

valuation model where independent valuation specialists have been engaged.

Inventories

Inventories 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.

Hire purchase and leasing commitments

Property, plant and equipment acquired under finance leases or hire purchase contracts are capitalised and

depreciated in the same manner as other tangible fixed assets. The related obligations, net of future finance

charges, are included in creditors.

Government grants

The company is in receipt of monies from the Government in the form of the Single Payment Scheme and

monies received are recognised in the year of claim.

Fixed asset investments

Investments in shares are accounted for at cost less accumulated impairment losses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2015 - 9 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 January 2016

9,676,934

2,029,795

11,706,729

Additions

15,199

88,807

104,006

Disposals

-

(85,799

)

(85,799

)

At 31 December 2016

9,692,133

2,032,803

11,724,936

DEPRECIATION

At 1 January 2016

654,503

1,092,055

1,746,558

Charge for year

55,074

154,378

209,452

Eliminated on disposal

-

(81,263

)

(81,263

)

At 31 December 2016

709,577

1,165,170

1,874,747

NET BOOK VALUE

At 31 December 2016

8,982,556

867,633

9,850,189

At 31 December 2015

9,022,431

937,740

9,960,171

Cost or valuation at 31 December 2016 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2015

1,386,271

-

1,386,271

Valuation in 2014

532,472

-

532,472

Valuation in 2013

5,188,254

-

5,188,254

Cost

2,585,136

2,032,803

4,617,939

9,692,133

2,032,803

11,724,936

If land and buildings had not been revalued they would have been included at the following historical cost:

2016

2015

£

£

Cost

2,585,135

2,569,937

Aggregate depreciation

709,577

654,503

Value of land in freehold land and buildings

487,273

487,273

Land and buildings were valued on a fair value basis on 31 December 2016 by the directors .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST OR VALUATION

At 1 January 2016

484,149

Additions

39,249

Transfer to ownership

(46,197

)

At 31 December 2016

477,201

DEPRECIATION

At 1 January 2016

105,453

Charge for year

60,958

Transfer to ownership

(15,801

)

At 31 December 2016

150,610

NET BOOK VALUE

At 31 December 2016

326,591

At 31 December 2015

378,696

5.	FIXED ASSET INVESTMENTS

Interest

in other

Investments

£

COST

At 1 January 2016

and 31 December 2016

125,698

PROVISIONS

At 1 January 2016

and 31 December 2016

125,694

NET BOOK VALUE

At 31 December 2016

4

At 31 December 2015

4

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2016

1,499,908

Additions

93,572

Revaluations

127,915

At 31 December 2016

1,721,395

NET BOOK VALUE

At 31 December 2016

1,721,395

At 31 December 2015

1,499,908

Investment properties are stated in the balance sheet at their aggregate fair value based on valuations carried

out at 31 December 2016 by the directors. If investment property had not been revalued it would have been

included at the historical cost of £ £ 27,396 (2015- £ 27,396).

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

32,372

43,927

Amounts owed by group undertakings

18,456

9,800

Other debtors

138,722

323,589

189,550

377,316

Included in other debtors is a deferred tax asset of £ 89,388 (2015 - £107,612).

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank loans and overdrafts

-

13,604

Hire purchase contracts

88,226

94,332

Trade creditors

190,096

186,976

Amounts owed to group undertakings

5,820,146

5,934,011

Taxation and social security

13,899

3,007

Other creditors

12,388

9,661

6,124,755

6,241,591

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Hire purchase contracts

62,040

123,896

10.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Bank overdraft

-

13,604

Hire purchase contracts

150,266

218,228

150,266

231,832

Nature of Security

The bank overdraft is secured by guarantees and first legal charges over properties given by F.C. Stark Limited,

R.J. and D.E. Billings Limited, Grays Thurrock Properties Limited, Watchingwell Farms Limited, Redlibbets

Limited and Corinthian Sports Club Limited.

The hire purchase contracts are secured by the financed assets.

11.	PROVISIONS FOR LIABILITIES

2016

2015

£

£

Deferred tax

Accelerated capital allowances

137,071

151,476

Unrealised surplus on

revaluation of investment

properties

218,980

207,241

Unrealised surplus on

revaluation of

trading properties

304,139

372,975

660,190

731,692

Deferred

tax

£

Balance at 1 January 2016

731,692

Provided during year

(2,666

)

Charge to other comprehensive

(68,836

)

income

Balance at 31 December 2016

660,190

12.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2016

2015

value:

£

£

234,000

Ordinary A

£1

234,000

234,000

339,432

Ordinary B

£1

339,432

339,432

573,432

573,432

13.

RESERVES

Capital

Fair

Retained

Revaluation

redemption

value

earnings

reserve

reserve

reserve

Totals

£

£

£

£

£

At 1 January 2016

(2,060,654

)

6,734,022

26,572

-

4,699,940

Profit for the year

92,565

92,565

Transfer of non distributable

profits at 1 January 2016

(1,265,272

)

-

-

1,265,272

-

Transfer deferred tax on

investment property

11,739

-

-

(11,739

)

-

Transfer revaluation on

investment property

(127,915

)

-

-

127,915

-

Deferred tax on trading

property

-

68,836

-

-

68,836

At 31 December 2016

(3,349,537

)

6,802,858

26,572

1,381,448

4,861,341

The company have introduced the fair value reserve to separate the profits which are non-distributable from

the retained earnings of the company. The non-distributable profits at 31 December 2015 were £1,265,272.

14.	CONTINGENT LIABILITIES

Lloyds Bank Plc

The company is party to an omnibus guarantee and set off agreement among F.C. Stark Limited, Grays

Thurrock Properties Limited, R.J. & D.E. Billings Limited, Redlibbets Limited, Corinthian Sports Club Limited

and Watchingwell Farms Limited in respect of the bank indebtedness by any party. Each party guarantees up to

a maximum of £1,500,000 total indebtedness.

Also the company has granted a legal charge over property as security for the indebtedness of F.C. Stark

Limited the company's parent company.

C Hoare & Co

The company is a guarantor to a guarantee limited to £4,430,000 plus interest and charges provided to C Hoare

& Co in respect of the bank borrowing of F.C. Stark Limited, the company's parent company, supported by

legal charge over company property.

15.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

16.	PARENT COMPANY

The parent company is F.C. Stark Limited.