Oakmont Estates Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 06507017 (England and Wales)

OAKMONT ESTATES LIMITED

ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

Chartered Certified Accountants' Report

6

DIRECTOR:

M S Basra

SECRETARY:

Mrs A K Basra

REGISTERED OFFICE:

10 Station Road

Letchworth

Herts

SG6 3AU

REGISTERED NUMBER:

06507017 (England and Wales)

ACCOUNTANTS:

Jones Hunt

Chartered Certified Accountants and

Chartered Tax Advisers

Ickleford Manor

Turnpike Lane

Hitchin

Herts

SG5 3XE

FIXED ASSETS

Investments

4

26

26

Investment property

5

170,559

170,559

170,585

170,585

CURRENT ASSETS

Debtors

6

1,355,941

1,977,497

Cash at bank and in hand

5,742

27,669

1,361,683

2,005,166

CREDITORS

Amounts falling due within one year

400,807

1,080,242

NET CURRENT ASSETS

960,876

924,924

TOTAL ASSETS LESS CURRENT LIABILITIES

1,131,461

1,095,509

CREDITORS

Amounts falling due after more than one year

103,278

106,748

NET ASSETS

1,028,183

988,761

CAPITAL AND RESERVES

Called up share capital

8

2

2

Retained earnings

1,028,181

988,759

SHAREHOLDERS' FUNDS

1,028,183

988,761

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 30 December 2017 and were signed by:

M S Basra - Director

1.	STATUTORY INFORMATION

Oakmont Estates 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover represents net invoiced sales of service and rent receivable, excluding value added tax.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is

recognised in profit or loss.

In accordance with SSAP 19 no depreciation is provided in respect of the investment property. This represents a departure

from the Companies Act 1985 requirements to provide for the systematic annual depreciation of assets. However this

property is held for investment rather than consumption, and the directors consider that the adoption of the above policy is

necessary to give a true and fair view.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 April 2016

and 31 March 2017

26

NET BOOK VALUE

At 31 March 2017

26

At 31 March 2016

26

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2016

and 31 March 2017

170,559

NET BOOK VALUE

At 31 March 2017

170,559

At 31 March 2016

170,559

6.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Other debtors

750,000

1,020,000

7.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

103,278

106,748

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

2

Ordinary

£1

2

2

9.	RELATED PARTY DISCLOSURES

M S Basra

Company director.

The loan is unsecured and there are no agreed repayment terms.

Greenman Homes Limited

A company in which Oakmont Estates is a shareholder.

2017

2016

Amount due from the related party at the balance sheet date

710,000

980,000

No interest is payable on the loan and there are no agreed repayment terms.

Asset Wealth Management LLP

A company in which M S Basra is a partner.

2017

2016

Commission received from

9,000

47,446

Rental income received from

-

22,500

Moor Park Estates Limited

A company in which M S Basra is a director.

2017

2016

Amount due from the related party at the balance sheet date

-

100,000

No interest is payable on the loan and there are no agreed repayment terms.

Barnes Wentworth Limited

A company in which M S Basra is a director.

2017

2016

Amount due from the related party at the balance sheet date

40,000

40,000

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.

2017

2016

Amount due from the related party at the balance sheet date

138,500

50,000

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.

2017

2016

Amount due from/(to) the related party at the balance sheet date

(35,000

)

4,225

No interest is payable on the loan and there are no agreed repayment terms.

Student City Inn Limited

A company in which M S Basra is a director.

2017

2016

Amount due from the related party at the balance sheet date

-

30,000

No interest is payable on the loan and there are no agreed repayment terms.

10.	ULTIMATE CONTROLLING PARTY

The company is jointly controlled by Mr M S Basra and Mrs A K Basra.

The following reproduces the text of the report prepared for the director 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 Abridged Income Statement and certain other primary statements and the Report of the

Director 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 Limited for the year ended 31 March 2017 which comprise the Abridged Income Statement, Abridged

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 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 director of Oakmont Estates Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Oakmont Estates Limited and state those matters that we have agreed to state to the director of Oakmont Estates Limited 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 director for our work or for this report.

It is your duty to ensure that Oakmont Estates Limited 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 Limited. You consider that Oakmont Estates Limited 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 Limited. 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.

Jones Hunt

Chartered Certified Accountants and

Chartered Tax Advisers

Ickleford Manor

Turnpike Lane

Hitchin

Herts

SG5 3XE

30 December 2017