| Oakdate Limited |
| Registered number: |
07341872 |
| Balance Sheet |
| as at 31 August 2017 |
|
| Notes |
|
|
2017 |
|
|
2016 |
| £ |
£ |
| Current assets |
| Stocks |
|
|
2,115,303 |
|
|
2,120,560 |
| Debtors |
4 |
|
2,720 |
|
|
4,810 |
| Cash at bank and in hand |
|
|
90,179 |
|
|
58,846 |
|
|
|
2,208,202 |
|
|
2,184,216 |
|
| Creditors: amounts falling due within one year |
5 |
|
(579,365) |
|
|
(567,278) |
|
| Net current assets |
|
|
|
1,628,837 |
|
|
1,616,938 |
|
| Total assets less current liabilities |
|
|
|
1,628,837 |
|
|
1,616,938 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(1,397,225) |
|
|
(1,463,726) |
|
|
|
| Net assets |
|
|
|
231,612 |
|
|
153,212 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
5,000 |
|
|
5,000 |
| Profit and loss account |
|
|
|
226,612 |
|
|
148,212 |
|
| Shareholders' funds |
|
|
|
231,612 |
|
|
153,212 |
|
|
|
|
|
|
|
|
| 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 members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The director acknowledges her 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. |
|
|
|
|
| Clare Hughes |
| Director |
| Approved by the board on 14 May 2018 |
|
| Oakdate Limited |
| Notes to the Accounts |
| for the year ended 31 August 2017 |
|
|
| 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 (as applied to small entities by section 1A of the standard).
The financial statements are prepared in Sterling, which is the functional currency of the entity. |
|
|
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 properties and from the rendering of services. Turnover from the sale of properties is recognised when the significant risks and rewards of ownership of the properties 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. |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
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. |
|
|
Financial instruments |
|
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss. |
|
|
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. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
|
| 2 |
Employees |
2017 |
|
2016 |
| Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
| 3 |
Stocks |
2017 |
|
2016 |
| £ |
£ |
|
|
Property held for resale |
2,115,303 |
|
2,120,560 |
|
|
|
|
|
|
2,115,303 |
|
2,120,560 |
|
|
|
|
|
|
|
|
|
| 4 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade debtors |
- |
|
50 |
|
Other debtors |
2,720 |
|
4,760 |
|
|
|
|
|
|
2,720 |
|
4,810 |
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Bank loans and overdrafts |
66,501 |
|
64,507 |
|
Trade creditors |
1,496 |
|
864 |
|
Taxation and social security costs |
19,089 |
|
13,839 |
|
Other creditors |
492,279 |
|
488,068 |
|
|
|
|
|
|
579,365 |
|
567,278 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Bank loans |
1,397,225 |
|
1,463,726 |
|
|
|
|
|
|
|
|
|
|
The bank and other loans amounting to £1,940,307 (2016: £2,004,544) are secured on the land and buildings at Cranberry Court, Ashton-in-Makerfield, WN4 0BL. |
|
| 7 |
Related party transactions |
|
|
The shareholders have provided interest free loans to the company totalling £476,311 (2016: £476,311). |
|
|
| 8 |
Other information |
|
|
Oakdate Limited is a private company limited by shares and incorporated in England. Its registered office is: 14th Floor, 82 King Street, Manchester, M2 4WQ |
