Oakfern Properties Limited - Period Ending 2018-12-31

Registration number: 01374817

Oakfern Properties Limited

Annual Report and Filleted Financial Statements

for the Year Ended 31 December 2018

Manningtons
7 Wellington Square
Hastings
East Sussex
TN34 1PD

Oakfern Properties Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 8

Oakfern Properties Limited

Company Information

Directors

H A Burge S J Davies O A Burge R M Davies

Company secretary

L Whitford

Registered office

The Courtyard Holt Lodge Farm Horton Wimborne Dorset BH21 7JN

Auditors

Manningtons 7 Wellington Square Hastings East Sussex TN34 1PD

Page 1

Oakfern Properties Limited

(Registration number: 01374817)
Balance Sheet as at 31 December 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	-	1
Investment property	5	1,693,061	904,145
		1,693,061	904,146
Current assets
Debtors	6	51,492	46,174
Cash at bank and in hand		24,716	-
		76,208	46,174
Creditors: Amounts falling due within one year	7	(1,014,468)	(67,956)
Net current liabilities		(938,260)	(21,782)
Net assets		754,801	882,364
Capital and reserves
Called up share capital		100	100
Profit and loss account		754,701	882,264
Total equity		754,801	882,364

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 26 September 2019 and signed on its behalf by:
 

.........................................

O A Burge
Director

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 2

Oakfern Properties Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Courtyard Holt
Lodge Farm
Horton
Wimborne
Dorset
BH21 7JN

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 26 September 2019 was A J Staples, who signed for and on behalf of Manningtons.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable from rental income and other income associated with the ownership of property.Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office Furniture and equipment	20% straight line

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Oakfern Properties Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

Investment property

Investment property comprises freehold and long leasehold buildings. They are measured initially at cost, including related transaction costs. These are held as investments to earn rental income and for capital appreciation and are stated at fair value at the balance sheet date.

The fair value of investment property reflects, among other things, rental income from current leases and assumptions about rental income from future leases in light of the current market conditions.

Subsequent expenditure is added to assets carrying amount only when it is probable that future economic benefits associated with the item will flow to the company and the cost of the item can be measured reliably. All other repairs and maintenance cost are charged to the profit and loss account during the financial period in which they occur.

Any movement in the fair value of the properties is reflected within the profit and loss account for the year.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Page 4

Oakfern Properties Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2017 - 8).

Page 5

Oakfern Properties Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2018	8,802	8,802
At 31 December 2018	8,802	8,802
Depreciation
At 1 January 2018	8,801	8,801
Charge for the year	1	1
At 31 December 2018	8,802	8,802
Carrying amount
At 31 December 2018	-	-
At 31 December 2017	1	1

5	Investment properties

	2018 £
At 1 January	904,145
Additions	806,316
Disposals	(17,400)
At 31 December	1,693,061

There has been no valuation of investment property by an independent valuer.

6

Debtors

	2018 £	2017 £
Trade debtors	35,507	33,189
Other debtors	15,985	12,985
	51,492	46,174

Page 6

Oakfern Properties Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

7

Creditors

Creditors: amounts falling due within one year

	Note	2018 £	2017 £
Due within one year
Bank loans and overdrafts	8	-	13,910
Accruals and deferred income		15,737	15,617
Other creditors		998,731	38,429
		1,014,468	67,956

8	Loans and borrowings

	2018 £	2017 £
Current loans and borrowings
Bank overdrafts	-	13,910

9	Related party transactions

Summary of transactions with subsidiaries

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 or balances with wholly owned subsidiaries within the group.


 

Summary of transactions with other related parties

Padmanor Investments Limited loan
Deanmast Limited loan
Paradise Farm Limited repaid loan
 

Income and receivables from related parties

2017	Other related parties £
Amounts receivable from related party	12,020

Page 7

Oakfern Properties Limited

Notes to the Financial Statements for the Year Ended 31 December 2018

Expenditure with and payables to related parties

2018	Other related parties £
Amounts payable to related party	537,555

10	Parent and ultimate parent undertaking

The company's immediate parent is Moatstar Limited, incorporated in England.

 The ultimate parent is Marchmont Farms Limited, incorporated in England.

 

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