Oppidan (Land Capital) Limited Filleted accounts for Companies House (small and micro)

OPPIDAN (LAND CAPITAL) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07949304

Oppidan (Land Capital) Limited

Filleted Unaudited Financial Statements

28 February 2022

Oppidan (Land Capital) Limited

Financial Statements

Year ended 28 February 2022

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Oppidan (Land Capital) Limited

Statement of Financial Position

28 February 2022

	2022		2021
Note	£	£	£	£

Fixed assets

Tangible assets	6		2,403,090		2,403,187

Current assets

Debtors	7	1,066,573	17,722
Cash at bank and in hand		259,328	106,405
		------------	---------
		1,325,901	124,127

Creditors: amounts falling due within one year	8	1,740,485		1,597,271
		------------		------------
Net current liabilities			414,584		1,473,144
			------------		------------
Total assets less current liabilities			1,988,506		930,043

Creditors: amounts falling due after more than one year	9		1,200,000		–

Provisions

Taxation including deferred tax	130,463	155,691
	------------	---------
Net assets	658,043	774,352
	------------	---------

Capital and reserves

Called up share capital	10	100	100
Profit and loss account		657,943	774,252
		---------	---------
Shareholders funds		658,043	774,352
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Oppidan (Land Capital) Limited

Statement of Financial Position (continued)

28 February 2022

These financial statements were approved by the board of directors and authorised for issue on 28 February 2023 , and are signed on behalf of the board by:

M J Fuller	S C Uloth
Director	Director

Company registration number: 07949304

Oppidan (Land Capital) Limited

Notes to the Financial Statements

Year ended 28 February 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 146 New London Road, Chelmsford, Essex, CM2 0AW.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rent.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	20% reducing balance

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year, including the directors, amounted to 2 (2021: 2).

5. Dividends

Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):

	2022	2021
	£	£
Dividends on A Ordinary equity shares	17,116	25,674
Dividends on B Ordinary Non-Voting equity shares	17,116	25,674
	--------	--------
	34,232	51,348
	--------	--------

During the year the company paid dividends in excess of its distributable profit in contravention of section 830 of the Companies Act 2006. The directors were not aware that this had occurred at the time the dividends were paid. The error occurred owing to a miscalculation of the profits. The shareholders are aware of their responsibilities.

6. Tangible assets

	Investment property	Fixtures and fittings	Total
	£	£	£
Cost or valuation
At 1 March 2021	2,400,000	9,727	2,409,727
Additions	540	–	540
Revaluations	( 124,664)	–	( 124,664)
Other movements	124,664	–	124,664
	------------	-------	------------
At 28 February 2022	2,400,540	9,727	2,410,267
	------------	-------	------------
Depreciation
At 1 March 2021	–	6,540	6,540
Charge for the year	–	637	637
	------------	-------	------------
At 28 February 2022	–	7,177	7,177
	------------	-------	------------
Carrying amount
At 28 February 2022	2,400,540	2,550	2,403,090
	------------	-------	------------
At 28 February 2021	2,400,000	3,187	2,403,187
	------------	-------	------------

Included within the above is investment property as follows:

	£
At 1 March 2021	2,400,000
Additions	540
	------------
At 28 February 2022	2,400,540
	------------

The directors have valued the investment property at £2,400,540 as at 28 February 2022. The historical cost of the investment property is £1,607,061.

7. Debtors

	2022	2021
	£	£
Prepayments and accrued income	1,269	1,161
Amounts owed by related undertakings	1,065,304	16,561
	------------	--------
	1,066,573	17,722
	------------	--------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Accruals and deferred income	2,340	2,250
Corporation tax	15,932	11,711
Amounts owed to related undertakings	1,722,213	1,583,310
	------------	------------
	1,740,485	1,597,271
	------------	------------

9. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	1,200,000	–
	------------	----

The bank loans and overdrafts are secured by charges over the company's investment property.

10. Called up share capital

Issued, called up and fully paid

	2022		2021
	No.	£	No.	£
A Ordinary shares of £ 1 each	90	90	90	90
B Ordinary Non-Voting shares of £ 1 each	10	10	10	10
	----	----	----	----
	100	100	100	100
	----	----	----	----

11. Related party transactions

At the year end the company was owed £1,065,304 (2021: £16,561) by related undertakings, controlled by company directors. At the year end the company owed £1,722,213 (2021: £1,583,310) to related undertakings, controlled by company directors. All loans from/to related undertakings are unsecured and repayable on demand. During the year the company was charged interest of £13,451 (2021: £13,070) on amounts owed to related undertakings.