The Oaks (Newtown) Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 11347863 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST OCTOBER 2022

FOR

THE OAKS (NEWTOWN) LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

B J Challinor

R C Shore

J A Parkin

Mrs J A Roberts

REGISTERED OFFICE:

Suite 419

Chadwick House

Birchwood Park

Warrington

WA3 6AE

REGISTERED NUMBER:

11347863 (England and Wales)

ACCOUNTANTS:

Ryans

Chartered Accountants

67 Chorley Old Road

Bolton

BL1 3AJ

BANKERS:

Lloyds Bank plc

53 King Street

Manchester

M60 2ES

FIXED ASSETS

Intangible assets

4

316,480

326,152

Tangible assets

5

59,680

56,526

376,160

382,678

CURRENT ASSETS

Stocks

7,500

7,500

Debtors

6

736,207

678,998

Cash at bank and in hand

28,398

19,445

772,105

705,943

CREDITORS

Amounts falling due within one year

1,272,256

1,239,832

NET CURRENT LIABILITIES

(500,151

)

(533,889

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(123,991

)

(151,211

)

CREDITORS

Amounts falling due after more than one year

7

319,997

357,195

NET LIABILITIES

(443,988

)

(508,406

)

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

(444,088

)

(508,506

)

SHAREHOLDERS' FUNDS

(443,988

)

(508,406

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2022 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 applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31st October 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 20th July 2023 and were signed on its behalf by:

J A Parkin - Director

1.	STATUTORY INFORMATION

The Oaks (Newtown) 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company's trading has been adversely affected by the COVID-19 pandemic, however the directors have confirmed that they will continue to provide the financial support that the company requires to remain a going concern.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Costs related with lease of The Oaks are being amortised evenly over their estimated useful life of thirty five years.

Depreciation

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

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

Stocks

Stocks 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 Statement of Income and Retained Earnings, 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 92 (2021 - 135 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1st November 2021

and 31st October 2022

338,540

AMORTISATION

At 1st November 2021

12,388

Amortisation for year

9,672

At 31st October 2022

22,060

NET BOOK VALUE

At 31st October 2022

316,480

At 31st October 2021

326,152

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st November 2021

80,165

Additions

24,790

At 31st October 2022

104,955

DEPRECIATION

At 1st November 2021

23,639

Charge for year

21,636

At 31st October 2022

45,275

NET BOOK VALUE

At 31st October 2022

59,680

At 31st October 2021

56,526

6.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Other debtors

250,595

240,066

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2022

2021

£

£

Repayable by instalments

Bank loan

146,575

199,420

8.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

354,454

387,656

The bank loan is secured by debentures from various related undertakings and by personal guarantees given by three of the company's directors.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary

£1

100

100

10.	OPERATING LEASE COMMITMENTS

The company has a 35 year lease which is at a rent which is reviewed annually. The current annual rental is £499,352.

11.	ULTIMATE CONTROLLING PARTY

The company is controlled by its directors B J Challinor, J A Parkin and R C Shore who own, directly or indirectly, all of the shares in the parent company Sandstone Holdings (TGT) Ltd.