| Oakfern Properties Limited |
| Registered number: |
01374817 |
| Abbreviated Balance Sheet |
| as at 31 December 2013 |
|
|
Notes |
|
|
2013 |
|
|
2012 |
|
|
|
|
£ |
|
|
£ |
| Fixed assets |
| Tangible assets |
2 |
|
|
1 |
|
|
1 |
| Investment properties |
3 |
|
|
1,348,215 |
|
|
977,567 |
|
|
|
|
1,348,216 |
|
|
977,568 |
|
| Current assets |
| Debtors |
|
|
71,377 |
|
|
84,365 |
| Cash at bank and in hand |
|
|
36,524 |
|
|
15,273 |
|
|
|
107,901 |
|
|
99,638 |
|
| Creditors: amounts falling due within one year |
|
|
(850,298) |
|
|
(722,289) |
|
| Net current liabilities |
|
|
|
(742,397) |
|
|
(622,651) |
|
| Total assets less current liabilities |
|
|
|
605,819 |
|
|
354,917 |
|
| Creditors: amounts falling due after more than one year |
4 |
|
|
(350,000) |
|
|
(350,000) |
|
|
|
| Net assets |
|
|
|
255,819 |
|
|
4,917 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
5 |
|
|
100 |
|
|
100 |
| Profit and loss account |
|
|
|
255,719 |
|
|
4,817 |
|
| Shareholders' funds |
|
|
|
255,819 |
|
|
4,917 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| Members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Companies Act 2006, and that the accounts give a true and fair view of the state of affairs of the company as at 31 December 2013 and of its profit or loss for the year then ended in accordance with section 396, and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, as far as applicable to the company. |
| The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
|
|
| O A Burge |
| Director |
| Approved by the board on 26 September 2014 |
|
| Oakfern Properties Limited |
| Notes to the Abbreviated Accounts |
| for the year ended 31 December 2013 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention as modified by the revaluation of investment properties and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
|
|
Turnover |
|
Turnover is derived from rental income earned and other income associated with the ownership of property. |
|
|
Depreciation |
|
Fixed assets are shown at cost less accumulated depreciation.
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
|
|
Office furniture and equipment |
20% straight line |
|
|
Investment properties |
|
Investment properties are valued annually and any aggregate surplus or deficit is transferred to the revaluation reserve. No depreciation is provided in respect of investment properties in accordance with the Financial Reporting Standard for Smaller Entities (2008); this constitutes a departure from the statutory rules requiring fixed assets to be depreciated over economic useful lives and is necessary to enable the financial statements to give a true and fair view. Depreciation is only one of many factors reflected in the valuation and the amount of depreciation which might otherwise have been charged cannot be separately identified or quantified. |
|
|
Deferred taxation |
|
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred taxation is measured on a non-discounted basis at the average tax rates that would apply when the timing differences are expected to reverse, based on tax rates and laws that have been enacted by the balance sheet date. |
|
|
| 2 |
Tangible fixed assets |
£ |
|
|
Cost |
|
At 1 January 2013 |
8,502 |
|
At 31 December 2013 |
8,502 |
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2013 |
8,501 |
|
At 31 December 2013 |
8,501 |
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2013 |
1 |
|
At 31 December 2012 |
1 |
|
|
|
|
|
|
|
|
| 3 |
Investment properties |
£ |
|
|
Cost |
|
At 1 January 2013 |
977,567 |
|
Additions |
371,523 |
|
Disposals |
(875) |
|
|
At 31 December 2013 |
1,348,215 |
|
|
|
|
|
|
|
|
The properties were valued by the directors at 31 December 2013 and 31 December 2012. |
|
| 4 |
Loans |
2013 |
|
2012 |
|
|
|
|
|
|
£ |
|
£ |
|
Creditors include: |
|
Secured bank loans |
350,000 |
|
350,000 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Share capital |
Nominal |
|
2013 |
|
2013 |
|
2012 |
|
|
value |
|
Number |
|
£ |
|
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
100 |
|
100 |
|
100 |
|
|
|
|
|
|
|
|
|
