Oakfern Properties Limited - Period Ending 2016-12-31
Oakfern Properties Limited - Period Ending 2016-12-31
Registration number:
Oakfern Properties Limited
for the Year Ended 31 December 2016
Manningtons
7 Wellington Square
Hastings
East Sussex
TN34 1PD
Oakfern Properties Limited
Contents
Company Information |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Oakfern Properties Limited
Company Information
Directors |
O A Burge R M Davies H A Burge S J Davies |
Company secretary |
Mrs L Whitford |
Registered office |
|
Auditors |
|
Page 1 |
Oakfern Properties Limited
Directors' Report for the Year Ended 31 December 2016
The directors present their report and the financial statements for the year ended 31 December 2016.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is property investment and trading
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Small companies provision statement
This report has 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.
Approved by the Board on
.........................................
O A Burge
Director
Page 2 |
Oakfern Properties Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 and in accordance with FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 3 |
Oakfern Properties Limited
Independent Auditor's Report to the Members of Oakfern Properties Limited
We have audited the financial statements of Oakfern Properties Limited for the year ended 31 December 2016, set out on pages 6 to 17. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditor
As explained more fully in the Statement of Directors' Responsibilities (set out on page 3), the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s (APB’s) Ethical Standards for Auditors to the financial statements, including "APB Ethical Standard - Provisions Available for Small Entities (Revised)".
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Annual Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on the financial statements
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2016 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to smaller entities; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Page 4 |
Oakfern Properties Limited
Independent Auditor's Report to the Members of Oakfern Properties Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Directors' Report has been prepared in accordance with applicable legal requirements. |
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors’ remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit; or |
• | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the Directors' Report. |
......................................
For and on behalf of
7 Wellington Square
East Sussex
TN34 1PD
Page 5 |
Oakfern Properties Limited
Profit and Loss Account for the Year Ended 31 December 2016
Note |
Total |
Total |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
|
|
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar expenses |
- |
( |
|
96 |
(250) |
||
Profit before tax |
|
|
|
Taxation |
( |
|
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Page 6 |
Oakfern Properties Limited
Statement of Comprehensive Income for the Year Ended 31 December 2016
Note |
2016 |
2015 |
|
Profit for the year |
|
|
|
Total comprehensive income for the year |
|
|
Page 7 |
Oakfern Properties Limited
(Registration number: 01374817)
Balance Sheet as at 31 December 2016
Note |
2016 |
2015 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
- |
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
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.
Approved and authorised by the
.........................................
O A Burge
Director
Page 8 |
Oakfern Properties Limited
Statement of Changes in Equity for the Year Ended 31 December 2016
Share capital |
Profit and loss account |
Total |
|
At 1 January 2016 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
Dividends |
- |
( |
( |
At 31 December 2016 |
|
|
|
Share capital |
Profit and loss account |
Total |
|
At 1 January 2015 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
At 31 December 2015 |
|
|
|
Page 9 |
Oakfern Properties Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
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.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
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.
Page 10 |
Oakfern Properties Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
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 |
Investment property
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 initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 11 |
Oakfern Properties Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
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.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Auditors' remuneration |
2016 |
2015 |
|
Audit of the financial statements |
|
|
Page 12 |
Oakfern Properties Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Tangible assets |
Furniture, fittings and equipment |
Other property, plant and equipment |
Total |
|
Cost or valuation |
|||
At 1 January 2016 |
|
|
|
Disposals |
- |
( |
( |
At 31 December 2016 |
|
|
|
Depreciation |
|||
At 1 January 2016 |
|
- |
|
At 31 December 2016 |
|
- |
|
Carrying amount |
|||
At 31 December 2016 |
|
|
|
At 31 December 2015 |
|
|
|
The fair value was provided at 31 December 2016 by the board of directors in relation to investment property without any impairment provided and its value has not materially altered since 2015.
The values at 31 December 2016 £ 553,974 (2015 £ 825,394)
Debtors |
2016 |
2015 |
|
Trade debtors |
|
|
Other debtors |
|
|
Total current trade and other debtors |
|
|
Creditors |
Note |
2016 |
2015 |
|
Due within one year |
|||
Bank loans and overdrafts |
|
- |
|
Other creditors |
|
|
|
|
|
Page 13 |
Oakfern Properties Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Loans and borrowings |
2016 |
2015 |
|
Current loans and borrowings |
||
Bank overdrafts |
|
- |
Bank borrowings
Secured |
Dividends |
2016 |
2015 |
|
£ |
£ |
|
Interim dividend of £ |
1,296,000 |
- |
Related party transactions |
Summary of transactions with subsidiaries
Summary of transactions with associates
Income and receivables from related parties
2016 |
Associates |
Amounts receivable from related party |
|
2015 |
Associates |
Amounts receivable from related party |
|
Page 14 |
Oakfern Properties Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
Transition to FRS 102 |
Balance Sheet at 1 January 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Tangible assets |
1 |
- |
- |
1 |
|
Investment property |
550,448 |
- |
- |
550,448 |
|
550,449 |
- |
- |
550,449 |
||
Current assets |
|||||
Debtors |
70,629 |
- |
- |
70,629 |
|
Current investments |
82,982 |
- |
- |
82,982 |
|
153,611 |
- |
- |
153,611 |
||
Creditors: Amounts falling due within one year |
(448,467) |
- |
- |
(448,467) |
|
Net current liabilities |
(294,856) |
- |
- |
(294,856) |
|
Net assets |
255,593 |
- |
- |
255,593 |
|
Capital and reserves |
|||||
Called up share capital |
100 |
- |
- |
100 |
|
Profit and loss account |
255,593 |
- |
- |
255,593 |
|
Total equity |
255,693 |
- |
- |
255,693 |
Page 15 |
Oakfern Properties Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Balance Sheet at 31 December 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Tangible assets |
1 |
- |
- |
1 |
|
Investment property |
825,394 |
- |
- |
825,394 |
|
825,395 |
- |
- |
825,395 |
||
Current assets |
|||||
Debtors |
59,975 |
- |
- |
59,975 |
|
Cash at bank and in hand |
99,078 |
- |
- |
99,078 |
|
159,053 |
- |
- |
159,053 |
||
Creditors: Amounts falling due within one year |
(295,940) |
- |
- |
(295,940) |
|
Net current liabilities |
(136,887) |
- |
- |
(136,887) |
|
Net assets |
688,508 |
- |
- |
688,508 |
|
Capital and reserves |
|||||
Called up share capital |
100 |
- |
- |
100 |
|
Profit and loss account |
689,038 |
- |
- |
689,038 |
|
Total equity |
689,138 |
- |
- |
689,138 |
Page 16 |
Oakfern Properties Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Profit and Loss Account for the year ended 31 December 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Turnover |
70,261 |
- |
- |
70,261 |
|
Cost of sales |
(8,606) |
- |
- |
(8,606) |
|
Gross profit |
61,655 |
- |
- |
61,655 |
|
Administrative expenses |
(30,693) |
- |
- |
(30,693) |
|
Operating profit |
30,962 |
- |
- |
30,962 |
|
Gain on financial assets at fair value through profit and loss account |
543,015 |
- |
- |
543,015 |
|
Other interest receivable and similar income |
75 |
- |
- |
75 |
|
Interest payable and similar expenses |
(325) |
- |
- |
(325) |
|
542,765 |
- |
- |
542,765 |
||
Profit before tax |
573,727 |
- |
- |
573,727 |
|
Taxation |
59,818 |
- |
- |
59,818 |
|
Profit for the financial year |
633,545 |
- |
- |
633,545 |
Page 17 |
Oakfern Properties Limited
Detailed Profit and Loss Account for the Year Ended 31 December 2016
2016 |
2015 |
|
Turnover (analysed below) |
82,004 |
70,261 |
Cost of sales (analysed below) |
(21,405) |
(8,606) |
Gross profit |
60,599 |
61,655 |
Gross profit (%) |
73.9% |
87.75% |
Administrative expenses |
||
General administrative expenses (analysed below) |
(531,736) |
(29,738) |
Finance charges (analysed below) |
(389) |
(955) |
Other expenses (analysed below) |
1,572,537 |
543,015 |
1,040,412 |
512,322 |
|
Operating profit |
1,101,011 |
573,977 |
Other interest receivable and similar income (analysed below) |
96 |
75 |
Interest payable and similar expenses (analysed below) |
- |
(325) |
96 |
(250) |
|
Profit before tax |
1,101,107 |
573,727 |
Page 18 |
Oakfern Properties Limited
Detailed Profit and Loss Account for the Year Ended 31 December 2016
2016 |
2015 |
Turnover |
||
Rental income from investment property |
82,004 |
70,261 |
Cost of sales |
||
Non - recoverable expenses |
21,405 |
8,606 |
General administrative expenses |
||
Office expenses |
(6,030) |
(338) |
Auditor's remuneration - The audit of the company's annual accounts |
(2,520) |
(2,400) |
Legal and professional fees |
(23,186) |
(27,000) |
Bad debts written off |
(500,000) |
- |
(531,736) |
(29,738) |
Finance charges |
||
Bank charges |
(389) |
(955) |
Other expenses |
||
Gain/(loss) from investment property |
1,572,537 |
543,015 |
Other interest receivable and similar income |
||
Bank interest receivable |
96 |
75 |
Page 19 |