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Oldham Broadway Developments Limited |
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Financial Statements |
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for the Year Ended 30 September 2019 |
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REGISTERED NUMBER:
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Oldham Broadway Developments Limited |
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Financial Statements |
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for the Year Ended 30 September 2019 |
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Oldham Broadway Developments Limited (Registered number: 03082654) |
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Contents of the Financial Statements |
for the year ended 30 September 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Oldham Broadway Developments Limited |
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Company Information |
for the year ended 30 September 2019 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants and |
Statutory Auditor |
28 Eaton Avenue |
Matrix Office Park |
Buckshaw Village |
Chorley |
Lancashire |
PR7 7NA |
Oldham Broadway Developments Limited (Registered number: 03082654) |
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Balance Sheet |
30 September 2019 |
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2019 | 2018 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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Oldham Broadway Developments Limited (Registered number: 03082654) |
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Notes to the Financial Statements |
for the year ended 30 September 2019 |
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1. | STATUTORY INFORMATION |
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Oldham Broadway Developments Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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The amounts in the financial statements have been rounded to the nearest £1. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
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The financial statements are prepared on a going concern basis which the directors believe to be appropriate for the following reasons. |
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The company considers that the demand from the construction sector will remain strong, despite the current economic downturn as a result of COVID-19. Although the pandemic caused the non-essential element of the industry to lockdown for 3 weeks in March/April 2020, it has since reopened and demand has resumed. |
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The parent company has committed to provide financial support to this company for the foreseeable future, should this be required. The directors do not prepare formal forecasts, but instead rely on their market knowledge and experience to monitor future cashflow requirements. They have secured additional financing in the period since the year end, which will supplement their operating cashflows and enable the purchase of further plant for hire. Based on the above indications the directors believe that it remains appropriate to prepare the financial statements on a going concern basis. |
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The financial statements do not include any adjustments that would result from this basis of preparation being inappropriate. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any diminution in value. |
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Investment properties |
In accordance with Financial Reporting Standard 102, the company's properties are held for long-term investment and are included in the balance sheet at their open market values. Any surplus or deficit on revaluation of such properties is transferred to the investment property revaluation reserve. Depreciation is not provided in respect of freehold investment properties. This policy represents a departure from the requirement of the Companies Act, which requires depreciation to be provided on all fixed assets. The directors consider that this policy is necessary in order that the financial statements may give a true and fair view because current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation. |
Oldham Broadway Developments Limited (Registered number: 03082654) |
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Notes to the Financial Statements - continued |
for the year ended 30 September 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Basic financial assets, which include debtors, prepayments and bank balances, are initially measured at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the asset is measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities, which include creditors, accruals, bank loans and group borrowings, are initially recognised at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the liability is measured at the present value of the future obligations discounted at a market rate of interest. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2018 - NIL). |
Oldham Broadway Developments Limited (Registered number: 03082654) |
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Notes to the Financial Statements - continued |
for the year ended 30 September 2019 |
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4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2018 |
and 30 September 2019 |
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PROVISIONS |
At 1 October 2018 | 911,937 |
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Impairments | 28,000 |
At 30 September 2019 | 939,937 |
NET BOOK VALUE |
At 30 September 2019 |
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At 30 September 2018 |
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5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2018 |
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Disposals | ( |
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At 30 September 2019 |
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NET BOOK VALUE |
At 30 September 2019 |
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At 30 September 2018 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
as | restated |
£ | £ |
Amounts owed by group undertakings |
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VAT and other taxes | 2,253 | 2,400 |
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Oldham Broadway Developments Limited (Registered number: 03082654) |
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Notes to the Financial Statements - continued |
for the year ended 30 September 2019 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
as | restated |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Other creditors |
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Accruals and deferred income |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: |
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restated |
£ | £ |
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Ordinary | £1 | 100 | 100 |
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Redeemable shares | £1 | 200,000 | 200,000 |
200,100 | 200,100 |
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The redeemable shares of £1 each rank pari passu in all respects with the ordinary shares of £1 each, except that they: |
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- are redeemable at any time following the completion by the company of certain contractual obligations set out in the Articles of Association. The company will redeem the shares at par and will pay any dividends which have accrued on the shares upto the date of redemption; and |
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- carry no voting rights in respect of general meetings of the company. |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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10. | RELATED PARTY DISCLOSURES |
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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 with wholly owned subsidiaries within the group. |
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11. | ULTIMATE CONTROLLING PARTY |
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The ultimate parent company is Ruttle Group Limited. The accounts of this company are consolidated into Ruttle Group Limited, copies of which are available from their registered office at Lancaster House, Ackhurst Road, Chorley, PR7 1NH. |
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The Group is ultimately controlled by GH Ruttle, the director of the ultimate parent company. |