Company Registration No. 03312523 (England and Wales)
OXFORD CASTLE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
PAGES FOR FILING WITH REGISTRAR
OXFORD CASTLE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
OXFORD CASTLE LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2018
30 September 2018
- 1 -
2018
2017
Notes
£
£
£
£
Current assets
Debtors
3
106,103
1,604,335
Cash at bank and in hand
-
5,433
106,103
1,609,768
Creditors: amounts falling due within one year
4
(23,132)
(23,717)
Net current assets
82,971
1,586,051
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
82,970
1,586,050
Total equity
82,971
1,586,051
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 June 2019 and are signed on its behalf by:
T Osborne
Director
Company Registration No. 03312523
OXFORD CASTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 2 -
1
Accounting policies
Company information
Oxford Castle Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Lynton House, 7-12 Tavistock Square, London, WC1H 9BQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
1.3
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost
less impairment.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
OXFORD CASTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors and loans from
fellow group companies, are
initially recognised at transaction price
and subsequently measured at amortised cost.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2
(2017 - 2).
OXFORD CASTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 4 -
3
Debtors
2018
2017
Amounts falling due within one year:
£
£
Corporation tax recoverable
-
181,234
Amounts owed by group undertakings
106,103
1,420,782
Other debtors
-
2,319
106,103
1,604,335
4
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
3,834
4,169
Amounts owed to group undertakings
10,000
10,000
Other creditors
9,298
9,548
23,132
23,717
5
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary shares of £1 each
1
1
6
Parent company
The directors regard The Trevor Osborne Property Group Limited as the ultimate parent company.
The parent undertaking of both the smallest and largest group within which the company belongs and for
which consolidated financial statements are prepared is
The Trevor Osborne Property Group Limited and these consolidated financial statements are available from The Registrar of Companies.