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Unaudited Financial Statements |
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for the Year Ended 30 November 2017 |
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for |
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Oxleasowes Properties Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 30 November 2017 |
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for |
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Oxleasowes Properties Limited |
Oxleasowes Properties Limited (Registered number: 04329256) |
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Contents of the Financial Statements |
for the Year Ended 30 November 2017 |
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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 | 4 |
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Chartered Accountants' Report | 9 |
Oxleasowes Properties Limited |
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Company Information |
for the Year Ended 30 November 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Hanover Court |
5 Queen Street |
Lichfield |
Staffordshire |
WS13 6QD |
Oxleasowes Properties Limited (Registered number: 04329256) |
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Balance Sheet |
30 November 2017 |
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2017 | 2016 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment properties | 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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CREDITORS |
Amounts falling due after more than one
year |
8 |
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( |
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PROVISIONS FOR LIABILITIES | 11 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 12 |
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Revaluation reserve | 13 |
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Retained earnings | 13 |
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SHAREHOLDERS' FUNDS |
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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. |
Oxleasowes Properties Limited (Registered number: 04329256) |
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Balance Sheet - continued |
30 November 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss account has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Oxleasowes Properties Limited (Registered number: 04329256) |
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Notes to the Financial Statements |
for the Year Ended 30 November 2017 |
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1. | STATUTORY INFORMATION |
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Oxleasowes Properties Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A |
These financial statements for the year ended 30 November 2017 are the first that are prepared in accordance |
with FRS 102 Section 1A. The previous financial statements were prepared in accordance with UK GAAP, the |
date of transition to FRS 102 Section 1A is 1 December 2015. |
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The transition to FRS 102 Section 1A has resulted in a small number of changes in accounting policies to those |
used previously. The impact of these changes on the opening equity is to reduce the opening balance as at 1 |
December 2015 by £2,007 in respect of the potential deferred taxation liability on the revalued amount of |
investment properties. |
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The impact of these changes on the closing equity at 30 November 2016 is to reduce the profit after taxation by |
£2,437 in respect of the increase in the potential deferred taxation liability on the revalued amount of investment |
properties during the year in addition to the £2,007 in respect of the previous year, |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Website | - |
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Fixtures and fittings | - |
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Investment property |
Certain of the company's properties are held for long term investment at their carrying value, assessed for |
impairment or revaluation annually by the directors according to their knowledge and experience of the |
properties, their location and general economic and commercial factors. |
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Investment properties are accounted for in accordance with FRS 102 section 1A. |
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No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or |
deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, |
on an individual investment property is expected to be permanent, in which case it is recognised in the profit and |
loss account for the year. |
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The treatment as regards to the company's investment properties may be a departure from the requirements of the |
Companies Act concerning the depreciation of fixed assets. However, these properties are not held for |
consumption but for investment and the directors consider that systematic annual depreciation would be |
inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true |
and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the |
amount which might otherwise have been shown cannot be separately identified or quantified. |
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Oxleasowes Properties Limited (Registered number: 04329256) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2017 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss account, |
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 tax |
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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
Website | fittings | Totals |
£ | £ | £ |
COST |
At 1 December 2016 |
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Additions |
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At 30 November 2017 |
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DEPRECIATION |
At 1 December 2016 |
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Charge for year |
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At 30 November 2017 |
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NET BOOK VALUE |
At 30 November 2017 |
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At 30 November 2016 |
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Oxleasowes Properties Limited (Registered number: 04329256) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2017 |
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5. | INVESTMENT PROPERTIES |
Total |
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FAIR VALUE |
At 1 December 2016 |
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Additions |
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At 30 November 2017 |
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NET BOOK VALUE |
At 30 November 2017 |
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At 30 November 2016 |
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Fair value at 30 November 2017 is represented by: |
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£ |
Valuation in 2006 | 36,503 |
Valuation in 2014 | 33,557 |
Valuation in 2016 | 20,000 |
Valuation in 2017 | 65,000 |
Cost | 334,501 |
489,561 |
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If Investment properties had not been revalued they would have been included at the following historical cost: |
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2017 | 2016 |
£ | £ |
Cost | 289,940 | 289,940 |
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Investment properties were valued on an open market basis on 1 August 2006 by Capital Home Loans Limited . |
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The investment properties were subsequently valued by the director of the company on 30 November 2017 and |
this valuation is included in these accounts. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts (see note 9) |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Oxleasowes Properties Limited (Registered number: 04329256) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2017 |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Bank loans (see note 9) |
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9. | LOANS |
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An analysis of the maturity of loans is given below: |
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2017 | 2016 |
£ | £ |
Amounts falling due within one year or on demand: |
Mortgage loan | 752 | 965 |
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Amounts falling due between one and two years: |
Mortgage loan | 100,895 | 100,681 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank loans |
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The mortgage loan, the aggregate amount of which totals £101,647 (2016 - £101,646) is secured by a legal |
charge over 3 Lawton Avenue, Birmingham, an investment property owned by the company. The mortgage loan |
is interest only and the term of the mortgage remaining at the balance sheet date was 14 years and 9 months. |
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11. | PROVISIONS FOR LIABILITIES |
2017 | 2016 |
£ | £ |
Deferred tax | 18,145 | 5,064 |
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Deferred |
tax |
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Balance at 1 December 2016 |
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Provided during year |
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Balance at 30 November 2017 |
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Oxleasowes Properties Limited (Registered number: 04329256) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2017 |
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12. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary A | £1 | 55 | 55 |
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Ordinary B | £1 | 15 | 15 |
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Ordinary C | £1 | 15 | 15 |
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Ordinary D | £1 | 15 | 15 |
100 | 100 |
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The A shares, the B shares, the C shares and the D shares are separate classes of shares and are entitled to |
dividends declared from time to time on a discretionary basis on each class of shares, but in all other respects |
rank pari passu. |
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13. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 December 2016 |
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303,119 |
Profit for the year |
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Dividends | ( |
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Property revaluation in year | - | 65,000 | 65,000 |
At 30 November 2017 |
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394,359 |
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14. | RELATED PARTY DISCLOSURES |
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During the year, total dividends of £10,000 were paid to the directors . |
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Elmtree Windows Limited |
A company controlled by T J Boffey |
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Amount owed by Elmtree Windows Limited at 30 November 2017 £4,050 (216 - £4,050). |
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The amount owed by Elmtree Windows Limited at 30 November 2017 is unsecured and has no terms regarding |
payment of interest. The amount due is repayable on demand, but the directors of Oxleasowes Properties Limited |
have given their assurances that this amount will not be demanded until such time as Ellmtree Windows Limited |
can afford to settle this amount without detriment to its operating and working capital requirements. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Oxleasowes Properties Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file |
a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the |
Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Oxleasowes Properties Limited for the year ended 30 November 2017 which comprise the Profit |
and Loss account, Balance Sheet and the related notes from the company's accounting records and from information and |
explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Oxleasowes Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Oxleasowes Properties Limited and state those matters that we have agreed to state to the Board of Directors of Oxleasowes Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Oxleasowes Properties Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Oxleasowes Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Oxleasowes Properties Limited. You consider that Oxleasowes Properties Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Oxleasowes Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Hanover Court |
5 Queen Street |
Lichfield |
Staffordshire |
WS13 6QD |
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