Company registration number 04691625 (England and Wales)
OAKAPPLE HOMES (SCARBOROUGH) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 AUGUST 2022
PAGES FOR FILING WITH REGISTRAR
OAKAPPLE HOMES (SCARBOROUGH) LIMITED
COMPANY INFORMATION
Directors
D H Marsh
P J Taylor
Mr S Mayes
Company number
04691625
Registered office
1 Worsley Court
High Street
Worsley
Manchester
M28 3NJ
OAKAPPLE HOMES (SCARBOROUGH) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
OAKAPPLE HOMES (SCARBOROUGH) LIMITED
BALANCE SHEET
AS AT 24 AUGUST 2022
24 August 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
6
632,766
165,017
Current assets
Stocks
544,617
Debtors
8
2,348,842
520,494
Cash at bank and in hand
49,378
2,310
2,398,220
1,067,421
Creditors: amounts falling due within one year
9
(5,043,372)
(3,797,641)
Net current liabilities
(2,645,152)
(2,730,220)
Total assets less current liabilities
(2,012,386)
(2,565,203)
Creditors: amounts falling due after more than one year
10
(30,000)
(44,167)
Net liabilities
(2,042,386)
(2,609,370)
Capital and reserves
Called up share capital
11
2
2
Profit and loss reserves
(2,042,388)
(2,609,372)
Total equity
(2,042,386)
(2,609,370)
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 period ended 24 August 2022 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.
The members have not required the company to obtain an audit of its financial statements for the period 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 3 August 2023 and are signed on its behalf by:
D H Marsh
Director
Company Registration No. 04691625
OAKAPPLE HOMES (SCARBOROUGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 AUGUST 2022
- 2 -
1
Accounting policies
Company information
Oakapple Homes (Scarborough) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Worsley Court, High Street, Worsley, Manchester, M28 3NJ.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The company has net liabilities amounting to £2,609,370 at the balance sheet date. The company is reliant upon the continued support of its directors and associated undertakings. It has been indicated that this support will continue for the foreseeable future.
The directors have also considered the trading position of related parties and do not foresee that this will give rise to any significant exposure to the company.
Based on these discussions and projected trading of the company, the directors are of the opinion that the company will have adequate resources to continue its operations for the foreseeable future. For this reason, the directors consider the going concern basis to be appropriate
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
OAKAPPLE HOMES (SCARBOROUGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 AUGUST 2022
1
Accounting policies
(Continued)
- 3 -
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor vehicles
33.3% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Work in progress
Work in progress is valued at lower of direct costs incurred in respect of properties under development and net realisable value.
1.7
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
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 using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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.
OAKAPPLE HOMES (SCARBOROUGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 AUGUST 2022
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2022
2021
Number
Number
Total
3
3
OAKAPPLE HOMES (SCARBOROUGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 AUGUST 2022
- 5 -
4
Intangible fixed assets
Goodwill
£
Cost
At 25 February 2021 and 24 August 2022
404,997
Amortisation and impairment
At 25 February 2021 and 24 August 2022
404,997
Carrying amount
At 24 August 2022
At 24 February 2021
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 25 February 2021 and 24 August 2022
3,075
Depreciation and impairment
At 25 February 2021 and 24 August 2022
3,075
Carrying amount
At 24 August 2022
At 24 February 2021
6
Fixed asset investments
2022
2021
£
£
Investment in subsidiaries
632,766
165,017
OAKAPPLE HOMES (SCARBOROUGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 AUGUST 2022
6
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 25 February 2021
165,017
Additions
467,749
At 24 August 2022
632,766
Carrying amount
At 24 August 2022
632,766
At 24 February 2021
165,017
OAKAPPLE HOMES (SCARBOROUGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 AUGUST 2022
- 7 -
7
Subsidiaries
Details of the company's subsidiaries at 24 August 2022 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Oakapple (Lower Railway Road) Limited
England & Wales
Ordinary
100.00
0
Oakapple Homes (Balmoral) Limited
England & Wales
Ordinary
100.00
0
Oakapple Homes (Yorkshire) limited
England & Wales
Ordinary
100.00
0
Oakapple Primary Care Properties (Fleetwood) Limited
England & Wales
Ordinary
100.00
0
Brigantia Limited
England & Wales
Ordinary
100.00
0
Oakapple Homes (Sleights Lane) Limited
England & Wales
Ordinary
100.00
0
Oakapple Homes (Rainton) Limited
England & Wales
Ordinary
100.00
0
8
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
22,200
14,409
Amounts owed by group undertakings
1,044,063
498,200
Other debtors
1,282,579
7,885
2,348,842
520,494
9
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
10,000
5,833
Trade creditors
342,116
62,563
Amounts owed to group undertakings
60,549
19
Taxation and social security
232,937
Other creditors
4,397,770
3,729,226
5,043,372
3,797,641
10
Creditors: amounts falling due after more than one year
2022
2021
£
£
Trade creditors
30,000
44,167
OAKAPPLE HOMES (SCARBOROUGH) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 24 AUGUST 2022
- 8 -
11
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2
2
2
2
12
Related party transactions
By virtue of common directorships and shareholdings, the following companies are related parties:
Surcoat Group Limited
By virtue of being a subsidiary company, the following companies are related parties:
Oakapple (Lower Railway Road) Limited
Oakapple Homes (Balmoral) Limited
Oakapple Primary Care Properties (Fleetwood) Limited
Oakapple Homes (Yorkshire) Limited
Oakapple Homes (Rainton) Limited
Oakapple Homes (Sleights Lane) Limited
Brigantia Limited
During the year, the following transactions took place:
During the year, the company recharged services of £Nil (2021: £1,579,939) to group companies.
During the year, the company received management fee income of £Nil (2021: £130,000) from group companies.
At the balance sheet date, a balance of £1,044,063 (2021: £498,200) was owed from group companies.
At the balance sheet date, a balance of £60,549 (2021: £19) was owed to group companies.
During the year, the company recharged services of £Nil (2021: £268,621) to other related parties.
At the balance sheet date, a balance of £1,282,579 (2021: £Nil) was owed from other related parties.
At the balance sheet date, a balance of £179,700 (2021: £4,605) was owed to other related parties.
All the above loans are repayable on demand.
13
Directors' transactions
At the period end, directors were owed £3,733,107 (2021: £3,121,407) by the company. The loan is repayable on demand.
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