Company No:
Contents
DIRECTORS |
J V Billington |
M R Calvert | |
SECRETARY | J V Billington |
REGISTERED OFFICE | Purey Cust House |
The Purey Cust | |
York | |
North Yorkshire | |
YO1 7AB | |
United Kingdom | |
COMPANY NUMBER | 09327381(England and Wales) |
ACCOUNTANT | Deloitte LLP |
1 City Square | |
Leeds | |
West Yorkshire | |
LS1 2AL |
We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance/_.
It is your duty to ensure that Oopie Property Investments 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 loss of Oopie Property Investments Limited. You consider that Oopie Property Investments Limited is exempt from the statutory audit requirement for the financial year.
We have not been instructed to carry out an audit or a review of the financial statements of Oopie Property Investments 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.
Accountant
Leeds
West Yorkshire
LS1 2AL
2019 | 2018 | |||
Note | £ | £ | ||
Fixed assets | ||||
Tangible assets | 3 |
|
|
|
1,513,277 | 1,513,277 | |||
Current assets | ||||
Debtors | 4 |
|
|
|
Cash at bank and in hand |
|
|
||
150,397 | 267,636 | |||
Creditors | ||||
Amounts falling due within one year | 5 | (
|
(
|
|
Net current assets | 2,367 | 3,087 | ||
Total assets less current liabilities | 1,515,644 | 1,516,364 | ||
Creditors | ||||
Amounts falling due after more than one year | 6 | (
|
(
|
|
Net liabilities | (290,949) | (280,625) | ||
Capital and reserves | ||||
Called-up share capital |
|
|
||
Profit and loss account | (
|
(
|
||
Total shareholders' deficit | (290,949) | (280,625) |
Directors’ responsibilities:
The financial statements of Oopie Property Investments Limited (registered number:
M R Calvert
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.
Oopie Property Investments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Purey Cust House, The Purey Cust, York, North Yorkshire, YO1 7AB, United Kingdom.
The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.
The functional currency of Oopie Property Investments Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
The directors have assessed the balance sheet and likely future cash flows at the date of approving these financial statements. The Company is supported through loans from the director and a trust under common control. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to financially support the Company for at least 12 months from the date of signing these financial statements as required. Based on this support, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements.
Since the year end, the rapid spreading of COVID-19 has become a significant emerging risk to the global economy. The directors continue to monitor the impact of the virus on the business as more information about the epidemic emerges, with particular focus on the potential impact on rental income which the directors anticipate to be minimal at this stage. At the time of signing, given the directors continued financial support to the Company they do not consider COVID-19 to significantly impact the Company’s ability to continue as a going concern.
Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Rental income from operating leases is recognised in line with the terms of the relevant lease.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
Financial assets
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
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.
Financial assets and liabilities
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through the Profit and Loss Account, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
A, B and C Ordinary shares have full voting rights, right to receive dividends and to participate in the distribution of any surplus in the event of liquidation.
2019 | 2018 | |
Number | Number | |
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Investment property | Total | |
£ | £ | |
Cost/Valuation | ||
At 01 October 2018 |
|
|
At 30 September 2019 |
|
|
Accumulated depreciation | ||
At 01 October 2018 |
|
|
At 30 September 2019 |
|
|
Net book value | ||
At 30 September 2019 |
|
|
At 30 September 2018 |
|
|
2019 | 2018 | |
£ | £ | |
Trade debtors |
|
|
Other debtors |
|
|
|
|
2019 | 2018 | |
£ | £ | |
Other creditors |
|
|
|
|
2019 | 2018 | |
£ | £ | |
Other creditors |
|
|
1,806,593 | 1,796,989 |
Amounts repayable after more than 5 years are included in creditors falling due over one year:
2019 | 2018 | |
£ | £ | |
Other creditors |
|
|
1,487,500 | 1,487,500 |
The total aggregate director's remuneration for the year was £8,632 (2018: £8,424). The directors are the only key management personnel of the Company. In the current year Oopie Property Investments Limited paid costs of £31,077 (2018: £17,157) on behalf of Oopie Limited, a company under common control. The balance owed at the year-end was £96,018 (2018: £64,941) and is included in other debtors.
Included within other creditors is an unsecured director loan of £123,732 (2018: £261,576) from Mr M.R. Calvert. The loan is interest free and repayable on demand.
Included within other creditors is an unsecured loan of £1,551,393 (2018: £1,541,789) from the M R & N J Calvert Discretionary Settlement, a trust of one of the directors. The loan accrues interest at 5% and the interest is payable quarterly in arrears. The total interest charged for the year was £74,375 (2018: £74,375). The loan is due for repayment after more than 5 years.
Also included within other creditors is an unsecured loan of £10,000 (2018: nil) from the M R & N J Calvert Discretionary Settlement, a trust of one of the directors.