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Financial Statements for the Year Ended 28 February 2021 |
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Oxford Law Holdings Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 28 February 2021 |
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for |
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Oxford Law Holdings Limited |
Oxford Law Holdings Limited (Registered number: 11427416) |
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Contents of the Financial Statements |
for the Year Ended 28 February 2021 |
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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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Oxford Law Holdings Limited |
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Company Information |
for the Year Ended 28 February 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Pendragon House |
65 London Road |
St Albans |
Hertfordshire |
AL1 1LJ |
Oxford Law Holdings Limited (Registered number: 11427416) |
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Balance Sheet |
28 February 2021 |
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28.2.21 | 29.2.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Share premium |
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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 Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Oxford Law Holdings Limited (Registered number: 11427416) |
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Notes to the Financial Statements |
for the Year Ended 28 February 2021 |
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1. | STATUTORY INFORMATION |
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Oxford Law Holdings Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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. |
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The financial statements are prepared is sterling, which is the functional currency of the company. Monetary amount in these financial statements are rounded to the nearest £. |
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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 are set out below. |
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Preparation of consolidated financial statements |
The financial statements contain information about Oxford Law Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Going concern |
The directors have prepared the financial statements on the going concern basis after assessing the principal risks and considering the likelihood of success of the current projects held within Greystoke Land Limited. Current funding is provided by the Stancroft Trust, a shareholder. A letter of support for the company has been obtained from Stancroft Trust Limited. The letter of support is not legally binding, however the directors expect all funding requirements to be met for at least twelve months from the date of approval of the financial statements. As such the directors believe that the company has the necessary funding to continue trading for at least twelve months from the date of approval of the financial statements and the use of the going concern basis is appropriate. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any accumulated impairment losses. |
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Financial instruments |
The company has elected to apply the provisions of Section 11 and Section 12 of FRS 102 to all of its financial instruments. |
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Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. |
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Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price 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 fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
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Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest. |
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Oxford Law Holdings Limited (Registered number: 11427416) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2021 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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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Impairment of fixed assets |
At each reporting period end date, the group reviews the carrying amount of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). |
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Recoverable amount is the higher of the fair value less costs to sell and the value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimate of the future cash flows have not been adjusted. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2020 - NIL). |
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4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 March 2020 |
and 28 February 2021 |
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NET BOOK VALUE |
At 28 February 2021 |
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At 29 February 2020 |
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Oxford Law Holdings Limited (Registered number: 11427416) |
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Notes to the Financial Statements - continued |
for the Year Ended 28 February 2021 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.21 | 29.2.20 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.21 | 29.2.20 |
£ | £ |
Trade creditors |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
28.2.21 | 29.2.20 |
£ | £ |
Other creditors |
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8. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 28.2.21 | 29.2.20 |
value: | £ | £ |
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Ordinary Share Capital | 0.000 | 1 | 10 | 10 |
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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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During the period, Greystoke Land Limited, a wholly owned subsidiary, received payments from the company of £2,250,000 (2020 - £1,300,000). The amount owed to the company at year end was £5,444,210 (2020 - £3,194,210). |