Registered number: 03844681
OAKFIELD SYSTEMS LTD
REPORT AND ACCOUNTS
FOR THE YEAR ENDED
31 MARCH 2018
OAKFIELD SYSTEMS LTD
REGISTERED NUMBER: 03844681
BALANCE SHEET
as at 31 March 2018
Notes 2018 2017
£ £
FIXED ASSETS
Tangible assets 3 1,165 1,942
CURRENT ASSETS
Debtors 4 32,225 4,388
Cash at bank and in hand 2,198 1,629
34,423 6,017
CREDITORS: amounts falling due within one year 5 (34,790) (15,895)
NET CURRENT LIABILITIES (367) (9,878)
TOTAL ASSETS LESS CURRENT LIABILITIES 798 (7,936)
PROVISIONS FOR LIABILITIES (221) -
NET ASSETS/(LIABILITIES) 577 (7,936)
CAPITAL AND RESERVES
Called up share capital 10 10
Profit and loss account 567 (7,946)
SHAREHOLDERS' FUNDS 577 (7,936)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr P Smith
Director
Approved by the board on 27 September 2018
OAKFIELD SYSTEMS LTD
NOTES TO THE ACCOUNTS
for the year ended 31 March 2018
1 ACCOUNTING POLICIES
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1A small entities.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Equipment 40% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 EMPLOYEES 2018 2017
Number Number
Average number of persons employed by the company 1 3
3 TANGIBLE FIXED ASSETS
Equipment
£
Cost
At 1 April 2017 17,882
At 31 March 2018 17,882
Depreciation
At 1 April 2017 15,940
Charge for the year 777
At 31 March 2018 16,717
Net book value
At 31 March 2018 1,165
At 31 March 2017 1,942
4 DEBTORS 2018 2017
£ £
Trade debtors 31,800 -
Deferred tax asset - 3,993
Other debtors 425 395
32,225 4,388
5 CREDITORS: amounts falling due within one year 2018 2017
£ £
Corporation tax 1,536 -
Other taxes and social security costs 5,169 243
Other creditors 28,085 15,652
34,790 15,895
6 RELATED PARTY TRANSACTIONS
At the balance sheet date £27,535 (2017: £15,002) was due from the company to the directors. The amount is unsecured, interest free and has no fixed repayment date.
7 CONTROLLING PARTY
There is no ultimate controlling party as no one person owns greater than 50% of the ordinary issued share capital of the company.
8 OTHER INFORMATION
Oakfield Systems Ltd is a private company limited by shares and incorporated in England. Its registered office is:
17 Thorpe Road
Melton Mowbray
Leicestershire
LE13 1SE
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