Company Registration No. 04999707 (England and Wales)
OAK GRANGE BUSINESS SERVICES LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
OAK GRANGE BUSINESS SERVICES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
279
418
Current assets
Debtors
4
3,135
2,701
Cash at bank and in hand
6,543
13,869
9,678
16,570
Creditors: amounts falling due within one year
5
(6,776)
(8,192)
Net current assets
2,902
8,378
Total assets less current liabilities
3,181
8,796
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
3,179
8,794
Total equity
3,181
8,796
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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 year 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.
OAK GRANGE BUSINESS SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
2
The financial statements were approved and signed by the director and authorised for issue on 9 October 2023
Mr T Burrows
Director
Company Registration No. 04999707
OAK GRANGE BUSINESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
3
1
Accounting policies
Company information
Oak Grange Business Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Wheelers Court Cottages, Reading Road, Sherfield-On-Loddon, Hook, RG27 0EX.
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration receivable for services provided in the normal course of business, and is shown net of VAT.
1.3
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:
Computer equipment
25% 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.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
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. Financial assets classified as receivable within one year are not amortised.
OAK GRANGE BUSINESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies (Continued)
4
Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price and are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities classified as payable within one year are not amortised.
1.5
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.6
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2022 - 1).
OAK GRANGE BUSINESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 and 31 March 2023
1,161
Depreciation and impairment
At 1 April 2022
743
Depreciation charged in the year
139
At 31 March 2023
882
Carrying amount
At 31 March 2023
279
At 31 March 2022
418
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,616
2,136
Other debtors
519
565
3,135
2,701
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,350
Taxation and social security
3,008
5,996
Other creditors
2,418
2,196
6,776
8,192