3 false false false false false false false false false false true false false false false false false No description of principal activity 2022-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 2,000 555 217 772 1,228 1,445 50,000 50,000 50,000 xbrli:pure xbrli:shares iso4217:GBP 09726715 2022-05-01 2023-04-30 09726715 2023-04-30 09726715 2022-04-30 09726715 2021-05-01 2022-04-30 09726715 2022-04-30 09726715 2021-04-30 09726715 core:FurnitureFittings 2022-05-01 2023-04-30 09726715 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 09726715 bus:Director1 2022-05-01 2023-04-30 09726715 core:FurnitureFittings 2022-04-30 09726715 core:FurnitureFittings 2023-04-30 09726715 core:WithinOneYear 2023-04-30 09726715 core:WithinOneYear 2022-04-30 09726715 core:AfterOneYear 2023-04-30 09726715 core:AfterOneYear 2022-04-30 09726715 core:ShareCapital 2023-04-30 09726715 core:ShareCapital 2022-04-30 09726715 core:RetainedEarningsAccumulatedLosses 2023-04-30 09726715 core:RetainedEarningsAccumulatedLosses 2022-04-30 09726715 core:CostValuation core:Non-currentFinancialInstruments 2022-04-30 09726715 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2023-04-30 09726715 core:Non-currentFinancialInstruments 2022-04-30 09726715 core:FurnitureFittings 2022-04-30 09726715 bus:SmallEntities 2022-05-01 2023-04-30 09726715 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 09726715 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 09726715 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 09726715 bus:FullAccounts 2022-05-01 2023-04-30 09726715 bus:OrdinaryShareClass1 2023-04-30 09726715 bus:OrdinaryShareClass1 2022-04-30
COMPANY REGISTRATION NUMBER: 09726715
Oakwood Financial Advisers Limited
Filleted Unaudited Financial Statements
30 April 2023
Oakwood Financial Advisers Limited
Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
1,228
1,445
Investments
5
50,000
------
-------
1,228
51,445
Current assets
Debtors
6
597,230
412,000
Cash at bank and in hand
149,509
86,607
--------
--------
746,739
498,607
Prepayments and accrued income
4,516
3,178
Creditors: amounts falling due within one year
7
81,529
64,487
--------
--------
Net current assets
669,726
437,298
--------
--------
Total assets less current liabilities
670,954
488,743
Creditors: amounts falling due after more than one year
8
20,819
30,524
Provisions
Taxation including deferred tax
307
361
--------
--------
Net assets
649,828
457,858
--------
--------
Capital and reserves
Called up share capital
9
15,000
15,000
Profit and loss account
634,828
442,858
--------
--------
Shareholders funds
649,828
457,858
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Oakwood Financial Advisers Limited
Statement of Financial Position (continued)
30 April 2023
These financial statements were approved by the board of directors and authorised for issue on 19 October 2023 , and are signed on behalf of the board by:
J.S. Jaspal
Director
Company registration number: 09726715
Oakwood Financial Advisers Limited
Notes to the Financial Statements
Year ended 30 April 2023
1. General information
The company is a private company limited by shares, registered and trading in England and Wales with company number 09726715 . The address of the registered office is 8 Jury Street, Warwick, CV34 4EW.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the company and rounded to the nearest £.
Judgements in applying accounting policies and key sources of estimation in uncertainty
In preparing these financial statements the directors/members have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates and associated assumptions are based on historic experience and various other factors including expectations of future events that are believed to be reasonable under the circumstances, however actual results may differ from these estimates. For this reporting date there are no significant judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
-
15% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
4. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 May 2022 and 30 April 2023
2,000
2,000
------
------
Depreciation
At 1 May 2022
555
555
Charge for the year
217
217
------
------
At 30 April 2023
772
772
------
------
Carrying amount
At 30 April 2023
1,228
1,228
------
------
At 30 April 2022
1,445
1,445
------
------
5. Investments
Other investments other than loans
£
Cost
At 1 May 2022
50,000
Disposals
( 50,000)
-------
At 30 April 2023
-------
Impairment
At 1 May 2022 and 30 April 2023
-------
Carrying amount
At 30 April 2023
-------
At 30 April 2022
50,000
-------
6. Debtors
2023
2022
£
£
Other debtors
597,230
412,000
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,648
10,649
Trade creditors
2,520
5
Social security and other taxes
65,523
48,729
Other creditors
2,838
5,104
-------
-------
81,529
64,487
-------
-------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,819
30,524
-------
-------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
15,000
15,000
15,000
15,000
-------
-------
-------
-------
10. Director's advances, credits and guarantees
At the reporting date the directors loan account was overdrawn by £65,230 (2022: £1,969 in credit). There is no fixed term for repayment and interest is only charged on debit balances. Transactions during the year can be summarised as follows: Opening Balance Brought Forward (£1,969) Interest charged at 2.00% £677 Net advances £66,522 Closing Balance Carried Forward £65,230