2022-02-012023-01-312023-01-31false06455479North Oak Holdings 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North Oak Holdings Limited

Registered Number
06455479
(England and Wales)

Unaudited Financial Statements for the Year ended
31 January 2023

North Oak Holdings Limited
Company Information
for the year from 1 February 2022 to 31 January 2023

Directors

Jonathan Hickton
Amy Hickton

Registered Address

The Estate Office Thorngrove
Sinton Green
Worcester
WR2 6NP

Registered Number

06455479 (England and Wales)
North Oak Holdings Limited
Balance Sheet as at
31 January 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets7168,17018,717
Investments8622621
168,79219,338
Current assets
Stocks10570,098541,590
Debtors111,251,2481,285,869
Cash at bank and on hand3,6923,365
1,825,0381,830,824
Creditors amounts falling due within one year12(675,332)(386,669)
Net current assets (liabilities)1,149,7061,444,155
Total assets less current liabilities1,318,4981,463,493
Creditors amounts falling due after one year13(185,320)(181,617)
Net assets1,133,1781,281,876
Capital and reserves
Called up share capital22
Profit and loss account1,133,1761,281,874
Shareholders' funds1,133,1781,281,876
The financial statements were approved and authorised for issue by the Board of Directors on 26 October 2023, and are signed on its behalf by:
Jonathan Hickton
Director
Registered Company No. 06455479
North Oak Holdings Limited
Notes to the Financial Statements
for the year ended 31 January 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The principal activity of the company is property development.
4.Basis of measurement used in financial statements
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
5.Accounting policies
Turnover policy
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.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Vehicles25
Office Equipment25
Stocks policy
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
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.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Government grants and other government assistance policy
Government revenue grants are recognised in the period in which they are received as other operating income. Any related expenditure being recognised in the same period as the income although this is not offset and is recognised as operating expenses.
Leases policy
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Investments policy
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
6.Employee information

20232022
Average number of employees during the year44
7.Property, plant and equipment

Vehicles

Office Equipment

Total

£££
Cost or valuation
At 01 February 2239,76429,92769,691
Additions163,3742,140165,514
At 31 January 23203,13832,067235,205
Depreciation and impairment
At 01 February 2230,26720,70750,974
Charge for year13,1242,93716,061
At 31 January 2343,39123,64467,035
Net book value
At 31 January 23159,7478,423168,170
At 31 January 229,4979,22018,717
8.Fixed asset investments
Investments relate to equity shares which are not publicly traded. Where fair value cannot be measured reliably, they are measured at cost less impairment. Dividends on equity securities, where applicable, are recognised in income when receivable.

Investments in groups1

Total

££
Cost or valuation
At 01 February 22621621
Additions11
At 31 January 23622622
Net book value
At 31 January 23622622
At 31 January 22621621

Notes

1Investments in group undertakings and participating interests
9.Description of nature of transactions and balances with related parties
At the year end the Company was owed £78,950 (2022 - £76,624) by a wholly owned subsidiary with the monies having been advanced by way of monetary loans on an unsecured interest free basis, This is repayable on demand. At the year end the Company was owed £924,717 (2022 - £924,703) by associated entities holding 50% or less of the equity shares. The advance includes the provision of services and monetary loans with all monetary amounts having been advanced on an unsecured basis. Interest is receivable, contingent on the success of the underlying project. All monies are repayable on demand. At the year end the Company was owed £9,908 ( 2022 - £9,908) by another related party. This debt has arisen due to the provision of services which had been provided on an unsecured interest free basis. All monies are repayable on demand. At the year end the Company was owed £112,519 ( 2022 - £107,394) by another related party with the monies having been advanced by way of monetary loans on an unsecured basis, repayable on demand. Interest is charged on this loan at 4.5% per annum. At the year end the Company owed £17,118 (2022 - £21,118) to an associated interest holding 50% or less of the equity shares. The advance includes the provision of services and monetary loans with all monetary amounts having been advanced on an unsecured interest free basis. All monies are repayable on demand. At the year end the Company owed £16,118 (2022 - £16,118) to a trust in which a director is beneficiary, the monies having been advanced on an unsecured interest free basis. All monies are repayable on demand.
10.Stocks

2023

2022

££
Work in progress570,098541,590
Total570,098541,590
11.Debtors

2023

2022

££
Trade debtors / trade receivables103,979126,009
Amounts owed by group undertakings1,003,6991,001,349
Amounts owed by associates and joint ventures / participating interests123,052117,302
Other debtors71714,809
Prepayments and accrued income19,80126,400
Total1,251,2481,285,869
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.
12.Creditors within one year

2023

2022

££
Trade creditors / trade payables31,28931,262
Bank borrowings and overdrafts10,00010,000
Amounts owed to related parties203,08037,904
Taxation and social security1,941-
Finance lease and HP contracts27,884-
Other creditors399,288305,752
Accrued liabilities and deferred income1,8501,751
Total675,332386,669
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. The Company has taken a loan from a Pension Scheme with an amount of £393,833 (2022: £302,808) being due within one year. This is denominated in sterling with a nominal interest rate of 5%. The final instalment being due on 14 August 2024. The loan is secured by a debenture including a fixed charge over all assets of the Company. The Company has taken a Bounce Back loan with £10,000 being due within one year. This is denominated in sterling with a nominal interest rate of 2.5%. The final instalment being due in June 2026. The loan is secured 100% by the Government.
13.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts23,33333,333
Other creditors161,987148,284
Total185,320181,617
The Company has taken a loan from a Pension Scheme with a carrying amount of £80,000 (2022 - £148,284) being due after one year. This is denominated in sterling with a nominal interest rate of 5%. The final instalment being due on 14 August 2024. The loan is secured by a debenture including a fixed charge over all assets of the Company. The Company has taken a Bounce Back loan with £23,333 being due after one year. This is denominated in sterling with a nominal interest rate of 2.5%. The final instalment being due in June 2026. The loan is secured 100% by the Government.
14.Finance lease and HP contracts after one year

2023

2022

££
Finance lease and HP contracts81,986-