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REGISTERED NUMBER: 09642130 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

OAKFIELDS DRYLINING LTD

OAKFIELDS DRYLINING LTD (REGISTERED NUMBER: 09642130)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


OAKFIELDS DRYLINING LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: S Oakley





REGISTERED OFFICE: Advantage
87 Castle Street
Reading
Berkshire
RG1 7SN





REGISTERED NUMBER: 09642130 (England and Wales)





ACCOUNTANTS: Haines Watts
The Lightbox
87 Castle Street
Reading
Berkshire
RG1 7SN

OAKFIELDS DRYLINING LTD (REGISTERED NUMBER: 09642130)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 76,092 57

CURRENT ASSETS
Debtors 5 38,428 40,985
Cash at bank 795 4
39,223 40,989
CREDITORS
Amounts falling due within one year 6 28,601 31,917
NET CURRENT ASSETS 10,622 9,072
TOTAL ASSETS LESS CURRENT
LIABILITIES

86,714

9,129

CREDITORS
Amounts falling due after more than one
year

7

(57,394

)

-

PROVISIONS FOR LIABILITIES (6,623 ) -
NET ASSETS 22,697 9,129

CAPITAL AND RESERVES
Called up share capital 10 120 120
Retained earnings 22,577 9,009
SHAREHOLDERS' FUNDS 22,697 9,129

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

OAKFIELDS DRYLINING LTD (REGISTERED NUMBER: 09642130)

BALANCE SHEET - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 24 October 2023 and were signed by:





S Oakley - Director


OAKFIELDS DRYLINING LTD (REGISTERED NUMBER: 09642130)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Oakfields Drylining Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial states have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured
reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method.

The estimated useful lives range as follows:

Plant & machinery - 3 years
Motor vehicles - 5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.


OAKFIELDS DRYLINING LTD (REGISTERED NUMBER: 09642130)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Operating commitments
Rentals paid under operating leases are charged to the Profit and loss account on a straight line basis over the lease term,

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 April 2022 286
Additions 87,480
At 31 March 2023 87,766
DEPRECIATION
At 1 April 2022 229
Charge for year 11,445
At 31 March 2023 11,674
NET BOOK VALUE
At 31 March 2023 76,092
At 31 March 2022 57

OAKFIELDS DRYLINING LTD (REGISTERED NUMBER: 09642130)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£
COST
Additions 87,480
At 31 March 2023 87,480
DEPRECIATION
Charge for year 11,388
At 31 March 2023 11,388
NET BOOK VALUE
At 31 March 2023 76,092

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 8,229 8,371
Other debtors 30,199 32,614
38,428 40,985

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Hire purchase contracts (see note 8) 9,647 -
Trade creditors 3,752 -
Taxation and social security 9,487 25,032
Other creditors 5,715 6,885
28,601 31,917

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£ £
Hire purchase contracts (see note 8) 57,394 -

OAKFIELDS DRYLINING LTD (REGISTERED NUMBER: 09642130)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£ £
Net obligations repayable:
Within one year 9,647 -
Between one and five years 57,394 -
67,041 -

Non-cancellable
operating leases
2023 2022
£ £
Within one year - 3,516
Between one and five years - 6,445
- 9,961

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£ £
Hire purchase contracts 67,041 -

The obligations under finance leases and hire purchase contracts falling due within and after one year are secured on the underlying assets to which they relate.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
100 Ordinary £1 100 100
20 Ordinary A £1 20 20
120 120

11. ULTIMATE CONTROLLING PARTY

The Company was under control of S Oakley, majority shareholder and director, during the current and previous year.