Company registration number 07905746 (England and Wales)
OAKBROOK RE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
OAKBROOK RE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
OAKBROOK RE LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
310,041
310,041
Current assets
Debtors
5
29,834
195,421
Cash at bank and in hand
3,360
6,636
33,194
202,057
Creditors: amounts falling due within one year
6
(1,500)
(379,094)
Net current assets/(liabilities)
31,694
(177,037)
Total assets less current liabilities
341,735
133,004
Creditors: amounts falling due after more than one year
7
(337,871)
(129,283)
Net assets
3,864
3,721
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
3,863
3,720
Total equity
3,864
3,721
OAKBROOK RE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2023
30 June 2023
- 2 -

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 30 June 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.

The financial statements were approved and signed by the director and authorised for issue on 3 November 2023
Mr C  Middlebrook
Director
Company Registration No. 07905746
OAKBROOK RE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

Oakbrook RE Limited is a private company limited by shares incorporated in England and Wales. The registered office is Helm Bank, Natland, Kendal, LA9 7PS.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable in relation to rental income, to the extent that the company has a right to consideration arising from the performance of its contractual arrangements.

1.4
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:

Fixtures, fittings & 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.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

OAKBROOK RE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
OAKBROOK RE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2022 and 30 June 2023
3,208
Depreciation and impairment
At 1 July 2022 and 30 June 2023
3,208
Carrying amount
At 30 June 2023
-
0
At 30 June 2022
-
0
4
Investment property
2023
£
Fair value
At 1 July 2022 and 30 June 2023
310,041

The fair value of the investment properties has been arrived at on the basis of a valuation carried out by the director, who is connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
29,834
195,421
6
Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings
-
0
353,909
Other creditors
1,500
25,185
1,500
379,094
OAKBROOK RE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
129,265
129,283
Other creditors
208,606
-
0
337,871
129,283

Bank loans and overdrafts of £129,266 (2022: £129,283) are secured by first legal charges over certain properties of the company.

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
1,200
2,640
10
Related party transactions
2023
2022
Amounts due to related parties
£
£
The company director
-
22,617

The company is a wholly owned subsidiary of Thoren Limited and in accordance with paragraph 33.1A of FRS102 is therefore not required to disclose transactions and balances with that company or its fellow subsidiary companies, Highbrook Homes Limited, Highbrook Construction Limited and Highbrook Homes (Kirkstone) Limited.

 

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