Company No:
Contents
Note | 31.07.2023 | 30.04.2022 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
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Tangible assets | 4 |
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Investments | 5 |
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43,755 | 217,836 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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1,167,150 | 1,768,166 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current assets | 376,833 | 1,276,081 | ||
Total assets less current liabilities | 420,588 | 1,493,917 | ||
Creditors: amounts falling due after more than one year | 8 | (
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Provision for liabilities | 9 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 10 |
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Share premium account |
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Profit and loss account |
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Total shareholder's funds |
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Director's responsibilities:
The financial statements of Oakwood Media Group Limited (registered number:
Mr N D A Sims
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.
Oakwood Media Group Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Bishop Fleming Llp, 10 Temple Back, Bristol, BS1 6FL, United Kingdom. The principal place of business is 7 Park Street, Bristol, BS1 5NF.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
The period of the financial statements is more than twelve months as during the year the Company's year end was extended to 31 July 2023. The comparative amounts presented in the financial statements, including the related notes, are therefore not entirely comparable.
Exchange differences are recognised in the Income Statement in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Income Statement in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.
Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Goodwill |
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Fixtures and fittings |
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Computer equipment |
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Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Income Statement over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.
Non-financial assets
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Period from 01.05.2022 to 31.07.2023 |
Year ended 30.04.2022 |
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Number | Number | ||
Monthly average number of persons employed by the Company during the period, including the director |
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Goodwill | Total | ||
£ | £ | ||
Cost | |||
At 01 May 2022 |
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Disposals | (
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At 31 July 2023 |
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Accumulated amortisation | |||
At 01 May 2022 |
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Charge for the financial period |
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Disposals | (
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At 31 July 2023 |
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Net book value | |||
At 31 July 2023 |
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At 30 April 2022 |
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Fixtures and fittings | Computer equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 May 2022 |
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Additions |
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Disposals | (
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At 31 July 2023 |
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Accumulated depreciation | |||||
At 01 May 2022 |
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Charge for the financial period |
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Disposals | (
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At 31 July 2023 |
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Net book value | |||||
At 31 July 2023 |
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At 30 April 2022 |
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Investments in subsidiaries
31.07.2023 | |
£ | |
Cost | |
At 01 May 2022 |
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Additions |
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Disposals | (
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At 31 July 2023 |
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Carrying value at 31 July 2023 |
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Carrying value at 30 April 2022 |
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During the period, the company purchased an additional 339,375 Ordinary shares of £1 each in Mischievous Wolf Limited via a dividend-in-specie and subsquently sold the entire holding to Oakwood Media Holdco Limited via a dividend-in-specie.
Investments in shares
Name of entity | Registered office | Nature of business | Class of shares |
Ownership 31.07.2023 |
Ownership 30.04.2022 |
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7 Park Street, Bristol, BS1 6FL | Dormant |
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31.07.2023 | 30.04.2022 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by Group undertakings |
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Prepayments and accrued income |
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Other debtors |
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31.07.2023 | 30.04.2022 | ||
£ | £ | ||
Trade creditors |
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Amounts owed to Group undertakings |
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Amounts owed to director |
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Other loans |
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Accruals and deferred income |
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Taxation and social security |
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Obligations under finance leases and hire purchase contracts (secured) |
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31.07.2023 | 30.04.2022 | ||
£ | £ | ||
Obligations under finance leases and hire purchase contracts (secured) |
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31.07.2023 | 30.04.2022 | ||
£ | £ | ||
Other provisions |
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The above amount relates to a provision for dilapidations.
31.07.2023 | 30.04.2022 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
31.07.2023 | 30.04.2022 | ||
£ | £ | ||
within one year |
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between one and five years |
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Transactions with owners holding a participating interest in the entity
The company has taken advantage of the exemption in Section 1AC.35 of FRS 102 and not disclosed related party transactions with companies within the group.
Transactions with the entity's director
31.07.2023 | 30.04.2022 | ||
£ | £ | ||
Amounts owed to directors | 12,350 | 36,577 |
The loans are interest free and there is no fixed date for repayment.