REGISTERED NUMBER: |
REPORT OF THE DIRECTOR AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
OAQGROVE LTD |
REGISTERED NUMBER: |
REPORT OF THE DIRECTOR AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023 |
FOR |
OAQGROVE LTD |
OAQGROVE LTD (REGISTERED NUMBER: 12313466) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Income Statement | 5 |
Statement of Financial Position | 6 |
Notes to the Financial Statements | 7 |
OAQGROVE LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
17 Victoria Road East |
Thornton Cleveleys |
Lancashire |
FY5 5HT |
OAQGROVE LTD (REGISTERED NUMBER: 12313466) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
The director presents her report with the financial statements of the company for the year ended 30 November 2023. |
REVIEW OF BUSINESS |
Oaqgrove was created as a not for profit enterprise in November 2019. The name Oaqgrove has come from a number of influences, a place called Oakgrove, an interest in ancient history, a desire to always consider the natural environment and an ongoing rebellion against the norms of business, finance and accountancy. The 'q' in Oaqgrove makes it unique and happens to be the first letter of the last name of the founder. |
Alongside many other enterprises, Oaqgrove has been established in a way that is intended to have a positive impact on the environment, to make a contribution to social causes and to create flexible and rewarding opportunities for those that join Oaqgrove. |
Oaqgrove is born out of a passion for public service delivery and enabling resilient and thriving local communities. The whole point of building personal experience and skills is to put them to best effect. Making this effort a collective and collaborative experience is all the more powerful. |
We will research and influence thinking where we feel we can add value and we will demonstrate the benefit and value of the support that we provide. |
Our vision: |
As the world wakes up to a fragile future, we see the public sector and local communities in the UK leading a sustainable way forward. |
Oaqgrove is supporting this endeavour with passion and creativity. We are enabling deliverable solutions that transform lives locally. We are doing this by supporting inclusive and sustainable public sector strategies, plans, business cases and programmes. |
Our values: |
-Learn to improve |
- Listen to engage |
- Collaborate to deliver |
- Tell a story to encourage |
- Take action to include |
- Contribute to sustain |
- Enjoy to live |
Our intention: |
- We care about a sustainable future for public sector service delivery and the ability of local communities to transform their localities throughout the UK. |
- As a learning organisation, we consistently develop and apply our skills and experience in diverse ways, to support public and community sectors in achieving this aim. |
- As a not for profit enterprise, we are investing in our organisation's future capacity to support. |
We will support: |
- Inclusive and sustainable public sector business plans - safeguarding lives of residents. |
- Meaningful public sector investment strategies - future-proofing local areas. |
- Public sector resilience initiatives - making local communities resilient. |
- Ethical public sector and community business cases - enabling local ownership of change. |
We intend to: |
- Operate sustainably as a not for profit enterprise - strengthening support for future needs. |
- Positively contribute to social and environmental causes - doing our bit. |
- Create inclusive, flexible, rewarding jobs - supporting individuals to collectively make a difference. |
Our business set-up is as follows: |
- 100% not for profit. |
- Director salary set at level of last local government role (2009-2013) - £90,320. |
- Annual salary increase aligned with local government pay increase (if appropriate in each business year). |
OAQGROVE LTD (REGISTERED NUMBER: 12313466) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
- Annual charitable donation set at 1% of net surplus after tax or £500, whichever is greater (subject to annual review). |
- Annual social value delivery set at 2 days per employee (subject to annual review). |
- Business surplus invested in business to strengthen our support offer. |
Our team is currently: |
- Lisa Quinn - Founder and Director - experienced public sector leader |
- Simon Gow - Associate - experienced public sector business planner |
In our fourth business year we have achieved the following: |
- We experienced a tougher business year than expected - the number of opportunities were broadly as planned, but we did not convert as many as we had hoped. |
- There were a number of reasons for lack of conversion, the main ones being: |
-strong competition for major consortium opportunities |
-client budget limitations |
-inability of potential local government clients to take on proposed support |
-delay in work commencement |
- At the half-year mark, we made a decision to set a threshold for surplus investment of £50,000 - this draw-down on the strong reserves position of £113,469 was intended to: |
- safeguard the business |
- strengthen the support offer |
- widen collaboration opportunities |
- make space to join relevant public sector procurement and tendering portals |
- build the Oaqgrove presence on LinkedIn |
- As it became clear that new opportunities would not come to fruition in sufficient time for the 22/23 business year, the Director at Oaqgrove implemented a personal salary break with the aim of ensuring that the £50,000 surplus investment threshold would not be exceeded - the salary break was implemented from July to November 2023. |
- The business plan was adapted throughout 22/23 to address the emerging income difficulties and recognise the ongoing risk - the business plan was also strengthened in line with the requirements of clients sought through procurement and tendering portals. |
- Despite the difficulties described, we are pleased with what we achieved in 22/23, which has built a stronger base for 23/24 onwards - the aim of investing up to £50,000 surplus was very close to being achieved, with a final surplus investment of £51,366. |
- The surplus investment over and above the £50,000 threshold, at £1,366, will be retrospectively replenished by a Director salary reduction in 23/24. |
- Our turnover was £74,295 against what we thought was a reasonable original target of £180,000 based on the outcome of the previous two business years - this will inform the final year (23/24) of the current 5-year business plan cycle. |
- We continued to provide support for the development of a Regeneration Finance Strategy, Capital Investment Plan, and programme business case for an English metropolitan borough council. |
- We continued to provide capital strategy support to a Police and Crime Commissioner, in association with the Link Group (providing strategic financial planning support to the public sector). |
- We completed support for capital strategy development for two Scottish local authorities, in association with the Link Group. |
- We provided capital strategy review support to an English borough council and an English metropolitan borough council, in association with the Link Group. |
- We joined a major collaborative consortium led by Arup (a leading place-making company), making a significant contribution to the Government's Delivery Associates Network from the end of November 2023 - this work will continue throughout the 23/24 business year. |
- We provided social value support to an English metropolitan borough council, as part of our annual social value delivery commitment (no fee). |
- We will donate £500 to the Woodland Trust, again chosen as the Oaqgrove charity in its fourth business year due to its tireless effort to support the UK in combating climate change and protecting and restoring ecosystems. |
Our progress against our social and environmental ethos: |
- We aim to collaborate with like-minded organisations and businesses - we collaborated with and supported four like-minded organisations in our fourth business year. |
OAQGROVE LTD (REGISTERED NUMBER: 12313466) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
- We aim to give to charities annually where we identify with the cause - we will be donating to the Woodland Trust, as we did in our first three business years, based on our committed minimum level of contribution for our fourth business year. |
- We aim to create inclusive, flexible, and rewarding jobs - our intention was to recruit to a new support role or organise a range of contractor support, alongside existing contractor role, in our fourth business year - we are now underway with this in our fifth business year. |
- We aim to identify opportunities to volunteer for good causes annually - we have not had the opportunity to volunteer on site during our fourth business year, but we provided social value support to an English metropolitan borough council, as part of our annual social value delivery commitment. |
- We aim to evidence social value for all support delivery - we have developed a Social Value and Environmental Performance Framework, which will be implemented in our fifth business year. |
- We strive to eliminate plastic products - our business is predominantly technology based, continuing with on-line delivery only since the on-set of Covid - the only products that we use with plastic content are laptops, mobile phones, and accessories - as home workers we are improving on the reduction of our personal use of plastic products and packaging. |
- We strive to reuse / recycle where possible - any laptops that will be replaced in future business years will be offered for charitable purpose - as home workers, we are improving reuse and recycling in the home. |
- We strive to be a paperless enterprise - we do not have printers in our homes to support our work - we request electronic documentation wherever possible - we do not use paper in delivery of our services - the only paper we handle are letters and documentation received in the post, which is minimal. |
- We strive to make our travel green and economical - pre-Covid we travelled by the most green and economic means possible for the journey - this meant public transport and walking where possible - ICE car journeys were kept to a minimum in our first business year, with an aim for EV car journeys from our second business year - travel was not necessary in our second, third and fourth business years due to on-line delivery only. |
- We strive to achieve net zero carbon by 2025 - this aim is associated with home working and travel for business - during our fourth business year our main progress is described above - from our fifth year we are striving for further improvement to property insulation and improved waste management. |
- We strive to evidence environmental performance for all support delivery - we have developed a Social Value and Environmental Performance Framework, which will be implemented in our fifth business year. |
Director, Lisa Quinn |
28th February 2024 |
DIRECTOR |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
OAQGROVE LTD (REGISTERED NUMBER: 12313466) |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS SURPLUS |
Administrative expenses |
OPERATING (DEFICIT)/SURPLUS | 4 | ( |
) |
Interest receivable and similar income |
(DEFICIT)/SURPLUS BEFORE TAXATION |
( |
) |
Tax on (deficit)/surplus | ( |
) |
(DEFICIT)/SURPLUS FOR THE FINANCIAL YEAR |
( |
) |
OAQGROVE LTD (REGISTERED NUMBER: 12313466) |
STATEMENT OF FINANCIAL POSITION |
30 NOVEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
RESERVES |
Income and expenditure account |
The director acknowledges her 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 surplus or deficit 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. |
The financial statements were approved by the director and authorised for issue on |
OAQGROVE LTD (REGISTERED NUMBER: 12313466) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
1. | STATUTORY INFORMATION |
OAQGROVE LTD is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
OAQGROVE LTD (REGISTERED NUMBER: 12313466) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 NOVEMBER 2023 |
4. | OPERATING (DEFICIT)/SURPLUS |
The operating deficit (2022 - operating surplus) is stated after charging: |
2023 | 2022 |
£ | £ |
Depreciation - owned assets |
5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 December 2022 |
and 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Taxation and social security |
Other creditors |