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Registration number: 05483230

Oak Bank Residential Home Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 June 2023

 

Oak Bank Residential Home Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 5

 

Oak Bank Residential Home Limited

(Registration number: 05483230)
Abridged Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

705,398

693,905

Current assets

 

Debtors

621,799

319,130

Cash at bank and in hand

 

24,922

199,074

 

646,721

518,204

Creditors: Amounts falling due within one year

5

(134,763)

(96,136)

Net current assets

 

511,958

422,068

Total assets less current liabilities

 

1,217,356

1,115,973

Creditors: Amounts falling due after more than one year

6

(145,865)

(188,159)

Provisions for liabilities

(6,047)

(5,012)

Net assets

 

1,065,444

922,802

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

1,065,344

922,702

Total equity

 

1,065,444

922,802

 

Oak Bank Residential Home Limited

(Registration number: 05483230)
Abridged Balance Sheet as at 30 June 2023

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the Company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 5 February 2024 and signed on its behalf by:
 

Mrs C Liscombe

Director

Mr J Liscombe

Director

 

Oak Bank Residential Home Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Haydon Farm
Haydon
Somerset
TA3 5AB

The principal place of business is:
Oak Bank
31 South Road
Weston Super Mare
Somerset
BS23 2HD

These financial statements were authorised for issue by the Board on 5 February 2024.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

 

Oak Bank Residential Home Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% reducing balance

Motor vehicles

25% reducing balance

Plant and machinery

15% reducing balance

Fixtures and fittings

15% reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2022 - 18).

4

Tangible assets

Total
£

Cost or valuation

At 1 July 2022

826,021

Additions

27,842

Disposals

(9,650)

At 30 June 2023

844,213

Depreciation

At 1 July 2022

132,114

Charge for the year

15,006

Eliminated on disposal

(8,305)

At 30 June 2023

138,815

Carrying amount

At 30 June 2023

705,398

At 30 June 2022

693,905

5

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £42,161 (2022 - £32,518).

 

Oak Bank Residential Home Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2023

6

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £145,865 (2022 - £188,159).

7

Related party transactions

Advances to directors


Mr J Liscombe

During the period Mr J Liscombe went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £106,055 (2022 - £76,430). At the year end the amount outstanding from Mr J Liscombe was £94,044 (2022 - £). Interest has been charged at the commercial rate.


Mrs C Liscombe

During the period Mrs C Liscombe went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £106,056 (2022 - £76,431). At the year end the amount outstanding from Mrs C Liscombe was £94,044 (2022 - £). Interest has been charged at the commercial rate.

Summary of transactions with entities with joint control or significant interest

Included within other debtors are loans of £334,628 (2022 - £127,555) which has been provided to a company, in which the directors hold significant influence. There is no interest charged and the balance is repayable on demand.