OAKMAN VENTURES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023
Oakman Ventures is a company limited by shares, incorporated in England and Wales. Its registered address is Saxon House, 211 High Street, Berkhamsted, Hertfordshire, HP4 1AD.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The Company is itself a subsidiary company and is exempt from the requirement to prepare group financial statements by virtue of section 400 of the Companies Act 2006. These financial statements therefore present information about the Company as an individual undertaking and not about its group. The results of the company and the group headed by it are included in the consolidated financial statements of its ultimate controlling party Oakman Group Plc.
In preparing the financial statements, the Directors have made the assessment of the entity’s ability to continue as a going concern.
Post year end the intercompany loans within Oakman Group have been restructured, and subsidiary that this company owns no longer trades. The company therefore no longer trades nor has a purpose as a holding company.
For this reason, the Directors have concluded that the Company is no longer a going concern and these financial statements have been prepared on this basis.No material adjustments have arisen from ceasing to apply the going concern basis.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.
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The Company has no employees other than the Directors, who did not receive any remuneration (2022 - £NIL)
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