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Registered number: 10194977










OAKMAN VENTURES LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 2 JULY 2023

 
OAKMAN VENTURES LIMITED
REGISTERED NUMBER: 10194977

BALANCE SHEET
AS AT 2 JULY 2023

2023
2022
Note
£
£

  

  

Creditors: amounts falling due within one year
 4 
(1,211,084)
(1,211,221)

Net current liabilities
  
 
 
(1,211,084)
 
 
(1,211,221)

Total assets less current liabilities
  
(1,211,084)
(1,211,221)

Net liabilities
  
(1,211,084)
(1,211,221)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(1,211,085)
(1,211,222)

  
(1,211,084)
(1,211,221)


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 January 2024.




Dermot King
Director

The notes on pages 2 to 3 form part of these financial statements.

Page 1

 
OAKMAN VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

1.


General information

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

 
2.1

Basis of preparation of financial statements

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.  

 
2.2

Going concern

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. 

 
2.3

Creditors

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.

 
2.4

Financial instruments

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.


3.


Employees

The Company has no employees other than the Directors, who did not receive any remuneration (2022 - £NIL)
Page 2

 
OAKMAN VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 JULY 2023

4.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
137

Amounts owed to group undertakings
1,211,084
1,211,084

1,211,084
1,211,221


The amount owed to group undertakings is interest free and repayable on demand. 


5.


Post balance sheet events

Post year end the intercompany loan disclosed in creditor has been waived as part of a restructure of Oakman Group intercompany debt and a group structure. 


6.


Controlling party

The immediate parent is Oakman Inns and Restaurants Limited. The ultimate controlling party is Oakman Group Plc. Both of these companies are registered at Saxon House, 211 High Street, Berkhamsted, Hertfordshire, HP4 1AD. Oakman Group Plc prepares consolidated accounts which include the results of this company.


7.


Auditors' information

The auditors' report on the financial statements for the period ended 2 July 2023 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:
We draw attention to note 2.2 in the financial statements. This explains that the Directors have restructured the intercompany loans within Oakman Group and have “hived up” the trade and assets of the Company net of liabilities by transferring them to Oakman Inns and Restaurants on 3 July 2023.
Following this “hive up” the Company no longer trades.

For this reason, the Directors have concluded that the Company is no longer a going concern and therefore these financial statements have been prepared on a basis other than going concern as described in noted 2.2. Our opinion is not modified in respect of this matter.


The audit report was signed on 31 January 2024 by Isabelle Shepherd (Senior Statutory Auditor) on behalf of Haysmacintyre LLP.

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