Registered number
07410638
Oak Financial Management Ltd
Filleted Accounts
31 October 2023
Oak Financial Management Ltd
Registered number: 07410638
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed Assets
Tangible Assets 3 2,469 3,292
Current Assets
Work-in-Progress 650 2,726
Debtors 4 1,150 379
Bank and Cash 71,312 99,950
73,112 103,055
Creditors: Due Within One Year 5 (26,314) (40,952)
Net Current Assets 46,798 62,103
Total Assets less Current Liabilities 49,267 65,395
Creditors: Due Over One Year 6 (17,500) (26,420)
Net Assets 31,767 38,975
Capital and Reserves
Called Up Share Capital 100 100
Profit and Loss Account 31,667 38,875
Shareholders' Funds 31,767 38,975
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
_________________
Barry May
Director
Approved by the board on 8 March 2024
Oak Financial Management Ltd
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting Policies
Basis of Preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible Fixed Assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and Equipment 25% of the written down value
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Tangible Fixed Assets
Plant and Equipment
£
Cost
At 1 November 2022 15,527
At 31 October 2023 15,527
Depreciation
At 1 November 2022 12,235
Charge for the year 823
At 31 October 2023 13,058
Net Book Values
At 31 October 2023 2,469
At 31 October 2022 3,292
4 Debtors 2023 2022
£ £
Other Debtors 1,150 379
5 Creditors: Due Within One Year 2023 2022
£ £
Bank Loan - Current Instalment 10,000 11,080
Corporation Tax 14,433 11,369
Other Creditors 1,881 18,503
26,314 40,952
6 Creditors: Due After One Year 2023 2022
£ £
Bank Loans 17,500 26,420
7 Other Information
Oak Financial Management Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Airport House Business Centre
Purley Way
Croydon
CR0 0XZ
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