Company Registration No. 08214961 (England and Wales)
Oak Fine Art Services Ltd
Unaudited accounts
for the year ended 30 September 2023
Oak Fine Art Services Ltd
Unaudited accounts
Contents
Oak Fine Art Services Ltd
Company Information
for the year ended 30 September 2023
Directors
Patrick John Hannan
Orlando Engell Athill
Secretary
Patrick John Hannan
Company Number
08214961 (England and Wales)
Registered Office
51 Halsmere Road
London
SE5 9JQ
Accountants
Barnes & Scott
86-90 Paul Street
Shoreditch
London
EC2A 4NE
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Oak Fine Art Services Ltd for the year ended 30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Oak Fine Art Services Ltd for the year ended
30 September 2023 as set out on pages
5 -
9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of Oak Fine Art Services Ltd, as a body, in accordance with the terms of our engagement letter dated 23 August 2018. Our work has been undertaken solely to prepare for your approval the accounts of Oak Fine Art Services Ltd and state those matters that we have agreed to state to the Board of Directors of Oak Fine Art Services Ltd, as a body, in this report in accordance with AAF 07/16 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Oak Fine Art Services Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Oak Fine Art Services Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Oak Fine Art Services Ltd. You consider that Oak Fine Art Services Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Oak Fine Art Services Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Barnes & Scott
Chartered Accountants
86-90 Paul Street
Shoreditch
London
EC2A 4NE
19 April 2024
Oak Fine Art Services Ltd
Statement of financial position
as at 30 September 2023
Tangible assets
552,969
564,587
Cash at bank and in hand
45,689
29,454
Creditors: amounts falling due within one year
(141,057)
(166,903)
Net current liabilities
(49,287)
(85,965)
Total assets less current liabilities
503,682
478,622
Creditors: amounts falling due after more than one year
(282,964)
(301,117)
Net assets
220,718
177,505
Called up share capital
10
10
Profit and loss account
220,708
177,495
Shareholders' funds
220,718
177,505
For the year ending 30 September 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 19 April 2024 and were signed on its behalf by
Patrick John Hannan
Director
Company Registration No. 08214961
Oak Fine Art Services Ltd
Notes to the Accounts
for the year ended 30 September 2023
Oak Fine Art Services Ltd is a private company, limited by shares, registered in England and Wales, registration number 08214961. The registered office is 51 Halsmere Road, London, SE5 9JQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Where necessary, comparative figures have been amended to conform with change in presentation in the current year.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment, except for land & buildings which is kept at its cost. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Straight Line
Motor vehicles
25% Straight Line
Fixtures & fittings
25% Straight Line
Computer equipment
25% Straight Line
Other tangible fixed assets
10 years Straight Line
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.
The directors consider the going concern basis to be appropriate having paid due regard to the company's projected results during the twelve months from the date the financial statements are approved and anticipated cash flows, availability of financing facilities and mitigating actions that can be taken during the period.
Oak Fine Art Services Ltd
Notes to the Accounts
for the year ended 30 September 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
On 16 April 2015, a legal charge was registered between the company and Barclays Bank PLC on the leasehold property owned by the company as security for the mortgage loan. This was delivered pursuant to Chapter A1 Part 25 of the Companies Act 2006 on 29th April 2015.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Taxation represents the sum of tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Oak Fine Art Services Ltd
Notes to the Accounts
for the year ended 30 September 2023
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 October 2022
510,000
2,004
78,465
74,937
3,640
669,046
Additions
-
1,199
-
-
-
1,199
At 30 September 2023
510,000
3,203
78,465
74,937
3,640
670,245
At 1 October 2022
-
857
71,530
29,664
2,408
104,459
Charge for the year
-
694
5,487
6,094
542
12,817
At 30 September 2023
-
1,551
77,017
35,758
2,950
117,276
At 30 September 2023
510,000
1,652
1,448
39,179
690
552,969
At 30 September 2022
510,000
1,147
6,935
45,273
1,232
564,587
Carrying values included above held under finance leases and hire purchase contracts:
£
£
Amounts falling due within one year
Trade debtors
29,333
18,097
Accrued income and prepayments
12,748
33,387
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
37,500
35,720
Obligations under finance leases and hire purchase contracts
-
3,278
Taxes and social security
38,889
29,712
Loans from directors
44,191
72,089
7
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
282,964
301,117
Oak Fine Art Services Ltd
Notes to the Accounts
for the year ended 30 September 2023
Allotted, called up and fully paid:
10 Ordinary shares of £1 each
10
10
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loan payable to director
37,568
51,528
65,466
23,630
Loan payable to director
34,521
41,317
55,277
20,561
72,089
92,845
120,743
44,191
The director loans are measured at transaction price and are interest free and repayable on demand.
10
Average number of employees
During the year the average number of employees was 5 (2022: 4).