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Company No: 09118580 (England and Wales)

OAK FARM GEOTECHNICAL SERVICES LTD

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

OAK FARM GEOTECHNICAL SERVICES LTD

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

OAK FARM GEOTECHNICAL SERVICES LTD

COMPANY INFORMATION

For the financial year ended 31 July 2023
OAK FARM GEOTECHNICAL SERVICES LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 July 2023
DIRECTORS Michael Joseph Dickin
Mandi Marie Elwood
REGISTERED OFFICE Oak Farm Lowfields
Wellingore
Lincoln
LN5 0LP
United Kingdom
COMPANY NUMBER 09118580 (England and Wales)
ACCOUNTANT Duncan & Toplis Limited
18 Northgate
Sleaford
Lincolnshire
NG34 7BJ
OAK FARM GEOTECHNICAL SERVICES LTD

STATEMENT OF FINANCIAL POSITION

As at 31 July 2023
OAK FARM GEOTECHNICAL SERVICES LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 55,348 58,487
55,348 58,487
Current assets
Debtors 4 20,284 20,688
Cash at bank and in hand 5 35,436 33,144
55,720 53,832
Creditors: amounts falling due within one year 6 ( 54,434) ( 61,200)
Net current assets/(liabilities) 1,286 (7,368)
Total assets less current liabilities 56,634 51,119
Creditors: amounts falling due after more than one year 7 ( 18,765) ( 28,521)
Provision for liabilities ( 13,837) ( 11,113)
Net assets 24,032 11,485
Capital and reserves
Called-up share capital 8 10 10
Profit and loss account 24,022 11,475
Total shareholder's funds 24,032 11,485

For the financial year ending 31 July 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Oak Farm Geotechnical Services Ltd (registered number: 09118580) were approved and authorised for issue by the Board of Directors on 11 April 2024. They were signed on its behalf by:

Michael Joseph Dickin
Director
OAK FARM GEOTECHNICAL SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
OAK FARM GEOTECHNICAL SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Oak Farm Geotechnical Services Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Oak Farm Lowfields, Wellingore, Lincoln, LN5 0LP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 August 2022 103,933 103,933
Additions 6,692 6,692
Disposals ( 1,123) ( 1,123)
At 31 July 2023 109,502 109,502
Accumulated depreciation
At 01 August 2022 45,446 45,446
Charge for the financial year 9,424 9,424
Disposals ( 716) ( 716)
At 31 July 2023 54,154 54,154
Net book value
At 31 July 2023 55,348 55,348
At 31 July 2022 58,487 58,487

4. Debtors

2023 2022
£ £
Trade debtors 17,790 18,215
Other debtors 2,494 2,473
20,284 20,688

5. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 35,436 33,144

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 3,998 3,899
Trade creditors 458 714
Taxation and social security 13,739 8,565
Obligations under finance leases and hire purchase contracts 5,759 5,399
Other creditors 30,480 42,623
54,434 61,200

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 8,302 12,299
Obligations under finance leases and hire purchase contracts 10,463 16,222
18,765 28,521

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
10 Ordinary shares of £ 1.00 each 10 10

9. Related party transactions

Transactions with the entity's directors

As at the 31st July 2023 the company owed the directors £22,615 (2022 - £37,169). This loan is unsecured, interest free and repayable on demand.