Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truetrue162023-01-01falsePriniple activity14truefalse 06890293 2023-01-01 2023-12-31 06890293 2022-01-01 2022-12-31 06890293 2023-12-31 06890293 2022-12-31 06890293 2022-01-01 06890293 1 2023-01-01 2023-12-31 06890293 1 2022-01-01 2022-12-31 06890293 6 2023-01-01 2023-12-31 06890293 6 2022-01-01 2022-12-31 06890293 d:Director1 2023-01-01 2023-12-31 06890293 d:RegisteredOffice 2023-01-01 2023-12-31 06890293 e:Buildings e:LongLeaseholdAssets 2023-01-01 2023-12-31 06890293 e:Buildings e:LongLeaseholdAssets 2023-12-31 06890293 e:Buildings e:LongLeaseholdAssets 2022-12-31 06890293 e:FurnitureFittings 2023-01-01 2023-12-31 06890293 e:FurnitureFittings 2023-12-31 06890293 e:FurnitureFittings 2022-12-31 06890293 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06890293 e:OfficeEquipment 2023-01-01 2023-12-31 06890293 e:OfficeEquipment 2023-12-31 06890293 e:OfficeEquipment 2022-12-31 06890293 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06890293 e:ComputerEquipment 2023-01-01 2023-12-31 06890293 e:ComputerEquipment 2023-12-31 06890293 e:ComputerEquipment 2022-12-31 06890293 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06890293 e:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 06890293 e:CurrentFinancialInstruments 2023-12-31 06890293 e:CurrentFinancialInstruments 2022-12-31 06890293 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 06890293 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 06890293 f:UnitedKingdom 2023-01-01 2023-12-31 06890293 f:UnitedKingdom 2022-01-01 2022-12-31 06890293 f:RestWorldOutsideUK 2023-01-01 2023-12-31 06890293 f:RestWorldOutsideUK 2022-01-01 2022-12-31 06890293 e:UKTax 2023-01-01 2023-12-31 06890293 e:UKTax 2022-01-01 2022-12-31 06890293 e:ForeignTax 2023-01-01 2023-12-31 06890293 e:ForeignTax 2022-01-01 2022-12-31 06890293 e:ShareCapital 2023-12-31 06890293 e:ShareCapital 2022-12-31 06890293 e:ShareCapital 2022-01-01 06890293 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 06890293 e:RetainedEarningsAccumulatedLosses 2023-12-31 06890293 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 06890293 e:RetainedEarningsAccumulatedLosses 2022-12-31 06890293 e:RetainedEarningsAccumulatedLosses 2022-01-01 06890293 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 06890293 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 06890293 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 06890293 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 06890293 d:OrdinaryShareClass1 2023-01-01 2023-12-31 06890293 d:OrdinaryShareClass1 2023-12-31 06890293 d:OrdinaryShareClass1 2022-12-31 06890293 d:FRS102 2023-01-01 2023-12-31 06890293 d:Audited 2023-01-01 2023-12-31 06890293 d:FullAccounts 2023-01-01 2023-12-31 06890293 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06890293 e:WithinOneYear 2023-12-31 06890293 e:WithinOneYear 2022-12-31 06890293 e:BetweenOneFiveYears 2023-12-31 06890293 e:BetweenOneFiveYears 2022-12-31 06890293 2 2023-01-01 2023-12-31 06890293 6 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 06890293













1OAK CAPITAL LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
1OAK CAPITAL LIMITED
 
 
COMPANY INFORMATION


Director
S G Rothwell 




Registered number
06890293



Registered office
2 Charles Street

London

W1J 5DB




Independent auditors
Sopher + Co LLP
Chartered Accountants & Statutory Auditors

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
1OAK CAPITAL LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 3
Director's Report
 
4 - 5
Independent Auditors' Report
 
6 - 9
Statement of Comprehensive Income
 
10
Statement of Financial Position
 
11
Statement of Changes in Equity
 
12
Notes to the Financial Statements
 
13 - 22

 
1OAK CAPITAL LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The director presents his strategic report fot the year ended 31 December 2023.

Business review
 
1OAK Capital Limited carries out asset management and advisory services for MiFID professional clients. 1Oak Capital Limited is fully owned by its holding company Investor Solutions Limited. 
The director and the Board are satisfied with the business performance for 2023. Despite the global uncertainty caused by conflicts in Ukraine and the consequent market volatility, the business continued to build on the progress made in the last couple of years with an increase in revenues derived from new product launches and solutions that have expanded our client footprint. 
The authorisation of the Italian Branch by the Bank of Italy and Consob has enabled the team to provide Advisory services to a number of new financial institutions. The success of the team was recognised at the Forbes Wealth annual awards winning the best Overseas Independent Advisor category.
AUM continued to grow across both the Asset Management business and Wealth Advisory division.
In June 2023, the firm submitted a Variation of Permissions (VoP) application to the FCA to vary/expand its permissions by adding the retail customer type to some of its existing permissions; this is intended to enable 1OAK to act as principal for Gather International Limited – which aims to operate a discretionary managed investment platform. At the time of this report the FCA is actively considering 1OAK’s VOP application.
The firm also reviewed its policies and procedures in light of the FCA’s Consumer Duty Regulations and has appointed a Consumer Duty Champion to drive the business forward in this new regulatory environment.
Future Prospects
Italy will continue to be a core focus for 2024 to build on the successes of the previous years. In Italy we are in the process of obtaining the authorisation to perform cross border activities ( Execution and allocation), This gives the firm the possibility to further expand the business, broadening client’s offering which in Italy was only limited to advisory services ( as per CONSOB authorisation of the Italian Branch). Strategically we will look to increase the number of coverage personnel and open a Milan office. In the UK we will continue to grow our relationship with BlackRock launching a Managed Portfolio Service utilising their asset allocation models for both Onshore and Offshore advisors. Additionally, we are planning on launching a product into Latin America via strategic collaborations.

Principal risks and uncertainties
 
The board reviews a range of risks on a monthly and quarterly basis. Core risks are as follows:
Regulatory Risk
The Board and Senior management is conscious of the ever changing regulatory environment in which we operate and ensuring that we embrace these changes is a matter of high priority for us. Our culture is about putting the client first and we are aware that the concept of good conduct and customer duty must start with senior management and cascade down throughout the firm. Regulatory and legal changes have the potential to materially affect the firm’s performance however senior management with their compliance partner, KROLL Advisory Ltd., regularly review on a monthly and quarterly basis and liaise with our Italian Branch. Moreover, in order to support the regulated business the Company hired a new full time in-house Compliance Officer in March  2023. 


 
Page 1

 
1OAK CAPITAL LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Credit Risk
Credit risk is the risk that counterparties will not be able to fulfil their obligations as they fall due. It is the company's policy to monitor all such balances on a constant basis in order to minimise losses.
Liquidity Risk
The company ensures that liquidity is maintained by monitoring cash balances and maintaining sufficient bank balances to cover day to day expenses of the business.
Interest Rate Risk
At this time the company does not have any significant exposures to interest rate risk; should the circumstances change this policy will be reviewed.

Key Personnel
The loss of or inability to recruit key personnel could have a material adverse effect, although 1Oak has a strong record of retaining key personnel.
Operational Risk
1Oak employs a dedicated Chief Risk officer to monitor and manage all market related risk. We also continue to engage KROLL Advisory Ltd to provide compliance support. Both report to senior management on a monthly basis.

Financial key performance indicators
 
The following table summarises the key performance indicators used by the director to assess the performance of the company as of the dates and period indicated: 
                                                                                                                                 
2023                     2022
                                                                          
                                                            £                           £
Turnover                                                                                                          
    3,082,422             2,218,122
Operating profit                                                                                                       
270,200                212,542
Operating profit margin                                                                                             
   8.8%                   9.6%

Other key performance indicators
 
The director believes there are numerous non-financial performance indicators, but none are individually key to assessing the overall performance of the company.

Page 2

 
1OAK CAPITAL LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Director's statement of compliance with duty to promote the success of the Company
 
Employment
The Company’s employees are critical to the success of the business and the Company actively retains staff with the following polices:
Employees are kept as fully informed as possible about the activities of the business. This is achieved mainly by both informal and formal team meetings.
The Company, subject to overall financial performance and individual achievements, looks to reward outstanding individuals with an annual discretionary bonus scheme that is open to all employees
Equal opportunities are offered to all, regardless of gender, race, ethnicity or national origin, sexual orientation, religious belief, colour, disability, marital status or age. All applicants are treated equally in respect of recruitment, promotion, training, pay and other employment policies and practices. All decisions are based on merit. Under no circumstances will discrimination against any individual or group be tolerated.
Business Relationships
In order for the Company to continue its success and grow organically it relies on enhancing the existing client relationships and ensuring that the culture of treating customers fairly is driven from the senior management throughout the organisation. It also relies heavily on building professional relationships with strategic external suppliers that provide invaluable support and expertise in a number of areas especially finance, compliance and law. We continue to build on the long-term relationships that we have.
Environment
The Company has adopted a no plastics and recycle where you can policy.
Shareholders
Senior management, being the sole and major shareholders of the business, are focused on delivering long term equity returns and increasing firm value.


This report was approved by the board on 24 April 2024 and signed on its behalf.



S G Rothwell
Director
Page 3

 
1OAK CAPITAL LIMITED
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Director

The director who served during the year was:

S G Rothwell 

Director's responsibilities statement

The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £183,225 (2022 - £166,161).

Dividends of £nil (2022 - £nil) were paid during the year.

Future developments

There are no plans which will significantly change the activities and risks of the company.

Branches outside the United Kingdom

The company operates a branch in Italy. The results of the branch are included in these financial statements.

Page 4

 
1OAK CAPITAL LIMITED
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as  is aware, there is no relevant audit information of which the Company's auditors are unaware, and

 has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 24 April 2024 and signed on its behalf.
 





S G Rothwell
Director
Page 5

 
1OAK CAPITAL LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 1OAK CAPITAL LIMITED

Opinion


We have audited the financial statements of 1Oak Capital Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Page 6

 
1OAK CAPITAL LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 1OAK CAPITAL LIMITED (CONTINUED)

Other information


The director is responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statementsour responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's Responsibilities Statement set out on page 4, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
1OAK CAPITAL LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 1OAK CAPITAL LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: 
 
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the financial services sector; 
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation and regulations set by the Financial Conduct Authority which are applicable to the company;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 
understanding the design of the Company’s remuneration policies. 

To address the risk of fraud through management bias and override of controls, we: 
 
performed analytical procedures to identify any unusual or unexpected relationships; 
tested journal entries to identify unusual transactions; 
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 
investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
 
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and 
reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors. 

 
Page 8

 
1OAK CAPITAL LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF 1OAK CAPITAL LIMITED (CONTINUED)

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Martyn Atkinson FCA (Senior Statutory Auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory Auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

24 April 2024
Page 9

 
1OAK CAPITAL LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
3,082,422
2,218,122

Administrative expenses
  
(2,796,999)
(1,997,124)

Fair value movements
  
(582)
(8,456)

Operating profit
 5 
284,841
212,542

Interest receivable and similar income
  
4
57

Interest payable and similar expenses
 10 
(14,645)
-

Profit before tax
  
270,200
212,599

Tax on profit
 11 
(86,975)
(46,438)

Profit for the financial year
  
183,225
166,161

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 13 to 22 form part of these financial statements.
Page 10

 
1OAK CAPITAL LIMITED
REGISTERED NUMBER:06890293

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
14,095
23,918

Investments
 13 
28,091
28,673

  
42,186
52,591

Current assets
  

Debtors: amounts falling due within one year
 14 
4,138,646
4,583,631

Cash at bank and in hand
  
336,616
31,531

  
4,475,262
4,615,162

Current liabilities
  

Creditors: amounts falling due within one year
 15 
(3,075,989)
(3,408,498)

Net current assets
  
 
 
1,399,273
 
 
1,206,664

Total assets less current liabilities
  
1,441,459
1,259,255

Provisions for liabilities
  

Deferred tax
 17 
(3,524)
(4,545)

Net assets
  
1,437,935
1,254,710


Capital and reserves
  

Called up share capital 
 18 
100,000
100,000

Profit and loss account
 19 
1,337,935
1,154,710

  
1,437,935
1,254,710


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 April 2024.




S G Rothwell
Director

The notes on pages 13 to 22 form part of these financial statements.
Page 11

 
1OAK CAPITAL LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
100,000
988,549
1,088,549



Profit for the year
-
166,161
166,161



At 1 January 2023
100,000
1,154,710
1,254,710



Profit for the year
-
183,225
183,225


At 31 December 2023
100,000
1,337,935
1,437,935


The notes on pages 13 to 22 form part of these financial statements.

Page 12

 
1OAK CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

1Oak Capital Limited is a private limited liability company incorporated in England and Wales, with its registered office address and principal place of business at 2 Charles Street, London, W1J 5DB.
The principle activity of the company is that of an investment manager.
The company is authorised and regulated by the FInancial Conduct Authority in the United Kingdom.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in 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 (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Investor Solutions Ltd as at 31 December 2023 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

The financial statements of the company have been prepared on a going concern basis, the validity of which is dependent on the recovery of amounts owed by a related party by virtue of being under common control. The related company has net liabilities as at 31 December 2023, however the directors and shareholders have given assurance that funds will be made available for a period of at least 12 months from the date the accounts are approved, to the companies so that they will be able to settle their debts when the debts fall due.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable.
Turnover consists of management fees and performance fees. Management fees are recognised monthly as they accrue and performance fees are recognised when they become payable to the company.

Page 13

 
1OAK CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives on the following basis:

Long-term leasehold property
-
Straight line over the life of the lease
Fixtures and fittings
-
15% reducing balance
Office equipment
-
33% straight line
Computer equipment
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

 
2.6

Basic financial instruments

Basic financial instruments include trade and other debtors, trade and other creditors, cash and cash equivalents and loans to or from related parties.
Trade debtors, other debtors and loans to relates parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors, other debtors and loans to related parties.
Cash and cash equivalents comprise cash balances and call deposits.

 
2.7

Foreign currency translation

The Company's functional and presentational currency is £ sterling.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.

Page 14

 
1OAK CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Pensions

The company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.11

Valuation of investments

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 15

 
1OAK CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, the director has had to make the following judgments:
Determining the recovery of trade debtors. In making this judgement management take into account the customer's credit risk, debt ageing and payment history. In addition, for fees that are contingent upon a third party event, the directors will assess the likelihood of the venture being successful.
There are no critical estimates that materially affect the accounts.


4.


Turnover

The whole of the turnover is attributable to the company's principle activity.

Analysis of turnover by country of destination:

2023
2022
£
£

Rest of the world
3,037,774
2,055,438

Rest of Europe
44,648
162,684

3,082,422
2,218,122



5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
17,004
6,918

Exchange differences
26,086
(35,314)

Defined contribution pension costs
19,310
12,862


6.


Auditors' remuneration

2023
2022
£
£

Fees payable to the Company's auditors and their associates in respect of:

The audit of the company's financial statements
14,390
13,280

The audit of the group financial statements*
1,500
1,500

All other services
14,134
10,408


*The company has bourne the cost of the audit of the group financial statements on behalf of its parent undertaking, a dormant holding company.




Page 16

 
1OAK CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

Staff costs, including director's remuneration, were as follows:


2023
2022
£
£

Wages and salaries
885,534
542,579

Social security costs
118,213
72,835

Cost of defined contribution scheme
19,310
12,862

1,023,057
628,276


The average monthly number of employees, including the director, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
1
1



Administration
15
13

16
14


8.


Director's remuneration

2023
2022
£
£

Director's emoluments
114,583
11,012



9.


Interest receivable

2023
2022
£
£


Other interest receivable
4
57


10.


Interest payable and similar expenses

2023
2022
£
£


Other loan interest payable
14,614
-

Other interest payable
31
-

14,645
-

Page 17

 
1OAK CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
83,110
41,834


Double taxation relief
(10,962)
(7,100)

Foreign tax


Foreign tax on income for the year
15,848
9,501

Total current tax
87,996
44,235

Deferred tax


Origination and reversal of timing differences
(1,021)
2,203


Taxation on profit on ordinary activities
86,975
46,438

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the effective rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
270,200
212,599


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
63,551
40,394

Effects of:


Expenses not deductible for tax purposes
16,562
4,696

Depreciation for year in excess of  capital allowances
2,997
(3,256)

Foreign tax
4,886
2,401

Deferred tax movement
(1,021)
2,203

Total tax charge for the year
86,975
46,438
Page 18

 
1OAK CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors that may affect future tax charges

From 1 April 2023 the rate of corporation tax will remain at 19% for companies with an annual profit of £50,000 or less, increase to 25% for companies with an annual profit of £250,000 or more, and increase to a marginal rate for companies with profits between £50,000 and £250,000. These thresholds are divided by the number of associated companies.


12.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost


At 1 January 2023
58,897
6,695
16,591
50,059
132,242


Additions
-
-
4,639
2,545
7,184



At 31 December 2023

58,897
6,695
21,230
52,604
139,426



Depreciation


At 1 January 2023
58,897
2,307
8,572
38,548
108,324


Charge for the year on owned assets
-
257
7,692
9,058
17,007



At 31 December 2023

58,897
2,564
16,264
47,606
125,331



Net book value



At 31 December 2023
-
4,131
4,966
4,998
14,095



At 31 December 2022
-
4,388
8,019
11,511
23,918

Page 19

 
1OAK CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Fixed asset investments





Listed investments

£



Valuation


At 1 January 2023
28,673


Revaluations
(582)



At 31 December 2023
28,091





14.


Debtors

2023
2022
£
£


Trade debtors
2,790
2,857,028

Amounts owed by group undertakings
-
26,429

Other debtors
1,003,460
981,464

Prepayments and accrued income
3,132,396
718,710

4,138,646
4,583,631



15.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
22,426
123,368

Amounts owed to group undertakings
2,973
-

Corporation tax
78,579
41,232

Other taxation and social security
45,456
20,883

Other creditors
2,573,860
1,248,909

Accruals and deferred income
352,695
1,974,106

3,075,989
3,408,498


Page 20

 
1OAK CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
178,091
28,673




Financial assets measured at fair value through profit or loss comprise listed investments.


17.


Deferred taxation




2023


£






At beginning of year
4,545


Charged to profit or loss
(1,021)



At end of year
3,524

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
3,524
4,545

3,524
4,545


18.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100,000 (2022 - 100,000) Ordinary shares of £1.00 each
100,000
100,000



19.


Reserves

Profit and loss account

The profit and loss reserve contains the cumulative balance of retained profit and losses since the company started trading. It is a distributable reserve.

Page 21

 
1OAK CAPITAL LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Pension commitments

The Company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £19,310 (2022 - £12,862). Contributions totalling £15,168 (2022 - £4,601) were payable to the fund at the reporting date.


21.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
112,500
150,000

Later than 1 year and not later than 5 years
-
112,500

112,500
262,500


22.


Related party transactions

During the year, the company had transactions of £3,037,774 (2022 - (£1,211,257)) with the companies under common control. 
At the reporting date, the company was owed £2,010,040 (2022 - £1,471,604) by, and owed £nil (2022 -, £3,011,038) to the companies under common control.
Key management personnel include all employees who have the authority and responsibility for planning, directing and controlling the activities of the company. The total compensation paid to key management personnel for services provided to the company was £303,073 (2022 - £77,795).
The company forms part of a wholly-owned group and accordingly has taken advantage of the exemption allowed under section 33.1A of FRS 102 not to disclose transactions with other group companies.


23.


Controlling party

The immediate parent company is Investor Solutions UK Limited, a company incorporated in England and Wales. The ultimate controlling party is G Bonaccorso.

 
Page 22