Company registration number 07904597 (England and Wales)
OAKLODGE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
OAKLODGE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
OAKLODGE LIMITED
BALANCE SHEET
AS AT
31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
896,568
891,613
Investment property
5
399,375
426,024
Investments
6
100,100
100,100
1,396,043
1,417,737
Current assets
Stocks
65,000
75,000
Debtors
7
665,551
527,505
Cash at bank and in hand
1,098,392
454,292
1,828,943
1,056,797
Creditors: amounts falling due within one year
8
(37,980)
(166,645)
Net current assets
1,790,963
890,152
Total assets less current liabilities
3,187,006
2,307,889
Creditors: amounts falling due after more than one year
9
1
(324,147)
Net assets
3,187,007
1,983,742
Capital and reserves
Called up share capital
75
75
Capital redemption reserve
25
25
Profit and loss reserves
3,186,907
1,983,642
Total equity
3,187,007
1,983,742

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

OAKLODGE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2023
31 July 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 31 July 2024
Mr I Pinkus
Director
Company registration number 07904597 (England and Wales)
OAKLODGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information

Oaklodge Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o 118 North Street, Leeds, West Yorkshire, United Kingdom, LS2 7PNHentons, Northgate, 118 North street, Leeds, LS2 7PN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received for goods 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.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Leasehold
Not depreciated
Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
25% reducing balance

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.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

OAKLODGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

Recognised impairment losses are reversed if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

OAKLODGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current 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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

OAKLODGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 6 -
1.12
Employee benefits

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.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.15
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

OAKLODGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year is as follows:

2023
2022
Number
Number
Total
4
4
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2022
889,545
16,869
906,414
Additions
-
0
7,162
7,162
At 31 July 2023
889,545
24,031
913,576
Depreciation and impairment
At 1 August 2022
-
0
14,801
14,801
Depreciation charged in the year
-
0
2,207
2,207
At 31 July 2023
-
0
17,008
17,008
Carrying amount
At 31 July 2023
889,545
7,023
896,568
At 31 July 2022
889,545
2,068
891,613
5
Investment property
2023
£
Fair value
At 1 August 2022
426,024
Revaluations
(26,649)
At 31 July 2023
399,375

The fair value of the investment property at 31 July 2022 has been determined by applying the applicable Nationwide House Price Indices (NHPI) rate of 12.49% to the previously valued amount of £378,726.

 

OAKLODGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 8 -
6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
100
100
Other investments other than loans
100,000
100,000
100,100
100,100
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
25,935
235,642
Amounts owed by group undertakings and undertakings in which the company has a participating interest
580,719
280,719
Other debtors
24,862
11,144
631,516
527,505
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
34,035
-
0
Total debtors
665,551
527,505
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
-
0
38,616
Corporation tax
3,228
3,228
Other taxation and social security
11,641
971
Other creditors
23,111
123,830
37,980
166,645
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
(1)
324,147
2023-07-312022-08-01false31 July 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr I Pinkusfalsefalse079045972022-08-012023-07-31079045972023-07-31079045972022-07-3107904597core:LandBuildings2023-07-3107904597core:OtherPropertyPlantEquipment2023-07-3107904597core:LandBuildings2022-07-3107904597core:OtherPropertyPlantEquipment2022-07-3107904597core:CurrentFinancialInstrumentscore:WithinOneYear2023-07-3107904597core:CurrentFinancialInstrumentscore:WithinOneYear2022-07-3107904597core:Non-currentFinancialInstrumentscore:AfterOneYear2023-07-3107904597core:Non-currentFinancialInstrumentscore:AfterOneYear2022-07-3107904597core:CurrentFinancialInstruments2023-07-3107904597core:CurrentFinancialInstruments2022-07-3107904597core:ShareCapital2023-07-3107904597core:ShareCapital2022-07-3107904597core:CapitalRedemptionReserve2023-07-3107904597core:CapitalRedemptionReserve2022-07-3107904597core:RetainedEarningsAccumulatedLosses2023-07-3107904597core:RetainedEarningsAccumulatedLosses2022-07-3107904597bus:Director12022-08-012023-07-3107904597core:LandBuildingscore:LongLeaseholdAssets2022-08-012023-07-3107904597core:PlantMachinery2022-08-012023-07-3107904597core:FurnitureFittings2022-08-012023-07-3107904597core:ComputerEquipment2022-08-012023-07-31079045972021-08-012022-07-3107904597core:LandBuildings2022-07-3107904597core:OtherPropertyPlantEquipment2022-07-31079045972022-07-3107904597core:LandBuildings2022-08-012023-07-3107904597core:OtherPropertyPlantEquipment2022-08-012023-07-3107904597core:Non-currentFinancialInstruments2023-07-3107904597core:Non-currentFinancialInstruments2022-07-3107904597core:WithinOneYear2023-07-3107904597core:WithinOneYear2022-07-3107904597core:AfterOneYear2023-07-3107904597core:AfterOneYear2022-07-3107904597bus:PrivateLimitedCompanyLtd2022-08-012023-07-3107904597bus:SmallCompaniesRegimeForAccounts2022-08-012023-07-3107904597bus:FRS1022022-08-012023-07-3107904597bus:AuditExemptWithAccountantsReport2022-08-012023-07-3107904597bus:FullAccounts2022-08-012023-07-31xbrli:purexbrli:sharesiso4217:GBP