8 false false false false false false false false false false true false false false false false false No description of principal activity 2022-12-01 Sage Accounts Production Advanced 2023 - FRS102_2023 400,000 400,000 38,355 18,936 2,913 21,849 16,506 19,419 xbrli:pure xbrli:shares iso4217:GBP 08478487 2022-12-01 2023-11-30 08478487 2023-11-30 08478487 2022-11-30 08478487 2021-12-01 2022-11-30 08478487 2022-11-30 08478487 2021-11-30 08478487 core:NetGoodwill 2022-12-01 2023-11-30 08478487 core:FurnitureFittings 2022-12-01 2023-11-30 08478487 bus:Director1 2022-12-01 2023-11-30 08478487 core:NetGoodwill 2023-11-30 08478487 core:FurnitureFittings 2022-11-30 08478487 core:FurnitureFittings 2023-11-30 08478487 core:AfterOneYear 2023-11-30 08478487 core:AfterOneYear 2022-11-30 08478487 core:WithinOneYear 2023-11-30 08478487 core:WithinOneYear 2022-11-30 08478487 core:ShareCapital 2023-11-30 08478487 core:ShareCapital 2022-11-30 08478487 core:RetainedEarningsAccumulatedLosses 2023-11-30 08478487 core:RetainedEarningsAccumulatedLosses 2022-11-30 08478487 core:FurnitureFittings 2022-11-30 08478487 bus:SmallEntities 2022-12-01 2023-11-30 08478487 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 08478487 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 08478487 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 08478487 bus:FullAccounts 2022-12-01 2023-11-30
COMPANY REGISTRATION NUMBER: 08478487
The Oakes Partnership Limited
Filleted Unaudited Financial Statements
30 November 2023
The Oakes Partnership Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
6
16,506
19,419
Current Assets
Debtors
7
25,417
11,937
Cash at bank and in hand
238,126
119,055
---------
---------
263,543
130,992
Creditors: amounts falling due within one year
8
175,285
112,886
---------
---------
Net Current Assets
88,258
18,106
---------
--------
Total Assets Less Current Liabilities
104,764
37,525
Creditors: amounts falling due after more than one year
9
25,785
35,655
---------
--------
Net Assets
78,979
1,870
---------
--------
Capital and Reserves
Called up share capital
2
2
Profit and loss account
78,977
1,868
--------
-------
Shareholders Funds
78,979
1,870
--------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Oakes Partnership Limited
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 5 June 2024 , and are signed on behalf of the board by:
Mr J Farley
Director
Company registration number: 08478487
The Oakes Partnership Limited
Notes to the Financial Statements
Year Ended 30 November 2023
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is First Floor, Victory House, 2 Church Mews, Churchill Way, Macclesfield, Cheshire, SK11 6AY.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
10% reducing balance
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 8 ).
5. Intangible Assets
Goodwill
£
Cost
At 1 December 2022 and 30 November 2023
400,000
---------
Amortisation
At 1 December 2022 and 30 November 2023
400,000
---------
Carrying amount
At 30 November 2023
---------
At 30 November 2022
---------
6. Tangible Assets
Fixtures and fittings
Total
£
£
Cost
At 1 December 2022 and 30 November 2023
38,355
38,355
--------
--------
Depreciation
At 1 December 2022
18,936
18,936
Charge for the year
2,913
2,913
--------
--------
At 30 November 2023
21,849
21,849
--------
--------
Carrying amount
At 30 November 2023
16,506
16,506
--------
--------
At 30 November 2022
19,419
19,419
--------
--------
7. Debtors
2023
2022
£
£
Trade debtors
24,908
9,670
Other debtors
509
2,267
--------
--------
25,417
11,937
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
38,262
21,073
Corporation tax
58,288
20,622
Social security and other taxes
28,569
21,828
Other creditors
50,166
49,363
---------
---------
175,285
112,886
---------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
25,785
35,655
--------
--------
10. Directors' Advances, Credits and Guarantees
At the year end the directors were owed £733 by the company (2022: the directors owed the company £2,267).
11. Related Party Transactions
The company was under the control of Mr J Farley and Ms R Oakes. Mr Farley and Ms Oakes are joint Managing Directors and Shareholders in the company.