Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31132023-01-01falseNo description of principal activity13truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 04596037 2023-01-01 2023-12-31 04596037 2022-01-01 2022-12-31 04596037 2023-12-31 04596037 2022-12-31 04596037 c:Director1 2023-01-01 2023-12-31 04596037 d:Buildings d:LongLeaseholdAssets 2023-01-01 2023-12-31 04596037 d:Buildings d:LongLeaseholdAssets 2023-12-31 04596037 d:Buildings d:LongLeaseholdAssets 2022-12-31 04596037 d:OfficeEquipment 2023-01-01 2023-12-31 04596037 d:OfficeEquipment 2023-12-31 04596037 d:OfficeEquipment 2022-12-31 04596037 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04596037 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 04596037 d:OtherPropertyPlantEquipment 2023-12-31 04596037 d:OtherPropertyPlantEquipment 2022-12-31 04596037 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04596037 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04596037 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 04596037 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 04596037 d:CurrentFinancialInstruments 2023-12-31 04596037 d:CurrentFinancialInstruments 2022-12-31 04596037 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 04596037 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 04596037 d:ShareCapital 2023-12-31 04596037 d:ShareCapital 2022-12-31 04596037 d:RetainedEarningsAccumulatedLosses 2023-12-31 04596037 d:RetainedEarningsAccumulatedLosses 2022-12-31 04596037 c:FRS102 2023-01-01 2023-12-31 04596037 c:IndependentExaminationCharity 2023-01-01 2023-12-31 04596037 c:FullAccounts 2023-01-01 2023-12-31 04596037 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04596037 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 04596037 2 2023-01-01 2023-12-31 04596037 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-01-01 2023-12-31 04596037 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 04596037









OAKWOOD INTERNATIONAL LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
OAKWOOD INTERNATIONAL LIMITED
REGISTERED NUMBER: 04596037

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
94,809
43,850

Tangible assets
 5 
2,237
730

  
97,046
44,580

Current assets
  

Stocks
 6 
6,522
6,522

Debtors: amounts falling due within one year
 7 
645,705
737,958

Cash at bank and in hand
 8 
382,182
167,286

  
1,034,409
911,766

Creditors: amounts falling due within one year
 9 
(384,154)
(549,322)

Net current assets
  
 
 
650,255
 
 
362,444

  

Net assets
  
747,301
407,024


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
747,299
407,022

  
747,301
407,024


Page 1

 
OAKWOOD INTERNATIONAL LIMITED
REGISTERED NUMBER: 04596037
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subjectdw to the small companies regime.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 June 2024.




D O'Donnell
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
OAKWOOD INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Oakwood International Limited ("the company") is a private company limited by shares incorporated in England and Wales. Its registered office is North Suite, 2nd Floor Jubilee House, 56-58 Church Walk, Burgess Hill, West Sussex, RH15 9AS.
Its principal activity continues to be that of the provision of CIPD courses.

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.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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. Non-monetary 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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
OAKWOOD INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Tuition fees
Tuition fees are recognised on courses upon delivery of a course module. Any receipts received in advance of courses commencing are included within deferred income.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to the Statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in the Statement of income and retained earnings in the year in which they are incurred.

Page 4

 
OAKWOOD INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates 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 income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Intangible assets

Intangible assets relate to costs incurred to develop programmes complaint with applicable awarding bodies. 

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life, which is typically the number of years before a programme needs to be updated. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed three years.

 
2.11

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following annual basis:

Office equipment
-
25%
straight line
Other fixed assets
-
25%
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 profit or loss.

Page 5

 
OAKWOOD INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of income and retained earnings.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

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


        2023
        2022
            No.
            No.







Average number of employees
13
13

Page 6

 
OAKWOOD INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Development expenditure

£



Cost


At 1 January 2023
89,534


Additions
83,122



At 31 December 2023

172,656



Amortisation


At 1 January 2023
45,684


Charge for the year on owned assets
32,163



At 31 December 2023

77,847



Net book value



At 31 December 2023
94,809



At 31 December 2022
43,850



Page 7

 
OAKWOOD INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Long-term leasehold property
Office equipment
Other fixed assets
Total

£
£
£
£



Cost or valuation


At 1 January 2023
2,115
20,589
45,135
67,839


Additions
-
2,222
-
2,222



At 31 December 2023

2,115
22,811
45,135
70,061



Depreciation


At 1 January 2023
2,115
19,886
45,108
67,109


Charge for the year on owned assets
-
688
27
715



At 31 December 2023

2,115
20,574
45,135
67,824



Net book value



At 31 December 2023
-
2,237
-
2,237



At 31 December 2022
-
703
27
730

Page 8

 
OAKWOOD INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Stocks

2023
2022
£
£

Books and study materials
6,522
6,522



7.


Debtors

2023
2022
£
£


Trade debtors
489,061
674,699

Other debtors
122,341
35,778

Prepayments and accrued income
34,303
27,481

645,705
737,958



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
382,182
167,286



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
-
53,334

Trade creditors
97,908
112,123

Amounts owed to group undertakings
1,328
1,328

Corporation tax
26,675
-

Other taxation and social security
25,929
23,331

Other creditors
18,783
18,856

Accruals and deferred income
213,531
340,350

384,154
549,322


Page 9

 
OAKWOOD INTERNATIONAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Pension commitments

The pension charge represents contributions payable by the company to a defined contribution pension scheme and amounted to £8,560 (2022 - £6,157). An amount of £1,767 (2022 - £1,654) was outstanding at the year end.


11.


Related party transactions

Included within other creditors is an amount of £1,328 (2022 - £1,328) owed a company under common control.
The directors had an interest in dividends paid of £81,000
 (2022 - £50,000) during the year.
Key management personnel received remuneration of £62,408 
(2022 - £12,000).

 
Page 10