Company registration number 07672293 (England and Wales)
OAKLAND ENVIRONMENTAL LIMITED
Unaudited Financial Statements
for the Year Ended 30 November 2023
OAKLAND ENVIRONMENTAL LIMITED
Contents
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
OAKLAND ENVIRONMENTAL LIMITED
Company Information
- 1 -
Directors
Mr D P Attwell
Mrs S A Attwell
Mr S Foley
Mr J A Hoare
Company number
07672293
Registered office
Seafield Lane
Beoley
Redditch
Worcestershire
UK
B98 9DB
Accountants
RCH Accountants Limited
Wellfield House
Temple Street
Llandrindod Wells
Powys
LD1 5HG
OAKLAND ENVIRONMENTAL LIMITED
Balance Sheet
As at 30 November 2023
30 November 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,416,038
447,773
Current assets
Debtors
5
25,782
217,005
Cash at bank and in hand
46,231
35,888
72,013
252,893
Creditors: amounts falling due within one year
6
(438,405)
(343,500)
Net current liabilities
(366,392)
(90,607)
Total assets less current liabilities
1,049,646
357,166
Creditors: amounts falling due after more than one year
7
(1,072,956)
(391,000)
Net liabilities
(23,310)
(33,834)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(23,312)
(33,836)
Total equity
(23,310)
(33,834)
The notes on pages 4 to 7 form part of these financial statements.
OAKLAND ENVIRONMENTAL LIMITED
Balance Sheet
As at 30 November 2023
30 November 2023
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 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.
The financial statements were approved by the board of directors and authorised for issue on 21 August 2024 and are signed on its behalf by:
Mr J A Hoare
Director
Company Registration No. 07672293
OAKLAND ENVIRONMENTAL LIMITED
Notes to the Financial Statements
For the Year Ended 30 November 2023
- 4 -
1
Accounting policies
Company information
Oakland Environmental Limited is a private company limited by shares incorporated in England and Wales. The registered office is Seafield Lane, Beoley, Redditch, Worcestershire, UK, B98 9DB.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
At the balance sheet date the company had net current liabilities of £366,392 (2022 - £90,607) and total net liabilities of £23,310 (2022 - £33,834). However creditors includes loans from associated companies of £253,666 (2022 - £53,160). The directors believe that with the continued support of the associated companies, it is appropriate to prepare these accounts on the going concern basis
1.3
Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises Turnover when:
The amount of Turnover can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
1.4
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:
Plant and equipment
Over the term of various leases and 20% on cost
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.
1.5
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 (if any). 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.
OAKLAND ENVIRONMENTAL LIMITED
Notes to the Financial Statements
For the Year Ended 30 November 2023
1
Accounting policies
- 5 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) 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 (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
OAKLAND ENVIRONMENTAL LIMITED
Notes to the Financial Statements
For the Year Ended 30 November 2023
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
5
4
Tangible fixed assets
Plant and equipment
£
Cost
At 1 December 2022
476,849
Additions
1,041,997
At 30 November 2023
1,518,846
Depreciation and impairment
At 1 December 2022
29,076
Depreciation charged in the year
73,732
At 30 November 2023
102,808
Carrying amount
At 30 November 2023
1,416,038
At 30 November 2022
447,773
OAKLAND ENVIRONMENTAL LIMITED
Notes to the Financial Statements
For the Year Ended 30 November 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
24,619
2,047
Other debtors
35,011
Prepayments and accrued income
1,163
179,947
25,782
217,005
6
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
102,878
Other borrowings
68,000
68,000
Trade creditors
43
218,707
Taxation and social security
8,468
Other creditors
253,666
53,160
Accruals and deferred income
5,350
3,633
438,405
343,500
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance leases
749,956
Other borrowings
323,000
391,000
1,072,956
391,000
Amounts included above which fall due after five years are as follows:
Payable by instalments
276,923
119,000