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Registered number: 08767815
Oakesuk Group Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Ascendis Group
Chartered Certified Accountants, Taxation and Business Advisors
Unit 3, Building 2, The Colony Wilmslow
Altrincham Road
Wilmslow
Cheshire
SK9 4LY
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08767815
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 1
Tangible Assets 5 600,000 593,563
Investments 6 400 400
600,400 593,964
CURRENT ASSETS
Debtors 7 43,091 54,200
Cash at bank and in hand 57 9,085
43,148 63,285
Creditors: Amounts Falling Due Within One Year 8 (259,467 ) (108,347 )
NET CURRENT ASSETS (LIABILITIES) (216,319 ) (45,062 )
TOTAL ASSETS LESS CURRENT LIABILITIES 384,081 548,902
Creditors: Amounts Falling Due After More Than One Year 9 (280,378 ) (312,860 )
NET ASSETS 103,703 236,042
CAPITAL AND RESERVES
Called up share capital 11 100 100
Revaluation reserve 12 6,437 -
Profit and Loss Account 97,166 235,942
SHAREHOLDERS' FUNDS 103,703 236,042
Page 1
Page 2
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Peter Oakes
Director
23rd August 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Oakesuk Group Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08767815 . The registered office is Ground Floor, 5 Whiteside, Station Road, Holmes Chapel, Crewe, CW4 8AA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair
value of net assets acquired. It is initially recognised as an asset at cost and is subsequently
measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is
considered to have a finite useful life and is amortised on a systematic basis over its expected life,
which is 5 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to
benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested
for impairment at least annually, or more frequently when there is an indication that the unit may be
impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of
the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated
to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of
each asset in the unit.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold No depreciation
Motor Vehicles 15% Straight Line
Fixtures & Fittings 33% Straight Line
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
Page 3
Page 4
4. Intangible Assets
Goodwill
£
Cost
As at 1 March 2023 1
As at 29 February 2024 1
Amortisation
As at 1 March 2023 -
Provided during the period 1
As at 29 February 2024 1
Net Book Value
As at 29 February 2024 -
As at 1 March 2023 1
5. Tangible Assets
Land & Property
Freehold Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost or Valuation
As at 1 March 2023 593,563 51,000 64,613 709,176
Revaluation 6,437 - - 6,437
As at 29 February 2024 600,000 51,000 64,613 715,613
Depreciation
As at 1 March 2023 - 51,000 64,613 115,613
As at 29 February 2024 - 51,000 64,613 115,613
Net Book Value
As at 29 February 2024 600,000 - - 600,000
As at 1 March 2023 593,563 - - 593,563
6. Investments
Subsidiaries
£
Cost
As at 1 March 2023 400
As at 29 February 2024 400
Provision
As at 1 March 2023 -
As at 29 February 2024 -
Net Book Value
As at 29 February 2024 400
As at 1 March 2023 400
Page 4
Page 5
7. Debtors
2024 2023
£ £
Due within one year
Other debtors 43,091 54,200
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 47,881 23,475
Amounts owed to group undertakings 206,883 30,294
Other creditors 4,703 54,578
259,467 108,347
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 280,378 312,860
10. Secured Creditors
The bank loans are secured by a fixed and floating charge over the assets of the company.
11. Share Capital
2024 2023
Allotted, called up and fully paid £ £
51 Ordinary A shares of £ 1.00 each 51 51
6 Ordinary B shares of £ 1.00 each 6 6
31 Ordinary C shares of £ 1.00 each 31 31
6 Ordinary D shares of £ 1.00 each 6 6
6 Ordinary E shares of £ 1.00 each 6 6
100 100
12. Reserves
Revaluation Reserve
£
Non distributable surplus on revaluation 6,437
As at 29 February 2024 6,437
Page 5