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Company No: SC363667 (Scotland)

OAKREALM LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH THE REGISTRAR

OAKREALM LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023

Contents

OAKREALM LIMITED

BALANCE SHEET

AS AT 31 AUGUST 2023
OAKREALM LIMITED

BALANCE SHEET (continued)

AS AT 31 AUGUST 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 27,851 35,445
Investments 4 30,000 30,000
57,851 65,445
Current assets
Debtors 5 48,377 61,877
Cash at bank and in hand 1,550 6,180
49,927 68,057
Creditors: amounts falling due within one year 6 ( 22,367) ( 19,322)
Net current assets 27,560 48,735
Total assets less current liabilities 85,411 114,180
Creditors: amounts falling due after more than one year 7 ( 35,493) ( 41,698)
Net assets 49,918 72,482
Capital and reserves
Called-up share capital 8 2 2
Profit and loss account 49,916 72,480
Total shareholder's funds 49,918 72,482

For the financial year ending 31 August 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Oakrealm Limited (registered number: SC363667) were approved and authorised for issue by the Director on 29 August 2024. They were signed on its behalf by:

H Tomkins
Director
OAKREALM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023
OAKREALM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Oakrealm Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Johnston Carmichael, 227 West George Street, Glasgow, G2 2ND, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 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.

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.

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 initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 September 2022 38,642 38,642
At 31 August 2023 38,642 38,642
Accumulated depreciation
At 01 September 2022 3,197 3,197
Charge for the financial year 7,594 7,594
At 31 August 2023 10,791 10,791
Net book value
At 31 August 2023 27,851 27,851
At 31 August 2022 35,445 35,445

4. Fixed asset investments

Listed investments Total
£ £
Cost or valuation before impairment
At 01 September 2022 30,000 30,000
At 31 August 2023 30,000 30,000
Carrying value at 31 August 2023 30,000 30,000
Carrying value at 31 August 2022 30,000 30,000

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.08.2023
Ownership
31.08.2022
Lease 122 Limited Scotland Rental & leasing of equipment Ordinary 100.00% 100.00%

5. Debtors

2023 2022
£ £
Trade debtors 3,377 3,877
Other debtors 45,000 58,000
48,377 61,877

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 2,530 2,530
Trade creditors 0 150
Amounts owed to related parties 3,000 0
Taxation and social security 5,248 7,388
Obligations under finance leases and hire purchase contracts 4,055 4,055
Other creditors 7,534 5,199
22,367 19,322

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 11,986 14,136
Obligations under finance leases and hire purchase contracts 23,507 27,562
35,493 41,698

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

9. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Amounts due to key management personnel 4,658 4,658

Other related party transactions

2023 2022
£ £
Amounts due from other related parties 45,000 58,000
Amounts due to other related parties 3,000 0