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Registration number: 08001013

Oak Retirement Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Oak Retirement Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Oak Retirement Limited

Company Information

Directors

Dr S J Ladyman

J A Ladyman

Registered office

2 Rainsbrook Close
Southam
Warwickshire
CV47 1GL

Accountants

Burton Sweet Limited
Chartered Accountants and Business Advisors
Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE

 

Oak Retirement Limited

(Registration number: 08001013)
Balance Sheet
31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,207

1,271

Current assets

 

Debtors

6

4,145

400

Cash at bank and in hand

 

15,513

4,558

 

19,658

4,958

Creditors: Amounts falling due within one year

7

(72,111)

(107,848)

Net current liabilities

 

(52,453)

(102,890)

Total assets less current liabilities

 

(51,246)

(101,619)

Creditors: Amounts falling due after more than one year

7

(8,500)

(32,708)

Net liabilities

 

(59,746)

(134,327)

Capital and reserves

 

Called up share capital

200

200

Retained earnings

(59,946)

(134,527)

Shareholders' deficit

 

(59,746)

(134,327)

 

Oak Retirement Limited

(Registration number: 08001013)
Balance Sheet
31 December 2023

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 September 2024 and signed on its behalf by:
 

.........................................
Dr S J Ladyman
Director

 

Oak Retirement Limited

Notes to the Unaudited Financial Statements
Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Rainsbrook Close
Southam
Warwickshire
CV47 1GL

These financial statements were authorised for issue by the Board on 2 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis due to the ongoing support of the directors. Creditors include an interest free loan due to one of the directors of £57,431, with repayments only to be made from future surpluses.

The business has now been refocused on its profitable management activities and is likely to generate future surplusses similar to that shown this year,

 

Oak Retirement Limited

Notes to the Unaudited Financial Statements
Year Ended 31 December 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when:
The amount of revenue 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

Straight line at 25%

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Oak Retirement Limited

Notes to the Unaudited Financial Statements
Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 5).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

1,233

955

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

5,186

5,186

Additions

1,169

1,169

At 31 December 2023

6,355

6,355

Depreciation

At 1 January 2023

3,915

3,915

Charge for the year

1,233

1,233

At 31 December 2023

5,148

5,148

Carrying amount

At 31 December 2023

1,207

1,207

At 31 December 2022

1,271

1,271

 

Oak Retirement Limited

Notes to the Unaudited Financial Statements
Year Ended 31 December 2023

6

Debtors

2023
£

2022
£

Other debtors

4,145

400

4,145

400

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

6,000

-

Taxation and social security

 

6,890

2,451

Accruals and deferred income

 

1,430

1,300

Other creditors

 

57,791

104,097

 

72,111

107,848

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

8,500

32,708

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

-

13,943

Other borrowings

8,500

18,765

8,500

32,708

 

Oak Retirement Limited

Notes to the Unaudited Financial Statements
Year Ended 31 December 2023

Current loans and borrowings

2023
£

2022
£

Bank borrowings

6,000

-