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Registration number: 13397593

Prepared for the registrar

Oakland Central Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Oakland Central Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Oakland Central Limited

Company Information

Directors

J L Balmer

R Dooley

J H Sage

Registered office

Lambwood Heights
244 Lambourne Road
Chigwell
Essex
IG7 6HX

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Oakland Central Limited

(Registration number: 13397593)
Balance Sheet as at 31 December 2023

Note

2023
 £ 000

2022
 £ 000

Fixed assets

 

Tangible assets

5

171

173

Current assets

 

Debtors

6

4,963

3,497

Cash at bank and in hand

 

193

50

 

5,157

3,546

Creditors: Amounts falling due within one year

7

(4,806)

(3,323)

Net current assets

 

350

223

Net assets

 

522

397

Capital and reserves

 

Called up share capital

-

-

Profit and loss account

522

397

Total equity

 

522

397

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 9 August 2024 and signed on its behalf by:
 


J H Sage
Director

 

Oakland Central Limited

Notes to the Financial Statements for the 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:
Lambwood Heights
244 Lambourne Road
Chigwell
Essex
IG7 6HX

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest £1,000.

Name of parent of group

These financial statements are consolidated in the financial statements of Gibson Topco Limited.

The financial statements of Gibson Topco Limited may be obtained from Companies House.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

The revenue shown in the profit and loss account represents amounts receivable in respect of the provision of management services to subsidiary undertakings. Revenue is recognised on an accruals basis.

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, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% straight line

Computer equipment

33% straight line

 

Oakland Central Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Oakland Central Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Impairment
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 profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:


 

The company bore the auditors fees for all other related undertakings as well as its own.

 

Oakland Central Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

 

5

Tangible assets

Furniture, fittings and equipment
 £ 000

Cost

At 1 January 2023

241

Additions

55

At 31 December 2023

296

Depreciation

At 1 January 2023

68

Charge for the year

57

At 31 December 2023

125

Carrying amount

At 31 December 2023

171

At 31 December 2022

173

 

6

Debtors

2023
 £ 000

2022
 £ 000

Trade debtors

7

5

Amounts owed by group undertakings

4,861

3,417

Other debtors

3

-

Prepayments

93

75

 

4,963

3,497

Amounts owed by group undertakings bear interest at 5% (2022 - 1.0525%) and are repayable on demand.

 

7

Creditors

2023
 £ 000

2022
 £ 000

Due within one year

Trade creditors

89

138

Amounts due to group undertakings

4,093

2,723

Social security and other taxes

28

57

Outstanding defined contribution pension costs

13

12

Accrued expenses

584

393

4,806

3,323

Amounts due to group undertakings bear interest at 5% (2022 - 1.0525%) and are repayable on demand.

 

Oakland Central Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£ 000

2022
£ 000

Not later than one year

36

2

The amount of non-cancellable operating lease payments recognised as an expense during the year was £63,952 (2022 - £25,240).

 

9

Parent and ultimate parent undertaking

The company's immediate parent is Gibson Bidco Limited, incorporated in England and Wales.

 The ultimate parent is Gibson Topco Limited, incorporated in England and Wales.

 There is considered to be no single ultimate controlling party.

Gibson Topco Limited is the parent undertaking of the largest and smallest group of undertakings to consolidate these financial statements at 31 December 2023. A copy of the consolidated financial statements can be obtained from Companies House.

 

10

Audit report

As permitted by Section 444 CA 2006, these accounts do not contain a copy of the company's Profit and Loss account or a copy of the Directors' Report. Accordingly, the Independent Auditors Report has also been omitted. The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 9 August 2024 was Simon Worsley, who signed for and on behalf of Hazlewoods LLP.