2023-01-012023-12-312023-12-31false04764454Oakdale Farms 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Oakdale Farms Limited

Registered Number
04764454
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

Oakdale Farms Limited
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

Dr Leon Roger Furlong
Sally Elvina Furlong

Company Secretary

Sally Elvina Furlong

Registered Address

York House Thornfield Business Park
Standard Way Business Park
Northallerton
DL6 2XQ

Registered Number

04764454 (England and Wales)
Oakdale Farms Limited
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3369,244416,832
Investment property45,341,7815,651,659
5,711,0256,068,491
Current assets
Debtors55,071,7594,663,169
Current asset investments6100100
Cash at bank and on hand-252,730
5,071,8594,915,999
Creditors amounts falling due within one year7(370,193)(444,020)
Net current assets (liabilities)4,701,6664,471,979
Total assets less current liabilities10,412,69110,540,470
Creditors amounts falling due after one year8(3,258,006)(3,389,547)
Provisions for liabilities9(750,439)(803,023)
Net assets6,404,2466,347,900
Capital and reserves
Called up share capital3,0003,000
Revaluation reserve2,029,9572,211,361
Profit and loss account4,371,2894,133,539
Shareholders' funds6,404,2466,347,900
The financial statements were approved and authorised for issue by the Board of Directors on 18 September 2024, and are signed on its behalf by:
Dr Leon Roger Furlong
Director
Registered Company No. 04764454
Oakdale Farms Limited
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery10
Fixtures and fittings10
Vehicles25
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Financial instruments
Investments in subsidiaries are measured at cost less accumulated impairment. Investment in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investment in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.
2.Average number of employees

20232022
Average number of employees during the year22
3.Tangible fixed assets

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 January 231,157,50344,224341,1532,1301,545,010
Additions---493493
Disposals(14,000)---(14,000)
At 31 December 231,143,50344,224341,1532,6231,531,503
Depreciation and impairment
At 01 January 23858,92230,348237,9489601,128,178
Charge for year29,5864,57910,32087445,359
On disposals(11,278)---(11,278)
At 31 December 23877,23034,927248,2681,8341,162,259
Net book value
At 31 December 23266,2739,29792,885789369,244
At 31 December 22298,58113,876103,2051,170416,832
4.Investment property
The 2016 valuations were made by George F White & Co, on an open market value for existing use basis. As well as the Investment property amounts above, there is also £100 (2022: £100) Investment in subsidiary companies.

£
Fair value at 01 January 235,651,659
Disposals(309,878)
At 31 December 235,341,781
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables-38,888
Other debtors5,067,8004,624,281
Prepayments and accrued income3,959-
Total5,071,7594,663,169
6.Current asset investments
7.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables11,3103,126
Bank borrowings and overdrafts148,658127,253
Taxation and social security158,258261,874
Accrued liabilities and deferred income51,96751,767
Total370,193444,020
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Bank borrowings are secured by fixed and floating charges over the company's assets.
8.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts3,258,0063,389,547
Total3,258,0063,389,547
Bank borrowings are secured by fixed and floating charges over the company's assets. Included in the bank loans falling due after more than one year are amounts payable after more than five years of £2,674,965 (2022: £2,828,944).
9.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)750,439803,023
Total750,439803,023
10.Directors advances, credits and guarantees
At the beginning of the year £231,272 (2022: £149,693) was owed by the director to the company. During the year advancements of £5,365 (2022: £77,051) were made. At the balance sheet date the amount owed by the director to the company amount to £236,637 (2022: £231,272). This amount includes interest charged at the HMRC recommended rate. The amount is included in other debtors.
11.Related party transactions
The Company has taken advantage of the exemption contained in Section 33 of FRS 102 "Related Party Disclosures" from disclosing transactions with related parties which are on an arms length basis.