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COMPANY REGISTRATION NUMBER: 05155235
OAKWOOD HOMES ESTATE AGENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
31 December 2023
OAKWOOD HOMES ESTATE AGENTS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
CONTENTS
PAGE
Officers and Professional Advisers
1
Directors' Report
2
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements
4
Statement of Income and Retained Earnings
5
Statement of Financial Position
6
Notes to the Financial Statements
8
OAKWOOD HOMES ESTATE AGENTS LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
NC Roud
D Cronin
TR Dickinson
A Dickinson
Company secretary
Mr A Dickinson
Registered office
Stockwell House
Cecil Square
Margate
Kent
CT9 1BD
Accountants
Neville Weston
Chartered Certified Accountants
3 High Street
St Lawrence
Ramsgate
Kent
CT11 0QL
OAKWOOD HOMES ESTATE AGENTS LIMITED
DIRECTORS' REPORT
YEAR ENDED 31 DECEMBER 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2023 .
Directors
The directors who served the company during the year were as follows:
NC Roud
D Cronin
TR Dickinson
A Dickinson
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 25 September 2024 and signed on behalf of the board by:
A Dickinson
Director
Registered office:
Stockwell House
Cecil Square
Margate
Kent
CT9 1BD
OAKWOOD HOMES ESTATE AGENTS LIMITED
CHARTERED CERTIFIED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF OAKWOOD HOMES ESTATE AGENTS LIMITED
YEAR ENDED 31 DECEMBER 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 December 2023, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Neville Weston Chartered Certified Accountants
3 High Street St Lawrence Ramsgate Kent CT11 0QL
25 September 2024
OAKWOOD HOMES ESTATE AGENTS LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
YEAR ENDED 31 DECEMBER 2023
2023
2022
Note
£
£
TURNOVER
1,704,950
2,136,264
-------------
-------------
GROSS PROFIT
1,704,950
2,136,264
Administrative expenses
1,718,495
1,808,478
-------------
-------------
OPERATING (LOSS)/PROFIT
( 13,545)
327,786
Interest payable and similar expenses
16,665
13,452
-------------
-------------
(LOSS)/PROFIT BEFORE TAXATION
5
( 30,210)
314,334
Tax on (loss)/profit
59,567
---------
----------
(LOSS)/PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME
( 30,210)
254,767
---------
----------
RETAINED EARNINGS/(LOSSES) AT THE START OF THE YEAR (AS PREVIOUSLY REPORTED)
155,853
( 98,914)
Effects of changes in accounting policies
(121,649)
----------
---------
RETAINED EARNINGS/(LOSSES) AT THE START OF THE YEAR (RESTATED)
34,204
( 98,914)
---------
----------
RETAINED EARNINGS AT THE END OF THE YEAR
3,994
155,853
---------
----------
All the activities of the company are from continuing operations.
OAKWOOD HOMES ESTATE AGENTS LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
FIXED ASSETS
Intangible assets
6
763,222
657,618
Tangible assets
7
19,348
22,763
----------
----------
782,570
680,381
CURRENT ASSETS
Debtors
8
1,826
68,346
Cash at bank and in hand
222,563
-------
----------
1,826
290,909
CREDITORS: amounts falling due within one year
9
205,195
245,139
----------
----------
NET CURRENT (LIABILITIES)/ASSETS
( 203,369)
45,770
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
579,201
726,151
CREDITORS: amounts falling due after more than one year
10
144,207
139,298
----------
----------
NET ASSETS
434,994
586,853
----------
----------
CAPITAL AND RESERVES
Called up share capital
431,000
431,000
Profit and loss account
3,994
155,853
----------
----------
SHAREHOLDERS FUNDS
434,994
586,853
----------
----------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
OAKWOOD HOMES ESTATE AGENTS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
A Dickinson
Director
Company registration number: 05155235
OAKWOOD HOMES ESTATE AGENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Stockwell House, Cecil Square, Margate, Kent, CT9 1BD.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of Preparation
The accounts have been prepared on a going concern basis on the assumption of the continuing support of the directors and HSBC Bank Plc.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
15% reducing balance
Fixtures and Fitting
-
15% reducing balance
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 17 (2022: 17 ).
5. PROFIT BEFORE TAXATION
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
3,415
4,016
Impairment of intangible assets
28,750
---------
-------
6. INTANGIBLE ASSETS
Goodwill
Development costs
Total
£
£
£
Cost
At 1 January 2023
628,868
28,750
657,618
Additions
134,354
134,354
----------
---------
----------
At 31 December 2023
763,222
28,750
791,972
----------
---------
----------
Amortisation
Charge for the year
Disposals
28,750
28,750
----------
---------
----------
At 31 December 2023
28,750
28,750
----------
---------
----------
Carrying amount
At 31 December 2023
763,222
763,222
----------
---------
----------
At 31 December 2022
628,868
28,750
657,618
----------
---------
----------
7. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
82,178
117,142
199,320
---------
----------
----------
Depreciation
At 1 January 2023
74,841
101,716
176,557
Charge for the year
1,101
2,314
3,415
---------
----------
----------
At 31 December 2023
75,942
104,030
179,972
---------
----------
----------
Carrying amount
At 31 December 2023
6,236
13,112
19,348
---------
----------
----------
At 31 December 2022
7,337
15,426
22,763
---------
----------
----------
8. DEBTORS
2023
2022
£
£
Trade debtors
1,826
48,446
Amounts owed by group undertakings and undertakings in which the company has a participating interest
30,862
Other debtors
( 10,962)
-------
---------
1,826
68,346
-------
---------
9. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
25,793
2,062
Trade creditors
23,860
89,057
Corporation tax
28,939
59,445
Social security and other taxes
96,627
50,826
Other creditors
29,976
43,749
----------
----------
205,195
245,139
----------
----------
HSBC hold a debenture over the assets of Oakwood Homes Estate Agents Ltd in relation to the bank loans and overdraft facility.
10. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
144,207
139,298
----------
----------
11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES