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Registration number: 01788474

Oakmove Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Oakmove Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Oakmove Limited

Company Information

Directors

GJ Ardley

SC Foreman

JR Ardley

GD Foreman

Company secretary

GJ Ardley

Registered office

Cherry Cottage
Crete Road West
Folkestone
Kent
CT18 7AA

Accountants

Beresfords
Chartered Certified Accountants
1-2 Rhodium Point
Spindle Close
Hawkinge
Folkestone
Kent
CT18 7TQ

 

Oakmove Limited

(Registration number: 01788474)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

10,047

7

Investment property

5

700,000

650,000

Investments

6

-

1,000

Other financial assets

7

10,000

10,000

 

720,047

661,007

Current assets

 

Debtors

8

22,639

16,944

Cash at bank and in hand

 

2,766

12,369

 

25,405

29,313

Creditors: Amounts falling due within one year

9

(73,770)

(96,745)

Net current liabilities

 

(48,365)

(67,432)

Total assets less current liabilities

 

671,682

593,575

Creditors: Amounts falling due after more than one year

9

(6,792)

(15,493)

Provisions for liabilities

11

(77,680)

(63,577)

Net assets

 

587,210

514,505

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

67,088

67,088

Retained earnings

520,022

447,317

Shareholders' funds

 

587,210

514,505

 

Oakmove Limited

(Registration number: 01788474)
Balance Sheet as at 30 April 2024 (continued)

For the financial year ending 30 April 2024 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 October 2024 and signed on its behalf by:
 

.........................................
GJ Ardley
Company secretary and director

.........................................
GD Foreman
Director

 
     
 

Oakmove Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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:
Cherry Cottage
Crete Road West
Folkestone
Kent
CT18 7AA
England

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Oakmove Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Plant & Machinery

15% on cost

Fixtures & Fittings

10% on cost

Office Equipment

20% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

Oakmove Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

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 merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

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 subsequently measured at amortised cost using the effective interest method.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Oakmove Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

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 (2023 - 4).

 

Oakmove Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 May 2023

62,060

17,920

3,504

83,484

Additions

10,356

-

390

10,746

At 30 April 2024

72,416

17,920

3,894

94,230

Depreciation

At 1 May 2023

62,053

17,920

3,504

83,477

Charge for the year

654

-

52

706

At 30 April 2024

62,707

17,920

3,556

84,183

Carrying amount

At 30 April 2024

9,709

-

338

10,047

At 30 April 2023

7

-

-

7

5

Investment properties

2024
£

At 1 May

650,000

Fair value adjustments

50,000

At 30 April

700,000


A valuation of the land and buildings was performed on 18 June 2021 by Motis Estates on a market value basis in the sum of £642,500. The directors used the same valuation method and concluded on a small increase in the valuation at 30 April 2022. The market value has been reviewed by Motis Estates on a market value basis at 30 April 2024 at the sum of £700,000.

 

Oakmove Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

6

Investments

2024
£

2023
£

Investments in subsidiaries

-

1,000

Subsidiaries

£

Cost or valuation

At 1 May 2023

1,000

Disposals

(1,000)

At 30 April 2024

-

Provision

Carrying amount

At 30 April 2024

-

At 30 April 2023

1,000

7

Other financial assets (current and non-current)

Unlisted shares
£

Total
£

Non-current financial assets

Cost or valuation

At 1 May 2023

10,000

10,000

At 30 April 2024

10,000

10,000

Impairment

Carrying amount

At 30 April 2024

10,000

10,000

At 30 April 2023

10,000

10,000

 

Oakmove Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

8

Debtors

Current

2024
£

2023
£

Trade debtors

16,995

11,385

Prepayments

3,207

3,620

Other debtors

2,437

1,939

 

22,639

16,944

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

36,448

23,784

Trade creditors

 

4,886

4,068

Amounts owed to group undertakings and undertakings in which the company has a participating interest

-

4,944

Accruals and deferred income

 

7,631

7,590

Other creditors

 

24,805

56,359

 

73,770

96,745

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

6,792

15,493


Creditors include bank loans repayable by instalments of £1,636 (2023 - £9,587) due after more than five years.

 

Oakmove Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

6,792

15,493

Current loans and borrowings

2024
£

2023
£

Bank borrowings

1,289

1,477

Directors current account

35,159

22,307

36,448

23,784


Bank borrowings
There is a fixed charge over the freehold at the investment property and its associated assets.

11

Provisions for liabilities

Deferred tax
£

Total
£

At 1 May 2023

63,577

63,577

Increase (decrease) in existing provisions

14,103

14,103

At 30 April 2024

77,680

77,680