Company Registration No. 14634078 (England and Wales)
OAKCLOUGH FINANCE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 MARCH 2024
31 March 2024
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
OAKCLOUGH FINANCE LIMITED
COMPANY INFORMATION
Directors
Mr M C Flynn
(Appointed 2 February 2023)
Ms M F Moser
(Appointed 2 February 2023)
Company number
14634078
Registered office
Sterling House
Waterfold Business Park
Bury
England
BL9 7BR
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
OAKCLOUGH FINANCE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
OAKCLOUGH FINANCE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
Notes
£
£
Current assets
Debtors
3
2,093,634
Cash at bank and in hand
19,818
2,113,452
Creditors: amounts falling due within one year
4
(1,992,233)
Net current assets
121,219
Capital and reserves
Called up share capital
100
Profit and loss reserves
121,119
Total equity
121,219
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 4 October 2024 and are signed on its behalf by:
Mr M C Flynn
Director
Company registration number 14634078 (England and Wales)
OAKCLOUGH FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Oakclough Finance Limited is a private company limited by shares incorporated in England and Wales. The registered office is Sterling House, Waterfold Business Park, Bury, England, BL9 7BR.
1.1
Reporting period
The financial statements are presented for a period longer than one year due to the company aligning its year end with other mutual companies of the director.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover represents interest income and fees on amounts receivable from customers. Interest income is calculated using the effective interest method which allocates the income over the life of the loan. Other fee income is recognised at the point when these fees become applicable to a specific loan agreement, for example on arrangement or at the point of customer default.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, these being amounts recoverable from customers and loans from funders.
Financial instruments are accounted for in accordance with section 11 of FRS102.
Basic financial assets
Loans receivable are measured initially at transaction price and are measured subsequently at amortised cost using the effective interest method, less any provision for loan defaults. The effective interest method allocates the interest over the life of an instrument at a constant rate, based on its carrying amount.
At each reporting date financial assets are reviewed for evidence of impairment such as default or delinquency in repayments. If objective evidence of impairment is found an impairment loss is recognised in the income statement.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
OAKCLOUGH FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Number
Total
2
3
Debtors
2024
Amounts falling due within one year:
£
Other debtors
1,357,634
2024
Amounts falling due after more than one year:
£
Other debtors
736,000
Total debtors
2,093,634
OAKCLOUGH FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 4 -
4
Creditors: amounts falling due within one year
2024
£
Taxation and social security
39,783
Other creditors
1,952,450
1,992,233