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Registered number: 08082430
Oakfield Hospitality Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Linggard and Thomas
Kew An Lergh
Stret Mygthern Arrthur
Nansledan
TR8 4UX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08082430
2024 2023
Notes £ £ £ £
FIXED ASSETS
Investments 4 1,968,196 1,968,196
1,968,196 1,968,196
CURRENT ASSETS
Debtors 5 541,381 653,257
Cash at bank and in hand 109 130
541,490 653,387
Creditors: Amounts Falling Due Within One Year 6 (395,725 ) (431,580 )
NET CURRENT ASSETS (LIABILITIES) 145,765 221,807
TOTAL ASSETS LESS CURRENT LIABILITIES 2,113,961 2,190,003
Creditors: Amounts Falling Due After More Than One Year 7 (2,007,559 ) (2,083,810 )
NET ASSETS 106,402 106,193
CAPITAL AND RESERVES
Called up share capital 9 101 101
Profit and Loss Account 106,301 106,092
SHAREHOLDERS' FUNDS 106,402 106,193
Page 1
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For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Nicholas Rudlin
Director
31/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Oakfield Hospitality Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08082430 . The registered office is Merchants Manor Hotel, 1 Western Terrace, Falmouth, Cornwall, TR11 4QJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. 
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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2.4. Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are 
recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. 
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Investments
Subsidiaries
£
Cost
As at 1 February 2023 1,968,196
As at 31 January 2024 1,968,196
Provision
As at 1 February 2023 -
As at 31 January 2024 -
Net Book Value
As at 31 January 2024 1,968,196
As at 1 February 2023 1,968,196
5. Debtors
2024 2023
£ £
Due within one year
Amounts owed by group undertakings 541,381 653,257
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 77,032 77,813
Other creditors 318,668 353,742
Taxation and social security 25 25
395,725 431,580
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Page 5
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 2,007,559 -
Other loans - 2,083,810
2,007,559 2,083,810
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
£ £
Bank loans 1,699,432 1,772,558
8. Secured Creditors
Of the creditors the following amounts are secured by fixed and floating charges over the company's assets and the property owned by the subsidiary Merchants Manor Limited.
2024 2023
£ £
Bank loans and overdrafts 2,084,590 2,161,623
9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
30 Ordinary A shares of £ 1.00 each 30 30
30 Ordinary B shares of £ 1.00 each 30 30
30 Ordinary C shares of £ 1.00 each 30 30
114 Ordinary D shares of £ 0.10 each 11 11
101 101
Page 5