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Registration number: 09372347

Oak First Investments Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Oak First Investments Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Oak First Investments Ltd

(Registration number: 09372347)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1,850

4,070

Tangible assets

5

1,442,468

1,258,465

Other financial assets

6

152

50

 

1,444,470

1,262,585

Current assets

 

Stocks

7

142,174

-

Debtors

8

971,227

696,074

Cash at bank and in hand

 

281,578

743,998

 

1,394,979

1,440,072

Creditors: Amounts falling due within one year

9

(968,053)

(1,001,696)

Net current assets

 

426,926

438,376

Total assets less current liabilities

 

1,871,396

1,700,961

Creditors: Amounts falling due after more than one year

9

(353,436)

(369,180)

Provisions for liabilities

(172,088)

(205,208)

Net assets

 

1,345,872

1,126,573

Capital and reserves

 

Called up share capital

102

102

Retained earnings

1,345,770

1,126,471

Shareholders' funds

 

1,345,872

1,126,573

 

Oak First Investments Ltd

(Registration number: 09372347)
Balance Sheet as at 31 January 2024

For the financial 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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 31 October 2024
 

W Lang
Director

   
     
 

Oak First Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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:
Unit 10 Mulberry Court
Lustleigh Close
Exeter
Devon
EX2 8PW

These financial statements were authorised for issue by the director on 31 October 2024.

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

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 group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group 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 group's activities.

Tax

The tax expense for the period comprises current and 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.

 

Oak First Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

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

Furniture, fittings and equipment

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

33% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software Development costs

20% straight line

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.

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 group will not be able to collect all amounts due according to the original terms of the receivables.

 

Oak First Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the group 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 group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract.

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.

 

Oak First Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Dividends

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group 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 the director) during the year was 5 (2023 - 5).

4

Intangible assets

Internally generated software development costs
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 February 2023

11,100

-

11,100

Additions acquired separately

-

8,400

8,400

Disposals

-

(8,400)

(8,400)

At 31 January 2024

11,100

-

11,100

Amortisation

At 1 February 2023

7,030

-

7,030

Amortisation charge

2,220

-

2,220

At 31 January 2024

9,250

-

9,250

Carrying amount

At 31 January 2024

1,850

-

1,850

At 31 January 2023

4,070

-

4,070

 

Oak First Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

5

Tangible assets

Furniture, fittings and equipment
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

6,790

44,059

1,795,790

1,846,639

Additions

-

315

950,618

950,933

Disposals

-

-

(375,510)

(375,510)

At 31 January 2024

6,790

44,374

2,370,898

2,422,062

Depreciation

At 1 February 2023

679

26,024

561,471

588,174

Charge for the year

611

6,056

474,891

481,558

Eliminated on disposal

-

-

(90,138)

(90,138)

At 31 January 2024

1,290

32,080

946,224

979,594

Carrying amount

At 31 January 2024

5,500

12,294

1,424,674

1,442,468

At 31 January 2023

6,111

18,035

1,234,319

1,258,465

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 February 2023

50

50

Additions

102

102

At 31 January 2024

152

152

Carrying amount

At 31 January 2024

152

152

7

Stocks

2024
£

2023
£

Other inventories

142,174

-

 

Oak First Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

8

Debtors

2024
£

2023
£

Trade debtors

193,307

511,082

Other debtors

763,461

159,423

Prepayments

14,459

25,569

971,227

696,074

9

Creditors

Due within one year

Note

2024
£

2023
£

 

Loans and borrowings

10

321,096

337,272

Trade creditors

 

202,797

222,275

Social security and other taxes

 

28,526

32,262

Other creditors

 

192,499

240,960

Accruals

 

8,067

4,500

Corporation tax liability

215,068

164,427

 

968,053

1,001,696

Due after one year

 

Loans and borrowings

10

353,436

369,180

 

Oak First Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

353,436

369,180

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

4,076

1,124

Hire purchase contracts

317,020

336,148

321,096

337,272

The hire purchase contracts are secured against the assets to which they relate.

 

Oak First Investments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

11

Related party transactions

Summary of transactions with entities with joint control or significant interest

The company has taken advantage of the exemption available in FRS 102 whereby it has not disclosed transactions or balances with any wholly owned subsidiary undertaking of the group.


During the period an associated limited company made a loan to the company. No interest is charged on this loan. At the balance sheet date the amount due to the associated limited company was £104,405 (2023 - £229,757.)

During the period a limited company in which the director is a person of significant control received a loan from the company. No interest is charged on this loan. At the balance sheet date the amount due from the limited company in which the director is a person of significant control was £74,365 (2023 - £74,365.)

 

Loans to related parties

2024

Key management
£

Total
£

At start of period

84,184

84,184

Advanced

154,320

154,320

Repaid

(141,200)

(141,200)

At end of period

97,304

97,304

2023

Key management
£

Total
£

At start of period

382

382

Advanced

210,901

210,901

Repaid

(127,099)

(127,099)

At end of period

84,184

84,184

Terms of loans to related parties

All loans made to directors have interest charged of 2.25% and are repayable on demand.