Oaktree Farm Care Limited
Registered number: 07985122
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 382,553 450,484
Current assets
Debtors 4 78,432 89,255
Cash at bank and in hand 14,430 32,441
92,862 121,696
Creditors: amounts falling due within one year 5 (140,587) (185,393)
Net current liabilities (47,725) (63,697)
Net assets 334,828 386,787
Capital and reserves
Called up share capital 1 1
Profit and loss account 334,827 386,786
Shareholder's funds 334,828 386,787
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A J Churcher
Director
Approved by the board on 26 November 2024
Oaktree Farm Care Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings Not provided
Plant and machinery over 4 years
Motor Vehicles over 6 years
Fixtures, fittings, tools and equipment over 10 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 30 26
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 59,250 455,987 404,906 920,143
Additions - 300 - 300
At 31 March 2024 59,250 456,287 404,906 920,443
Depreciation
At 1 April 2023 - 243,247 226,412 469,659
Charge for the year - 31,301 36,930 68,231
At 31 March 2024 - 274,548 263,342 537,890
Net book value
At 31 March 2024 59,250 181,739 141,564 382,553
At 31 March 2023 59,250 212,740 178,494 450,484
4 Debtors 2024 2023
£ £
Trade debtors 62,579 73,402
Other debtors 15,853 15,853
78,432 89,255
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors - (1,540)
Corporation tax 1,870 6,842
Other taxes and social security costs 12,677 9,517
Other creditors 126,040 170,574
140,587 185,393
6 Other information
Oaktree Farm Care Limited is a private company limited by shares and incorporated in England. Its registered office is:
Oaktree Farm
Copsale Road
Copsale Road
West Sussex
RH13 6QT
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