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Registration number: 05783986

Oak Technology Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Oak Technology Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Oak Technology Limited

Company Information

Directors

Mr S Richardson

Mrs J Richardson

Company secretary

Mrs J Richardson

Registered office

Midway House
Herrick Way
Staverton
Cheltenham
GL51 6TQ

Accountants

Harbour Key Limited Midway House
Herrick Way
Staverton
Cheltenham
GL51 6TQ

 

Oak Technology Limited

(Registration number: 05783986)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

7,631

10,707

Current assets

 

Debtors

5

12,984

26,424

Cash at bank and in hand

 

163,914

101,278

 

176,898

127,702

Creditors: Amounts falling due within one year

6

(63,708)

(55,060)

Net current assets

 

113,190

72,642

Total assets less current liabilities

 

120,821

83,349

Provisions for liabilities

(1,908)

(2,677)

Net assets

 

118,913

80,672

Capital and reserves

 

Called up share capital

1

1

Retained earnings

118,912

80,671

Shareholders' funds

 

118,913

80,672

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 and 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.

 

Oak Technology Limited

(Registration number: 05783986)
Balance Sheet as at 30 April 2024

Approved and authorised by the Board on 14 January 2025 and signed on its behalf by:
 

.........................................
Mr S Richardson
Director

.........................................
Mrs J Richardson
Company secretary and director

 

Oak Technology 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 & Wales.

The address of its registered office is:
Midway House
Herrick Way
Staverton
Cheltenham
GL51 6TQ
England

These financial statements were authorised for issue by the Board on 14 January 2025.

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.

The presentational currency of the financial statements is British Pound £, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are round to the nearest £.

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 current and deferred tax. Tax is recognised in the profit or loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 company operates and generates taxable income.

 

Oak Technology Limited

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profits.

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

Office equipment & software

33.3% straight line

Fixtures, fittings & equipment

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.

Trade debtors

Trade debtors are amounts due from customers for goods 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.

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 Technology Limited

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

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.

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 - 3).

4

Tangible assets

Furniture, fittings and equipment
 £

Office equipment & software
£

Total
£

Cost or valuation

At 1 May 2023

5,924

45,067

50,991

Additions

-

2,709

2,709

At 30 April 2024

5,924

47,776

53,700

Depreciation

At 1 May 2023

662

39,622

40,284

Charge for the year

1,185

4,600

5,785

At 30 April 2024

1,847

44,222

46,069

Carrying amount

At 30 April 2024

4,077

3,554

7,631

At 30 April 2023

5,262

5,445

10,707

5

Debtors

Current

2024
£

2023
£

Trade debtors

12,161

24,654

Prepayments

382

833

Other debtors

441

937

 

12,984

26,424

 

Oak Technology Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

2,564

427

Taxation and social security

 

17,139

18,718

Other creditors

7

44,005

35,915

 

63,708

55,060

7

Related party transactions

Transactions with directors

At the balance sheet date, the company owed a director £561 (2023: £374). There are no repayment terms or interest charged on the outstanding amount.