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Oldfield Industries Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 May 2024

Registration number: 02935372

 

Oldfield Industries Limited

Balance Sheet

31 May 2024

Note

31 May
2024
£ 000

31 May
2023
£ 000

Fixed assets

 

Tangible assets

4

133

133

Current assets

 

Cash at bank and in hand

 

2

2

Creditors: Amounts falling due within one year

5

(57)

(57)

Net current liabilities

 

(55)

(55)

Net assets

 

78

78

Capital and reserves

 

Called up share capital

6

2

2

Share premium reserve

74

74

Profit and loss account

2

2

Shareholders' funds

 

78

78

 

Oldfield Industries Limited

Balance Sheet

31 May 2024

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 16 January 2025 and signed on its behalf by:
 

.........................................
R N V Mead
Director

Company Registration Number: 02935372

 

Oldfield Industries Limited

Notes to the Unaudited Financial Statements

Year Ended 31 May 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:
Unit 4A
Severn View Industrial Estate
Central Avenue
Hallen
Bristol
BS10 7SD

These financial statements were authorised for issue by the Board on 16 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 - 'The Financial Reporting Standard applicable in the UK 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.

Going concern

The directors consider that the company has sufficient resources availble in terms of related party funding to justify preparing the financial statements on a going concern basis. In reaching this conclusion the directors have taken into account the lasting impacts of Covid-19.

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

Land and buildings

Not depreciated

 

Oldfield Industries Limited

Notes to the Unaudited Financial Statements

Year Ended 31 May 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

 

Oldfield Industries Limited

Notes to the Unaudited Financial Statements

Year Ended 31 May 2024

4

Tangible assets

Land and buildings
£ 000

Total
£ 000

Cost or valuation

At 1 June 2023

133

133

At 31 May 2024

133

133

Depreciation

Carrying amount

At 31 May 2024

133

133

At 31 May 2023

133

133

Included within the net book value of land and buildings above is £132,973 (2023 - £132,973) in respect of freehold land and buildings.
 

5

Creditors

31 May
2024
£ 000

31 May
2023
£ 000

Due within one year

Amounts due to group undertakings

56

56

Accruals

1

1

57

57

6

Share capital

Allotted, called up and fully paid shares

 

31 May
2024

31 May
2023

 

No. 000

£ 000

No. 000

£ 000

Ordinary A of £0.10 each

10

1

10

1

Ordinary B of £0.10 each

10

1

10

1

 

20

2

20

2