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REGISTERED NUMBER: 09504799 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

OAKS ESTATE AGENT LTD

OAKS ESTATE AGENT LTD (REGISTERED NUMBER: 09504799)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


OAKS ESTATE AGENT LTD

Company Information
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: G Okafor





REGISTERED OFFICE: 270 Streatham High Road
London
SW16 6HE





REGISTERED NUMBER: 09504799 (England and Wales)





ACCOUNTANTS: Melinek Fine LLP
Chartered Accountants
First Floor, Winston House
349 Regents Park Road
London
N3 1DH

OAKS ESTATE AGENT LTD (REGISTERED NUMBER: 09504799)

Balance Sheet
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 8,680 11,286

CURRENT ASSETS
Debtors 5 239,830 157,963
Cash at bank 61,080 234,116
300,910 392,079
CREDITORS
Amounts falling due within one year 6 395,412 381,676
NET CURRENT (LIABILITIES)/ASSETS (94,502 ) 10,403
TOTAL ASSETS LESS CURRENT
LIABILITIES

(85,822

)

21,689

CREDITORS
Amounts falling due after more than one
year

7

47,934

62,962
NET LIABILITIES (133,756 ) (41,273 )

CAPITAL AND RESERVES
Called up share capital 1 1
Profit and loss account (133,757 ) (41,274 )
(133,756 ) (41,273 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 January 2025 and were signed by:





G Okafor - Director


OAKS ESTATE AGENT LTD (REGISTERED NUMBER: 09504799)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Oaks Estate Agent Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:

Fixtures and fittings - 20% reducing balance
Computer equipment - 33% reducing balance

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual
provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current asset investments, represented by listed investments, are subsequently recognised at market value.

Debt instruments are subsequently measured at amortised cost unless they are classified as receivable within one year in which case they are measured at the undiscounted amount of the cash or other consideration expected to be received net of impairment.

Financial liabilities that are classified as payable within one year are measured at the undiscounted amount of the cash or other consideration expected to be paid.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an
enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset or settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


OAKS ESTATE AGENT LTD (REGISTERED NUMBER: 09504799)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 9 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 34,783
DEPRECIATION
At 1 April 2023 23,497
Charge for year 2,606
At 31 March 2024 26,103
NET BOOK VALUE
At 31 March 2024 8,680
At 31 March 2023 11,286

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings - 180
Other debtors 239,830 157,783
239,830 157,963

OAKS ESTATE AGENT LTD (REGISTERED NUMBER: 09504799)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 14,905 16,373
Trade creditors 29,334 18,028
Amounts owed to group undertakings 34,248 24,777
Taxation and social security 98,235 88,497
Other creditors 218,690 234,001
395,412 381,676

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 47,934 62,962

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year advances were provided to the director and as at 31/03/2024 a balance of £223,528 (2023 - £137,140) was outstanding. Interest charged on the overdrawn director loan was £4,919 (2023 - £7,763). The interest rate was at 2.25% per annum.