Company registration number 13721570 (England and Wales)
OAK ROAD (2021) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
OAK ROAD (2021) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
OAK ROAD (2021) LTD
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,779
21,519
Investment property
4
388,241
435,000
396,020
456,519
Current assets
Debtors
5
4,752
5,998
Cash at bank and in hand
14,407
3,182
19,159
9,180
Creditors: amounts falling due within one year
6
(33,505)
(37,290)
Net current liabilities
(14,346)
(28,110)
Total assets less current liabilities
381,674
428,409
Creditors: amounts falling due after more than one year
7
(385,689)
(387,558)
Provisions for liabilities
(1,478)
(10,385)
Net (liabilities)/assets
(5,493)
30,466
Capital and reserves
Called up share capital
100
100
Non-distributable profits reserve
8
26,899
Distributable profit and loss reserves
(5,593)
3,467
Total equity
(5,493)
30,466
OAK ROAD (2021) LTD
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 2 -
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 29 January 2025 and are signed on its behalf by:
Mr M Collett
Mrs D A Collett
Director
Director
Company registration number 13721570 (England and Wales)
OAK ROAD (2021) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information
Oak Road (2021) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Summit, Woodwater Park, Pynes Hill, Exeter, United Kingdom, EX2 5WS.
1.1
Reporting period
The comparative financial statements cover a period longer than 12 months. They are therefore not entirely comparable with the current period.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.3
Going concern
The company meets its day to day working capital requirements through continued financial support from the directors. On the basis of continued support from the directors, the board consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of this loan.true
1.4
Turnover
Turnover consists of rent received or receivable for company investment properties. Turnover is adjusted for accrued and deferred income as appropriate.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% per annum on cost
Fixtures and fittings
10% per annum on cost
IT equipment
20% per annum on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
OAK ROAD (2021) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Equity instruments
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
OAK ROAD (2021) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023
23,089
Additions
694
Disposals
(13,241)
At 30 April 2024
10,542
Depreciation and impairment
At 1 May 2023
1,570
Depreciation charged in the year
2,076
Eliminated in respect of disposals
(883)
At 30 April 2024
2,763
Carrying amount
At 30 April 2024
7,779
At 30 April 2023
21,519
4
Investment property
2024
£
Fair value
At 1 May 2023
435,000
Additions
388,241
Disposals
(435,000)
At 30 April 2024
388,241
The company investment property was sold during the year. As at the balance sheet date, investment properties comprise of two residential properties.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,985
Other debtors
4,752
2,013
4,752
5,998
OAK ROAD (2021) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
23
2,737
Taxation and social security
5,051
Other creditors
28,431
34,553
33,505
37,290
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
385,689
387,558
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
282,305
290,742
8
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
26,899
-
Non distributable profits in the year
(26,899)
26,899
At the end of the year
-
26,899
The non-distributable reserve related to revaluation gains on an investment property. This property was sold during the year, so the revaluation reserve has been reduced accordingly.
9
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
4 directors
-
(4,344)
120,866
(111,975)
4,547
(4,344)
120,866
(111,975)
4,547
The advances and credits are unsecured and repayable upon demand.