REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 May 2024 |
for |
Oakes Holdings Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 May 2024 |
for |
Oakes Holdings Ltd |
Oakes Holdings Ltd (Registered number: 10754081) |
Contents of the Financial Statements |
for the Year Ended 31 May 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Oakes Holdings Ltd |
Company Information |
for the Year Ended 31 May 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Maxwell House |
Liverpool Innovation Park |
Liverpool |
Merseyside |
L7 9NJ |
Oakes Holdings Ltd (Registered number: 10754081) |
Balance Sheet |
31 May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 8 |
Retained earnings |
The directors acknowledge their 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. |
Oakes Holdings Ltd (Registered number: 10754081) |
Balance Sheet - continued |
31 May 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Oakes Holdings Ltd (Registered number: 10754081) |
Notes to the Financial Statements |
for the Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
Oakes Holdings Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
Investment property |
The fair value of investment property is assessed at each reporting date. An independent qualified surveyor will be appointed periodically to formally value investment property but in the intervening periods the directors will source property valuations from a local estate agent. |
The key factors considered by the directors when valuing the investment property are the condition of the property, market demand and comparability with similar properties in the local area. |
Turnover and income recognition |
Turnover represents rents received net of value added tax where applicable. |
Rental income is recognised in profit and loss in the period of occupation to which it relates. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Oakes Holdings Ltd (Registered number: 10754081) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2023 |
and 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
Oakes Holdings Ltd (Registered number: 10754081) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
5. | INVESTMENT PROPERTY - continued |
Investment property is comprised of six properties, acquired between March 2018 and November 2020 at a combined cost of £964,485. The properties were revalued in October 2023 by a local estate agent.The directors feel it prudent to value the properties at the same values as reported in 2023 There are no restrictions on the realisability of investment property or on the remittance of income and proceeds of disposal. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Trade creditors | ( |
) |
Taxation and social security |
Other creditors |
8. | RESERVES |
Revaluatio |
reserve |
£ |
At 1 June 2023 |
and 31 May 2024 |
9. | RELATED PARTY DISCLOSURES |
Loans to the value of £5,800 were made to the directors (2023 - £13,192) during the period. The amount outstanding at the balance sheet date amounted to £938,139 (2023 - £943,939). This is repayable on demand, unsecured and no guarantees have been given. No interest is being charged on the loan. |