Company Registration No. 06932947 (England and Wales)
Oakridge Farms (Dorset) Limited
Unaudited financial statements
for the year ended 31 March 2024
Pages for filing with the registrar
Oakridge Farms (Dorset) Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
Oakridge Farms (Dorset) Limited
Balance sheet
As at 31 March 2024
1
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
6
9,657
11,363
Investment property
7
532,000
522,000
Investments
8
182,335
158,115
723,992
691,478
Current assets
Debtors
9
189,417
211,418
Cash at bank and in hand
15,376
17,814
204,793
229,232
Creditors: amounts falling due within one year
10
(926,617)
(960,255)
Net current liabilities
(721,824)
(731,023)
Total assets less current liabilities
2,168
(39,545)
Provisions for liabilities
(17,839)
(15,079)
Net liabilities
(15,671)
(54,624)
Capital and reserves
Called up share capital
1
1
Other reserves
137,574
121,924
Profit and loss reserves
(153,246)
(176,549)
Total equity
(15,671)
(54,624)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

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.

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.

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

Oakridge Farms (Dorset) Limited
Balance sheet (continued)
As at 31 March 2024
2
The financial statements were approved by the board of directors and authorised for issue on 25 March 2025 and are signed on its behalf by:
Russell  Bloomfield
Director
Company Registration No. 06932947
Oakridge Farms (Dorset) Limited
Notes to the financial statements
For the year ended 31 March 2024
3
1
Accounting policies
Company information

Oakridge Farms (Dorset) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Midland House, 2 Poole Road, Bournemouth, Dorset, BH2 5QY.

1.1
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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
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 machinery
15 - 20% Reducing balance

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.

1.4
Investment properties

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. The surplus or deficit on revaluation is recognised in profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Oakridge Farms (Dorset) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
4

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Oakridge Farms (Dorset) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
5
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
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. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. 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.

1.10
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Oakridge Farms (Dorset) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies (continued)
6
1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
2
4
Other gains and losses
2024
2023
£
£
Fair value gains/(losses)
Change in value of financial assets held at fair value through profit or loss
26,916
(13,970)
Profit/(loss) on disposal on financial assets measured at fair value
421
(4,340)
5
Taxation
2024
2023
as restated
£
£
Current tax
UK corporation tax on profits for the current period
-
0
2,718
Adjustments in respect of prior periods
(20,173)
133
Total current tax
(20,173)
2,851
Oakridge Farms (Dorset) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
5
Taxation
2024
2023
as restated (continued)
7
Deferred tax
Origination and reversal of timing differences
2,760
(13,719)
Total tax credit
(17,413)
(10,868)
6
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
29,372
Depreciation and impairment
At 1 April 2023
18,009
Depreciation charged in the year
1,706
At 31 March 2024
19,715
Carrying amount
At 31 March 2024
9,657
At 31 March 2023
11,363
7
Investment property
2024
£
Fair value
At 1 April 2023
(as restated)
522,000
Revaluations
10,000
At 31 March 2024
532,000

Appraisals of investment properties were made on 31 March 2024 by the directors. The valuations were made on an open market basis by reference to market evidence of transaction prices for similar properties.

8
Fixed asset investments
2024
2023
£
£
Other investments other than loans
182,335
158,115
Oakridge Farms (Dorset) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
8
Fixed asset investments (continued)
8
Fixed asset investments revalued

The fair value of listed investments was determined with reference to the quoted market price at the reporting date. The cost of the shares on acquisition was £137,161 (2023: £121,352).

Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023
158,115
Additions
47,761
Valuation changes
16,916
Disposals
(40,457)
At 31 March 2024
182,335
Carrying amount
At 31 March 2024
182,335
At 31 March 2023
158,115
9
Debtors
2024
2023
as restated
Amounts falling due within one year:
£
£
Trade debtors
3,500
14,500
Other debtors
185,917
196,918
189,417
211,418
10
Creditors: amounts falling due within one year
2024
2023
as restated
£
£
Amounts owed to group undertakings
608,005
608,005
Taxation and social security
23,459
55,129
Other creditors
295,153
297,121
926,617
960,255
Oakridge Farms (Dorset) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
9
11
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
as restated
Balances:
£
£
Investment property
7,420
4,920
Investments
10,419
10,159
17,839
15,079
12
Related party transactions

 

As at the year end an amount of £19,219 (2023: £19,219) was owed from Aldenham Leisure Facilities Limited, a company controlled by Robin Bloomfield.

 

As at the year end £103,224 (2023: £100,953) was owed to the company by Russell Bloomfield. Interest is being charged on the loan at 2.25%.

 

During the year, the company rented a property to a director for a below market rate of rent.

13
Parent company

The parent company of Oakridge Farms (Dorset) Limited is Oakridge Farms (Holdings) Limited and its registered office is Midland House, 2 Poole Road, Bournemouth, BH2 5QY.

Oakridge Farms (Dorset) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
10
14
Prior period adjustment
Reconciliation of changes in equity
1 April
31 March
2022
2023
Notes
£
£
Adjustments to prior year
Barn income and expenditure removed
1
(250,384)
(278,162)
Farm income and expenditure removed
2
(212,279)
(223,044)
Barn values removed
3
(48,697)
(103,512)
Restatement of dividends as parent company loan repayments
4
108,500
108,500
Restate rental income as turnover
5
-
-
Total adjustments
(402,860)
(496,218)
Equity as previously reported
412,407
441,594
Equity as adjusted
9,547
(54,624)
Analysis of the effect upon equity
Other reserves
(48,697)
(103,512)
Profit and loss reserves
(354,163)
(392,706)
(402,860)
(496,218)
Reconciliation of changes in loss for the previous financial period
2023
Notes
£
Adjustments to prior year
Barn income and expenditure removed
1
(27,778)
Farm income and expenditure removed
2
(10,765)
Barn values removed
3
29,430
Restatement of dividends as parent company loan repayments
4
-
Restate rental income as turnover
5
-
Total adjustments
(9,113)
Loss as previously reported
(27,557)
Loss as adjusted
(36,670)
Notes to reconciliation
1) Barn income and expenditure

The financial statements have been restated to remove income and expenditure from barns which are owned by the director personally and not owned by the company. This has resulted in a net decrease in income of £278,162.

Oakridge Farms (Dorset) Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
14
Prior period adjustment (continued)
11
2) Farm income and expenditure

The financial statements have been restated to remove farming income and expenditure on land owned by the director personally and not by the company. The total effect of this adjustment is a £223,044 decrease in equity.

3) Barn values

The financial statements have been restated to remove the value of barns which are owned by the director personally and not by the company. As a result, fixed assets have reduced by £333,000 and the fair value reserve has reduced by £103,512 to remove valuations on the property since it was brought into the accounts.

4) Dividends

As a result of other prior year adjustments, the company is left with insufficient distributable reserves to cover previously declared dividends to its parent company. The financial statements have therefore been restated to reclassify these dividends as intercompany loan repayments. Equity has increased by £108,500 as a result of this adjustment.

5) Rental income

Rental income has been reclassified as turnover since it is now the main trade of the company. This is a presentational change only and there has been no effect on equity.

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