REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
Oasis Workforce Solutions Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2024 |
for |
Oasis Workforce Solutions Limited |
Oasis Workforce Solutions Limited (Registered number: 13365723) |
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 |
Oasis Workforce Solutions Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants and |
Statutory Auditors |
Hastingwood Trading Estate |
Unit G31 |
35 Harbet Road |
Edmonton |
London |
N18 3HT |
Oasis Workforce Solutions Limited (Registered number: 13365723) |
Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings | 13 |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Oasis Workforce Solutions Limited (Registered number: 13365723) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Oasis Workforce Solutions Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents income from employing temporary drivers reveivable excluding value added tax. |
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. |
Going concern |
After making enquiries, the directors have a reasonable expectation that the company and the group have adequate resources to continue in operational existence and meet their liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. |
Revenue recognition |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received, excluding discounts, rebates, value added tax and other sales taxes. |
Oasis Workforce Solutions Limited (Registered number: 13365723) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than 14 days from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
5. | FIXED ASSET INVESTMENTS |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: 24-32 Murdock Street, London SE15 1LW |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Oasis Workforce Solutions Limited (Registered number: 13365723) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | FIXED ASSET INVESTMENTS - continued |
Registered office: 24-32 Murdock Street, London SE15 1LW |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Loss for the year | ( |
) | ( |
) |
6. | DEBTORS |
31.3.24 | 31.3.23 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Prepayments |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 590,588 | 827,695 |
Other creditors |
Net wages | 52,911 | - |
HSBC | 557,643 | 875,490 |
Accrued expenses |
Oasis Workforce Solutions Limited (Registered number: 13365723) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Other loans (see note 9) |
Amounts owed to group undertakings |
9. | LOANS |
An analysis of the maturity of loans is given below: |
31.3.24 | 31.3.23 |
£ | £ |
Amounts falling due between one and two years: |
NG Business Solutions Ltd | 37,325 | - |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Within one year |
11. | SECURED DEBTS |
HSBC (UK) Ltd has a fixed and floating charges over all the asset of the Company. |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.24 | 31.3.23 |
value: | £ | £ |
Ordinary shares | £1 | 100 | 100 |
13. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2023 |
Profit for the year |
At 31 March 2024 |
Oasis Workforce Solutions Limited (Registered number: 13365723) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
14. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
15. | CONTINGENT LIABILITIES |
There are no contingent liabilities to be disclosed in the financial statements. |
16. | CAPITAL COMMITMENTS |
31.3.24 | 31.3.23 |
£ | £ |
Contracted but not provided for in the |
financial statements |
There are no capital commitments to be disclosed in the financial statements. |
17. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023: |
31.3.24 | 31.3.23 |
£ | £ |
Balance outstanding at start of year |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Oasis Workforce Solutions Limited (Registered number: 13365723) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
18. | RELATED PARTY DISCLOSURES |
The related parties are as follows: |
1. Oasis Care and Training Agency is a Charity and is the Ultimate Parent Undertaking. It owns the entire share capital of the Immediate Parent Company Oasis Transport & Recruitment Limited. |
2. Oasis Transport & Recruitment Limited is the Immediate Parent Company which owns the entire share capital of both Oasis Workforce Solutions Limited and Oasis Training Limited. . |
3. Oasis Training Limited is the subsidiary of Oasis Transport & Recruitment Limited and the sub subsidiary of Oasis Care and Training Agency. |
4. Mr Mohamed Ahmed Yusuf is the director of the Oasis Workforce Solutions Limited and that of its sister Company Oasis Training Limited |
5. Mr Rashid Ali Abdullah is the director of the subsidiary Company Oasis Training Limited. |
6. Mr Nassir Mohamed Ismail is the director of Immediate Parent Company Oasis Transport & Recruitment Limited and that of the subsidiary Company Oasis Workforce Solutions Limited. |
7. Mr Mohamoud Hussein Illeye is the director of the Immediate Parent Company Oasis Transport & Recruitment Limited . |
8. Mr Abdullah Mohamed Ismail is the Trustee of the Ultimate Parent Undertaking Oasis Care and Training Agency. |
9.. Mr Abdullahi Hussein is the Trustee of the Ultimate Parent Undertaking Oasis Care and Training Agency. |
10. Mr Sabah Ahmed Yusuf is the Trustee of the Ultimate Parent Undertaking Oasis Care and Training Agency. |
During the year, Oasis Workforce Solutions Limited owed £Nil (2023: £243,800) to the Ultimate Parent Undertaking Oasis Care and Training Agency. The transactions are at arm's length. The loan is interest free and repayable in over 5 years. |
During the year Oasis Workforce Solutions Limited was owed £137,392 (2023: £Nil) from the Ultimate Parent Company Oasis Transport & Recruitment Limited. The transactions are at arm's length. The loan is interest free and repayable in over 5 years. |
During the year Oasis Workforce Solutions Limited was owed £100 (2023: £Nil) from the Immediate Parent Company Oasis Transport & Recruitment Limited. The transactions are at arm's length. The loan is interest free and repayable in over 5 years. |
18. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
20. | POST BALANCE SHEET EVENTS |
There are no post balance sheet events to be disclosed in the financial statements. |
21. | ULTIMATE CONTROLLING PARTY |
The Ultimate Controlling Party is Oasis Care & Training Agency which is a registered charity which is governed by a board of trustees. |
Oasis Workforce Solutions Limited (Registered number: 13365723) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
22. | FINANCIAL INSTRUMENTS |
Financial Instruments |
The Company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. |
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. |
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. |
Financial assets |
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. |
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. |
Financial liabilities |
Basic financial liabilities, including trade and other 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Impairment of financial assets |
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. |
For financial assets measured at cost less impairment, the impairment loss is measured as the |
difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference |
between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Offsetting of financial assets and financial liabilities |
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 and settle the liability simultaneously. |
Oasis Workforce Solutions Limited (Registered number: 13365723) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
23. | ULTIMATE AND IMMEDIATE PARENT COMPANY |
The Immediate Parent Undertaking of the only group of undertakings of which the company is a member is Oasis Care and Training Agency. Group financial statements are prepared by neither the Immediate Parent Undertaking nor the Ultimate Parent Undertaking. |