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Company No: 09118580 (England and Wales)

OAK FARM GEOTECHNICAL SERVICES LTD

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

OAK FARM GEOTECHNICAL SERVICES LTD

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

OAK FARM GEOTECHNICAL SERVICES LTD

COMPANY INFORMATION

For the financial year ended 31 July 2024
OAK FARM GEOTECHNICAL SERVICES LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 July 2024
DIRECTORS Michael Joseph Dickin
Mandi Marie Elwood
REGISTERED OFFICE Oak Farm Lowfields
Wellingore
Lincoln
LN5 0LP
United Kingdom
COMPANY NUMBER 09118580 (England and Wales)
ACCOUNTANT Duncan & Toplis Limited
18 Northgate
Sleaford
Lincolnshire
NG34 7BJ
OAK FARM GEOTECHNICAL SERVICES LTD

STATEMENT OF FINANCIAL POSITION

As at 31 July 2024
OAK FARM GEOTECHNICAL SERVICES LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 63,109 55,348
63,109 55,348
Current assets
Debtors 4 29,187 20,284
Cash at bank and in hand 5 33,764 35,436
62,951 55,720
Creditors: amounts falling due within one year 6 ( 58,402) ( 54,434)
Net current assets 4,549 1,286
Total assets less current liabilities 67,658 56,634
Creditors: amounts falling due after more than one year 7 ( 14,289) ( 18,765)
Provision for liabilities ( 15,777) ( 13,837)
Net assets 37,592 24,032
Capital and reserves
Called-up share capital 8 10 10
Profit and loss account 37,582 24,022
Total shareholder's funds 37,592 24,032

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Oak Farm Geotechnical Services Ltd (registered number: 09118580) were approved and authorised for issue by the Board of Directors on 17 April 2025. They were signed on its behalf by:

Michael Joseph Dickin
Director
OAK FARM GEOTECHNICAL SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
OAK FARM GEOTECHNICAL SERVICES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Oak Farm Geotechnical Services Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Oak Farm Lowfields, Wellingore, Lincoln, LN5 0LP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 August 2023 109,502 109,502
Additions 18,615 18,615
At 31 July 2024 128,117 128,117
Accumulated depreciation
At 01 August 2023 54,154 54,154
Charge for the financial year 10,854 10,854
At 31 July 2024 65,008 65,008
Net book value
At 31 July 2024 63,109 63,109
At 31 July 2023 55,348 55,348

4. Debtors

2024 2023
£ £
Trade debtors 25,898 17,790
Other debtors 3,289 2,494
29,187 20,284

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 33,764 35,436

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 4,099 3,998
Trade creditors 644 458
Taxation and social security 15,431 13,739
Obligations under finance leases and hire purchase contracts 8,465 5,759
Other creditors 29,763 30,480
58,402 54,434

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 4,203 8,302
Obligations under finance leases and hire purchase contracts 10,086 10,463
14,289 18,765

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10 Ordinary shares of £ 1.00 each 10 10

9. Related party transactions

Transactions with the entity's directors

As at the 31st July 2024 the company owed the directors £21,927 (2023 - £22,615). This loan is unsecured, interest free and repayable on demand.