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Registration number: 02870070

Oakfield Enterprises Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Oakfield Enterprises Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Oakfield Enterprises Limited

(Registration number: 02870070)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

194,389

196,051

Current assets

 

Stocks

6

38,968

27,151

Debtors

7

169,527

107,485

Cash at bank and in hand

 

130,163

95,007

 

338,658

229,643

Creditors: Amounts falling due within one year

8

(461,367)

(343,874)

Net current liabilities

 

(122,709)

(114,231)

Total assets less current liabilities

 

71,680

81,820

Provisions for liabilities

(506)

(674)

Net assets

 

71,174

81,146

Capital and reserves

 

Called up share capital

1,000

1,000

Revaluation reserve

69,303

69,303

Retained earnings

871

10,843

Shareholders' funds

 

71,174

81,146

 

Oakfield Enterprises Limited

(Registration number: 02870070)
Balance Sheet as at 31 July 2024

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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 4 April 2025
 

.........................................
Mr I Khan
Director

 

Oakfield Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
150 Deane Road
Bolton
BL3 5DL
England

These financial statements were authorised for issue by the director on 4 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Oakfield Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

15% reducing balance

Land and buildings

2% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

12.5% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Oakfield Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2023 - 16).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

90,000

90,000

At 31 July 2024

90,000

90,000

Amortisation

At 1 August 2023

90,000

90,000

At 31 July 2024

90,000

90,000

Carrying amount

At 31 July 2024

-

-

 

Oakfield Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2023

185,000

56,787

241,787

Additions

-

1,149

1,149

At 31 July 2024

185,000

57,936

242,936

Depreciation

At 1 August 2023

-

45,736

45,736

Charge for the year

-

2,811

2,811

At 31 July 2024

-

48,547

48,547

Carrying amount

At 31 July 2024

185,000

9,389

194,389

At 31 July 2023

185,000

11,051

196,051

The investment property has been held at fair value during the year, the director has assessed that property values remain appropriate and deems no movement in fair value. The properties have not been assessed by an independent valuer.

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

38,968

27,151

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

10,268

3,099

Amounts owed by related parties

37,096

-

Prepayments

 

106,823

91,331

Other debtors

 

15,340

13,055

   

169,527

107,485

 

Oakfield Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

317,511

315,237

Taxation and social security

13,456

6,347

Accruals and deferred income

112,800

21,975

Other creditors

17,600

315

461,367

343,874

A debenture has been lodged at Companies House, in favour of National Westminster Bank PLC, with fixed and floating charges over all assets, dated 14 August 2015.

9

Parent and ultimate parent undertaking

The company's immediate parent is Wellbrook Ventures Limited, incorporated in England & Wales.

 The ultimate parent is Superpharm Bolton Limited, incorporated in England & Wales.