| Oakwood Data Limited |
| Notes to the Accounts |
| for the year ended 31 August 2024 |
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| 1 |
Accounting policies |
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Statement of compliance |
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Oakwood Data Limited is a private company limited by shares, incorporated in England and Wales. The address of the principal place of business, is its registered office which is disclosed on the information page. |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Going concern |
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The directors have assessed the company's ability to continue as a going concern and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In doing this, they have considered the level of reserves held, the results for the period, expectations of future trading as a result of trading relationships with key customers. On the basis of this information the directors are satisfied that the company will continue as a going concern and so the financial statements have been prepared on this basis. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
over 5 years |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. |
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Related Party Exemption |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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| 2 |
Employees |
2024 |
|
2023 |
| Number |
Number |
|
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Average number of persons employed by the company |
2 |
|
2 |
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| 3 |
Tangible fixed assets |
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Plant and machinery etc |
| £ |
|
Cost |
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At 1 September 2023 |
1,824 |
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At 31 August 2024 |
1,824 |
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Depreciation |
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At 1 September 2023 |
503 |
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Charge for the year |
365 |
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At 31 August 2024 |
868 |
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Net book value |
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At 31 August 2024 |
956 |
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At 31 August 2023 |
1,321 |
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| 4 |
Debtors |
2024 |
|
2023 |
| £ |
£ |
|
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Other debtors |
149,484 |
|
122,538 |
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| 5 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
| £ |
£ |
|
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Trade creditors |
946 |
|
1,390 |
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Director's loan account |
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|
7,003 |
|
4,147 |
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Taxation and social security costs |
414,011 |
|
314,967 |
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Other creditors |
152,847 |
|
147,563 |
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|
574,807 |
|
468,067 |
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| 6 |
Other information |
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Oakwood Data Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Unit T13 Tideway Yard |
|
125 Mortlake High Street |
|
London |
|
SW14 8SN |