Company registration number 09202943 (England and Wales)
OAKENWOOD LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
OAKENWOOD LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
OAKENWOOD LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,473,175
9,771,681
Investment properties
4
1,130,000
1,130,000
10,603,175
10,901,681
Current assets
Debtors
5
1,634,122
1,081,587
Cash at bank and in hand
10,420,654
8,493,557
12,054,776
9,575,144
Creditors: amounts falling due within one year
6
(2,205,385)
(2,212,826)
Net current assets
9,849,391
7,362,318
Total assets less current liabilities
20,452,566
18,263,999
Creditors: amounts falling due after more than one year
7
(47,916)
Net assets
20,452,566
18,216,083
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
8
20,452,466
18,215,983
Total equity
20,452,566
18,216,083
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 30 September 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.
OAKENWOOD LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 April 2025 and are signed on its behalf by:
Ms L Gallagher
Director
Company Registration No. 09202943
OAKENWOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information
Oakenwood Limited is a private company limited by shares incorporated in England and Wales. The registered office is Leitrim House, Little Preston, Coldharbour Lane, Aylesford, Maidstone, Kent, ME20 7NS.
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. 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 the provision of a licence to extract material from the land together with royalties receivable as part of the licence agreement. Rental income is recognised in the period to which the lease relates.
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:
Land
Not depreciated
Land and buildings Leasehold
Depreciated over the expected lifetime of the lease.
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. Changes in fair value are recognised in profit or loss.
1.5
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.
OAKENWOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
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.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.
2
Employees
The company has no employees during the financial year. All labour was supplied by Gallagher Resources Limited.
2024
2023
Number
Number
Total
OAKENWOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 October 2023
11,087,219
Additions
106,875
Disposals
(229,075)
At 30 September 2024
10,965,019
Depreciation and impairment
At 1 October 2023
1,315,538
Depreciation charged in the year
176,306
At 30 September 2024
1,491,844
Carrying amount
At 30 September 2024
9,473,175
At 30 September 2023
9,771,681
4
Investment property
2024
£
Fair value
At 1 October 2023 and 30 September 2024
1,130,000
Investment property amounts to £1,130,000. The property was valued by Sibley Pares in September 2023. Sibley Pares are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors have valued the properties at 30th September 2024 and believe the value has not materially changed from the external valuation.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
1,231,314
1,231,314
Accumulated depreciation
-
-
Carrying amount
1,231,314
1,231,314
OAKENWOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,141
4,141
Other debtors
1,629,981
1,077,446
1,634,122
1,081,587
The amounts owed by related parties and companies under common control (included in other debtors) are interest free, with no security and no fixed repayment terms.
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,184
1,932
Taxation and social security
47,486
224,236
Other creditors
2,155,715
1,986,658
2,205,385
2,212,826
The amounts owed to related parties and companies under common control (included in other creditors) are interest free, with no security and no fixed repayment terms.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
47,916
OAKENWOOD LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
8
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
18,215,983
15,866,409
Profit for the year
2,236,483
2,349,574
At the end of the year
20,452,466
18,215,983
Included within profit and loss reserves are non-distributable profits, as set out below:
2024
2023
£
£
Non-distributable profits included above
At the beginning of the year
(101,314)
-
Non distributable profits in the year
-
(101,314)
At the end of the year
(101,314)
(101,314)
Distributable profits
20,553,780
18,317,297