Company registration number 11173582 (England and Wales)
UNDER THE OAK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
UNDER THE OAK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
UNDER THE OAK LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
50,003
40,912
Investment property
4
52,205
102,208
40,912
Current assets
Debtors
5
2,313
8,485
Cash at bank and in hand
7,751
35,918
10,064
44,403
Creditors: amounts falling due within one year
6
(16,912)
(21,076)
Net current (liabilities)/assets
(6,848)
23,327
Total assets less current liabilities
95,360
64,239
Creditors: amounts falling due after more than one year
7
(7,902)
(11,118)
Provisions for liabilities
(9,501)
(7,773)
Net assets
77,957
45,348
Capital and reserves
Called up share capital
8
20
20
Profit and loss reserves
77,937
45,328
Total equity
77,957
45,348
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 31 March 2025 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.
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 2 July 2025 and are signed on its behalf by:
Mrs L T Watts
Director
Company registration number 11173582 (England and Wales)
UNDER THE OAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Company information
Under The Oak Limited is a private company limited by shares incorporated in England and Wales. The registered office is 23 Nevill Street, Abergavenny, Monmouthshire, NP7 5AA.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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 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.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, 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:
Leasehold land and buildings
10% straight line
Plant and equipment
20% reducing balance
1.4
Investment property
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.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment recognised in the profit and loss account in other administrative expenses.
UNDER THE OAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 3 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
2
2
UNDER THE OAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2024
5,670
102,310
107,980
Additions
17,982
17,982
At 31 March 2025
5,670
120,292
125,962
Depreciation and impairment
At 1 April 2024
2,381
64,687
67,068
Depreciation charged in the year
567
8,324
8,891
At 31 March 2025
2,948
73,011
75,959
Carrying amount
At 31 March 2025
2,722
47,281
50,003
At 31 March 2024
3,289
37,623
40,912
4
Investment property
2025
£
Fair value
At 1 April 2024
Additions
52,205
At 31 March 2025
52,205
The fair value of the investment property has initially been measured at cost.
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
2,313
8,485
UNDER THE OAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
3,095
2,974
Trade creditors
3,450
3,989
Corporation tax
6,156
3,351
Other taxation and social security
58
Other creditors
4,153
10,762
16,912
21,076
Included in creditors above is bank loans of £3,095 (2024: £2,974), secured over personal assets of the directors.
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
7,902
11,118
Included in creditors above is bank loans of £7,902 (2024: £11,118), secured over personal assets of the directors.
8
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
of £1 each
10
10
10
10
of £1 each
10
10
10
10
20
20
20
20
9
Directors' transactions
Dividends totalling £1,000 (2024 - £2,000) were paid in the year in respect of shares held by the company's directors.
The directors operate a current loan account with the company which is debited with payments made on their behalf and credited with funds introduced and undrawn director fees. The amount owed by the company as at 31 March 2025 was £2,503 (2024 - £9,262) and is included in creditors; amounts falling due within one year.