Company No: 02102234 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
				Restated - note 2
Fixed assets
Investments	6	0		203
		0		203
Current assets
Debtors	7	262,887		160,905
Cash at bank and in hand		148,698		161,590
		411,585		322,495
Creditors: amounts falling due within one year	8	( 526,708)		( 882,726)
Net current liabilities		(115,123)		(560,231)
Total assets less current liabilities		(115,123)		(560,028)
Creditors: amounts falling due after more than one year	9	( 653,531)		( 13,950)
Net liabilities		( 768,654)		( 573,978)
Capital and reserves
Called-up share capital		935		841
Share premium account		99,906		0
Capital redemption reserve		144		144
Profit and loss account		( 869,639 )		( 574,963 )
Total shareholders' deficit		( 768,654)		( 573,978)

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Oak Innovation Limited (registered number: 02102234) were approved and authorised for issue by the Board of Directors on 24 June 2025. They were signed on its behalf by:

W J S Emm Director

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 Innovation Limited (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 Pkf Francis Clark Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year adjustment

During the current financial year, the directors identified that consultancy costs amounting to £80,025 incurred in the prior year had been omitted from the financial statements. In accordance with FRS 102 Section 1A, this has been treated as a prior period error.

The error has been corrected by restating the comparative figures for the prior year. The impact of the adjustment is as follows:

An increase in consultancy fees for the year ended 31 March 2024 of £80,025
A corresponding decrease in retained earnings as at 31 March 2024 of £80,025

This adjustment has no impact on the current year’s profit or loss.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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 Balance Sheet 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

5 years straight line

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 basis over its expected useful life, as follows:

Vehicles	4 years straight line
Fixtures and fittings	5 years straight line
Computer equipment	3 - 4 years straight line

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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 Balance Sheet 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. Prior year adjustment

During the current financial year, the directors identified that consultancy costs amounting to £80,025 incurred in the prior year had been omitted from the financial statements. In accordance with FRS 102 Section 1A, this has been treated as a prior period error.

		As previously reported		Adjustment		As restated
Year ended 31 March 2024		£		£		£
Consultancy fees		241,297		80,025		321,322
Accruals		(93,415)		(80,025)		(173,440)

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	15		16

4. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 April 2024	151,000		151,000
At 31 March 2025	151,000		151,000
Accumulated amortisation
At 01 April 2024	151,000		151,000
At 31 March 2025	151,000		151,000
Net book value
At 31 March 2025	0		0
At 31 March 2024	0		0

5. Tangible assets

	Vehicles		Fixtures and fittings		Computer equipment		Total
	£		£		£		£
Cost
At 01 April 2024	19,354		8,293		61,457		89,104
Disposals	0		( 5,000)		0		( 5,000)
At 31 March 2025	19,354		3,293		61,457		84,104
Accumulated depreciation
At 01 April 2024	19,354		8,293		61,457		89,104
Disposals	0		( 5,000)		0		( 5,000)
At 31 March 2025	19,354		3,293		61,457		84,104
Net book value
At 31 March 2025	0		0		0		0
At 31 March 2024	0		0		0		0

6. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 April 2024	203
Disposals	( 203)
At 31 March 2025	0
Carrying value at 31 March 2025	0
Carrying value at 31 March 2024	203

7. Debtors

	2025		2024
	£		£
Trade debtors	123,588		136,941
Corporation tax	122,578		0
Other debtors	16,721		23,964
	262,887		160,905

8. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	10,418		10,161
Trade creditors	148,898		172,142
Other taxation and social security	50,083		55,374
Other creditors	317,309		645,049
	526,708		882,726

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

	2025		2024
	£		£
Bank loans	3,531		13,950
Other creditors	650,000		0
	653,531		13,950

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