Oakfield P.M. Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03301783 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023

FOR

OAKFIELD P.M. LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Miss S L Hensher

Mr N M Newstead

Mr S J Ruxton-Cocker

Mrs K Newstead

Mrs E Hawkins

REGISTERED OFFICE:

4 Hayland Industrial Park

Maunsell Road

St. Leonards-On-Sea

East Sussex

TN38 9NN

REGISTERED NUMBER:

03301783 (England and Wales)

ACCOUNTANTS:

Acuity Professional Partnership LLP

Unit 2.02

High Weald House

Glovers End

Bexhill

East Sussex

TN39 5ES

FIXED ASSETS

Intangible assets

4

154,821

338,351

Tangible assets

5

280,634

266,713

Investments

6

781

781

436,236

605,845

CURRENT ASSETS

Debtors

7

322,004

321,370

Cash at bank and in hand

704,470

392,395

1,026,474

713,765

CREDITORS

Amounts falling due within one year

8

425,512

460,366

NET CURRENT ASSETS

600,962

253,399

TOTAL ASSETS LESS CURRENT LIABILITIES

1,037,198

859,244

CREDITORS

Amounts falling due after more than one year

9

(124,565

)

(32,247

)

PROVISIONS FOR LIABILITIES

11

(53,320

)

(50,675

)

NET ASSETS

859,313

776,322

CAPITAL AND RESERVES

Called up share capital

12

120

100

Retained earnings

859,193

776,222

SHAREHOLDERS' FUNDS

859,313

776,322

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2023 and were signed on its behalf by:

Mr N M Newstead - Director

1.	STATUTORY INFORMATION

Oakfield P.M. Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

GOODWILL

Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of five years.

INTANGIBLE ASSETS

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

33% on cost

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

INVESTMENTS IN SUBSIDIARIES

Investments in subsidiary undertakings are recognised at cost.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

HIRE PURCHASE AND LEASING COMMITMENTS

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

PREPARATION OF CONSOLIDATED FINANCIAL STATEMENT

The financial statements contain information about Oakfield P.M. Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 46 (2022 - 38 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

Cost

At 1 February 2022

508,731

Impairments

(84,783

)

At 31 January 2023

423,948

Amortisation

At 1 February 2022

170,380

Amortisation for year

98,747

At 31 January 2023

269,127

Net book value

At 31 January 2023

154,821

At 31 January 2022

338,351

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

Cost

At 1 February 2022

200,966

589,022

43,725

833,713

Additions

9,081

308

74,112

83,501

At 31 January 2023

210,047

589,330

117,837

917,214

Depreciation

At 1 February 2022

146,766

384,637

35,597

567,000

Charge for year

31,980

30,862

6,738

69,580

At 31 January 2023

178,746

415,499

42,335

636,580

Net book value

At 31 January 2023

31,301

173,831

75,502

280,634

At 31 January 2022

54,200

204,385

8,128

266,713

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

Cost

At 1 February 2022

and 31 January 2023

781

Net book value

At 31 January 2023

781

At 31 January 2022

781

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

149,254

67,877

Amounts owed by participating interests

-

101,136

Other debtors

172,750

152,357

322,004

321,370

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts (see note 10)

9,911

9,666

Trade creditors

14,484

66,555

Taxation and social security

194,062

263,071

Other creditors

207,055

121,074

425,512

460,366

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans (see note 10)

22,337

32,247

Amounts owed to associates

102,228

-

124,565

32,247

10.

LOANS

An analysis of the maturity of loans is given below:

2023

2022

£

£

Amounts falling due within one year or on demand:

Bank loans

9,911

9,666

Amounts falling due between one and two years:

Bank loans - 1-2 years

10,162

9,666

Amounts falling due between two and five years:

Bank loans - 2-5 years

12,175

22,581

11.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

Accelerated capital allowances

53,320

50,675

Deferred

tax

£

Balance at 1 February 2022

50,675

Provided during year

2,645

Balance at 31 January 2023

53,320

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100

Ordinary

£1

100

100

10

A Ordinary

£1

10

-

1

B Ordinary

£1

1

-

9

C Ordinary

£1

9

-

120

100