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COMPANY REGISTRATION NUMBER: 05721151
Oakes Limited
Filleted unaudited financial statements
30 September 2021
Oakes Limited
Financial statements
year ended 30th September 2021
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 5
Oakes Limited
Statement of financial position
30 September 2021
2021
2020
Note
£
£
£
£
Fixed assets
Tangible assets
5
1,301,186
1,347,350
Current assets
Debtors
6
362,687
441,437
Cash at bank and in hand
26,971
8,932
---------
---------
389,658
450,369
Creditors: amounts falling due within one year
7
636,274
669,617
---------
---------
Net current liabilities
246,616
219,248
-----------
-----------
Total assets less current liabilities
1,054,570
1,128,102
Creditors: amounts falling due after more than one year
8
339,981
434,981
-----------
-----------
Net assets
714,589
693,121
-----------
-----------
Capital and reserves
Called up share capital
550,100
550,100
Profit and loss account
164,489
143,021
---------
---------
Shareholders funds
714,589
693,121
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30th September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 12 August 2022 , and are signed on behalf of the board by:
Mr S N Oakes
Director
Company registration number: 05721151
Oakes Limited
Notes to the financial statements
year ended 30th September 2021
1. General information
The company is a private company limited by shares, registered in England and Wales (no. 05721151 ). The principal activity of the company is holding assets for the purposes of generating rental income. The address of the registered office is Unit 5, Mallard Industrial Park, Horbury Junction, Wakefield, West Yorkshire, WF4 5ER.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern The company meets its working capital requirements through its cash reserves. The director ensure that there is sufficient cash resources in place for the future development of the business. The Covid-19 pandemic has not had a significant impact on the company's operations to date, but the Director is aware that if the current situation becomes prolonged then this may change. Having regard to the above, the director believes it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the date of the statement of financial position and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Details of these judgements are set out in the accounting policies. Turnover Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Taxation The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2% straight line
Plant and machinery - 10% straight line
Motor vehicles - 25% straight line
Equipment - 25% straight line
Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year, including the director, amounted to 1 (2020: 1).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1st October 2020
1,785,089
652,229
23,056
83,240
2,543,614
Additions
1,346
1,346
-----------
---------
-------
-------
-----------
At 30th September 2021
1,785,089
652,229
23,056
84,586
2,544,960
-----------
---------
-------
-------
-----------
Depreciation
At 1st October 2020
464,018
639,548
15,491
77,207
1,196,264
Charge for the year
35,462
1,839
5,465
4,744
47,510
-----------
---------
-------
-------
-----------
At 30th September 2021
499,480
641,387
20,956
81,951
1,243,774
-----------
---------
-------
-------
-----------
Carrying amount
At 30th September 2021
1,285,609
10,842
2,100
2,635
1,301,186
-----------
---------
-------
-------
-----------
At 30th September 2020
1,321,071
12,681
7,565
6,033
1,347,350
-----------
---------
-------
-------
-----------
6. Debtors
2021
2020
£
£
Prepayments and accrued income
18,500
Amounts due from entities under common control
289,519
356,860
Other debtors
73,168
66,077
---------
---------
362,687
441,437
---------
---------
7. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
80,000
80,000
Trade creditors
122,099
33,599
Accruals and deferred income
4,800
4,800
Corporation tax
38,197
Social security and other taxes
33,924
38,644
Obligations under finance leases and hire purchase contracts
6,923
Other creditors
395,451
467,454
---------
---------
636,274
669,617
---------
---------
The bank loan is secured by way of a first priority legal charge over the property at Units 4,5 & 6 Mallard Industrial Estate, Horbury Junction, Wakefield.
8. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
339,981
434,981
---------
---------
The bank loan is secured by way of a first priority legal charge over the property at Units 4,5 & 6 Mallard Industrial Estate, Horbury Junction, Wakefield.