REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 November 2021 |
for |
Oakright Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 November 2021 |
for |
Oakright Ltd |
Oakright Ltd (Registered number: 04983885) |
Contents of the Financial Statements |
for the Year Ended 30 November 2021 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Oakright Ltd |
Company Information |
for the Year Ended 30 November 2021 |
DIRECTOR: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
Oakright Ltd (Registered number: 04983885) |
Balance Sheet |
30 November 2021 |
2021 | 2020 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 6 |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Oakright Ltd (Registered number: 04983885) |
Notes to the Financial Statements |
for the Year Ended 30 November 2021 |
1. | STATUTORY INFORMATION |
Oakright Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 2003, has been amortised evenly over its estimated useful life of ten years. |
Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instruments. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in effect, 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
Oakright Ltd (Registered number: 04983885) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2021 |
3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Covid-19 |
The Company has been effected by the restrictions imposed by the UK government in response to the COVID-19 pandemic. This has resulted in a loss of income for the Company. |
The Directors consider that the resources available to the Company will be sufficient for it to be able to continue as a going concern as the restrictions have been lifted. The financial statements do not contain any adjustments that would be required if the Company was not able to continue as a going concern. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 December 2020 |
and 30 November 2021 |
AMORTISATION |
At 1 December 2020 |
and 30 November 2021 |
NET BOOK VALUE |
At 30 November 2021 |
At 30 November 2020 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Other debtors |
Included within other debtors disclosed above is a balance of £2,491 (2020 - £2,327) in relation to director's loan account. |
Oakright Ltd (Registered number: 04983885) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2021 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Taxation and social security |
8. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
During the year, the company continued to provide an interest-bearing loan to its director. Amounts advanced to the director totalled £42,664 (2020 - £40,291), amounts repaid to the company totalled £42,505 (2020 - £40,133) and interest charged on the loan at a rate of 12.3% totalled £5 (2020 - £11). The balance owed to the company at the year end totalled £2,491 (2020 - £2,327) and is repayable on demand. |