10 false false false false false false false false false true false false false false false false No description of principal activity 2021-07-01 Sage Accounts Production Advanced 2021 - FRS102_2021 15,936 3,028 1,291 4,319 11,617 12,908 xbrli:pure xbrli:shares iso4217:GBP 00850579 2021-07-01 2022-06-30 00850579 2022-06-30 00850579 2021-06-30 00850579 2020-07-01 2021-06-30 00850579 2021-06-30 00850579 bus:Director3 2021-07-01 2022-06-30 00850579 core:WithinOneYear 2022-06-30 00850579 core:WithinOneYear 2021-06-30 00850579 core:AfterOneYear 2022-06-30 00850579 core:AfterOneYear 2021-06-30 00850579 core:ShareCapital 2022-06-30 00850579 core:ShareCapital 2021-06-30 00850579 core:RetainedEarningsAccumulatedLosses 2022-06-30 00850579 core:RetainedEarningsAccumulatedLosses 2021-06-30 00850579 bus:SmallEntities 2021-07-01 2022-06-30 00850579 bus:AuditExemptWithAccountantsReport 2021-07-01 2022-06-30 00850579 bus:FullAccounts 2021-07-01 2022-06-30 00850579 bus:SmallCompaniesRegimeForAccounts 2021-07-01 2022-06-30 00850579 bus:PrivateLimitedCompanyLtd 2021-07-01 2022-06-30 00850579 core:FurnitureFittingsToolsEquipment 2021-07-01 2022-06-30 00850579 core:FurnitureFittingsToolsEquipment 2022-06-30 00850579 core:FurnitureFittingsToolsEquipment 2021-06-30
COMPANY REGISTRATION NUMBER: 00850579
OAKWOOD (INSURANCES) LIMITED
Filleted Unaudited Financial Statements
30 June 2022
OAKWOOD (INSURANCES) LIMITED
Statement of Financial Position
30 June 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
5
11,617
12,908
Current assets
Debtors
6
325,296
330,777
Cash at bank and in hand
122,443
85,627
---------
---------
447,739
416,404
Creditors: amounts falling due within one year
7
109,422
108,275
---------
---------
Net current assets
338,317
308,129
---------
---------
Total assets less current liabilities
349,934
321,037
Creditors: amounts falling due after more than one year
8
28,813
38,983
---------
---------
Net assets
321,121
282,054
---------
---------
Capital and reserves
Called up share capital
1,499
1,499
Profit and loss account
319,622
280,555
---------
---------
Shareholders funds
321,121
282,054
---------
---------
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 30 June 2022 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 year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
OAKWOOD (INSURANCES) LIMITED
Statement of Financial Position (continued)
30 June 2022
These financial statements were approved by the board of directors and authorised for issue on 6 September 2022 , and are signed on behalf of the board by:
P Gold
Director
Company registration number: 00850579
OAKWOOD (INSURANCES) LIMITED
Notes to the Financial Statements
Year ended 30 June 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 66-68 High Road, Bushey Heath, Herts, WD23 1GG.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Third party transactions
To comply with FCA rules, Clients' and Insurance Companies account balances relating to gross insurance premiums are not reflected in 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. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents commissions receivable.
Income tax
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Office furniture & Equipment
-
10% straight line
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2021: 11 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 July 2021 and 30 June 2022
15,936
15,936
--------
--------
Depreciation
At 1 July 2021
3,028
3,028
Charge for the year
1,291
1,291
--------
--------
At 30 June 2022
4,319
4,319
--------
--------
Carrying amount
At 30 June 2022
11,617
11,617
--------
--------
At 30 June 2021
12,908
12,908
--------
--------
6. Debtors
2022
2021
£
£
Trade debtors
6,546
3,840
Amounts owed by group undertakings
301,813
310,000
Prepayments and accrued income
16,937
16,937
---------
---------
325,296
330,777
---------
---------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
10,168
10,168
Accruals and deferred income
15,774
16,354
Corporation tax
76,747
74,356
Social security and other taxes
6,733
7,397
---------
---------
109,422
108,275
---------
---------
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
28,813
38,983
--------
--------