94 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP SC596065 2022-04-01 2023-03-31 SC596065 2023-03-31 SC596065 2022-03-31 SC596065 2021-06-01 2022-03-31 SC596065 2022-03-31 SC596065 core:PlantMachinery 2022-04-01 2023-03-31 SC596065 core:FurnitureFittings 2022-04-01 2023-03-31 SC596065 core:MotorVehicles 2022-04-01 2023-03-31 SC596065 bus:Director1 2022-04-01 2023-03-31 SC596065 core:PlantMachinery 2022-03-31 SC596065 core:FurnitureFittings 2022-03-31 SC596065 core:MotorVehicles 2022-03-31 SC596065 core:PlantMachinery 2023-03-31 SC596065 core:FurnitureFittings 2023-03-31 SC596065 core:MotorVehicles 2023-03-31 SC596065 core:WithinOneYear 2023-03-31 SC596065 core:WithinOneYear 2022-03-31 SC596065 core:AfterOneYear 2023-03-31 SC596065 core:AfterOneYear 2022-03-31 SC596065 core:UKTax 2022-04-01 2023-03-31 SC596065 core:UKTax 2021-06-01 2022-03-31 SC596065 core:ShareCapital 2023-03-31 SC596065 core:ShareCapital 2022-03-31 SC596065 core:SharePremium 2023-03-31 SC596065 core:SharePremium 2022-03-31 SC596065 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC596065 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC596065 core:PlantMachinery 2022-03-31 SC596065 core:FurnitureFittings 2022-03-31 SC596065 core:MotorVehicles 2022-03-31 SC596065 bus:SmallEntities 2022-04-01 2023-03-31 SC596065 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC596065 bus:FullAccounts 2022-04-01 2023-03-31 SC596065 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 SC596065 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC596065 core:LeaseholdImprovements 2022-04-01 2023-03-31 SC596065 core:LeaseholdImprovements 2022-03-31 SC596065 core:LeaseholdImprovements 2023-03-31 SC596065 core:AfterOneYear 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: SC596065
Oakwood Cooperage Ltd
Filleted Unaudited Financial Statements
31 March 2023
Oakwood Cooperage Ltd
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed Assets
Tangible assets
5
740,485
412,530
Current Assets
Stocks
399,403
118,812
Debtors
6
1,744,518
1,025,813
Cash at bank and in hand
805,683
357,428
------------
------------
2,949,604
1,502,053
Creditors: amounts falling due within one year
7
2,005,230
928,877
------------
------------
Net Current Assets
944,374
573,176
------------
---------
Total Assets Less Current Liabilities
1,684,859
985,706
Creditors: amounts falling due after more than one year
8
475,224
329,236
------------
---------
Net Assets
1,209,635
656,470
------------
---------
Capital and Reserves
Called up share capital
143
143
Share premium account
100,989
100,989
Profit and loss account
1,108,503
555,338
------------
---------
Shareholders Funds
1,209,635
656,470
------------
---------
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 31 March 2023 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 Cooperage Ltd
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 26 September 2023 , and are signed on behalf of the board by:
Mr B Bowie
Director
Company registration number: SC596065
Oakwood Cooperage Ltd
Notes to the Financial Statements
Year Ended 31 March 2023
1. General Information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Unit P, Isla Bank Mills, Station Road, Keith, Moray, AB55 5DD.
2. 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.
Going Concern
The company has made a profit before tax of £973,857 (2022 - £349,671) during the year and has a positive closing balance sheet. The directors continue to adopt a going concern basis.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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. 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.
Foreign Currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Tenants improvements
-
20% 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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.
Government Grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial Instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
3. Employee Numbers
The average number of persons employed by the company during the year amounted to 94 (2022: 67 ).
4. Tax on Profit
Major components of tax expense
Period from
Year to
1 Jun 21 to
31 Mar 23
31 Mar 22
£
£
Current tax:
UK current tax expense
121,579
45,866
Deferred tax:
Origination and reversal of timing differences
76,935
63,892
---------
---------
Tax on profit
198,514
109,758
---------
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2022: lower than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
Period from
Year to
1 Jun 21 to
31 Mar 23
31 Mar 22
£
£
Profit on ordinary activities before taxation
973,857
349,671
---------
---------
Profit on ordinary activities by rate of tax
639,907
241,109
Effect of capital allowances and depreciation
( 441,393)
( 131,351)
---------
---------
Tax on profit
198,514
109,758
---------
---------
5. Tangible Assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Leasehold assets
Total
£
£
£
£
£
Cost
At 1 April 2022
479,087
5,060
7,666
47,189
539,002
Additions
383,730
6,698
20,080
23,808
434,316
---------
--------
--------
--------
---------
At 31 March 2023
862,817
11,758
27,746
70,997
973,318
---------
--------
--------
--------
---------
Depreciation
At 1 April 2022
115,355
1,204
2,048
7,865
126,472
Charge for the year
93,046
827
2,241
10,247
106,361
---------
--------
--------
--------
---------
At 31 March 2023
208,401
2,031
4,289
18,112
232,833
---------
--------
--------
--------
---------
Carrying amount
At 31 March 2023
654,416
9,727
23,457
52,885
740,485
---------
--------
--------
--------
---------
At 31 March 2022
363,732
3,856
5,618
39,324
412,530
---------
--------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
1,698,300
988,485
Other debtors
46,218
37,328
------------
------------
1,744,518
1,025,813
------------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,168
108,531
Trade creditors
869,582
309,706
Corporation tax
121,583
45,870
Social security and other taxes
390,572
259,875
Accruals
203,585
103,148
Other creditors
415,740
101,747
------------
---------
2,005,230
928,877
------------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
27,499
48,135
Other creditors
447,725
281,101
---------
---------
475,224
329,236
---------
---------
Included within other creditors are amounts outstanding under finance leases secured over the assets they relate to. Included within bank loans and overdrafts is a Bounce Back Loan balance. The balance is secured by a way of government backed guarantee.
9. Related Party Transactions
During the year the company carried out a number of arms-length transactions with Brent Consultancy (Aberdeenshire) Limited totalling £230,414 (2022-£47,796), a company controlled by one of the Directors, Brent Bowie. As at 31 March 2023, the Company was due to repay Mr Bowie, including Brent Consultancy (Aberdeenshire) a total of £197,886 (2022 - £69,720).