Registered number
02748090
Oaktree Interiors Limited
Filleted Accounts
31 March 2023
Oaktree Interiors Limited
Registered number: 02748090
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 163,689 66,848
Current assets
Debtors 4 1,469,976 1,559,561
Cash at bank and in hand 874,849 957,610
2,344,825 2,517,171
Creditors: amounts falling due within one year 5 (1,947,078) (2,159,036)
Net current assets 397,747 358,135
Net assets 561,436 424,983
Capital and reserves
Called up share capital 120,002 120,002
Profit and loss account 441,434 304,981
Shareholder's funds 561,436 424,983
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P Mills
Director
Approved by the board on 10 October 2023
Oaktree Interiors Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% per annum reducing balance
Motor vehicles 25% per annum reducing balance
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
For a defined benefit scheme, the liability recorded in the balance sheet is the present value of the defined obligation at that date. The defined benefit obligation is calculated on an annual basis by independent actuaries. Actuarial gains and losses are recognised in full in the period in which they occur. Current and past service costs, along with settlements or curtailments, are charges to the Profit and Loss Account. Interest on pension plan liabilities are recognised within interest payable.
2 Pension costs
The Company has agreed to fund a defined benefit pension scheme in respect of key employees.
The most recent actuarial valuation of the obligation of £381,000 (2022 - £494,000) was on
31/3/2023. During the year the expense incurred was £13,000 (2022 - £10,000).
The principal assumptions used are: Discount rate 4.7%, Inflation RPI 3.2%, Inflation CPI 2.1%,
Pre and Post Retirement mortality - S3PMA tables with improvements in the CMI 2020 model
and a long term rate of improvement of 1%
2023 2022
£ £
Present value of defined benefit obligations 381,000 494,000
Fair value of scheme assets 0 0
Liability recognised in the balance sheet 381,000 494,000
Movements in the present value of the defined benefits obligations were as follows:
2023 2022
£ £
At beginning of year 494,000 495,000
Current service cost 0 0
Interest cost 13,000 9,000
Actuarial gains -126,000 -10,000
At end of year 381,000 494,000
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 97,853 104,905 202,758
Additions 5,398 137,365 142,763
Disposals (8,767) (33,667) (42,434)
At 31 March 2023 94,484 208,603 303,087
Depreciation
At 1 April 2022 65,141 70,769 135,910
Charge for the year 6,783 31,046 37,829
On disposals (8,697) (25,644) (34,341)
At 31 March 2023 63,227 76,171 139,398
Net book value
At 31 March 2023 31,257 132,432 163,689
At 31 March 2022 32,712 34,136 66,848
4 Debtors 2023 2022
£ £
Trade debtors 1,364,506 1,228,216
Other debtors 105,470 331,345
1,469,976 1,559,561
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 132,021 206,534
Trade creditors 1,087,507 988,583
Taxation and social security costs 326,523 330,363
Other creditors 401,027 633,556
1,947,078 2,159,036
6 Employees 2023 2022
Average number of persons employed by the company 20 20
7 Loans to Directors B/fwd Paid Repaid C/fwd
P Mills, on demand 35,622 64,428 100,050 -
C Mills, on demand 43,293 17,690 60,904 79
8 Other information
Oaktree Interiors Limited is a private company limited by shares registered in England at Keepers Cottage, Bearwood Road, Wokingham, Berkshire, RG41 4SJ. An interim dividend of £100,000 was paid during the year.
The immediate parent undertaking is Oaktree Interiors Holdings Limited, that owns 100% of the company's share capital. Oaktree Interiors Holdings Limited is registered in England at St Ann's Quay, 118 Quayside, Newcastle Upon Tyne, NE1 3BD
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