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 |
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|
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. |
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|
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 |