3 false false false false false false false false false false true false false false false false false No description of principal activity 2022-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 100,000 55,000 5,000 60,000 40,000 45,000 xbrli:pure xbrli:shares iso4217:GBP NI607200 2022-05-01 2023-04-30 NI607200 2023-04-30 NI607200 2022-04-30 NI607200 2021-05-01 2022-04-30 NI607200 2022-04-30 NI607200 2021-04-30 NI607200 core:NetGoodwill 2022-05-01 2023-04-30 NI607200 core:LandBuildings core:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 NI607200 core:PlantMachinery 2022-05-01 2023-04-30 NI607200 core:MotorVehicles 2022-05-01 2023-04-30 NI607200 bus:OrdinaryShareClass2 2022-05-01 2023-04-30 NI607200 bus:OrdinaryShareClass3 2022-05-01 2023-04-30 NI607200 bus:Director1 2022-05-01 2023-04-30 NI607200 core:NetGoodwill 2022-04-30 NI607200 core:NetGoodwill 2023-04-30 NI607200 core:LandBuildings 2022-04-30 NI607200 core:PlantMachinery 2022-04-30 NI607200 core:MotorVehicles 2022-04-30 NI607200 core:LandBuildings 2023-04-30 NI607200 core:PlantMachinery 2023-04-30 NI607200 core:MotorVehicles 2023-04-30 NI607200 core:LandBuildings 2022-05-01 2023-04-30 NI607200 core:WithinOneYear 2023-04-30 NI607200 core:WithinOneYear 2022-04-30 NI607200 core:AfterOneYear 2023-04-30 NI607200 core:AfterOneYear 2022-04-30 NI607200 core:ShareCapital 2023-04-30 NI607200 core:ShareCapital 2022-04-30 NI607200 core:RetainedEarningsAccumulatedLosses 2023-04-30 NI607200 core:RetainedEarningsAccumulatedLosses 2022-04-30 NI607200 core:NetGoodwill 2022-04-30 NI607200 core:AcceleratedTaxDepreciationDeferredTax 2023-04-30 NI607200 core:AcceleratedTaxDepreciationDeferredTax 2022-04-30 NI607200 core:LandBuildings 2022-04-30 NI607200 core:PlantMachinery 2022-04-30 NI607200 core:MotorVehicles 2022-04-30 NI607200 bus:SmallEntities 2022-05-01 2023-04-30 NI607200 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 NI607200 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 NI607200 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 NI607200 bus:FullAccounts 2022-05-01 2023-04-30 NI607200 bus:AllOrdinaryShares 2023-04-30 NI607200 bus:AllOrdinaryShares 2022-04-30 NI607200 bus:OrdinaryShareClass2 2023-04-30 NI607200 bus:OrdinaryShareClass2 2022-04-30 NI607200 bus:OrdinaryShareClass3 2023-04-30 NI607200 bus:OrdinaryShareClass3 2022-04-30
COMPANY REGISTRATION NUMBER: NI607200
OAKRA HARDWOOD FLOORING LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 April 2023
OAKRA HARDWOOD FLOORING LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2023
CONTENTS
PAGE
Statement of financial position
1
Notes to the financial statements
3
OAKRA HARDWOOD FLOORING LIMITED
STATEMENT OF FINANCIAL POSITION
30 April 2023
2023
2022
Note
£
£
£
FIXED ASSETS
Intangible assets
5
40,000
45,000
Tangible assets
6
203,248
204,761
---------
---------
243,248
249,761
CURRENT ASSETS
Stocks
103,000
60,000
Debtors
7
52,691
72,905
Cash at bank and in hand
4,973
8,347
---------
---------
160,664
141,252
CREDITORS: amounts falling due within one year
8
157,731
135,093
---------
---------
NET CURRENT ASSETS
2,933
6,159
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
246,181
255,920
CREDITORS: amounts falling due after more than one year
9
193,323
196,761
PROVISIONS
Taxation including deferred tax
7,341
8,723
---------
---------
NET ASSETS
45,517
50,436
---------
---------
CAPITAL AND RESERVES
Called up share capital
11
2
2
Profit and loss account
45,515
50,434
--------
--------
SHAREHOLDERS FUNDS
45,517
50,436
--------
--------
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 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
OAKRA HARDWOOD FLOORING LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 April 2023
These financial statements were approved by the board of directors and authorised for issue on 10 November 2023 , and are signed on behalf of the board by:
Mr M Stevenson
Director
Company registration number: NI607200
OAKRA HARDWOOD FLOORING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Maynooth House, 44 Maynooth Road, Richhill, Co. Armagh, BT61 9RG.
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.
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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Premises Expenses
-
2% straight line
Plant & Machinery
-
20% reducing balance
Motor Vehicles
-
20% reducing balance
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 May 2022 and 30 April 2023
100,000
---------
Amortisation
At 1 May 2022
55,000
Charge for the year
5,000
---------
At 30 April 2023
60,000
---------
Carrying amount
At 30 April 2023
40,000
---------
At 30 April 2022
45,000
---------
6. TANGIBLE ASSETS
Premises expenditure
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2022
175,908
106,940
38,200
321,048
Additions
9,564
2,400
11,964
---------
---------
--------
---------
At 30 April 2023
185,472
109,340
38,200
333,012
---------
---------
--------
---------
Depreciation
At 1 May 2022
17,580
77,916
20,791
116,287
Charge for the year
3,710
6,285
3,482
13,477
---------
---------
--------
---------
At 30 April 2023
21,290
84,201
24,273
129,764
---------
---------
--------
---------
Carrying amount
At 30 April 2023
164,182
25,139
13,927
203,248
---------
---------
--------
---------
At 30 April 2022
158,328
29,024
17,409
204,761
---------
---------
--------
---------
Land on which the premises has been erected is not owned by Oakra Hardwood Flooring Limited.
7. DEBTORS
2023
2022
£
£
Trade debtors
52,691
72,127
Other debtors
778
--------
--------
52,691
72,905
--------
--------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
15,499
9,547
Trade creditors
106,213
98,424
Corporation tax
2,185
351
Social security and other taxes
18,500
10,937
Other creditors
15,334
15,834
---------
---------
157,731
135,093
---------
---------
9. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
21,624
32,402
Other creditors
171,699
164,359
---------
---------
193,323
196,761
---------
---------
10. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
7,341
8,723
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
7,341
8,723
-------
-------
11. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares shares of £ 1 each
1
1
1
1
Ordinary B shares shares of £ 1 each
1
1
1
1
----
----
----
----
2
2
2
2
----
----
----
----
12. RELATED PARTY TRANSACTIONS
The company was under the control of Mr Michael Stevenson throughout the current year. Mr Michael Stevenson is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.