Company Registration No. 04661035 (England and Wales)
Oakwrights Bath LTD
Unaudited accounts
for the year ended 31 March 2023
Oakwrights Bath LTD
Unaudited accounts
Contents
Oakwrights Bath LTD
Company Information
for the year ended 31 March 2023
Company Number
04661035 (England and Wales)
Registered Office
UNITS 3 4 5
23 LEAFIELD INDUSTRIAL ESTATE
CORSHAM
WILTSHIRE
SN13 9RS
Accountants
Collier-Marsh Accountancy
Old Coach House
Seagry Road
Sutton Benger
Wiltshire
SN15 4RX
Oakwrights Bath LTD
Statement of financial position
as at 31 March 2023
Tangible assets
108,983
139,461
Inventories
142,294
86,705
Cash at bank and in hand
(27,763)
7,172
Creditors: amounts falling due within one year
(309,993)
(242,308)
Net current liabilities
(53,922)
(23,819)
Total assets less current liabilities
55,061
115,642
Creditors: amounts falling due after more than one year
(23,274)
(34,468)
Provisions for liabilities
Deferred tax
(20,706)
(26,497)
Called up share capital
10
10
Profit and loss account
11,071
54,667
Shareholders' funds
11,081
54,677
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 14 November 2023 and were signed on its behalf by
P Love
Director
Company Registration No. 04661035
Oakwrights Bath LTD
Notes to the Accounts
for the year ended 31 March 2023
Oakwrights Bath LTD is a private company, limited by shares, registered in England and Wales, registration number 04661035. The registered office is UNITS 3 4 5, 23 LEAFIELD INDUSTRIAL ESTATE, CORSHAM, WILTSHIRE, SN13 9RS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and liabilities, and investment properties measured at fair value through profit and loss.
The accounts are presented in sterling, which is the functional currency of the entity.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Oakwrights Bath LTD
Notes to the Accounts
for the year ended 31 March 2023
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
10% Reducing balance
Motor vehicles
25% Reducing balance
Fixtures & fittings
25% Reducing balance
Other tangible fixed assets
Straight line over the life of the lease
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.
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 are largely independent of cash inflows from other assets or group of assets.
Stocks have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Oakwrights Bath LTD
Notes to the Accounts
for the year ended 31 March 2023
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.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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 in finance costs in profit or loss in the period it arises
Oakwrights Bath LTD
Notes to the Accounts
for the year ended 31 March 2023
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At valuation
At cost
At cost
At cost
At 1 April 2022
14,433
188,518
32,750
120,530
356,231
Additions
-
3,260
-
5,323
8,583
Revaluations
83,766
(21,589)
-
(64,777)
(2,600)
Disposals
-
(3,002)
-
(1,054)
(4,056)
At 31 March 2023
98,199
167,187
32,750
60,022
358,158
At 1 April 2022
11,251
120,371
26,588
58,560
216,770
Charge for the year
22,927
5,747
1,541
5,488
35,703
Surplus on revaluation
35,361
(11,740)
-
(24,326)
(705)
On disposals
-
(1,625)
-
(968)
(2,593)
At 31 March 2023
69,539
112,753
28,129
38,754
249,175
At 31 March 2023
28,660
54,434
4,621
21,268
108,983
At 31 March 2022
3,182
68,147
6,162
61,970
139,461
Work in progress
131,149
79,935
Amounts falling due within one year
Trade debtors
139,289
120,359
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
9,917
9,676
Obligations under finance leases and hire purchase contracts
1,788
3,787
Trade creditors
211,574
143,802
Taxes and social security
44,991
45,176
Other creditors
4,804
3,294
Loans from directors
28,000
28,000
Oakwrights Bath LTD
Notes to the Accounts
for the year ended 31 March 2023
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
-
1,262
Allotted, called up and fully paid:
10 Ordinary shares of £1 each
10
10
10
Capital commitments
2023
2022
There were no capital commitments outstanding at the end of the financial year.
There were no pension commitments outstanding at the end of the financial year.
There were no contingent liabilities outstanding at the end of the financial year.
There were no advances or credits provided to directors during the year.
14
Average number of employees
During the year the average number of employees was 15 (2022: 15).