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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
Page
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Oakwrights Bath LTD Company Information for the year ended 31 March 2023
Director
P Love
Secretary
A Love
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
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Oakwrights Bath LTD Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
108,983 
139,461 
Current assets
Inventories
142,294 
86,705 
Debtors
141,540 
124,612 
Cash at bank and in hand
(27,763)
7,172 
256,071 
218,489 
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)
Net assets
11,081 
54,677 
Capital and reserves
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
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Oakwrights Bath LTD Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
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.
Presentation currency
The accounts are presented in sterling, which is the functional currency of the entity.
Turnover
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
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.
Pension costs
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.
Taxation
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.
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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
Impairment
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
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.
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Oakwrights Bath LTD Notes to the Accounts for the year ended 31 March 2023
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.
Leased assets
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
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
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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 
Depreciation
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 
Net book value
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 
5
Inventories
2023 
2022 
£ 
£ 
Raw materials
8,545 
6,770 
Work in progress
131,149 
79,935 
Finished goods
2,600 
- 
142,294 
86,705 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
139,289 
120,359 
Other debtors
2,251 
4,253 
141,540 
124,612 
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 
Accruals
8,919 
8,573 
309,993 
242,308 
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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 
£ 
£ 
Bank loans
23,274 
33,206 
Obligations under finance leases and hire purchase contracts
- 
1,262 
23,274 
34,468 
9
Share capital
2023 
2022 
£ 
£ 
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.
11
Pension commitments
There were no pension commitments outstanding at the end of the financial year.
12
Contingent liabilities
There were no contingent liabilities outstanding at the end of the financial year.
13
Loans to directors
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).
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