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Oak Wood Furniture Manufacturers Limited

Financial Statements for the Year Ended 31 July 2023






Oak Wood Furniture Manufacturers Limited

Company Information
for the Year Ended 31 July 2023







DIRECTORS: N Kitley
M Ferris



REGISTERED OFFICE: Old Parish Road
Ynysybwl
Pontypridd
CF37 3EY



REGISTERED NUMBER: 02912329 (England and Wales)



ACCOUNTANTS: BPU Limited
Chartered Accountants
Radnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
CF23 8AA



BANKERS: Nat West Bank
1 Taff Street
Pontypridd
CF37 4UU

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Oak Wood Furniture Manufacturers Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Oak Wood Furniture Manufacturers Limited for the year ended 31 July 2023 which comprise the Profit & Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Oak Wood Furniture Manufacturers Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Oak Wood Furniture Manufacturers Limited and state those matters that we have agreed to state to the Board of Directors of Oak Wood Furniture Manufacturers Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Oak Wood Furniture Manufacturers Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Oak Wood Furniture Manufacturers Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Oak Wood Furniture Manufacturers Limited. You consider that Oak Wood Furniture Manufacturers Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Oak Wood Furniture Manufacturers Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






BPU Limited
Chartered Accountants


31 October 2023

Oak Wood Furniture Manufacturers Limited (Registered number: 02912329)

Balance Sheet
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 195,991 172,490

CURRENT ASSETS
Stocks 36,551 48,372
Debtors 4 269,227 251,757
Cash at bank and in hand 285,556 259,019
591,334 559,148
CREDITORS
Amounts falling due within one year 5 352,265 297,505
NET CURRENT ASSETS 239,069 261,643
TOTAL ASSETS LESS CURRENT
LIABILITIES

435,060

434,133

CREDITORS
Amounts falling due after more than
one year

6

(19,976

)

(29,801

)

PROVISIONS FOR LIABILITIES (10,500 ) (8,000 )
NET ASSETS 404,584 396,332

CAPITAL AND RESERVES
Called up share capital 2,792 2,792
Retained earnings 401,792 393,540
SHAREHOLDERS' FUNDS 404,584 396,332

Oak Wood Furniture Manufacturers Limited (Registered number: 02912329)

Balance Sheet - continued
31 July 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2023 and were signed on its behalf by:





N Kitley - Director


Oak Wood Furniture Manufacturers Limited (Registered number: 02912329)

Notes to the Financial Statements
for the Year Ended 31 July 2023


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the value of goods and services supplied by the company, net of value added tax and trade discounts.

Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Plant and machinery - 15% straight line
Motor vehicles - 25% straight line

The freehold property is not depreciated which is contrary to the Companies Act.

Stocks & work in progress
Stock is valued at the lower of cost and net realisable value. Work in progress is valued by reference to the stage of completion on each contract.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Leasing and hire purchase commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Oak Wood Furniture Manufacturers Limited (Registered number: 02912329)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023


1. ACCOUNTING POLICIES - continued

Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 19 ) .

3. TANGIBLE FIXED ASSETS
Freehold Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 August 2022 130,122 179,175 20,649 329,946
Additions - - 38,900 38,900
At 31 July 2023 130,122 179,175 59,549 368,846
DEPRECIATION
At 1 August 2022 - 138,359 19,097 157,456
Charge for year - 8,361 7,038 15,399
At 31 July 2023 - 146,720 26,135 172,855
NET BOOK VALUE
At 31 July 2023 130,122 32,455 33,414 195,991
At 31 July 2022 130,122 40,816 1,552 172,490

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 265,102 245,479
Other debtors & prepayments 4,125 5,661
VAT - 617
269,227 251,757

Oak Wood Furniture Manufacturers Limited (Registered number: 02912329)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023


5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans 9,848 9,768
Trade creditors 63,778 158,615
Amounts owed to group undertakings 94,683 15,109
Taxes & social security costs 157,251 94,725
Other creditors & accruals 26,705 19,288
352,265 297,505

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans 19,976 29,801

7. ULTIMATE PARENT COMPANY

The company's ultimate parent company is Nig Mar Holdings Limited.

8. GUARANTEES AND OTHER FINANCIAL COMMITMENTS

The company had total commitments in respect of operating leases at the balance sheet date of £16,883 (2022: £13,370).