Company registration number 02386135 (England and Wales)
OAKWOOD DEMOLITION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
OAKWOOD DEMOLITION LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
OAKWOOD DEMOLITION LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,194,724
1,500,579
Current assets
Debtors
4
2,425,022
1,829,157
Cash at bank and in hand
32,188
2,425,022
1,861,345
Creditors: amounts falling due within one year
5
(995,842)
(512,716)
Net current assets
1,429,180
1,348,629
Total assets less current liabilities
2,623,904
2,849,208
Creditors: amounts falling due after more than one year
6
(87,923)
(265,800)
Provisions for liabilities
8
(308,754)
(392,082)
Net assets
2,227,227
2,191,326
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
2,227,225
2,191,324
Total equity
2,227,227
2,191,326
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
OAKWOOD DEMOLITION LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 November 2023 and are signed on its behalf by:
M Lennon
Director
Company registration number 02386135 (England and Wales)
OAKWOOD DEMOLITION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information
Oakwood Demolition Limited is a private company limited by shares incorporated in England and Wales. The registered office is Nobel Road, Edmonton, London, United Kingdom, N18 3BH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
20% / 25 % on reducing balance
Motor vehicles
25 % on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Construction contracts
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.
OAKWOOD DEMOLITION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes.
1.8
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.9
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
OAKWOOD DEMOLITION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
12
13
OAKWOOD DEMOLITION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022
4,523,263
Additions
16,895
Disposals
(223,489)
At 28 February 2023
4,316,669
Depreciation and impairment
At 1 March 2022
3,022,684
Depreciation charged in the year
301,755
Eliminated in respect of disposals
(202,494)
At 28 February 2023
3,121,945
Carrying amount
At 28 February 2023
1,194,724
At 28 February 2022
1,500,579
The bank have a fixed and floating charge over all the assets of the company.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
84,083
174,942
Amounts owed by group undertakings
1,788,059
1,276,746
Other debtors
552,880
377,469
2,425,022
1,829,157
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
391,332
928
Trade creditors
292,907
165,801
Taxation and social security
15,004
16,191
Other creditors
296,599
329,796
995,842
512,716
OAKWOOD DEMOLITION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
87,923
265,800
7
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
198,314
223,431
In two to five years
89,594
274,371
287,908
497,802
Less: future finance charges
(9,615)
(24,066)
278,293
473,736
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
8
Provisions for liabilities
2023
2022
£
£
Provision for foreseeable losses on construction contracts
37,788
117,606
Deferred tax liabilities
270,966
274,476
308,754
392,082
9
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
OAKWOOD DEMOLITION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 8 -
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Plant hire and other services payable
Plant hire and other services receivable
2023
2022
2023
2022
£
£
£
£
Entities with control, joint control or significant influence over the company
-
-
50,000
178,205
Other entities controlled by the parent company
150,000
600,000
-
-
Entities under the control of the same person
-
-
4,500
-
In addition, the company has received loan interest from entities with control over the company of £16,871 (2022: £20,222).
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
530,539
444,021
Other entities controlled by the parent company
1,257,520
832,725
Entities under the control of the same person
255,090
228,719
11
Directors' transactions
Amounts due to directors of the company at the balance sheet date was £63,717 (2022: £78,717)
12
Parent company
The parent company of Oakwood Demolition Limited is Oakwood Plant Group Limited.
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