Company registration number 01293096 (England and Wales)
OAKWOOD PLANT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
OAKWOOD PLANT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
OAKWOOD PLANT LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
109,944
120,060
Current assets
Debtors
4
3,955,035
3,085,335
Cash at bank and in hand
6,457
135,503
3,961,492
3,220,838
Creditors: amounts falling due within one year
5
(2,099,528)
(1,379,415)
Net current assets
1,861,964
1,841,423
Net assets
1,971,908
1,961,483
Capital and reserves
Called up share capital
100,000
100,000
Profit and loss reserves
1,871,908
1,861,483
Total equity
1,971,908
1,961,483
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.
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:
Matthew Lennon
Director
Company registration number 01293096 (England and Wales)
OAKWOOD PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -
1
Accounting policies
Company information
Oakwood Plant 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
Fixtures, fittings & equipment
10% furniture and fittings on reducing balance 25% computer equipment 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 PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 3 -
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 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
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
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.
OAKWOOD PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
20
19
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022
1,466,192
Additions
31,515
Disposals
(294,700)
At 28 February 2023
1,203,007
Depreciation and impairment
At 1 March 2022
1,346,132
Depreciation charged in the year
26,730
Eliminated in respect of disposals
(279,799)
At 28 February 2023
1,093,063
Carrying amount
At 28 February 2023
109,944
At 28 February 2022
120,060
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
159,434
247,553
Corporation tax recoverable
6,652
Amounts owed by group undertakings
2,891,777
1,930,597
Other debtors
811,880
806,847
3,863,091
2,991,649
OAKWOOD PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
4
Debtors
(Continued)
- 5 -
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
91,944
93,686
Total debtors
3,955,035
3,085,335
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
105,617
Trade creditors
383,691
356,889
Amounts owed to group undertakings
1,257,520
832,725
Taxation and social security
40,826
157,220
Other creditors
286,874
4,581
Accruals and deferred income
25,000
28,000
2,099,528
1,379,415
The bank overdraft is secured by way of a fixed and floating charge over all the assets of the company.
6
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Management
Management
Recharged
Recharged
fees receivable
fees receivable
purchases payable
purchases payable
2023
2022
2023
2022
£
£
£
£
Entities with control, joint control or significant influence over the company
150,000
(1,100,000)
OAKWOOD PLANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
6
Related party transactions
(Continued)
- 6 -
Plant hire and other services receivable
Loan interest receivable
2023
2022
2023
2022
£
£
£
£
Entities with control, joint control or significant influence over the company
225,000
400,000
-
-
Other entities controlled by the parent company
150,000
600,000
-
-
Entities under the control of the same person
100,000
-
47,142
40,367
2023
2022
Amounts due to related parties
£
£
Other entities controlled by the parent company
1,257,520
832,725
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
2,891,777
1,930,597
Entities under the control of the same person
750,085
742,743
7
Directors' transactions
Amounts due to directors of the company at the balance sheet date was £300,000 (2022: £Nil).
8
Parent company
The parent company of Oakwood Plant Limited is Oakwood Plant Group Limited.