Silverfin false false 30/11/2023 01/12/2022 30/11/2023 D G E Buxton 15/11/2021 05 April 2024 The principal activity of the Company during the financial year was that of bespoke high end oak carpentry and joinery. 13743918 2023-11-30 13743918 bus:Director1 2023-11-30 13743918 2022-11-30 13743918 core:CurrentFinancialInstruments 2023-11-30 13743918 core:CurrentFinancialInstruments 2022-11-30 13743918 core:Non-currentFinancialInstruments 2023-11-30 13743918 core:Non-currentFinancialInstruments 2022-11-30 13743918 core:ShareCapital 2023-11-30 13743918 core:ShareCapital 2022-11-30 13743918 core:RetainedEarningsAccumulatedLosses 2023-11-30 13743918 core:RetainedEarningsAccumulatedLosses 2022-11-30 13743918 core:PlantMachinery 2022-11-30 13743918 core:Vehicles 2022-11-30 13743918 core:OfficeEquipment 2022-11-30 13743918 core:PlantMachinery 2023-11-30 13743918 core:Vehicles 2023-11-30 13743918 core:OfficeEquipment 2023-11-30 13743918 core:CurrentFinancialInstruments 10 2023-11-30 13743918 core:CurrentFinancialInstruments 10 2022-11-30 13743918 2022-12-01 2023-11-30 13743918 bus:FilletedAccounts 2022-12-01 2023-11-30 13743918 bus:SmallEntities 2022-12-01 2023-11-30 13743918 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 13743918 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 13743918 bus:Director1 2022-12-01 2023-11-30 13743918 core:PlantMachinery 2022-12-01 2023-11-30 13743918 core:Vehicles 2022-12-01 2023-11-30 13743918 core:OfficeEquipment 2022-12-01 2023-11-30 13743918 2021-12-01 2022-11-30 13743918 core:Non-currentFinancialInstruments 2022-12-01 2023-11-30 iso4217:GBP xbrli:pure

Company No: 13743918 (England and Wales)

PREMIER OAK BUILDINGS LTD

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

PREMIER OAK BUILDINGS LTD

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

PREMIER OAK BUILDINGS LTD

BALANCE SHEET

As at 30 November 2023
PREMIER OAK BUILDINGS LTD

BALANCE SHEET (continued)

As at 30 November 2023
Note 30.11.2023 30.11.2022
£ £
Fixed assets
Tangible assets 3 49,392 7,269
49,392 7,269
Current assets
Stocks 4 20,540 0
Debtors 5 44,263 2,968
Cash at bank and in hand 29,416 6,797
94,219 9,765
Creditors: amounts falling due within one year 6 ( 98,123) ( 5,132)
Net current (liabilities)/assets (3,904) 4,633
Total assets less current liabilities 45,488 11,902
Creditors: amounts falling due after more than one year 7 0 ( 30,717)
Provision for liabilities 8 ( 10,581) 0
Net assets/(liabilities) 34,907 ( 18,815)
Capital and reserves
Called-up share capital 1 1
Profit and loss account 34,906 ( 18,816 )
Total shareholder's funds/(deficit) 34,907 ( 18,815)

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Premier Oak Buildings Ltd (registered number: 13743918) were approved and authorised for issue by the Director on 05 April 2024. They were signed on its behalf by:

D G E Buxton
Director
PREMIER OAK BUILDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
PREMIER OAK BUILDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Premier Oak Buildings Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Workshop Urgashay Farm, Urgashay, Yeovil, BA22 8HH, England, United Kingdom.

This is the first year the accounts have been prepared under FRS 102 Section 1A of Financial Reporting Standard 102 (FRS 102) 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. Under FRS 102 Section 1A deferred taxation is recognised, in line with the accounting policy, whereas this is not a requirement under FRS 105. As a result of transition to FRS 102 Section 1A there is now a deferred tax liability recognised in the financial statements as a provision for liabilities resulting in a corresponding decrease in the profit and loss account. There were no restatements required to the prior year as a result of transition to FRS 102.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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 and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer in line with the stage of completion of the work.

Where deposits and stage payments have been received in advance of the work being completed at the period end, these are included as deferred income within other creditors on the balance sheet.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
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 financial statements. 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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 18 % reducing balance
Vehicles 18 % reducing balance
Office equipment 18 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

30.11.2023 30.11.2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 3 2

3. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 December 2022 7,707 0 912 8,619
Additions 12,695 30,495 4,168 47,358
At 30 November 2023 20,402 30,495 5,080 55,977
Accumulated depreciation
At 01 December 2022 1,238 0 112 1,350
Charge for the financial year 1,758 3,172 305 5,235
At 30 November 2023 2,996 3,172 417 6,585
Net book value
At 30 November 2023 17,406 27,323 4,663 49,392
At 30 November 2022 6,469 0 800 7,269

4. Stocks

30.11.2023 30.11.2022
£ £
Stocks 20,540 0

5. Debtors

30.11.2023 30.11.2022
£ £
Trade debtors 42,963 2,746
Other taxation and social security 0 222
Other debtors 1,300 0
44,263 2,968

6. Creditors: amounts falling due within one year

30.11.2023 30.11.2022
£ £
Trade creditors 17,294 3,811
Corporation tax 3,380 0
Other taxation and social security 17,331 1,321
Other creditors 60,118 0
98,123 5,132

7. Creditors: amounts falling due after more than one year

30.11.2023 30.11.2022
£ £
Other creditors 0 30,717

There are no amounts included above in respect of which any security has been given by the small entity.

8. Provision for liabilities

30.11.2023 30.11.2022
£ £
Deferred tax 10,581 0

9. Financial commitments

Commitments

30.11.2023 30.11.2022
£ £
Total future minimum lease payments under non-cancellable operating lease 8,550 0

The Company has a non-cancellable operating lease in place in respect of the business premises. The future minimum lease payments falling due within one year is £8,550 (2022 - £nil).