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Registration number: 11613267

Oxfordshire Concrete Ltd

trading as Oxcrete

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Oxfordshire Concrete Ltd

trading as Oxcrete

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Oxfordshire Concrete Ltd

trading as Oxcrete

Company Information

Directors

Mr P Johnson

Mr B Draycott

Registered office and
business address

Stonepitt Barn
Kingston Road
Frilford
Abingdon
OX13 5HB

Accountants

Regulatory Accounting Ltd
T/A Optimum Professional Services
Vicarage Court
160 Ermin Street
Swindon
Wiltshire
SN3 4NE

 

Oxfordshire Concrete Ltd

trading as Oxcrete

(Registration number: 11613267)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

502,059

572,160

Current assets

 

Stocks

5

19,560

28,000

Debtors

6

186,746

255,605

Cash at bank and in hand

 

136,204

68,708

 

342,510

352,313

Creditors: Amounts falling due within one year

7

(472,125)

(490,548)

Net current liabilities

 

(129,615)

(138,235)

Total assets less current liabilities

 

372,444

433,925

Creditors: Amounts falling due after more than one year

7

(365,893)

(506,693)

Net assets/(liabilities)

 

6,551

(72,768)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

6,451

(72,868)

Shareholders' funds/(deficit)

 

6,551

(72,768)

 

Oxfordshire Concrete Ltd

trading as Oxcrete

(Registration number: 11613267)
Balance Sheet as at 30 September 2023

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 April 2024 and signed on its behalf by:
 

.........................................
Mr P Johnson
Director

.........................................
Mr B Draycott
Director

 
     
 

Oxfordshire Concrete Ltd

trading as Oxcrete

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The presentation currency of the financial statements is the Pound Sterling (£).
 

The address of its registered office is:
Stonepitt Barn
Kingston Road
Frilford
Abingdon
OX13 5HB
England

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

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

Going concern

The directors have considered the risks and issues concerning the company and it's activities and no material uncertainties that may cast significant doubt about the company's ability to continue as a going concern have been identified. The directors can foresee the business growing and becoming profitable in the near future.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Revenue is recognised on supply of the goods.

 

Oxfordshire Concrete Ltd

trading as Oxcrete

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Tax

Tax is recognised in the Income Statement, 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 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 the tax rates and laws that have been enacted or substantively enacted by the period 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

Plant and machinery

15% reducing balance

Yard improvements

15% reducing balance

trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Oxfordshire Concrete Ltd

trading as Oxcrete

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Oxfordshire Concrete Ltd

trading as Oxcrete

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 6).

 

Oxfordshire Concrete Ltd

trading as Oxcrete

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2022

34,352

853,753

888,105

Additions

-

114,000

114,000

Disposals

-

(205,000)

(205,000)

At 30 September 2023

34,352

762,753

797,105

Depreciation

At 1 October 2022

17,881

298,065

315,946

Charge for the year

2,393

89,410

91,803

Eliminated on disposal

-

(112,703)

(112,703)

At 30 September 2023

20,274

274,772

295,046

Carrying amount

At 30 September 2023

14,078

487,981

502,059

At 30 September 2022

16,471

555,689

572,160

5

Stocks

2023
£

2022
£

Other inventories

19,560

28,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

183,771

188,377

Prepayments

1,916

688

Other debtors

1,059

66,540

 

186,746

255,605

 

Oxfordshire Concrete Ltd

trading as Oxcrete

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

160,820

213,685

Trade creditors

 

282,410

239,234

Taxation and social security

 

27,266

6,230

Accruals and deferred income

 

1,733

2,000

Other creditors

 

(104)

29,399

 

472,125

490,548

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £150,258.

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

289,460

431,693

Other non-current financial liabilities

 

76,433

75,000

 

365,893

506,693

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £204,967.

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

19,491

29,804

Finance lease liabilities

204,969

326,889

Other borrowings

65,000

75,000

289,460

431,693

 

Oxfordshire Concrete Ltd

trading as Oxcrete

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,561

10,306

Finance lease liabilities

150,259

196,113

Other borrowings

-

7,266

160,820

213,685