Company No:
Contents
Note | 30.11.2023 | 30.11.2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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49,392 | 7,269 | |||
Current assets | ||||
Stocks | 4 |
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Debtors | 5 |
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Cash at bank and in hand |
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94,219 | 9,765 | |||
Creditors: amounts falling due within one year | 6 | (
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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 |
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Provision for liabilities | 8 | (
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Net assets/(liabilities) |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholder's funds/(deficit) |
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Director's responsibilities:
The financial statements of Premier Oak Buildings Ltd (registered number:
D G E Buxton
Director |
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.
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 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.
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.
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.
Plant and machinery |
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Vehicles |
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Office equipment |
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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.
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.
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.
30.11.2023 | 30.11.2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Plant and machinery | Vehicles | Office equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 December 2022 |
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Additions |
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At 30 November 2023 |
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Accumulated depreciation | |||||||
At 01 December 2022 |
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Charge for the financial year |
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At 30 November 2023 |
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Net book value | |||||||
At 30 November 2023 |
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At 30 November 2022 |
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30.11.2023 | 30.11.2022 | ||
£ | £ | ||
Stocks |
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30.11.2023 | 30.11.2022 | ||
£ | £ | ||
Trade debtors |
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Other taxation and social security |
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Other debtors |
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30.11.2023 | 30.11.2022 | ||
£ | £ | ||
Trade creditors |
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Corporation tax |
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Other taxation and social security |
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Other creditors |
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30.11.2023 | 30.11.2022 | ||
£ | £ | ||
Other creditors |
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30.11.2023 | 30.11.2022 | ||
£ | £ | ||
Deferred tax |
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Commitments
30.11.2023 | 30.11.2022 | ||
£ | £ | ||
Total future minimum lease payments under non-cancellable operating lease |
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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).