Company registration number 00584699 (England and Wales)
P.G. OXLEY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
11 De Grey Square
De Grey Road
Colchester
Essex
CO4 5YQ
P.G. OXLEY LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
P.G. OXLEY LIMITED
BALANCE SHEET
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
165,254
179,677
Current assets
Stocks
51,329
63,885
Debtors
5
1,074,054
856,894
Cash at bank and in hand
1,872
3,848
1,127,255
924,627
Creditors: amounts falling due within one year
6
(1,024,745)
(895,283)
Net current assets
102,510
29,344
Total assets less current liabilities
267,764
209,021
Creditors: amounts falling due after more than one year
7
(20,833)
(30,833)
Provisions for liabilities
(2,297)
(1,552)
Net assets
244,634
176,636
Capital and reserves
Called up share capital
1,600
1,600
Profit and loss reserves
243,034
175,036
Total equity
244,634
176,636
P.G. OXLEY LIMITED
BALANCE SHEET (CONTINUED)
- 3 -
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 30 June 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 16 August 2024 and are signed on its behalf by:
Mr P W Oxley
Mr B W Oxley
Director
Director
Company Registration No. 00584699
P.G. OXLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
1
Accounting policies
Company information
P.G. Oxley Limited is a private company limited by shares incorporated in England and Wales. The registered office is 47 High Street, Walton on the Naze, Essex, United Kingdom, CO14 8BE.
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 and other sales related taxes.
Funeral Sales
The funeral income is recognised when the funeral occurs, with any other income relating to the funeral being recognised when the service or goods supplied.
Building Work
On short term projects the revenue is recognised on the completion of the job.
Revenue from long term contracts is recognised by reference to the stage on completion where costs to complete can by estimated reliably. The stage of completion is calculated by comparing certified income against the total value of the contract. Where the outcome cannot be estimated accurately, revenue is recognised only to the extent of the costs that it is probable will be recovered.
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.
P.G. OXLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
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:
Freehold land and buildings
2% on cost
Leasehold land and buildings
2% on cost
Leasehold improvements
20% on cost
Plant and equipment
10% on cost
Motor vehicles
25% on cost
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
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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
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.
P.G. OXLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
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.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The key estimates and judgments are the valuation of work in progress and amounts recoverable on contracts.
P.G. OXLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
16
17
4
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 July 2022
158,000
12,257
70,940
70,077
185,091
496,365
Additions
1,268
1,268
Disposals
(17,077)
(17,077)
At 30 June 2023
158,000
12,257
53,863
71,345
185,091
480,556
Depreciation and impairment
At 1 July 2022
51,209
5,637
27,850
62,792
169,200
316,688
Depreciation charged in the year
3,160
245
10,772
1,289
225
15,691
Eliminated in respect of disposals
(17,077)
(17,077)
At 30 June 2023
54,369
5,882
21,545
64,081
169,425
315,302
Carrying amount
At 30 June 2023
103,631
6,375
32,318
7,264
15,666
165,254
At 30 June 2022
106,791
6,620
43,090
7,285
15,891
179,677
P.G. OXLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
135,949
158,760
Other debtors
938,105
698,134
1,074,054
856,894
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
92,042
59,964
Trade creditors
187,039
257,490
Taxation and social security
707,641
542,252
Other creditors
38,023
35,577
1,024,745
895,283
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,833
30,833
9
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Overdrawn directors loan
2.00
71,332
41,916
113,248
Overdrawn directors loan
2.00
421,776
130,529
552,305
493,108
172,445
665,553
P.G. OXLEY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
10
Going Concern
The Directors announced in year end 2022 narrative that the company lost fellow director and shareholder, Julie Lewarne in May 2023. The effects of this loss continued to impact the Directors and the business. It is primary reason why these accounts have had to be filed late.
The building side of the business appears to have found its correct position in the local market with the reduced number of staff, smaller size of the works undertaken, and reduced length of time spent on each project. We continue to work locally with our smaller team and have reduced the risk taken with larger projects.
The funeral side of the business continued to grow and improve during a difficult time nationally with the continued introduction of new guidelines and regulations. We have had the Essex County Council Body Removal and Storage Contracts renewed and the area we cover has been increased.
Our current position remains constant with previous years in that we remain stable and continue to improve our position with our creditors throughout both sides of the business.
Managing Director (Mr P W Oxley) has remained more involved during this year than anticipated, due to the sudden loss of his sister and Company Secretary, Julie Lewarne. There is however a real intention and plan in place for Mr P W Oxley to belatedly commence stepping back from his day-to-day duties over the coming year.
Mr B W Oxley (Director) now heads both the funeral side of the business as well as the construction side and will continue to do so now on a permanent basis.
There are plans in place that will allow the company to reduce/repay the Directors loan accounts during the second half of 2024.
The Directors remain certain that the company can continue as a going concern.