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Registration number: 07851046

Hartwood Oak Buildings Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Hartwood Oak Buildings Limited

Contents

Directors' Report

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Hartwood Oak Buildings Limited

Directors' Report for the Year Ended 30 November 2023

The directors present their report and the financial statements for the year ended 30 November 2023.

Directors of the company

The directors who held office during the year were as follows:

TJ Green

SL McCallum

Principal activity

The principal activity of the company is the construction of oak buildings.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 22 August 2024 and signed on its behalf by:
 

.........................................
TJ Green
Director

.........................................
SL McCallum
Director

 

Hartwood Oak Buildings Limited

(Registration number: 07851046)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

21,774

46,274

Tangible assets

5

109,961

103,716

 

131,735

149,990

Current assets

 

Debtors

6

77,131

28,489

Cash at bank and in hand

 

57,218

63,471

 

134,349

91,960

Creditors: Amounts falling due within one year

7

(106,354)

(95,118)

Net current assets/(liabilities)

 

27,995

(3,158)

Total assets less current liabilities

 

159,730

146,832

Creditors: Amounts falling due after more than one year

7

(78,748)

(88,193)

Net assets

 

80,982

58,639

Capital and reserves

 

Called up share capital

2

2

Retained earnings

80,980

58,637

Shareholders' funds

 

80,982

58,639

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.

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 22 August 2024 and signed on its behalf by:
 

 

Hartwood Oak Buildings Limited

(Registration number: 07851046)
Balance Sheet as at 30 November 2023

.........................................
TJ Green
Director

.........................................
SL McCallum
Director

 

Hartwood Oak Buildings Limited

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

1

General information

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

The address of its registered office is:
31A Charnham Street
Hungerford
Berkshire
RG17 0EJ
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current tax payable.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Hartwood Oak Buildings Limited

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

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

Fixtures and fittings

20% on reducing balance

Plant and equipment

20% on reducing balance

Motor vehicles

25% on reducing balance

Office equipment

20% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

On cost over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

 

Hartwood Oak Buildings Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2022 - 18).

 

Hartwood Oak Buildings Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

245,000

245,000

At 30 November 2023

245,000

245,000

Amortisation

At 1 December 2022

198,726

198,726

Amortisation charge

24,500

24,500

At 30 November 2023

223,226

223,226

Carrying amount

At 30 November 2023

21,774

21,774

At 30 November 2022

46,274

46,274

5

Tangible assets

Improvement to property
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

53,462

7,277

20,331

17,006

165,472

263,548

Additions

-

486

2,042

-

21,744

24,272

At 30 November 2023

53,462

7,763

22,373

17,006

187,216

287,820

Depreciation

At 1 December 2022

-

6,095

14,578

14,319

124,840

159,832

Charge for the year

-

335

1,559

539

15,594

18,027

At 30 November 2023

-

6,430

16,137

14,858

140,434

177,859

Carrying amount

At 30 November 2023

53,462

1,333

6,236

2,148

46,782

109,961

At 30 November 2022

53,462

1,181

5,754

2,687

40,632

103,716

 

Hartwood Oak Buildings Limited

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

6

Debtors

Current

2023
£

2022
£

Trade debtors

73,353

24,576

Prepayments

3,778

3,285

Other debtors

-

628

 

77,131

28,489

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9,358

7,358

Trade creditors

 

21,580

52,748

Taxation and social security

 

71,837

32,019

Other creditors

 

3,579

2,993

 

106,354

95,118

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

78,748

88,193

 

Hartwood Oak Buildings Limited

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

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Hire purchase contracts

9,358

7,358

Non-current loans and borrowings

2023
£

2022
£

Hire purchase contracts

27,403

16,645

Other borrowings

51,345

71,548

78,748

88,193

8

Related party transactions

The directors had a loan with the company. At the balance sheet date the amount due to the directors was £51,344 (2022: £71,547)