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Registration number: 04284240

Oakland Roofing Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 March 2024

 

Oakland Roofing Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Abridged Profit and Loss Account

4

Statement of Comprehensive Income

5

Abridged Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Abridged Financial Statements

9 to 12

Detailed Profit and Loss Account

13 to 15

 

Oakland Roofing Limited

Company Information

Directors

A Cumber

D Byard

Registered office

The 1929 Building
18 Watermill Way
Merton Abbey Mills
London
SW19 2RD

Accountants

Thomas Harris
The 1929 Building
18 Watermill Way
Merton Abbey Mills
London
SW19 2RD

 

Oakland Roofing Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the abridged financial statements for the year ended 31 March 2024.

Directors of the company

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

A Cumber

D Byard

Principal activity

The principal activity of the company is the erection of roof coverings and frames

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 20 September 2024 and signed on its behalf by:
 

.........................................
D Byard
Director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Oakland Roofing Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Oakland Roofing Limited for the year ended 31 March 2024 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Oakland Roofing Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Oakland Roofing Limited and state those matters that we have agreed to state to the Board of Directors of Oakland Roofing Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Oakland Roofing Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Oakland Roofing Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Oakland Roofing Limited. You consider that Oakland Roofing Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Oakland Roofing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Thomas Harris
The 1929 Building
18 Watermill Way
Merton Abbey Mills
London
SW19 2RD

20 September 2024

 

Oakland Roofing Limited

Abridged Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Gross profit

 

278,525

296,169

Administrative expenses

 

(128,626)

(123,755)

Income from shares in group undertakings

 

5,000

5,000

Other interest receivable and similar income

 

521

60

Interest payable and similar expenses

 

(2,573)

(1,456)

Profit before tax

4

152,847

176,018

Tax on profit

 

(28,591)

(34,180)

Profit for the financial year

 

124,256

141,838

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Oakland Roofing Limited

Statement of Comprehensive Income for the Year Ended 31 March 2024

2024
£

2023
£

Profit for the year

124,256

141,838

Total comprehensive income for the year

124,256

141,838

 

Oakland Roofing Limited

(Registration number: 04284240)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

104,187

16,786

Current assets

 

Stocks

6

30,914

30,861

Debtors

30,755

91,237

Cash at bank and in hand

 

2,571

-

 

64,240

122,098

Prepayments and accrued income

 

250

695

Creditors: Amounts falling due within one year

(145,389)

(138,308)

Net current liabilities

 

(80,899)

(15,515)

Total assets less current liabilities

 

23,288

1,271

Creditors: Amounts falling due after more than one year

(22,004)

(3,420)

Accruals and deferred income

 

(13,176)

(30,000)

Net liabilities

 

(11,892)

(32,149)

Capital and reserves

 

Called up share capital

7

99

99

Retained earnings

(11,991)

(32,248)

Shareholders' deficit

 

(11,892)

(32,149)

 

Oakland Roofing Limited

(Registration number: 04284240)
Abridged Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 20 September 2024 and signed on its behalf by:
 

.........................................
D Byard
Director

 

Oakland Roofing Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

99

(32,247)

(32,148)

Profit for the year

-

124,256

124,256

Dividends

-

(104,000)

(104,000)

At 31 March 2024

99

(11,991)

(11,892)

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

99

(10,736)

(10,637)

Profit for the year

-

141,838

141,838

Dividends

-

(163,350)

(163,350)

At 31 March 2023

99

(32,248)

(32,149)

 

Oakland Roofing Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
The 1929 Building
18 Watermill Way
Merton Abbey Mills
London
SW19 2RD

The principal place of business is:
51 Park Hill Road
Otford
Sevenoaks
Kent
TN14 5QH

These financial statements were authorised for issue by the Board on 20 September 2024.

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 abridged 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 abridged 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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

 

Oakland Roofing Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

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.

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

Plant and machinery

25% Reducing balance basis

Office equipment

25% Reducing balance basis

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.

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.

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.

 

Oakland Roofing Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

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 0 (2023 - 11).

4

Profit before tax

Arrived at after charging/(crediting)

 

Oakland Roofing Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

2024
£

2023
£

Depreciation expense

16,107

5,504

Other operarting income

(5,000)

(5,000)

5

Tangible assets

Fixtures and fittings
£

Other tangible assets
 £

Total
£

Cost or valuation

At 1 April 2023

9,135

86,727

95,862

Additions

3,260

100,248

103,508

At 31 March 2024

12,395

186,975

199,370

Depreciation

At 1 April 2023

4,624

74,452

79,076

Charge for the year

1,942

14,165

16,107

At 31 March 2024

6,566

88,617

95,183

Carrying amount

At 31 March 2024

5,829

98,358

104,187

At 31 March 2023

4,511

12,275

16,786

6

Stocks

2024
£

2023
£

Work in progress

30,914

30,861

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

99

99

99

99

       

8

Dividends

2024

2023

£

£

Final dividend of £1,050.50 (2023 - £1,650.00) per ordinary share

104,000

163,350

 

 
 

Oakland Roofing Limited

Detailed Profit and Loss Account for the Year Ended 31 March 2024

2024
£

2023
£

Turnover (analysed below)

803,755

813,598

Cost of sales (analysed below)

(525,230)

(517,429)

Gross profit

278,525

296,169

Gross profit (%)

34.65%

36.4%

Administrative expenses

Employment costs (analysed below)

(66,451)

(34,822)

Establishment costs (analysed below)

(16,160)

(11,311)

General administrative expenses (analysed below)

(51,763)

(73,005)

Finance charges (analysed below)

21,855

947

Depreciation costs (analysed below)

(16,107)

(5,504)

Other expenses (analysed below)

-

(60)

(128,626)

(123,755)

Operating profit

149,899

172,414

Other operating income

5,000

5,000

Other interest receivable and similar income (analysed below)

521

60

Interest payable and similar expenses (analysed below)

(2,573)

(1,456)

2,948

3,604

Profit before tax

152,847

176,018

 

Oakland Roofing Limited

Detailed Profit and Loss Account for the Year Ended 31 March 2024

2024
£

2023
£

   

Turnover

Sales, UK

803,755

813,598

   

Cost of sales

Opening work in progress

(30,862)

(31,802)

Purchases

(273,867)

(261,964)

Closing work in progress

30,914

30,861

Wages and salaries (excluding directors)

(131,456)

(120,837)

Staff NIC (Employers)

(2,451)

(9,854)

Subcontract cost

(117,508)

(123,833)

(525,230)

(517,429)

   

Employment costs

Directors remuneration

(60,459)

(28,368)

Directors NIC (Employers)

(143)

(901)

Staff pensions (Defined contribution)

(2,249)

(2,153)

Directors pensions (Defined contribution)

(3,600)

(3,400)

(66,451)

(34,822)

   

Establishment costs

Rent and rates

(428)

(434)

Insurance

(15,732)

(10,877)

(16,160)

(11,311)

   

General administrative expenses

Telephone and fax

(2,818)

(2,444)

PPS & office costs

(4,578)

(3,273)

Trade subscriptions

(3,967)

(3,869)

Charitable donations

-

(187)

Cleaning

(856)

(866)

Motor expenses

(30,880)

(29,477)

Travel and subsistence

(1,924)

(555)

Advertising

(2,931)

(577)

Staff entertaining (allowable for tax)

(397)

(405)

Customer entertaining (disallowable for tax)

(734)

(749)

Accountancy fees

(1,975)

(1,895)

Legal and professional fees

(703)

(50)

Bad debts written off

-

(28,658)

(51,763)

(73,005)

 

Oakland Roofing Limited

Detailed Profit and Loss Account for the Year Ended 31 March 2024

2024
£

2023
£

   

Finance charges

Provision for bad debts

24,099

2,851

Bank charges

(2,244)

(1,904)

21,855

947

   

Depreciation costs

Depreciation of other tangible (owned)

(16,107)

(5,504)

   

Other expenses

(Profit)/loss on disposal of tangible fixed assets

-

(60)

   

Other operating income

Employers NI allowance

5,000

5,000

   

Other interest receivable and similar income

Other interest receivable

521

60

   

Interest payable and similar expenses

Bank interest payable

(422)

(161)

Bank loan & HP interest payable

(1,277)

(1,140)

Other interest payable

(874)

(155)

(2,573)

(1,456)