Company registration number 01739668 (England and Wales)
OAKWOOD KITCHEN DESIGN CONSULTANTS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
OAKWOOD KITCHEN DESIGN CONSULTANTS LTD
COMPANY INFORMATION
Directors
B. Charlton
M.J. Charlton BA (Hons)
Secretary
B. Charlton
Company number
01739668
Registered office
Oakwood House
Jubilee Business Park
Grange Moor
Huddersfield
West Yorkshire
WF4 4TD
Auditor
Forrest Burlinson
20 Owl Lane
Dewsbury
West Yorkshire
WF12 7RQ
Bankers
Handelsbanken
12 Longbow Close
Pennine Business Park
Bradley
Huddersfield
West Yorkshire
HD2 1GQ
OAKWOOD KITCHEN DESIGN CONSULTANTS LTD
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Profit and loss account
6
Balance sheet
7
Notes to the financial statements
8 - 11
OAKWOOD KITCHEN DESIGN CONSULTANTS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities
The principal activity of the company is the design, manufacture, installation and distribution of kitchen units.
Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

B. Charlton
M.J. Charlton BA (Hons)
Auditor

In accordance with the company's articles, a resolution proposing that Forrest Burlinson be reappointed as auditor of the company will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
B. Charlton
Director
26 September 2024
OAKWOOD KITCHEN DESIGN CONSULTANTS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

OAKWOOD KITCHEN DESIGN CONSULTANTS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OAKWOOD KITCHEN DESIGN CONSULTANTS LTD
- 3 -
Opinion

We have audited the financial statements of Oakwood Kitchen Design Consultants Ltd (the 'company') for the year ended 30 June 2024 which comprise the profit and loss account, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

OAKWOOD KITCHEN DESIGN CONSULTANTS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OAKWOOD KITCHEN DESIGN CONSULTANTS LTD (CONTINUED)
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

 

As part of an audit in accordance with ISAs (UK), the auditor exercises professional judgement and maintains professional skepticism throughout the audit.

Our audit procedures were designed to respond to those identified risks, including non-compliance with laws and regulations (irregularities) and fraud that are material to the financial statements. Our audit procedures included but were not limited to:

- Discussing with the directors their policies and procedures regarding compliance with laws and regulations

- Communicating identified laws and regulations throughout our engagement team and remaining alert to any indications of non-compliance throughout our audit; and

- Considering the risk of acts by the company which were contrary to applicable laws and regulations, including fraud.

Our audit procedures in relation to fraud included but were not limited to:

- Making enquiries of the directors on whether they had knowledge of any actual, suspected or alleged fraud;

- Gaining an understanding of the internal controls established to mitigate risks related to fraud;

- Discussing amongst the engagement team the risks of fraud;

- Addressing the risks of fraud through management override of controls by performing journal entry testing; and

- Substantively testing revenue recognised either side of the year end.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remains a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

OAKWOOD KITCHEN DESIGN CONSULTANTS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OAKWOOD KITCHEN DESIGN CONSULTANTS LTD (CONTINUED)
- 5 -

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Charles Sheard
Senior Statutory Auditor
For and on behalf of Forrest Burlinson
26 September 2024
Chartered Accountants
Statutory Auditor
20 Owl Lane
Dewsbury
West Yorkshire
WF12 7RQ
OAKWOOD KITCHEN DESIGN CONSULTANTS LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
2024
2023
£
£
Turnover
5,559,046
8,518,872
Cost of sales
(3,974,783)
(6,540,702)
Gross profit
1,584,263
1,978,170
Distribution costs
(576,541)
(515,974)
Administrative expenses
(1,005,191)
(1,001,721)
Operating profit
2,531
460,475
Interest receivable and similar income
32,965
12,861
Profit before taxation
35,496
473,336
Tax on profit
(20,845)
(111,266)
Profit for the financial year
14,651
362,070

The profit and loss account has been prepared on the basis that all operations are continuing operations.

OAKWOOD KITCHEN DESIGN CONSULTANTS LTD
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,359,921
1,492,794
Current assets
Stocks
352,127
499,044
Debtors
5
1,573,630
1,609,751
Cash at bank and in hand
1,944,389
1,943,560
3,870,146
4,052,355
Creditors: amounts falling due within one year
6
(943,338)
(1,115,439)
Net current assets
2,926,808
2,936,916
Total assets less current liabilities
4,286,729
4,429,710
Provisions for liabilities
(73,030)
(99,412)
Net assets
4,213,699
4,330,298
Capital and reserves
Called up share capital
5,000
5,000
Capital redemption reserve
5,000
5,000
Profit and loss reserves
4,203,699
4,320,298
Total equity
4,213,699
4,330,298

These financial statements have been prepared 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 26 September 2024 and are signed on its behalf by:
B. Charlton
M.J. Charlton BA (Hons)
Director
Director
Company registration number 01739668 (England and Wales)
OAKWOOD KITCHEN DESIGN CONSULTANTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
1
Accounting policies
Company information

Oakwood Kitchen Design Consultants Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Oakwood House, Jubilee Business Park, Grange Moor, Huddersfield, West Yorkshire, WF4 4TD.

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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable from ordinary activities supplying and installing kitchens net of VAT and trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

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:

Land and buildings Freehold
2% Straight line on cost of buildings
Plant and machinery
20% Reducing balance
Fixtures, fittings & equipment
20% Reducing balance
Motor vehicles
25% Reducing balance

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.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

OAKWOOD KITCHEN DESIGN CONSULTANTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 9 -
1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
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.

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.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
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.

OAKWOOD KITCHEN DESIGN CONSULTANTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
38
40
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2023
1,410,259
944,257
2,354,516
Additions
-
0
88,560
88,560
Disposals
-
0
(104,995)
(104,995)
At 30 June 2024
1,410,259
927,822
2,338,081
Depreciation and impairment
At 1 July 2023
393,000
468,722
861,722
Depreciation charged in the year
22,673
114,683
137,356
Eliminated in respect of disposals
-
0
(20,918)
(20,918)
At 30 June 2024
415,673
562,487
978,160
Carrying amount
At 30 June 2024
994,586
365,335
1,359,921
At 30 June 2023
1,017,259
475,535
1,492,794
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,516,836
1,557,341
Other debtors
56,794
52,410
1,573,630
1,609,751
OAKWOOD KITCHEN DESIGN CONSULTANTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
197,316
379,615
Corporation tax
47,268
81,383
Other taxation and social security
170,707
163,022
Other creditors
528,047
491,419
943,338
1,115,439
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
47,222
79,941
8
Directors' transactions

Dividends totalling £131,250 (2023 - £121,250) were paid in the year in respect of shares held by the company's directors.

9
Controlling party

The ultimate controlling party is B. Charlton.

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