2 01/07/2022 30/06/2023 2023-06-30 false false false false false false false true false false true false false false true true true false No description of principal activities is disclosed 2022-07-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 12061153 2022-07-01 2023-06-30 12061153 2023-06-30 12061153 2022-06-30 12061153 2021-07-01 2022-06-30 12061153 2022-06-30 12061153 2021-06-30 12061153 bus:RegisteredOffice 2022-07-01 2023-06-30 12061153 bus:LeadAgentIfApplicable 2022-07-01 2023-06-30 12061153 bus:Director1 2022-07-01 2023-06-30 12061153 core:WithinOneYear 2023-06-30 12061153 core:WithinOneYear 2022-06-30 12061153 core:ShareCapital 2023-06-30 12061153 core:ShareCapital 2022-06-30 12061153 core:RetainedEarningsAccumulatedLosses 2023-06-30 12061153 core:RetainedEarningsAccumulatedLosses 2022-06-30 12061153 bus:Director1 2022-06-30 12061153 bus:Director1 2023-06-30 12061153 bus:Director1 2022-06-30 12061153 bus:Director1 2021-07-01 2022-06-30 12061153 bus:SmallEntities 2022-07-01 2023-06-30 12061153 bus:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 12061153 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 12061153 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 12061153 bus:FullAccounts 2022-07-01 2023-06-30 12061153 1 2022-07-01 2023-06-30
Company registration number: 12061153
Oakwood Classic Cars Ltd
Unaudited filleted financial statements
30 June 2023
Oakwood Classic Cars Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Oakwood Classic Cars Ltd
Directors and other information
Director Mr Keith Barclay
Company number 12061153
Registered office Office 1 Riverside Court
24 Lower Southend Road
Wickford
SS11 8AW
Accountants Hill Allen (Wickford) Ltd
Office 1 Riverside Court
24 Lower Southend Road
Wickford
SS11 8AW
Bankers Santander UK
Bridle Road
Bootle
L30 4GB
Oakwood Classic Cars Ltd
Statement of financial position
30 June 2023
2023 2022
Note £ £ £ £
Current assets
Stocks - 29,000
Debtors 5 33,930 24,000
Cash at bank and in hand 3,349 1,518
_______ _______
37,279 54,518
Creditors: amounts falling due
within one year 6 ( 46,525) ( 55,191)
_______ _______
Net current liabilities ( 9,246) ( 673)
_______ _______
Total assets less current liabilities ( 9,246) ( 673)
_______ _______
Net liabilities ( 9,246) ( 673)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 9,346) ( 773)
_______ _______
Shareholder deficit ( 9,246) ( 673)
_______ _______
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 September 2024 , and are signed on behalf of the board by:
Mr Keith Barclay
Director
Company registration number: 12061153
Oakwood Classic Cars Ltd
Notes to the financial statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Office 1 Riverside Court, 24 Lower Southend Road, Wickford, SS11 8AW.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Debtors
2023 2022
£ £
Other debtors 33,930 24,000
_______ _______
6. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 44,312 50,000
Corporation tax 915 2,633
Social security and other taxes 278 136
Other creditors 1,020 2,422
_______ _______
46,525 55,191
_______ _______
7. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Keith Barclay 24,000 16,130 ( 6,200) 33,930
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr Keith Barclay - 24,000 - 24,000
_______ _______ _______ _______
The director K Barclay received advances from the company during the year. These sums are repayable on demand and bear no interest.
8. Controlling party
The company is controlled by the director Keith Barclay .