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COMPANY REGISTRATION NUMBER: 6812339
Fine Oak Building Limited
Filleted Unaudited Financial Statements
29 February 2024
Fine Oak Building Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
9,539
12,719
Current assets
Stocks
86,250
83,400
Debtors
7
8,674
13,309
Cash at bank and in hand
13,645
333
---------
--------
108,569
97,042
Creditors: amounts falling due within one year
8
99,408
115,872
---------
---------
Net current assets/(liabilities)
9,161
( 18,830)
--------
--------
Total assets less current liabilities
18,700
( 6,111)
Creditors: amounts falling due after more than one year
9
4,234
11,282
--------
--------
Net assets/(liabilities)
14,466
( 17,393)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
14,366
( 17,493)
--------
--------
Shareholders funds/(deficit)
14,466
( 17,393)
--------
--------
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 statement of income and retained earnings has not been delivered.
For the year ending 29 February 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Fine Oak Building Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 27 November 2024 , and are signed on behalf of the board by:
Mr R Gurteen
Director
Company registration number: 6812339
Fine Oak Building Limited
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is c/o Ridgewell and Boreham, 24a Crown Street, Brentwood, Essex, CM14 4BA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Website
-
25% reducing balance
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 stock to its present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Tax on profit
Major components of tax income
2024
2023
£
£
Current tax:
Adjustments in respect of prior periods
( 30,683)
--------
----
Tax on profit
( 30,683)
--------
----
6. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Website
Total
£
£
£
£
£
Cost
At 1 March 2023 and 29 February 2024
11,070
16,250
1,000
2,976
31,296
--------
--------
-------
-------
--------
Depreciation
At 1 March 2023
6,042
9,395
353
2,787
18,577
Charge for the year
1,257
1,714
162
47
3,180
--------
--------
-------
-------
--------
At 29 February 2024
7,299
11,109
515
2,834
21,757
--------
--------
-------
-------
--------
Carrying amount
At 29 February 2024
3,771
5,141
485
142
9,539
--------
--------
-------
-------
--------
At 28 February 2023
5,028
6,855
647
189
12,719
--------
--------
-------
-------
--------
7. Debtors
2024
2023
£
£
Trade debtors
8,613
13,248
Other debtors
61
61
-------
--------
8,674
13,309
-------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,324
6,618
Trade creditors
34,445
34,606
Social security and other taxes
49,934
62,553
Other creditors
9,705
12,095
--------
---------
99,408
115,872
--------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
4,234
11,282
-------
--------
10. Related party transactions
The company was under the joint control of Mr Turner and Mr Gurteen throughout the current and previous year. shareholder. It is necessary to declare that Mr Turner is a shareholder and Managing Director of KIT Carpentry, who supply labour and materials for Fine Oak Building Ltd, and Mr Gurteen is a shareholder and Managing Director of Spi Design Ltd, who have supplied web design and hosting for Fine Oak Building Ltd