Company Registration No. NI045511 (Northern Ireland)
OAK C.W.E. LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
OAK C.W.E. LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
OAK C.W.E. LIMITED
COMPANY INFORMATION
- 1 -
Director
Linda Bell
Company secretary
Linda Bell
Company number
NI045511
Registered office
25 Meadowlands
Jordanstown Road
Newtownabbey
Co. Antrim
BT37 0UR
Accountants
Johnston Kennedy DFK
10 Pilots View
Heron Road
Belfast
BT3 9LE
Business address
25 Meadowlands
Jordanstown Road
Newtownabbey
Co. Antrim
BT37 0UR
Bankers
Ulster Bank
11-16 Donegall Square East
Belfast
BT1 5UB
Solicitors
Magennis & Creighton
572 Shore Road
Newtownabbey
Co. Antrim
BT37 0SL
OAK C.W.E. LIMITED
BALANCE SHEET
AS AT 29 FEBRUARY 2024
29 February 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,813
3,780
Current assets
Stocks
5
13,248
12,738
Debtors
6
307,207
378,403
Cash at bank and in hand
77,753
71,630
398,208
462,771
Creditors: amounts falling due within one year
7
(104,863)
(192,828)
Net current assets
293,345
269,943
Total assets less current liabilities
296,158
273,723
Provisions for liabilities
8
(700)
(700)
Net assets
295,458
273,023
Capital and reserves
Called up share capital
10
1,000
1,000
Profit and loss reserves
294,458
272,023
Total equity
295,458
273,023
The notes on pages 4 to 9 form part of these financial statements
Compiled without audit or independent verification
OAK C.W.E. LIMITED
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024
29 February 2024
- 3 -
Directors' Statement in respect of the financial statements
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in accordance with section 476 of the Companies Act 2006.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard FRS102 1A - Small Entities.
The financial statements were approved and signed by the director and authorised for issue on 28 November 2024
Linda Bell
..............................
Linda Bell
Director
Company Registration No. NI045511
The notes on pages 4 to 9 form part of these financial statements
Compiled without audit or independent verification
OAK C.W.E. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
1
Accounting policies
Company information
Oak C.W.E. Limited is a private company limited by shares incorporated in Northern Ireland. The registered office and business address is 25 Meadowlands, Jordanstown Road, Newtownabbey, Co. Antrim, BT37 0UR.
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.
The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is stated net of trade discounts, VAT and similar taxes and derives from the provision of goods and services falling within the company's ordinary activities.
1.3
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated remaining useful economic life of less than 10 years.
1.4
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Equipment
25% reducing balance
Motor vehicles
25% reducing balance
1.5
Stock and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. In the case of work in progress, cost is defined as the aggregate cost of raw material, direct labour and the attributable proportion of the direct production overheads based on the normal level of activity. Net realisable value is based on normal selling price, less further costs expected to be incurred to completion and disposal.
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
OAK C.W.E. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
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.
OAK C.W.E. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 6 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Asset finance commitments
Operating lease rentals are charged to the profit and loss account on a straight line basis over the lease term.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.11
Shares are included in shareholders' funds. Other instruments are classified as liabilities if not included in shareholders funds and if they contain an obligation to transfer economic benefits. The finance cost recognised in the profit and loss account in respect of capital instruments other than equity shares is allocated to periods over the term of the instrument at a constant rate on the carrying amount.
1.12
Dividends
Dividends to the company's ordinary shareholders are recognised as a liability of the company when approved by the company's directors.
1.13
Long-term contracts
The amount of long-term contracts, at costs incurred, net of amounts transferred to cost of sales, after deducting foreseeable losses and payments on account not matched with turnover, is included in work in progress and stock as long-term contract balances. The amount by which recorded turnover is in excess of payments on account is included in debtors as amounts recoverable on long-term contracts. Payments in excess of recorded turnover and long-term contract balances are included in creditors as payments received on account on long-term contracts. The amount by which provisions or accruals for foreseeable losses exceed costs incurred, after transfers to cost of sales, is included within either provisions for liabilities and charges or creditors, as appropriate.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
2
2
OAK C.W.E. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2023 and 29 February 2024
283,600
Amortisation and impairment
At 1 March 2023 and 29 February 2024
283,600
Carrying amount
At 29 February 2024
At 28 February 2023
4
Tangible fixed assets
Equipment
Motor vehicles
Total
£
£
£
Cost
At 1 March 2023 and 29 February 2024
11,779
13,399
25,178
Depreciation and impairment
At 1 March 2023
11,708
9,690
21,398
Depreciation charged in the year
40
927
967
At 29 February 2024
11,748
10,617
22,365
Carrying amount
At 29 February 2024
31
2,782
2,813
At 28 February 2023
71
3,709
3,780
5
Stocks
2024
2023
£
£
Stock- materials & consumables
13,248
12,738
13,248
12,738
OAK C.W.E. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 8 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
271,097
329,241
Other debtors
35,000
38,494
Directors' current account
-
9,558
Prepayments and accrued income
1,110
1,110
307,207
378,403
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
53,459
85,473
Corporation tax
8,195
39,824
Other taxation and social security
10,181
42,889
Other creditors
104
Accruals and deferred income
32,924
24,642
104,863
192,828
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
9
700
700
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
700
700
There were no deferred tax movements in the year.
OAK C.W.E. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 9 -
10
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary shares of £1 each
1,000
1,000
11
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:
Land and buildings
2024
2023
£
£
Expiry date:
Within one year
6,660
6,660
12
Capital commitments
The company had no capital commitments as at 29 February 2024 or 28 February 2023 .
13
Control
The director controls the company.
14
Related party transactions
The balance on the director's loan account amounted to £104 creditor (2023: £9,558 debtor) and is included in creditors due within one year. No interest is charged on this loan.
2024-02-292023-03-01false28 November 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityLinda BellLinda BellfalsefalseNI0455112023-03-012024-02-29NI045511bus:CompanySecretaryDirector12023-03-012024-02-29NI045511bus:Director12023-03-012024-02-29NI045511bus:CompanySecretary12023-03-012024-02-29NI045511bus:RegisteredOffice2023-03-012024-02-29NI045511bus:Agent12023-03-012024-02-29NI0455112024-02-29NI0455112023-02-28NI045511core:FurnitureFittings2024-02-29NI045511core:MotorVehicles2024-02-29NI045511core:FurnitureFittings2023-02-28NI045511core:MotorVehicles2023-02-28NI045511core:CurrentFinancialInstruments2024-02-29NI045511core:CurrentFinancialInstruments2023-02-28NI045511core:ShareCapital2024-02-29NI045511core:ShareCapital2023-02-28NI045511core:RetainedEarningsAccumulatedLosses2024-02-29NI045511core:RetainedEarningsAccumulatedLosses2023-02-28NI045511core:FurnitureFittings2023-03-012024-02-29NI045511core:MotorVehicles2023-03-012024-02-29NI0455112022-03-012023-02-28NI045511core:NetGoodwill2023-02-28NI045511core:NetGoodwill2024-02-29NI045511core:NetGoodwill2023-02-28NI045511core:FurnitureFittings2023-02-28NI045511core:MotorVehicles2023-02-28NI0455112023-02-28NI045511bus:OrdinaryShareClass12023-03-012024-02-29NI045511bus:OrdinaryShareClass12024-02-29NI045511core:WithinOneYear2024-02-29NI045511core:WithinOneYear2023-02-28NI045511bus:PrivateLimitedCompanyLtd2023-03-012024-02-29NI045511bus:SmallCompaniesRegimeForAccounts2023-03-012024-02-29NI045511bus:FRS1022023-03-012024-02-29NI045511bus:AuditExemptWithAccountantsReport2023-03-012024-02-29NI045511bus:FullAccounts2023-03-012024-02-29xbrli:purexbrli:sharesiso4217:GBP