R.OAKEY & SONS,LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
Company Registration Number: 00452508
R.OAKEY & SONS,LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 9
R.OAKEY & SONS,LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024
DIRECTORS
A R Oakey
deceased 25 June 2023
B Oakey
SECRETARY
A R Oakey
deceased 25 June 2023
B Oakey
appointed 25 June 2023
REGISTERED OFFICE
Black Bourton Road Industrial Estate
Carterton
Oxon
OX18 3EZ
COMPANY REGISTRATION NUMBER
00452508 England and Wales
R.OAKEY & SONS,LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
Notes 2024 2023
£ £
FIXED ASSETS
Tangible assets 5 564,698 424,726
CURRENT ASSETS
Stock 10,000 7,100
Debtors 6 364,083 332,609
Cash at bank and in hand 736,925 816,024
1,111,008 1,155,733
CREDITORS: Amounts falling due within one year 7 207,518 237,822
NET CURRENT ASSETS 903,490 917,911
TOTAL ASSETS LESS CURRENT LIABILITIES 1,468,188 1,342,637
Provisions for liabilities and charges 141,175 106,182
NET ASSETS 1,327,013 1,236,455
CAPITAL AND RESERVES
Called up share capital 1,680 1,680
Share premium account 2,520 2,520
Distributable profit and loss account 1,288,278 1,197,720
Revaluation reserve 34,535 34,535
SHAREHOLDERS' FUNDS 1,327,013 1,236,455
R.OAKEY & SONS,LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board
B Oakey
Director
Date approved by the board: 28 November 2024
R.OAKEY & SONS,LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1 GENERAL INFORMATION
R.Oakey & Sons,Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Black Bourton Road Industrial Estate
Carterton
Oxon
OX18 3EZ
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of freight transport services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Land and buildings Freehold buildings over 50 years Leasehold land and buildings over the lease term
Motor vehicles 15% straight line
Plant and machinery 10% straight line
Depreciation has not been provided in respect of land and buildings. The company adopts a policy of fully maintaining these and as such the residual value is so high, and the expected useful life is so long, that the depreciation charge would be immaterial, both in terms of the depreciation charged for the period and the cumulative charge to the balance sheet.
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
R.OAKEY & SONS,LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Stock
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a first in first out basis.
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
R.OAKEY & SONS,LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Current and deferred tax assets and liabilities are not discounted.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the director in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including the director) during the year was:
2024 2023
Average number of employees 9 8
R.OAKEY & SONS,LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
5 TANGIBLE ASSETS
Land and buildings Motor vehicles Plant and machinery Total
£ £ £ £
Cost
At 1 April 2023 62,000 551,352 381,225 994,577
Additions - 201,500 100,583 302,083
Disposals - (250,000) (15,690) (265,690)
At 31 March 2024 62,000 502,852 466,118 1,030,970
Accumulated depreciation and impairments
At 1 April 2023 62,000 337,992 169,859 569,851
Charge for year - 69,321 41,064 110,385
Disposals - (204,550) (9,414) (213,964)
At 31 March 2024 62,000 202,763 201,509 466,272
Net book value
At 1 April 2023 - 213,360 211,366 424,726
At 31 March 2024 - 300,089 264,609 564,698
The leasehold premises were revalued on a current open market basis by Messrs Wilson Commercial on 12 January 1994 and are shown in the accounts at their revalued cost. Had the property not been revalued it would be shown in the accounts as follows:
2024 2023
£ £
Historical cost 34,315 34,315
Cumulative depreciation based on historical cost (34,315) (34,315)
- -
The land and buildings included in the above fixed assets have been revalued as follows:
£
Original cost 34,315
Revaluation in 1994 27,685
62,000
R.OAKEY & SONS,LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
6 DEBTORS
2024 2023
£ £
Trade debtors 321,233 315,378
Prepayments and accrued income 24,198 5,554
Other debtors 18,652 11,677
364,083 332,609
7 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Trade creditors 122,100 109,262
Taxation and social security 47,454 92,336
Accruals and deferred income 37,964 16,868
Other creditors - 19,356
207,518 237,822
8 SECURED DEBTS
The company's bankers hold fixed and floating charges dated 10 December 1956, 15 December 1971, 19 May 1972 and 3 June 1994 over the assets of the company. The charge dated 3 June 1994 was satisfied on 27 September 2024.
9 DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The following director's advances, credits and guarantees took place during the year:
Balance at 1 April 2023 Amounts advanced Amounts repaid Amounts written off or waived Balance at 31 March 2024
£ £ £ £ £
B Oakey 10,710 56,471 49,940 - 17,241
Interest has been charged on this advance at the Beneficial Loan Arrangement Official Rate as prescribed by HM Revenue and Customs. The advance is repayable on demand.
R.OAKEY & SONS,LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
10 RELATED PARTY TRANSACTIONS
During the year, the following transactions with related parties took place:
Estate of A R Oakey deceased
Former director and shareholder 2024 2023
£ £
Advances to company The former director has made advances to the
company which are repayable on demand. No
interest has been charged on these advances.
At the year end, the company owed the former
director the following amount:
- 19,356
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