Registered number
06581878
Oakleystone Northern Limited
Unaudited Filleted Accounts
30 April 2024
Oakleystone Northern Limited
Registered number: 06581878
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 218,447 194,755
Current assets
Stocks 7,050 8,092
Debtors 4 370,353 437,993
Cash at bank and in hand 128,065 70,897
505,468 516,982
Creditors: amounts falling due within one year 5 (138,008) (131,778)
Net current assets 367,460 385,204
Total assets less current liabilities 585,907 579,959
Creditors: amounts falling due after more than one year 6 (29,586) (58,249)
Provisions for liabilities (31,194) (18,798)
Net assets 525,127 502,912
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 524,127 501,912
Shareholders' funds 525,127 502,912
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr K Riffert
Director
Approved by the board on 24 January 2025
Oakleystone Northern Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Property Improvements 2% straight line
Plant and machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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 future taxable profits. Deferred tax is measured using the 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 31 40
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 107,300 114,937 107,614 329,851
Additions - 52,618 - 52,618
Disposals - (15,725) - (15,725)
At 30 April 2024 107,300 151,830 107,614 366,744
Depreciation
At 1 May 2023 11,482 50,693 72,921 135,096
Charge for the year 2,146 12,694 8,673 23,513
On disposals - (10,312) - (10,312)
At 30 April 2024 13,628 53,075 81,594 148,297
Net book value
At 30 April 2024 93,672 98,755 26,020 218,447
At 30 April 2023 95,818 64,244 34,693 194,755
4 Debtors 2024 2023
£ £
Trade debtors 153,462 157,412
Other debtors 216,891 280,581
370,353 437,993
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 27,310 27,310
Obligations under finance lease and hire purchase contracts - 8,438
Trade creditors 32,531 38,917
Corporation tax 13,391 18,692
Other taxes and social security costs 51,834 31,446
Other creditors 12,942 6,975
138,008 131,778
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 29,586 56,896
Obligations under finance lease and hire purchase contracts - 1,353
29,586 58,249
7 Loans to directors and shareholders
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr K Riffert
Interest fee, unsecured and repayable on demand loan 33,200 48,801 (33,950) 48,051
Mrs Z Riffert - Shareholder
Interest fee, unsecured and repayable on demand loan 33,200 48,801 (33,950) 48,051
66,400 97,602 (67,900) 96,102
8 Related party transactions
Director - The company rents a property from the director of which it paid £16,800 included within administration expenses.
9 Other information
Oakleystone Northern Limited is a private company limited by shares and incorporated in England. Its registered office is:
c/o Kinnair & Company Limited
Aston House
Redburn Road
Newcastle upon Tyne
NE5 1NB
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