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Registered number: 02802626
Oaklands Plastics Limited
Strategic Report, Director's Report and
Financial Statements
For The Year Ended 31 May 2024
SFB Group Limited
Contents
Page
Company Information 1
Strategic Report 2
Director's Report 3
Independent Auditor's Report 4—5
Profit and Loss Account 6
Statement of Comprehensive Income 7
Balance Sheet 8
Statement of Changes in Equity 9
Notes to the Financial Statements 10—17
Page 1
Company Information
Director Mr K J Tudor
Secretary S S Jagdev
Company Number 02802626
Registered Office Unit 64, Station Road
Coleshill
Birmingham
West Midlands
B46 1HT
Auditors SFB Group Limited
Manor Court Chambers
Townsend Drive
Nuneaton
Warwickshire
CV11 6RU
Page 1
Page 2
Strategic Report
The director presents his strategic report for the year ended 31 May 2024.
Review of the Business
Our first class product range and acknowledged expertise in the plastics industry has put us among the top rotational moulders in the UK. This has led to rapid growth which through continued investment has led us to establish new product designs for our key market sectors.
The company has had another profitable year, and the director is please with the results generated.
Sales growth remains important for the company and the continued investment in research and development will continue in the new financial year. The company has continued to make investments in new plant and machinery, spending £224,961 in 2024 (2023:£82,166). The director regards this as essential for continued long term business success and hope to be able to gain further new business in the years ahead by maintaining this approach.
As at 31 May 2024, the net assets of the company were £11,902,934 (2023: £11,282,435) which represents a 5% increase from the previous year.
Principal Risks and Uncertainties
The board believes that the following are the principal risk factors affecting the company and the market in which it operates:
- Significant polymer price volatility;
- Significant adverse changes in environmental legislation;
- Unpredictability surrounding supply chains.
The above risks are monitored by the board and can all be mitigated by timely and prudent management.
Financial key performance indicators
The main key performance indicator has been identified as gross margin, which has increased from the prior year at  27.2% (2023 - 24.2%). Other indicators considered are turnover, operating profit and cashflow. In the last year the director is satisfied with the performance in these areas, whilst recognising that further improvements are always possible.
On behalf of the board
Mr K J Tudor
Director
17/02/2025
Page 2
Page 3
Director's Report
The director presents his report and the financial statements for the year ended 31 May 2024.
Principal Activity
The company's principal activity continues to be that of moulding of plastic products and the manufacture of high quality plastics products for the construction, traffic management and water management industries.
Dividends
An interim dividend of £96,815 per share was paid on 31 May 2024. The directors recommend that no final dividend be paid.
The total distribution of dividends for the year ended 31 May 2024 will be £193,630.
Directors
The director who held office during the year were as follows:
Mr K J Tudor
Statement of Director's Responsibilities
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the director is required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Director's Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Independent Auditors
The auditors, SFB Group Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.
On behalf of the board
Mr K J Tudor
Director
17/02/2025
Page 3
Page 4
Independent Auditor's Report
Opinion
We have audited the financial statements of Oaklands Plastics Limited for the year ended 31 May 2024 which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes of Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 May 2024 and of its profit/(loss) for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions Relating to Going Concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on Other Matters Prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
  • the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.
Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records or returns; or
  • certain disclosures of director's remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.
Page 4
Page 5
Responsibilities of Directors
As explained more fully in the Director's Responsibilities Statement set out on page 3, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws;
- Enquiry of management around actual and potential litigation and claims;
- Enquiry of management to identify any instances of non-compliance with laws and regulations;
- We reviewed correspondence with legal and regulatory bodies where applicable;
- We agreed the financial statements disclosures to underlying supporting documentation
- We reviewed the detail of certain nominal accounts for indications of management override;
- We gained an understanding of the design and implementation of the processes and controls in place within the group which are designed to prevent, detect or correct fraud or error within the financial statements
- We challenged the accounting treatment applied  in respect of revenue recognised during the year, in particular in relation to manual adjustments made to revenue, cut off between accounting periods;
- We identified and tested journal entries which we considered to be unusual and me be indicative of bias on the part of management or those charged with governance, investigating the rationale behind significant or unusual transactions.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. This risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use Of Our Report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Mr Paul Carvell BFP FCA (Senior Statutory Auditor)
for and on behalf of SFB Group Limited , Statutory Auditor
17/02/2025
SFB Group Limited
Manor Court Chambers
Townsend Drive
Nuneaton
Warwickshire
CV11 6RU
Page 5
Page 6
Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 3 13,306,922 16,109,436
Cost of sales (9,684,607 ) (12,211,533 )
GROSS PROFIT 3,622,315 3,897,903
Administrative expenses (2,271,818 ) (1,984,976 )
Other operating income - 281,357
OPERATING PROFIT 5 1,350,497 2,194,284
Profit/(loss) on disposal of fixed assets 3,376 (15,593 )
Other interest receivable and similar income 10 4,905 3,579
Interest payable and similar charges 11 (317,066 ) (298,654 )
PROFIT BEFORE TAXATION 1,041,712 1,883,616
Tax on Profit 12 (227,583 ) (272,331 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 814,129 1,611,285
The notes on pages 10 to 17 form part of these financial statements.
Page 6
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Statement of Comprehensive Income
2024 2023
£ £
PROFIT FOR THE FINANCIAL YEAR 814,129 1,611,285
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 814,129 1,611,285
Page 7
Page 8
Balance Sheet
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 13 889,659 851,500
Investments 14 1,002 1,002
890,661 852,502
CURRENT ASSETS
Stocks 15 458,332 669,582
Debtors 16 15,177,131 15,231,696
Cash at bank and in hand 370,843 1,550,195
16,006,306 17,451,473
Creditors: Amounts Falling Due Within One Year 17 (3,909,198 ) (5,680,130 )
NET CURRENT ASSETS (LIABILITIES) 12,097,108 11,771,343
TOTAL ASSETS LESS CURRENT LIABILITIES 12,987,769 12,623,845
Creditors: Amounts Falling Due After More Than One Year 18 (1,013,297 ) (1,272,046 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 21 (71,538 ) (69,364 )
NET ASSETS 11,902,934 11,282,435
CAPITAL AND RESERVES
Called up share capital 23 2 2
Profit and Loss Account 11,902,932 11,282,433
SHAREHOLDERS' FUNDS 11,902,934 11,282,435
On behalf of the board
Mr K J Tudor
Director
17/02/2025
The notes on pages 10 to 17 form part of these financial statements.
Page 8
Page 9
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 June 2022 2 9,671,148 9,671,150
Profit for the year and total comprehensive income - 1,611,285 1,611,285
As at 31 May 2023 and 1 June 2023 2 11,282,433 11,282,435
Profit for the year and total comprehensive income - 814,129 814,129
Dividends paid - (193,630) (193,630)
As at 31 May 2024 2 11,902,932 11,902,934
Page 9
Page 10
Notes to the Financial Statements
1. General Information
Oaklands Plastics Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02802626 . The registered office is Unit 64, Station Road, Coleshill, Birmingham, West Midlands, B46 1HT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Financial Reporting Standard 102 - Reduced Disclosure Exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
  • the requirements of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17 (d).
2.3. Exemption From Preparing Consolidated Financial Statements
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group. Oaklands Plastics Limited and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, T3i Holdings Ltd, Unit 64 Station Road, Coleshill, Birmingham, England, B46 1HT who is registered in the United Kingdom which can be found on Companies House.
2.4. Significant judgements and estimations
The company makes estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the group accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors,including expectations of future events that are believed to be reasonable under the circumstances.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
Depreciation and residual values
The director has reviewed the asset lives and associated residual values of all fixed asset classes, and in particular, the useful economic lives and residual values of fixture & fittings and plant & machinery, and have concluded that asset lives and residual values are appropriate.
The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and project disposal values.
Finished Goods
Stock includes attributable labour and overheads and are based on management's estimate of the absorption of fixed and variable costs in the manufacturing process excluding selling and marketing costs.
Leases
The director determines whether leases entered into by the company either as a lessor or a lessee are operating lease or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis based on an evaluation of the terms and conditions of the arrangements, and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position.
2.5. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.
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2.6. Tangible Fixed Assets and Depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Leasehold 2% per annum straight line
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% of reducing balance
Fixtures & Fittings 25% on reducing balance
2.7. Investments
Investment in subsidiaries are measure at cost less accumulated impairement.
2.8. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contract are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
2.9. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws the have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
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.
2.10. Pensions
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period the which they relate
2.11. Stocks
Stocks are valued at the lower of cost and selling price less costs to sell, after making due allowance for obsolete and slow moving items.
Cost is determined on the first in, first-out (FIFO) method.
At each reporting date, stock is reviewed and assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment is recognised immediately in the profit and loss account.
3. Turnover
Analysis of turnover by class of business is as follows:
2024 2023
£ £
Moulding of plastic products 11,664,907 14,024,423
Steel 1,642,015 2,085,013
13,306,922 16,109,436
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4. Other Operating Income
2024 2023
£ £
Other operating income - 281,357
- 281,357
5. Operating Profit
The operating profit is stated after charging:
2024 2023
£ £
Bad debts 26 1,689
Depreciation of tangible fixed assets 162,444 171,954
6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 21,600 20,000
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
2024 2023
£ £
Wages and salaries 2,980,568 2,914,225
Social security costs 298,141 278,273
Other pension costs 67,685 61,398
3,346,394 3,253,896
8. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
77 79
9. Director's remuneration
2024 2023
£ £
Emoluments - 3,499
Company contributions to money purchase pension schemes - 1,100
- 4,599
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10. Interest Receivable and Similar Income
2024 2023
£ £
Bank interest receivable 4,905 3,579
11. Interest Payable and Similar Charges
2024 2023
£ £
Bank loans and overdrafts - 20
Factoring charges 62,615 89,832
Finance charges payable under finance leases and hire purchase contracts 3,946 7,302
Other finance charges 250,505 201,500
317,066 298,654
12. Tax on Profit
The tax charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% 19.0% 225,409 306,147
Deferred Tax
Deferred taxation 2,174 (33,816 )
Total tax charge for the period 227,583 272,331
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 1,041,712 1,883,616
Tax on profit at 25% (UK standard rate) 260,428 357,887
Goodwill/depreciation not allowed for tax 39,767 35,634
Expenses not deductible for tax purposes 1,200 94
Tax losses utilised - (13,662 )
Capital allowances (40,025 ) (22,692 )
Short term timing differences 2,174 (33,816 )
Difference in tax rates - 15,347
Group relief (35,961 ) (63,863 )
Indexation allowance on capital gains - (2,598 )
Total tax charge for the period 227,583 272,331
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13. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost
As at 1 June 2023 411,316 3,103,460 123,663 64,378 3,702,817
Additions 33,525 87,908 92,664 10,864 224,961
Disposals - - (39,999 ) - (39,999 )
As at 31 May 2024 444,841 3,191,368 176,328 75,242 3,887,779
Depreciation
As at 1 June 2023 89,919 2,669,722 60,616 31,060 2,851,317
Provided during the period 8,840 119,761 23,858 9,969 162,428
Disposals - - (15,625 ) - (15,625 )
As at 31 May 2024 98,759 2,789,483 68,849 41,029 2,998,120
Net Book Value
As at 31 May 2024 346,082 401,885 107,479 34,213 889,659
As at 1 June 2023 321,397 433,738 63,047 33,318 851,500
14. Investments
Subsidiaries
£
Cost
As at 1 June 2023 1,002
As at 31 May 2024 1,002
Provision
As at 1 June 2023 -
As at 31 May 2024 -
Net Book Value
As at 31 May 2024 1,002
As at 1 June 2023 1,002
Subsidiaries
Details of the company's subsidiaries as at 31 May 2024 are as follows:
Name of undertaking Registered Office Class of shares held Direct holding Indirect holding
Oaklands Building Supplies Limited Station Road, Coleshill, Birmingham, B46 1HT Ordinary 100.00% -
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15. Stocks
2024 2023
£ £
Raw materials and consumables 264,935 402,105
Finished goods 193,397 267,477
458,332 669,582
16. Debtors
2024 2023
£ £
Due within one year
Trade debtors 3,231,030 4,304,425
Prepayments and accrued income 278,987 210,194
Other debtors 685 79,754
Amounts owed by group undertakings 11,666,429 10,637,323
15,177,131 15,231,696
17. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 17,817 26,408
Trade creditors 1,676,261 1,993,948
Bank loans and overdrafts 300,000 300,000
Corporation tax 225,409 306,147
Other taxes and social security 106,814 169,118
VAT 186,555 176,603
Other creditors 14,891 891
Factoring Account 942,449 2,086,720
Accruals and deferred income 439,002 620,295
3,909,198 5,680,130
The factoring account is secured by a fixed and floating charge over the assets of the company and group. 
18. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 63,297 22,046
Bank loans 950,000 1,250,000
1,013,297 1,272,046
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19. Loans
An analysis of the maturity of loans is given below:
2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 300,000 300,000
2024 2023
£ £
Amounts falling due between one and five years:
Bank loans 950,000 1,250,000
The bank loans are secured by a fixed and floating charge over the assets of the company and group. 
The bank loan terms of repayments are 50 months at 31st May 2024
20. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 17,817 26,408
Later than one year and not later than five years 63,297 22,046
81,114 48,454
81,114 48,454
21. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 71,538 69,364
22. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 June 2023 69,364 69,364
Utilised 2,174 2,174
Balance at 31 May 2024 71,538 71,538
23. Share Capital
2024 2023
Allotted, called up and fully paid £ £
2 Ordinary A shares of £ 1.00 each 2 2
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24. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 118,565 147,535
Later than one year and not later than five years 162,500 281,062
281,065 428,597
25. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £67,685 (2023: £61,398).
At the balance sheet date contributions of £14,890 (2023: £891) were due to the fund and are included in creditors.
26. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 193,630 -
27. Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
During the year the company traded with a business related by common director. The company made purchases of £306,372 (2023 £257,461). At the year end an amount of £21,977 (2023 £25,254) was due to the company.
28. Controlling Parties
At 31 May 2024 the immediate controlling party of Oaklands Plastics Limited was Oaklands International Limited. The ultimate parent company was T3i Holdings Ltd.
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