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Company registration number:
04559324
THE OAK (WESTWOOD) LIMITED
Unaudited Filleted Financial Statements for the year ended
31 October 2024
THE OAK (WESTWOOD) LIMITED
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of THE OAK (WESTWOOD) LIMITED
Year ended
31 October 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the
financial statements
of
THE OAK (WESTWOOD) LIMITED
for the year ended
31 October 2024
which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at icaew.com/​regulations.
This report is made solely to the Board of Directors of
THE OAK (WESTWOOD) LIMITED
, as a body. My work has been undertaken solely to prepare for your approval the
financial statements
of
THE OAK (WESTWOOD) LIMITED
and state those matters that I have agreed to state to the Board of Directors of
THE OAK (WESTWOOD) LIMITED
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than
THE OAK (WESTWOOD) LIMITED
and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that
THE OAK (WESTWOOD) LIMITED
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and profit of
THE OAK (WESTWOOD) LIMITED
. You consider that
THE OAK (WESTWOOD) LIMITED
is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of THE OAK (WESTWOOD) LIMITED. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
HM Accountancy Services Limited
83-89 Phoenix Street
Sutton-in-Ashfield
Nottinghamshire
NG17 4HL
United Kingdom
THE OAK (WESTWOOD) LIMITED
Statement of Financial Position
31 October 2024
20242023
Note££
Fixed assets    
Tangible assets 5
197,635
 
182,116
 
Current assets    
Stocks
1,285
 
1,285
 
Debtors 6
1,363
 
1,195
 
Cash at bank and in hand
51,413
 
56,661
 
54,061
 
59,141
 
Creditors: amounts falling due within one year 7
(102,115
)
(119,715
)
Net current liabilities
(48,054
)
(60,574
)
Total assets less current liabilities 149,581   121,542  
Provisions for liabilities
(6,421
)
(4,056
)
Net assets
143,160
 
117,486
 
Capital and reserves    
Called up share capital
105
 
105
 
Profit and loss account
143,055
 
117,381
 
Shareholders funds
143,160
 
117,486
 
For the year ending
31 October 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.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
18 February 2025
, and are signed on behalf of the board by:
Mr Nathan Byrne
Director
Company registration number:
04559324
THE OAK (WESTWOOD) LIMITED
Notes to the Financial Statements
Year ended
31 October 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
29 Royal Oak
,
Palmerstone Street
,
Westwood
,
Nottinghamshire
,
NG16 5HY
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Current tax

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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 stocks to their present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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 debtors and creditors, loans from banks and other third parties.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
13
(2023:
11
).

5 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 November 2023
157,388
 
91,183
 
248,571
 
Additions -  
21,519
 
21,519
 
At
31 October 2024
157,388
 
112,702
 
270,090
 
Depreciation      
At
1 November 2023
-  
66,455
 
66,455
 
Charge -  
6,000
 
6,000
 
At
31 October 2024
-  
72,455
 
72,455
 
Carrying amount      
At
31 October 2024
157,388
 
40,247
 
197,635
 
At 31 October 2023
157,388
 
24,728
 
182,116
 

6 Debtors

20242023
££
Other debtors
1,363
 
1,195
 

7 Creditors: amounts falling due within one year

20242023
££
Bank loans and overdrafts -  
2,168
 
Trade creditors
9,760
 
8,341
 
Taxation and social security
31,371
 
23,329
 
Other creditors
60,984
 
85,877
 
102,115
 
119,715