22 false false false false false false false false false false true false false false false false false 2023-10-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP NI619655 2023-10-01 2024-09-30 NI619655 2024-09-30 NI619655 2023-09-30 NI619655 2022-10-01 2023-09-30 NI619655 2023-09-30 NI619655 2022-09-30 NI619655 core:PlantMachinery 2023-10-01 2024-09-30 NI619655 core:FurnitureFittings 2023-10-01 2024-09-30 NI619655 bus:Director1 2023-10-01 2024-09-30 NI619655 bus:Director2 2023-10-01 2024-09-30 NI619655 core:WithinOneYear 2024-09-30 NI619655 core:WithinOneYear 2023-09-30 NI619655 core:AfterOneYear 2024-09-30 NI619655 core:AfterOneYear 2023-09-30 NI619655 core:ShareCapital 2024-09-30 NI619655 core:ShareCapital 2023-09-30 NI619655 core:RetainedEarningsAccumulatedLosses 2024-09-30 NI619655 core:RetainedEarningsAccumulatedLosses 2023-09-30 NI619655 bus:SmallEntities 2023-10-01 2024-09-30 NI619655 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 NI619655 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 NI619655 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 NI619655 bus:AbridgedAccounts 2023-10-01 2024-09-30 NI619655 core:IntangibleAssetsOtherThanGoodwill 2023-10-01 2024-09-30
COMPANY REGISTRATION NUMBER: NI619655
Oaktree Wood Moulding Ltd
Filleted Unaudited Abridged Financial Statements
30 September 2024
Oaktree Wood Moulding Ltd
Abridged Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
5
18,307
20,595
Tangible assets
6
310,354
485,169
---------
---------
328,661
505,764
Current assets
Stocks
802,897
764,343
Debtors
697,954
617,656
Cash at bank and in hand
391,932
477,848
------------
------------
1,892,783
1,859,847
Creditors: amounts falling due within one year
561,862
581,182
------------
------------
Net current assets
1,330,921
1,278,665
------------
------------
Total assets less current liabilities
1,659,582
1,784,429
Creditors: amounts falling due after more than one year
43,723
96,420
Provisions
Taxation including deferred tax
53,150
66,866
------------
------------
Net assets
1,562,709
1,621,143
------------
------------
Capital and reserves
Called up share capital
4
4
Profit and loss account
1,562,705
1,621,139
------------
------------
Shareholders funds
1,562,709
1,621,143
------------
------------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 30 September 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 abridged 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 abridged financial statements .
Oaktree Wood Moulding Ltd
Abridged Statement of Financial Position (continued)
30 September 2024
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 September 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 21 February 2025 , and are signed on behalf of the board by:
Mr B Barrett
Mr D. Campbell
Director
Director
Company registration number: NI619655
Oaktree Wood Moulding Ltd
Notes to the Abridged Financial Statements
Year ended 30 September 2024
1. General information
Oaktree Wood Moulding Ltd is a private company limited by shares and is incorporated in Northern Ireland. The address of the registered office is 16 Laurel Road, Omagh, Co. Tyrone. BT78 5DH. The principal activity of the company during the year was the manufacture of moulded timber products.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Government grants
Grants of a revenue nature are recognised in the Statement of Income in the same period as the related expenditure.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102.As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Legal fees
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts 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 equity, except to the extent 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
15% reducing balance
Fixtures & fittings
-
20% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obselete and slow moving items. Cost is defined as the cost of bringing goods to their current state and location. Net Realisable Value is defined as the selling price less all further costs to completion.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged 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.
Provisions
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 abridged 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 as a finance cost in profit or loss in the period it arises.
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 and loans to related parties. Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 22 (2023: 20 ).
5. Intangible assets
£
Cost
At 1 October 2023 and 30 September 2024
22,883
--------
Amortisation
At 1 October 2023
2,288
Charge for the year
2,288
--------
At 30 September 2024
4,576
--------
Carrying amount
At 30 September 2024
18,307
--------
At 30 September 2023
20,595
--------
6. Tangible assets
£
Cost
At 1 October 2023
798,206
Additions
1,453
Disposals
( 187,366)
---------
At 30 September 2024
612,293
---------
Depreciation
At 1 October 2023
313,037
Charge for the year
34,922
Disposals
( 46,020)
---------
At 30 September 2024
301,939
---------
Carrying amount
At 30 September 2024
310,354
---------
At 30 September 2023
485,169
---------
7. Prior period adjustment
This relates to an adjustment to the corporation tax charge for the year end 30 September 2021.
8. Contingencies
The company may have to repay government grants if certain conditions are not met. In the opinion of the directors the terms of offer have been complied with and thus there are no indications that the company will suffer any loss in relation to potential liabilities.
9. Directors' advances, credits and guarantees
At the end of the financial year Mr. Don Campbell's directors loan account was nil (2023 nil). At the end of the financial year Mr Brendan Barrett's directors loan account was in credit of £122 (2023 £4 credit)
10. Related party transactions
The company was under the control of both Mr Brendan Barrett and Mr Don Campbell throughout the current year. Mr Brendan Barrett is the managing director. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.