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Registration number: 05929556

Pine and Oak Furniture Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Pine and Oak Furniture Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Pine and Oak Furniture Limited

(Registration number: 05929556)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

20,860

29,526

Current assets

 

Stocks

5

1,152,244

1,055,000

Debtors

6

46,224

44,987

Cash at bank and in hand

 

43,327

21,372

 

1,241,795

1,121,359

Creditors: Amounts falling due within one year

7

(578,906)

(439,656)

Net current assets

 

662,889

681,703

Total assets less current liabilities

 

683,749

711,229

Creditors: Amounts falling due after more than one year

7

(22,500)

(52,500)

Net assets

 

661,249

658,729

Capital and reserves

 

Called up share capital

200

200

Retained earnings

661,049

658,529

Shareholders' funds

 

661,249

658,729

 

Pine and Oak Furniture Limited

(Registration number: 05929556)
Balance Sheet as at 31 August 2024

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 May 2025 and signed on its behalf by:
 

.........................................
D M Hulett
Director

 

Pine and Oak Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Pine and Oak Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance basis

Plant and machinery

25% reducing balance basis

Office equipment

25% reducing balance basis

Fixtures and fittings

25% reducing balance basis

Property improvements

25% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Pine and Oak Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2023 - 17).

 

Pine and Oak Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

43,675

70,882

23,401

5,564

72,920

216,442

Additions

-

-

240

-

-

240

Disposals

(2,038)

(3,282)

(5,744)

(2,065)

(180)

(13,309)

At 31 August 2024

41,637

67,600

17,897

3,499

72,740

203,373

Depreciation

At 1 September 2023

36,678

62,355

18,379

3,326

66,178

186,916

Charge for the year

1,742

2,115

920

420

1,685

6,882

Eliminated on disposal

(2,010)

(3,211)

(4,383)

(1,504)

(177)

(11,285)

At 31 August 2024

36,410

61,259

14,916

2,242

67,686

182,513

Carrying amount

At 31 August 2024

5,227

6,341

2,981

1,257

5,054

20,860

At 31 August 2023

6,997

8,527

5,022

2,238

6,742

29,526

 

Pine and Oak Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

5

Stocks

2024
£

2023
£

Other inventories

1,152,244

1,055,000

6

Debtors

Current

2024
£

2023
£

Trade debtors

4,250

2,769

Prepayments

31,496

25,229

Other debtors

10,478

16,989

 

46,224

44,987

 

Pine and Oak Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

30,000

59,219

Trade creditors

 

302,925

169,004

Taxation and social security

 

40,777

50,176

Other creditors

 

205,204

161,257

 

578,906

439,656

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

22,500

52,500

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

30,000

30,000

Other borrowings

-

29,219

30,000

59,219

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

22,500

52,500

 

Pine and Oak Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

9

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £52,500 (2023 - £111,718). This balance is in relation to the CBILS loan. The Funding Circle loan has been repaid in the year (2023: £29,218).

10

Related party transactions

Transactions with directors

2024

At 1 September 2023
£

Advances to director
£

Repayments by director
£

At 31 August 2024
£

D M Hulett

Directors loan account

(147,099)

11,863

(20,000)

(155,236)

T M Shepherd

Directors loan account

2,928

497

-

3,425

M J Hopkin

Directors loan account

3,032

497

-

3,529

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

D M Hulett

Directors loan account

1,685

994

(149,778)

(147,099)

T M Shepherd

Directors loan account

2,431

497

-

2,928

M J Hopkin

Directors loan account

2,535

497

-

3,032

 

Pine and Oak Furniture Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Summary of transactions with other related parties

Lauriam Finishers is a partnership owned by the directors, D M Hulett and J M Hulett.
 

Expenditure with and payables to related parties

2024

Other related parties
£

Purchase of goods

40,500

2023

Other related parties
£

Purchase of goods

41,000