Registered number
04556672
Oaks Electrical Limited
Filleted Accounts
31 October 2024
Oaks Electrical Limited
Registered number: 04556672
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 35,863 29,863
Current assets
Stocks 20,398 20,398
Debtors 5 78,138 75,948
Investments held as current assets 6 101 101
98,637 96,447
Creditors: amounts falling due within one year 7 (134,301) (142,370)
Net current liabilities (35,664) (45,923)
Total assets less current liabilities 199 (16,060)
Creditors: amounts falling due after more than one year 8 (21,851) (50,656)
Provisions for liabilities (7,404) (7,404)
Net liabilities (29,056) (74,120)
Capital and reserves
Called up share capital 100 100
Profit and loss account (29,156) (74,220)
Shareholders' funds (29,056) (74,120)
The directors are 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 directors acknowledge their 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.
Mrs V Scorse
Director
Approved by the board on 3 March 2025
Oaks Electrical Limited
Notes to the Accounts
for the year ended 31 October 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. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Plant and machinery At various rates
Motor vehicles 25% per annum reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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 14 11
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2023 5,000
At 31 October 2024 5,000
Amortisation
At 1 November 2023 5,000
At 31 October 2024 5,000
Net book value
At 31 October 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 November 2023 27,036 83,508 110,544
Additions 492 22,990 23,482
Disposals - (24,996) (24,996)
At 31 October 2024 27,528 81,502 109,030
Depreciation
At 1 November 2023 22,414 58,267 80,681
Charge for the year 1,028 8,677 9,705
On disposals - (17,219) (17,219)
At 31 October 2024 23,442 49,725 73,167
Net book value
At 31 October 2024 4,086 31,777 35,863
At 31 October 2023 4,622 25,241 29,863
5 Debtors 2024 2023
£ £
Trade debtors 74,819 73,629
Other debtors 3,319 2,319
78,138 75,948
6 Investments held as current assets 2024 2023
£ £
Fair value
Unlisted investments 101 101
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 42,777 51,513
Obligations under finance lease and hire purchase contracts 4,164 3,365
Trade creditors 24,354 17,821
Taxation and social security costs 37,371 24,596
Other creditors 25,635 45,075
134,301 142,370
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 16,512 50,656
Obligations under finance lease and hire purchase contracts 5,339 -
21,851 50,656
9 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 14,470 22,364
10 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr and Mrs Butt 250 1,250 (250) 1,250
250 1,250 (250) 1,250
11 Other information
Oaks Electrical Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit J2
Langlands Industrial Estate
Uffculme
Devon
EX15 3DA
Oaks Electrical Limited 04556672 false 2023-11-01 2024-10-31 2024-10-31 VT Final Accounts July 2024 Mrs V Scorse No description of principal activity 04556672 2022-11-01 2023-10-31 04556672 core:WithinOneYear 2023-10-31 04556672 core:AfterOneYear 2023-10-31 04556672 core:ShareCapital 2023-10-31 04556672 core:RetainedEarningsAccumulatedLosses 2023-10-31 04556672 core:AllPeriods 2023-10-31 04556672 2023-11-01 2024-10-31 04556672 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 04556672 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 04556672 bus:Director40 2023-11-01 2024-10-31 04556672 1 2023-11-01 2024-10-31 04556672 2 2023-11-01 2024-10-31 04556672 core:PlantMachinery 2023-11-01 2024-10-31 04556672 core:Vehicles 2023-11-01 2024-10-31 04556672 bus:Director1 2 2023-11-01 2024-10-31 04556672 countries:England 2023-11-01 2024-10-31 04556672 bus:FRS102 2023-11-01 2024-10-31 04556672 bus:FilletedAccounts 2023-11-01 2024-10-31 04556672 2024-10-31 04556672 core:WithinOneYear 2024-10-31 04556672 core:AfterOneYear 2024-10-31 04556672 core:ShareCapital 2024-10-31 04556672 core:RetainedEarningsAccumulatedLosses 2024-10-31 04556672 core:Goodwill 2024-10-31 04556672 core:PlantMachinery 2024-10-31 04556672 core:Vehicles 2024-10-31 04556672 core:AllPeriods 2024-10-31 04556672 bus:Director1 2 2024-10-31 04556672 2023-10-31 04556672 core:Goodwill 2023-10-31 04556672 core:PlantMachinery 2023-10-31 04556672 core:Vehicles 2023-10-31 04556672 bus:Director1 2 2023-10-31 iso4217:GBP xbrli:pure