General Information
Oakhouse Foods (Stubbington) Ltd is a private company, limited by shares, registered in England and Wales, registration number 04772489, registration address A47, The Sanderson Centre, Lees Lane, Gosport, Hampshire, PO12 3UL.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
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)
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 10 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and machinery - 18% on net book value
Vehicles - 18% on net book value
Office equipment - 18% on net book value
Furniture and fittings - 18% on net book value
| Plant and Machinery |
18 Reducing Balance
|
| Motor Vehicles |
18 Reducing Balance
|
| Fixtures and Fittings |
18 Reducing Balance
|
| Computer Equipment |
18 Reducing Balance
|
Stocks
Stocks are stated at the lower of cost and estimated selling priee less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
|
| 2. |
Average number of employees
Average number of employees during the year was 28 (2024 : 28).
|
| 3. |
Intangible fixed assets
| Cost |
Goodwill |
|
Total |
| |
£ |
|
£ |
| At 01 April 2024 |
92,121 |
|
92,121 |
| Additions |
- |
|
- |
| Disposals |
- |
|
- |
| At 31 March 2025 |
92,121 |
|
92,121 |
| Amortisation |
| At 01 April 2024 |
92,121 |
|
92,121 |
| Charge for year |
- |
|
- |
| On disposals |
- |
|
- |
| At 31 March 2025 |
92,121 |
|
92,121 |
| Net book values |
| At 31 March 2025 |
- |
|
- |
| At 31 March 2024 |
- |
|
- |
|
| 4. |
Tangible fixed assets
| Cost or valuation |
Plant and Machinery |
|
Motor Vehicles |
|
Fixtures and Fittings |
|
Computer Equipment |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
|
£ |
| At 01 April 2024 |
47,664 |
|
139,663 |
|
5,143 |
|
4,699 |
|
197,169 |
| Additions |
2,869 |
|
30,774 |
|
1,570 |
|
- |
|
35,213 |
| Disposals |
- |
|
- |
|
- |
|
- |
|
- |
| At 31 March 2025 |
50,533 |
|
170,437 |
|
6,713 |
|
4,699 |
|
232,382 |
| Depreciation |
| At 01 April 2024 |
38,073 |
|
79,223 |
|
5,058 |
|
3,276 |
|
125,630 |
| Charge for year |
2,175 |
|
10,990 |
|
39 |
|
256 |
|
13,460 |
| On disposals |
- |
|
- |
|
- |
|
- |
|
- |
| At 31 March 2025 |
40,248 |
|
90,213 |
|
5,097 |
|
3,532 |
|
139,090 |
| Net book values |
| Closing balance as at 31 March 2025 |
10,285 |
|
80,224 |
|
1,616 |
|
1,167 |
|
93,292 |
| Opening balance as at 01 April 2024 |
9,591 |
|
60,440 |
|
517 |
|
1,378 |
|
71,926 |
|
3
|