Oak Exports Limited
Oak Exports Limited
Registered number: 2138599
Unaudited Financial Statements
For The Year Ended 31 December 2018
Oak Exports Limited
Unaudited Financial Statements
For The Year Ended 31 December 2018
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—7 |
Oak Exports Limited
Balance Sheet
As at
31 December 2018
Balance Sheet
Registered number:
2138599
For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2018 | 2017 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 5 |
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| CURRENT ASSETS | |||||
| Stocks |
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| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Share premium account |
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| Capital redemption reserve |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 224,701 | 234,764 | |||
Page 1
Oak Exports Limited
Balance Sheet (continued)
As at
31 December 2018
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 7 form part of these financial statements.
Page 2
Oak Exports Limited
Notes to the Financial Statements
For The Year Ended 31 December 2018
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
Having considered the future trading prospects of the company, and the banking facilities available, the directors consider that the financial statements should be prepared on a going concern basis.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover consists of revenue earned from the sale of goods. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
1.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Plant & Machinery |
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| Motor Vehicles |
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1.5.
Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
1.6.
Stocks and Work in Progress
Stocks is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
1.7.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Page 3
Oak Exports Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2018
1.8.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.9.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3.
Average Number of Employees
The average number of employees, including directors, during the year was four (2017: four).
5.
Tangible Assets
| Plant & Machinery | Motor Vehicles | Total | |
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| Cost | |||
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| Depreciation | |||
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| Provided during the period |
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| Net Book Value | |||
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Page 4
Oak Exports Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2018
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
| 2018 | 2017 | ||
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| £ | £ | ||
| Motor Vehicles |
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6.
Debtors
| 2018 | 2017 | ||
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| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Other debtors |
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| Deferred tax current asset | 5,028 | 3,032 | |
| VAT |
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The deferred tax current asset is made up of depreciation provided for in advance of capital allowances.
7.
Creditors: Amounts Falling Due Within One Year
| 2018 | 2017 | ||
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| Net obligations under finance lease and hire purchase contracts |
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| Trade creditors |
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| Bank loans and overdrafts |
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| Corporation tax |
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| Other taxes and social security |
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| Other creditors |
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| Factoring |
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| Accruals and deferred income |
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| Director's loan account | - |
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Security has been given in respect of factoring of £492,429 (2017: £475,606) and net obligations under finance lease and hire purchase contracts of £nil (2017: £50,364).
Page 5
Oak Exports Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2018
Page 6
Oak Exports Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2018
9.
Other Commitments
At the end of the period the company had minimum lease payments under non-cancellable leases as follows:
| Land and buildings | Other | |||
|---|---|---|---|---|
| 2018 | 2017 | 2018 | 2017 | |
| £ | £ | £ | £ | |
| Within 1 year | 11,000 | 11,000 | - | 1,298 |
| Between 1 and 5 years | 9,625 | - | - | - |
| 20,625 | 11,000 | - | 1,298 | |
10.
Dividends
| 2018 | 2017 | ||
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| £ | £ | ||
| On equity shares: | |||
| Interim dividend paid |
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| 146,130 | 60,000 | ||
11.
Ultimate Controlling Party
The company's ultimate controlling party is Mr Stuart Dunbar by virtue of his ownership of 100% of the issued share capital in the company.
12.
General Information
Oak Exports Limited is a private company, limited by shares, incorporated in England & Wales, registered number 2138599 . The registered office is Unit 6 Portal Business Park, Eaton Lane, Tarporley, Cheshire, CW6 9DL.
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