G. Oakley & Sons Ltd - Limited company accounts 18.2

REGISTERED NUMBER: 03908114 (England and Wales)

G. Oakley & Sons Ltd

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2019

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

6

Balance Sheet

7

Statement of Changes in Equity

8

Cash Flow Statement

9

Notes to the Cash Flow Statement

10

Notes to the Financial Statements

11

Directors:

Mr A Oakley

Mr W Oakley

Mr D R Oakley

Registered office:

Glade View

St Mary Church

Cowbridge

CF71 7LT

Registered number:

03908114 (England and Wales)

Senior statutory auditor:

Clive edwards

Auditors:

Haines Watts Wales LLP, Statutory Auditors

7 Neptune Court

Vanguard Way

Cardiff

CF24 5PJ

Bankers:

Barclays Bank Plc

Bridgend Business Centre

PO Box 53

36 Dunraven place

CF31 1YB

The directors present their strategic report for the year ended 31 March 2019.

Review of business

31/03/2019

31/03/2018

31/03/2017

31/03/2016

Turnover

£14,028,412

£16,731,892

£14,564,761

£12,969,949

Profit before tax

£63,372

£307,592

£1,039,663

£130,487

Shareholders funds

£2,587,759

£2,536,565

£2,472,012

£1,670,004

Turnover for the 12 months to 31 March 2019 was down on last year's performance due to the timing of contracts.

The net assets of the business totalled £2,587,759 (2018: £2,536,565), an increase of £51,194, which confirms the

desire of the Company to ensure that it continues to have the resources at hand to react dynamically to the needs of its

customer base.

Principal risks and uncertainties

The business' principal financial instruments comprise bank balances, trade debtors and trade creditors. The main

purpose of these instruments is to finance the business' operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between available funds and

maintaining the company infrastructure.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to

customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

On behalf of the board:

Mr A Oakley - Director

25 November 2019

The directors present their report with the financial statements of the company for the year ended 31 March 2019.

Principal activity

The principal activity of the company in the year under review was that of building and shopfitting services

Dividends

No dividends will be distributed for the year ended 31 March 2019.

Directors

The directors shown below have held office during the whole of the period from 1 April 2018 to the date of this report.

Mr A Oakley

Mr W Oakley

Mr D R Oakley

Statement of directors' responsibilities

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial

statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the

directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted

Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting

Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the

directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the

state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial

statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the

company's transactions and disclose with reasonable accuracy at any time the financial position of the company and

enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible

for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of

fraud and other irregularities.

Statement as to disclosure of information to auditors

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies

Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to

have taken as a director in order to make himself aware of any relevant audit information and to establish that the

company's auditors are aware of that information.

Auditors

The auditors, Haines Watts Wales LLP, Statutory Auditors, will be proposed for re-appointment at the forthcoming

Annual General Meeting.

On behalf of the board:

Mr A Oakley - Director

25 November 2019

Opinion

We have audited the financial statements of G. Oakley & Sons Ltd (the 'company') for the year ended 31 March 2019

which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow

Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of

significant accounting policies. The financial reporting framework that has been applied in their preparation is

applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial

Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting

Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2019 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.

Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the

financial statements section of our report. We are independent of the company in accordance with the ethical

requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard,

and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit

evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to

you where:

-	the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

-

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The directors are responsible for the other information. The other information comprises the information in the

Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the

Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise

explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing

so, consider whether the other information is materially inconsistent with the financial statements or our knowledge

obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or

apparent material misstatements, we are required to determine whether there is a material misstatement in the

financial statements or a material misstatement of the other information. If, based on the work we have performed, we

conclude that there is a material misstatement of this other information, we are required to report that fact. We have

nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the

audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to

you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are

responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view,

and for such internal control as the directors determine necessary to enable the preparation of financial statements that

are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a

going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of

accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic

alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from

material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with

ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and

are considered material if, individually or in the aggregate, they could reasonably be expected to influence the

economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting

Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the

Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those

matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent

permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's

members as a body, for our audit work, for this report, or for the opinions we have formed.

Clive edwards (Senior Statutory Auditor)

for and on behalf of Haines Watts Wales LLP, Statutory Auditors

7 Neptune Court

Vanguard Way

Cardiff

CF24 5PJ

2 December 2019

Turnover

14,028,412

16,731,892

Cost of sales

(13,146,270

)

(15,515,918

)

Gross profit

882,142

1,215,974

Administrative expenses

(829,599

)

(910,072

)

Operating profit

52,543

305,902

Interest receivable and similar income

-

3,868

52,543

309,770

Interest payable and similar expenses

4

10,829

(2,178

)

Profit before taxation

5

63,372

307,592

Tax on profit

6

(12,178

)

(58,039

)

Profit for the financial year

51,194

249,553

Other comprehensive income

-

-

Total comprehensive income for the year

51,194

249,553

Fixed assets

Tangible assets

8

78,040

64,640

Current assets

Stocks

9

1,428,939

922,041

Debtors

10

1,407,662

2,368,557

Cash at bank and in hand

2,825,133

2,401,464

5,661,734

5,692,062

Creditors

Amounts falling due within one year

11

(3,145,642

)

(3,212,875

)

Net current assets

2,516,092

2,479,187

Total assets less current liabilities

2,594,132

2,543,827

Provisions for liabilities

13

(6,373

)

(7,262

)

Net assets

2,587,759

2,536,565

Capital and reserves

Called up share capital

14

5

5

Retained earnings

15

2,587,754

2,536,560

Shareholders' funds

2,587,759

2,536,565

The financial statements were approved by the Board of Directors on 25 November 2019 and were signed on its behalf by:

Mr A Oakley - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2017

5

2,472,007

2,472,012

Changes in equity

Dividends

-

(185,000

)

(185,000

)

Total comprehensive income

-

249,553

249,553

Balance at 31 March 2018

5

2,536,560

2,536,565

Changes in equity

Total comprehensive income

-

51,194

51,194

Balance at 31 March 2019

5

2,587,754

2,587,759

Cash flows from operating activities

Cash generated from operations

1

642,126

(162,796

)

Interest paid

10,829

(2,178

)

Tax paid

(58,041

)

(201,156

)

Net cash from operating activities

594,914

(366,130

)

Cash flows from investing activities

Purchase of tangible fixed assets

(32,695

)

(21,925

)

Interest received

-

3,868

Net cash from investing activities

(32,695

)

(18,057

)

Cash flows from financing activities

Amount withdrawn by directors

(186,702

)

185,000

Equity dividends paid

-

(185,000

)

Net cash from financing activities

(186,702

)

-

Increase/(decrease) in cash and cash equivalents

375,517

(384,187

)

Cash and cash equivalents at beginning of year

2

2,401,464

2,785,651

Cash and cash equivalents at end of year

2

2,776,981

2,401,464

1.	Reconciliation of profit before taxation to cash generated from operations

2019

2018

£

£

Profit before taxation

63,372

307,592

Depreciation charges

19,295

21,547

Loss on disposal of fixed assets

-

903

Finance costs

(10,829

)

2,178

Finance income

-

(3,868

)

71,838

328,352

Increase in stocks

(506,898

)

(369,378

)

Decrease/(increase) in trade and other debtors

960,895

(730,426

)

Increase in trade and other creditors

116,291

608,656

Cash generated from operations

642,126

(162,796

)

2.	Cash and cash equivalents

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of

these Balance Sheet amounts:

Year ended 31 March 2019

31.3.19

1.4.18

£

£

Cash and cash equivalents

2,825,133

2,401,464

Bank overdrafts

(48,152

)

-

2,776,981

2,401,464

Year ended 31 March 2018

31.3.18

1.4.17

£

£

Cash and cash equivalents

2,401,464

2,785,651

1.	Statutory information

G. Oakley & Sons Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of building and

shopfitting services to customers.

Revenue recognised from the provision of services is recognised when it can measured reliably and is

calculated by reference to the stage (or percentage) of completion of the transaction at the end of the reporting

period.

When the outcome of the transaction involving the rendering of services cannot be estimated reliably, revenue

is recognised only to the extent of the expenses incurred that are recoverable.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Work in progress

Work in progress represents amounts recoverable on contracts in which income is recognised by stage of

completion.

When the outcome cannot be reliably measured, revenue is only recognised to the extent that it is probable that

costs are recoverable.

When it is probable that a loss will occur on a contract, this is recognised in full immediately as an onerous

contract provision.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive

Income, except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and

laws that have been enacted or substantively enacted by the year end and 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.

Leasing commitments

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over

the period of the lease.

3.	Employees and directors

2019

2018

£

£

Wages and salaries

2,678,067

2,573,480

The average number of employees during the year was as follows:

2019

2018

Operational

54

58

Administration

3

3

57

61

During the year ending 31 March 2019 directors salaries amounted to £25,339 (2018: £Nil). Also, during the

year ended 31 March 2019 directors pensions amounted to £45,000 (2018: £116,464). The number of directors

in the pension schemes for both years were 3.

4.

Interest payable and similar expenses

2019

2018

£

£

Bank interest

(10,829

)

2,178

5.	Profit before taxation

The profit is stated after charging:

2019

2018

£

£

Hire of plant and machinery

256,079

318,868

Other operating leases

41,798

41,722

Depreciation - owned assets

19,295

21,547

Loss on disposal of fixed assets

-

903

Auditors' remuneration

4,020

-

6.

Taxation

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2019

2018

£

£

Current tax:

UK corporation tax

13,067

58,041

Deferred tax

(889

)

(2

)

Tax on profit

12,178

58,039

7.

Dividends

2019

2018

£

£

Ordinary Share Capital shares of £1 each

Interim

-

185,000

8.	Tangible fixed assets

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

Cost

At 1 April 2018

71,515

-

42,988

19,199

133,702

Additions

-

491

27,799

4,405

32,695

At 31 March 2019

71,515

491

70,787

23,604

166,397

Depreciation

At 1 April 2018

27,876

-

27,715

13,471

69,062

Charge for year

12,047

72

5,595

1,581

19,295

At 31 March 2019

39,923

72

33,310

15,052

88,357

Net book value

At 31 March 2019

31,592

419

37,477

8,552

78,040

At 31 March 2018

43,639

-

15,273

5,728

64,640

9.

Stocks

2019

2018

£

£

Retentions

315,860

188,409

Work-in-progress

1,113,079

733,632

1,428,939

922,041

10.

Debtors: amounts falling due within one year

2019

2018

£

£

Trade debtors

1,380,784

2,367,213

Other debtors

1,597

1,344

Directors' current accounts

25,281

-

1,407,662

2,368,557

11.

Creditors: amounts falling due within one year

2019

2018

£

£

Bank loans and overdrafts (see note 12)

48,152

-

Trade creditors

2,745,170

2,794,208

Tax

13,067

58,041

Social security and other taxes

130,447

128,556

VAT

97,552

30,799

Other creditors

1,166

1,510

Directors' current accounts

-

186,702

Accrued expenses

110,088

13,059

3,145,642

3,212,875