The Oak Alloa Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC528528 (Scotland)

Financial Statements

For The Year Ended 31 March 2019

for

The Oak Alloa Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G McMullan

C Stewart

REGISTERED OFFICE:

Royal Oak Hotel

7 Bedford Place

Alloa

Clackmannanshire

FK10 1LJ

REGISTERED NUMBER:

SC528528 (Scotland)

ACCOUNTANTS:

Cahill Jack Associates Limited

91 Alexander Street

Airdrie

North Lanarkshire

ML6 0BD

FIXED ASSETS

Tangible assets

4

58,607

60,102

CURRENT ASSETS

Stocks

16,025

14,976

Debtors

5

15,143

15,000

Cash at bank and in hand

26,409

31,485

57,577

61,461

CREDITORS

Amounts falling due within one year

6

41,076

48,339

NET CURRENT ASSETS

16,501

13,122

TOTAL ASSETS LESS CURRENT LIABILITIES

75,108

73,224

PROVISIONS FOR LIABILITIES

10,051

-

NET ASSETS

65,057

73,224

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

7

64,957

73,124

65,057

73,224

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 19 December 2019 and were signed on its behalf by:

G McMullan - Director

C Stewart - Director

1.	STATUTORY INFORMATION

The Oak Alloa Limited is a private company, limited by shares , registered in Scotland. 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company's presentational currency is pounds sterling.

Significant judgements and estimates

The preparation of financial information in compliance with FRS 102 requires management to make judgements,

estimates and assumptions that affect the application of accounting policies and the reported amounts of assets,

liabilities, income and expenses. Actual results may differ from these estimates.

The directors have identified the following areas which give rise to estimation uncertainty:

1) Tangible fixed assets are depreciated over their useful lives taking into account residual values, where

appropriate. The actual lives of the assets and any residual values are assessed annually and may vary depending

on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance

programmes are taken into account.

2) Valuation of stock of parts uses estimations for provisions against old and obsolete items of stock.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are

recognised in the period in which the estimate is revised and in any future periods affected.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and

the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or

receivable, excluding value added tax and any other sales taxes The following criteria must also be met before

revenue is recognised:

Sale of goods

Revenue from sale of goods is recognised when all of the following conditions are satisfied:

- the company has transferred the significant risks and rewards of ownership to the buyer;

- the company retains neither continuing managerial involvement to the degree usually associated with

ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the transaction;

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from agreement to provide services is recognised in the period in which the services are provided when

all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the agreement.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance

The company adds to the carrying amount of an item of fixed asset the cost of replacing part of such an item

when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the

company. Any carrying amount of the replaced part is written off. Repairs and maintenance are charged to

the profit and loss during the year in which they are incurred except for any parts unused at the year end.

Asset residual values, useful lives and depreciation methods of relevant assets are reviewed, and adjusted

prospectively if appropriate. Gains and losses on disposals are determined by comparing the proceeds with

the carrying amount and recognised in the profit and loss during the year of disposal.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets

have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any

affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the

carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised

immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of

its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss

been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit

or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Stocks are stated at the lower of cost and net realisable value being the estimated selling price less costs to

complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and

finished goods include labour and attributable overheads.

At each reporting date, inventories are assessed for impairment. If inventory is 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank

loans, directors' loans and forward currency contracts (derivatives).

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest,

and subsequently at amortised cost using the effective interest method. Directors' loans (being repayable on

demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other

consideration expected to be paid or received. Forward currency contracts are derivative financial instruments.

They are measured at fair value. Gains and losses arising from changes in the fair value of derivative financial

instruments are included in the profit or loss in the period in which they arise.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective

evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the

profit and loss.

Other items

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest rate method so

that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a

reduction in the proceeds of the associated capital instrument.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised

when paid. Final equity dividends are recognised when approved by the shareholders at an annual general

meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest

payable.

Holiday pay

A liability is recognised to the extent of any unused holiday pay entitlement which has accrued at the balance

sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future

holiday entitlement so accrued at the balance sheet date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2018 - 36 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2018

32,959

49,784

13,700

96,443

Additions

4,773

2,813

10,453

18,039

At 31 March 2019

37,732

52,597

24,153

114,482

DEPRECIATION

At 1 April 2018

12,298

20,618

3,425

36,341

Charge for year

6,358

7,994

5,182

19,534

At 31 March 2019

18,656

28,612

8,607

55,875

NET BOOK VALUE

At 31 March 2019

19,076

23,985

15,546

58,607

At 31 March 2018

20,661

29,166

10,275

60,102

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

15,143

15,000

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

16,913

18,066

Tax

11,054

7,032

Social security and other taxes

428

2,206

VAT

10,801

10,648

Pension Creditor

166

47

Other Creditors

450

-

Directors' current accounts

240

10,340

Accrued expenses

1,024

-

41,076

48,339

7.

RESERVES

Retained

earnings

£

At 1 April 2018

73,124

Profit for the year

36,833

Dividends

(45,000

)

At 31 March 2019

64,957