Oklahoma Limited - Period Ending 2019-03-31

Registration number: 03877589

Oklahoma Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2019

Tree Accountancy Limited
Chartered Certified Accountants
First Floor
Eastgate
Castle Street
Castlefield
Manchester
M3 4LZ

Oklahoma Limited

Contents

Company Information	1
Directors' Report	2 to 3
Balance Sheet	4 to 5
Notes to the Financial Statements	6 to 11

Oklahoma Limited

Company Information

Directors

Mrs N E Payne Mr I P M Payne

Registered office

74-76 High Street Manchester M4 1ES

Accountants

Tree Accountancy Limited Chartered Certified Accountants First Floor Eastgate Castle Street Castlefield Manchester M3 4LZ

Page 1

Oklahoma Limited

Directors' Report for the Year Ended 31 March 2019

The directors present their report and the financial statements for the year ended 31 March 2019.

Directors of the company

The directors who held office during the year were as follows:

Mrs N E Payne

Mr I P M Payne

Principal activity

The principal activity of the company is that of a shop selling homeware and giftware.

Review of Business

The accounts show that while retail trading remains competitive Oklahoma continues to trade solidly in a tough market with the small trading loss in line with company predictions. August 2018 saw the appointment of our new General Manager bringing a wealth of experience, fresh eyes and a desire to further develop our daily retail operations and procedures, especially around recruitment, health and safety, customer service, administration and staff morale. This and the appointment of our first assistant manager demonstrates our commitment to creating and developing a 1st class team and experience here at Oklahoma and this investment can be seen in our year wage increase.

Our continued development of our in-house loyalty scheme continues to reap benefits and spend from loyalty customers continues to grow quickly. It is our belief that this will help retain customers in the short/medium term and give us greater opportunities to create lasting connections, especially with customers new to the brand.

The creative and buying teams led by myself continue to search out more exclusivity in our product range and mix, with a keen emphasis on more collaborations and the pursuit of own brand products. It is our belief that this is the best way to distinguish the brand and to build on its 'good will' and loyal customer base going.

Going forward into 2019 we will also look to re-incorporate the okla.co.uk website into the general operations of the store which will streamline some procedures, and also allow us to operate with a more compact and essentially smaller inventory helping to cut costs.

Though we expect trading to continue to be challenging overall for the industry in the 12 months ahead, we believe Oklahoma is well placed to handle that uncertainty due to its continued and deserved great customer fan base.
 

Statement of Directors' Responsibilities

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). 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 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.

Page 2

Oklahoma Limited

Directors' Report for the Year Ended 31 March 2019

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.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 23 December 2019 and signed on its behalf by:

.........................................
Mrs N E Payne
Director

Page 3

Oklahoma Limited

(Registration number: 03877589)
Balance Sheet as at 31 March 2019

	Note	2019 £	(As restated) 2018 £
Fixed assets
Tangible assets	4	29,039	33,770
Current assets
Stocks	5	42,311	68,978
Debtors	6	39,804	6,526
Cash at bank and in hand		4,256	5,927
		86,371	81,431
Creditors: Amounts falling due within one year	7	(115,039)	(66,506)
Net current (liabilities)/assets		(28,668)	14,925
Total assets less current liabilities		371	48,695
Creditors: Amounts falling due after more than one year	7	-	(43,000)
Net assets		371	5,695
Capital and reserves
Called up share capital		1	1
Profit and loss account		370	5,694
Total equity		371	5,695

For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 6 to 11 form an integral part of these financial statements.

Page 4

Oklahoma Limited

(Registration number: 03877589)
Balance Sheet as at 31 March 2019

Approved and authorised by the Board on 23 December 2019 and signed on its behalf by:
 

.........................................

Mrs N E Payne
Director

The notes on pages 6 to 11 form an integral part of these financial statements.

Page 5

Oklahoma Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
74-76 High Street
Manchester
M4 1ES

The company's registration number is: 03877589

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold improvements	15% reducing balance
Plant and machinery	20% reducing balance
Fixtures and fittings	20% reducing balance

Page 6

Oklahoma Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

Computer equipment

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Page 7

Oklahoma Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2018 - 16).

Page 8

Oklahoma Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

4	Tangible assets

	Leasehold improvements £	Fixtures and fittings £	Plant and machinery £	Office equipment £
Cost or valuation
At 1 April 2018	5,848	26,620	9,246	-
Additions	-	-	-	317
At 31 March 2019	5,848	26,620	9,246	317
Depreciation
At 1 April 2018	888	1,848	5,208	-
Charge for the year	682	3,687	631	48
At 31 March 2019	1,570	5,535	5,839	48
Carrying amount
At 31 March 2019	4,278	21,085	3,407	269
At 31 March 2018	4,960	24,772	4,038	-

	Total £
Cost or valuation
At 1 April 2018	41,714
Additions	317
At 31 March 2019	42,031
Depreciation
At 1 April 2018	7,944
Charge for the year	5,048
At 31 March 2019	12,992
Carrying amount
At 31 March 2019	29,039
At 31 March 2018	33,770

5

Stocks

	2019 £	(As restated) 2018 £
Other inventories	42,311	68,978

Page 9

Oklahoma Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

6

Debtors

	2019 £	(As restated) 2018 £
Trade debtors	-	5,447
Prepayments	5,483	-
Other debtors	34,321	1,079
	39,804	6,526

7

Creditors

Creditors: amounts falling due within one year

	Note	2019 £	(As restated) 2018 £
Due within one year
Bank loans and overdrafts	8	34,804	-
Trade creditors		56,195	50,750
Taxation and social security		6,660	15,577
Accruals and deferred income		1,230	-
Other creditors		16,150	179
		115,039	66,506

Creditors: amounts falling due after more than one year

	2019 £	2018 £
Due after one year
Other non-current financial liabilities	-	43,000

Page 10

Oklahoma Limited

Notes to the Financial Statements for the Year Ended 31 March 2019

8	Loans and borrowings

	2019 £	2018 £
Current loans and borrowings
Bank overdrafts	34,804	-

9	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2019 £	2018 £
Not later than one year	24,804	-
Later than one year and not later than five years	53,742	-
	78,546	-

10	Related party transactions

Summary of transactions with other related parties

Included within other creditors is an amount of £1,514 owing to a related party. This is related via one of the directors being a shareholder within the related entity.

Page 11