Oakwood Audio Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10787623 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

FOR

OAKWOOD AUDIO LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr B R Jackson

REGISTERED OFFICE:

76 Oakwood Avenue

Wakefield

WF2 9JU

REGISTERED NUMBER:

10787623 (England and Wales)

ACCOUNTANTS:

Gibson Booth Limited

12 Victoria Road

Barnsley

South Yorkshire

S70 2BB

FIXED ASSETS

Tangible assets

4

20,083

21,121

CURRENT ASSETS

Debtors

5

1,294

7,471

Cash at bank

7,616

13,879

8,910

21,350

CREDITORS

Amounts falling due within one year

6

26,602

25,809

NET CURRENT LIABILITIES

(17,692

)

(4,459

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,391

16,662

PROVISIONS FOR LIABILITIES

2,316

3,591

NET ASSETS

75

13,071

CAPITAL AND RESERVES

Called up share capital

7

1

1

Retained earnings

74

13,070

SHAREHOLDERS' FUNDS

75

13,071

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 2 October 2020 and were signed by:

Mr B R Jackson - Director

1.	STATUTORY INFORMATION

Oakwood Audio Limited 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

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.

Significant judgements and estimates

No judgements have been made in the process of applying the below accounting policies that have had the most significant effect on amounts recognised in the financial statements.

There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

When the outcome of a transaction can be estimated reliably, turnover from broadcast sound engineering services is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the time spent on a job.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Motor vehicles

- 20% reducing balance

Office equipment

- 20% on cost

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.

Going concern

The financial statements have been prepared on a going concern basis. At the time of approval the UK economy was subject to the initial impact of the coronavirus pandemic outbreak. Projections and forecasts have been prepared based on a number of underlying assumptions, which are subject to significant uncertainty at this time. These show that the expected income and expenditure, together with current reserves and the possibility of obtaining potential funding allows the company to continue as a going concern.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 June 2019

24,018

4,528

28,546

Additions

-

3,666

3,666

At 31 May 2020

24,018

8,194

32,212

DEPRECIATION

At 1 June 2019

6,405

1,020

7,425

Charge for year

3,523

1,181

4,704

At 31 May 2020

9,928

2,201

12,129

NET BOOK VALUE

At 31 May 2020

14,090

5,993

20,083

At 31 May 2019

17,613

3,508

21,121

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.20

31.5.19

£

£

Trade debtors

-

6,610

Prepayments and accrued income

1,294

861

1,294

7,471

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.20

31.5.19

£

£

Corporation tax

2,760

5,797

Directors' current accounts

22,793

19,037

Accruals and deferred income

1,049

975

26,602

25,809

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.20

31.5.19

value:

£

£

100

Ordinary

0.01p

1

1

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2020 and 31 May 2019:

31.5.20

31.5.19

£

£

Mr B R Jackson

Balance outstanding at start of year

-

-

Amounts advanced

-

12,223

Amounts repaid

-

(12,223

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

9.	POST BALANCE SHEET EVENTS

The director has considered the global pandemic in producing these financial statements. Any impacts of the pandemic on this company is considered by the director to be a non-adjusting event for these financial statements. At the time of review, the impact on the business and results is limited.