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|
STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS |
|
All of the members of Oakham Fabrications & Engineers Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 June 2020 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
03206794
|
OAKHAM FABRICATIONS & ENGINEERS LIMITED |
|
|
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS |
|
|
OAKHAM FABRICATIONS & ENGINEERS LIMITED |
|
|
REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF
OAKHAM FABRICATIONS & ENGINEERS LIMITED |
|
YEAR ENDED 30 JUNE 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Oakham Fabrications & Engineers Limited for the year ended 30 June 2020, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
LANGARD LIFFORD HALL LIMITED
Accountants and Registered Auditors
Lifford Hall
Lifford Lane
Kings Norton
Birmingham
B30 3JN
18 January 2021
|
OAKHAM FABRICATIONS & ENGINEERS LIMITED |
|
|
ABRIDGED STATEMENT OF FINANCIAL POSITION |
|
30 June 2020
Current assets
|
Debtors |
13,257 |
|
64,356 |
|
|
Cash at bank and in hand |
283,996 |
|
103,641 |
|
|
------------ |
|
------------ |
|
|
297,253 |
|
167,997 |
|
|
|
|
|
|
|
Creditors: amounts falling due within one year |
245,592 |
|
117,034 |
|
|
------------ |
|
------------ |
|
|
Net current assets |
|
51,661 |
|
50,963 |
|
|
------------ |
|
------------ |
|
Total assets less current liabilities |
|
51,661 |
|
50,963 |
|
|
------------ |
|
------------ |
|
Net assets |
|
51,661 |
|
50,963 |
|
|
------------ |
|
------------ |
|
|
|
|
|
Capital and reserves
|
Called up share capital |
|
2 |
|
2 |
|
Profit and loss account |
|
51,659 |
|
50,961 |
|
|
------------ |
|
------------ |
|
Shareholder funds |
|
51,661 |
|
50,963 |
|
|
------------ |
|
------------ |
|
|
|
|
|
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The member has not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
|
OAKHAM FABRICATIONS & ENGINEERS LIMITED |
|
|
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued) |
|
30 June 2020
These abridged financial statements were approved by the
board of directors
and authorised for issue on
18 January 2021
, and are signed on behalf of the board by:
Company registration number:
03206794
|
OAKHAM FABRICATIONS & ENGINEERS LIMITED |
|
|
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS |
|
YEAR ENDED 30 JUNE 2020
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lifford Hall, Lifford Lane, Kings Norton, Birmingham, B30 3JN.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents the realisable value of work undertaken during the year, exclusive of Value Added Tax.
Income tax
Deferred taxation is provided on the liability method in respect of the taxation effect of all timing differences to the extent the tax liabilities are likely to crystallise in the foreseeable future.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2019:
4
).
5.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2020 |
2019 |
|
£ |
£ |
|
Later than 1 year and not later than 5 years |
7,800 |
7,800 |
|
|
------------ |
------------ |
|
|
|
|
6.
Controlling party
The company is ultimately controlled by
Oakham Fabrications & Engineers (Holdings) Limited
, a company incorporated in the United Kingdom.
