Oklahoma Limited - Period Ending 2020-03-31

Oklahoma Limited

Contents

Company Information	1
Directors' Report	2 to 3
Balance Sheet	4 to 5
Notes to the Financial Statements	6 to 12

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

Oklahoma Limited

Directors' Report for the Year Ended 31 March 2020

The directors present their report and the financial statements for the year ended 31 March 2020.

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

This year's accounts highlight the wisdom of Oklahoma Limited’s decision to invest solidly in e-commerce to supplement the existing bricks and mortar retail operations. While High Street retail continues to struggle in general and Oklahoma continues to trade solidly, with its losses inline with company forecasts due to re-structuring and continued investment. Online sales continue to grow, at well over 100% year on year, while innovations in our online marketing actually saw the marketing budget fall too.

While the early part of 2020 clearly held unprecedented challenges for all businesses, retail in particular, we are confident it also holds promise and opportunity and so we continue to place e-commerce at the centre of our business going into the future and are well positioned to succeed here. With most of the investment into the on-line infrastructure now in place we are confident sales will continue to grow in this part of the business and that more efficient marketing will see a profit margin increase. Though we are all experiencing an uncertain future in 2020 we believe we will have no problem trading confidently through it and seeing the current period out.
 

Going concern

The directors have considered the impact of COVID 19 on the business within the financial year. They believe although this has impacted the business it has not affected the company's ability to continue trading and as a result the accounts are prepared under the going concern basis.

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.

Oklahoma Limited

Directors' Report for the Year Ended 31 March 2020

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 18 February 2021 and signed on its behalf by:

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

Oklahoma Limited

(Registration number: 03877589)
Balance Sheet as at 31 March 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	24,685	29,039
Current assets
Stocks	5	50,223	42,311
Debtors	6	14,108	39,804
Cash at bank and in hand		15,198	4,256
		79,529	86,371
Creditors: Amounts falling due within one year	7	(110,045)	(115,039)
Net current liabilities		(30,516)	(28,668)
Total assets less current liabilities		(5,831)	371
Creditors: Amounts falling due after more than one year	7	(23,911)	-
Net (liabilities)/assets		(29,742)	371
Capital and reserves
Called up share capital		1	1
Profit and loss account		(29,743)	370
Total equity		(29,742)	371

For the financial year ending 31 March 2020 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.

Oklahoma Limited

(Registration number: 03877589)
Balance Sheet as at 31 March 2020

Approved and authorised by the Board on 18 February 2021 and signed on its behalf by:
 

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

Mrs N E Payne
Director

Oklahoma Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

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
United Kingdom

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.

Going concern

The company relies on the financial support of certain creditors and its director. The director anticipates that this financial support will continue for the foreseeable future. On the basis, the director considers it is appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result, should the financial support be withdrawn or be insufficient and if the company was unable to continue as a going concern.

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 tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Oklahoma Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

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
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.

Oklahoma Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

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.

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.

Oklahoma Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2019 - 20).

4	Tangible assets

	Leasehold improvements £	Fixtures and fittings £	Plant and machinery £	Office equipment £	Total £
Cost or valuation
At 1 April 2019	5,848	26,620	9,246	317	42,031
At 31 March 2020	5,848	26,620	9,246	317	42,031
Depreciation
At 1 April 2019	1,570	5,535	5,839	48	12,992
Charge for the year	640	3,163	511	40	4,354
At 31 March 2020	2,210	8,698	6,350	88	17,346
Carrying amount
At 31 March 2020	3,638	17,922	2,896	229	24,685
At 31 March 2019	4,278	21,085	3,407	269	29,039

Oklahoma Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

5

Stocks

	2020 £	2019 £
Stock	50,223	42,311

6

Debtors

	2020 £	2019 £
Trade debtors	436	-
Prepayments	6,762	5,483
Other debtors	6,910	34,321
	14,108	39,804

7

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019 £
Due within one year
Bank loans and overdrafts	8	33,562	34,804
Trade creditors		57,640	56,195
Taxation and social security		13,606	6,660
Accruals and deferred income		2,380	1,230
Other creditors		2,857	16,150
		110,045	115,039

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Due after one year
Loans and borrowings	8	23,911	-

Oklahoma Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

8	Loans and borrowings

	2020 £	2019 £
Non-current loans and borrowings
Bank borrowings	23,911	-

	2020 £	2019 £
Current loans and borrowings
Bank borrowings	33,562	-
Bank overdrafts	-	34,804
	33,562	34,804

9	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2020 £	2019 £
Not later than one year	24,804	24,804
Later than one year and not later than five years	28,938	53,742
	53,742	78,546

Oklahoma Limited

Notes to the Financial Statements for the Year Ended 31 March 2020

10	Related party transactions

Transactions with directors

2020	At 1 April 2019 £	Advances to directors £	Repayments by director £	At 31 March 2020 £
Mrs N E Payne
	34,321	30,592	(58,142)	6,771

2019	At 1 April 2018 £	Repayments by director £	At 31 March 2019 £
Mrs N E Payne
	1,079	33,242	34,321

Summary of transactions with other related parties

Included within other debtors is an amount of £139 (2019 - (£1,514)) owing from a related party which has a common shareholder.