Oak Services Limited - Period Ending 2021-12-31
Oak Services Limited - Period Ending 2021-12-31
Registration number:
Oak Services Limited
for the Year Ended 31 December 2021
Oak Services Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
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Detailed Profit and Loss Account |
Oak Services Limited
Company Information
Director |
Mr E F Pilgrim |
Registered office |
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Accountants |
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Oak Services Limited
(Registration number: 02747808)
Balance Sheet as at 31 December 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
- |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
( |
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Provisions for liabilities |
( |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
|
Retained earnings |
(3,111) |
32,715 |
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Shareholders' (deficit)/funds |
(3,011) |
32,815 |
For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his 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.
Approved and authorised by the
......................................... |
Oak Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Unit 6
Kerridge Industrial Estate
Station Road
Alton
Hampshire
GU34 2PT
These financial statements were authorised for issue by the
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Contract revenue recognition
Retentions are provided for on completion of contracts under the contract terms where they are considered to be recoverable.
Revenue is recognised for long term contracts when the outcome can be reliably estimated.It is recognised by reference to the stage of completion of the contract at the year end.
Oak Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Tax
The tax expense for the period comprises current and deferred 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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
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 |
Short leasehold |
10% on cost |
Plant and machinery |
25% on reducing balance |
Fixtures and fittings |
25% on reducing balance |
Motor vehicles |
25% on reducing balance |
Stocks
Stocks are stated at the lower of cost and net realisable value. 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.
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.
Oak Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Oak Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
tangible assets |
Short leasehold |
Fixtures and fittings |
Plant and machinery |
Computer equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2021 |
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Additions |
- |
- |
- |
- |
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Disposals |
- |
- |
- |
- |
( |
( |
At 31 December 2021 |
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Depreciation |
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At 1 January 2021 |
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Charge for the year |
- |
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Eliminated on disposal |
- |
- |
- |
- |
( |
( |
Transfers |
- |
|
- |
( |
- |
- |
At 31 December 2021 |
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Carrying amount |
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At 31 December 2021 |
- |
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At 31 December 2020 |
- |
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Stocks |
2021 |
2020 |
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Other inventories |
- |
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Debtors |
Current |
2021 |
2020 |
Trade debtors |
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Prepayments |
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Other debtors |
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Oak Services Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Creditors |
Creditors: amounts falling due within one year
2021 |
2020 |
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Due within one year |
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trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Corporation tax |
3,800 |
- |
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Related party transactions |
Director's remuneration
The director's remuneration for the year was as follows:
2021 |
2020 |
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Remuneration |
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Contributions paid to money purchase schemes |
|
|
121,646 |
29,453 |
Dividends paid to directors
2021 |
2020 |
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Mr R W Lucas |
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Interim dividends |
77,000 |
47,000 |
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Oak Services Limited
Detailed Profit and Loss Account for the Year Ended 31 December 2021
2021 |
2020 |
|
turnover |
1,331,484 |
670,261 |
Cost of sales |
(924,011) |
(442,095) |
Gross profit |
407,473 |
228,166 |
Gross profit (%) |
30.6% |
34.04% |
Administrative expenses |
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Employment costs |
290,333 |
186,008 |
Establishment costs |
22,460 |
25,750 |
General administrative expenses |
49,635 |
39,703 |
Finance charges |
679 |
602 |
Depreciation costs |
4,103 |
1,791 |
Other expenses |
(6,373) |
- |
360,837 |
253,854 |
|
Operating profit/(loss) |
46,636 |
(25,688) |
Other interest receivable and similar income |
27 |
59 |
Interest payable and similar charges |
(61) |
(72) |
(34) |
(13) |
|
Profit/(loss) before tax |
46,602 |
(25,701) |
Oak Services Limited
Detailed Profit and Loss Account for the Year Ended 31 December 2021
2021 |
2020 |
Turnover |
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Sales |
1,321,521 |
630,329 |
Grants and subsidies receivable |
9,963 |
39,932 |
1,331,484 |
670,261 |
Cost of sales |
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Purchases |
293,266 |
104,962 |
Bought in services |
- |
62,929 |
Subcontract cost |
607,660 |
271,108 |
Hire of plant and machinery |
23,085 |
3,096 |
924,011 |
442,095 |
Employment costs |
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Wages and salaries |
151,902 |
144,793 |
Staff NIC (Employers) |
11,236 |
10,676 |
Director's remuneration |
28,875 |
14,535 |
Director's NIC (Employers) |
2,471 |
1,087 |
Staff pensions (Defined contribution) |
2,391 |
(1) |
Director's pensions |
92,771 |
14,918 |
Staff training |
687 |
- |
290,333 |
186,008 |
Establishment costs |
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Rent |
13,200 |
14,850 |
Rates and water |
- |
221 |
Light, heat and power |
1,239 |
1,240 |
Insurance |
3,308 |
2,346 |
Repairs and maintenance |
536 |
202 |
Waste disposal costs |
4,177 |
6,891 |
22,460 |
25,750 |
Oak Services Limited
Detailed Profit and Loss Account for the Year Ended 31 December 2021
2021 |
2020 |
General administrative expenses |
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Telephone |
5,048 |
5,382 |
Computer software and maintenance costs |
1,617 |
2,394 |
Printing, postage and stationery |
955 |
1,640 |
Licences and subscriptions |
- |
649 |
Lease of motor vehicles |
8,676 |
8,307 |
Sundry expenses |
1,414 |
1,133 |
Motor expenses |
22,557 |
15,027 |
Travel and subsistence |
73 |
329 |
Customer entertaining |
578 |
673 |
Accountancy fees |
3,375 |
3,200 |
Legal and professional fees |
5,342 |
969 |
49,635 |
39,703 |
Finance charges |
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Bank charges |
679 |
602 |
Depreciation costs |
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Depreciation of plant and machinery (owned) |
24 |
32 |
Depreciation of fixtures and fittings (owned) |
139 |
26 |
Depreciation of motor vehicles (owned) |
3,639 |
1,093 |
Depreciation of office equipment (owned) |
301 |
640 |
4,103 |
1,791 |
Other expenses |
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(Profit)/loss on disposal of tangible fixed assets |
6,373 |
- |
Other interest receivable and similar income |
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Bank interest receivable |
27 |
59 |
Interest payable and similar expenses |
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Bank interest payable |
61 |
72 |