Oakwood Developments Ld Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10910646 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

FOR

OAKWOOD DEVELOPMENTS LD LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr M T Lucas

REGISTERED OFFICE:

Ye Olde Forge 36b

West Street

Reigate

Surrey

RH2 9BX

REGISTERED NUMBER:

10910646 (England and Wales)

ACCOUNTANTS:

Acuity Professional Partnership LLP

Unit 2.02

High Weald House

Glovers End

Bexhill

East Sussex

TN39 5ES

CURRENT ASSETS

Stocks

4

-

1,650,895

Debtors

5

15,320

6,824

Cash at bank

294

-

15,614

1,657,719

CREDITORS

Amounts falling due within one year

6

184,072

1,841,120

NET CURRENT LIABILITIES

(168,458

)

(183,401

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(168,458

)

(183,401

)

CAPITAL AND RESERVES

Called up share capital

9

1

1

Retained earnings

(168,459

)

(183,402

)

SHAREHOLDERS' FUNDS

(168,458

)

(183,401

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 August 2021 and were signed by:

Mr M T Lucas - Director

1.	STATUTORY INFORMATION

Oakwood Developments Ld 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.

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.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the Going Concern basis and the Ultimate Parent undertaking will continue to support the company indefinitely.

The following principal accounting policies have been applied:

TURNOVER

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

STOCKS

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

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

4.

STOCKS

31.8.20

31.8.19

£

£

Work-in-progress

-

1,650,895

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.20

31.8.19

£

£

Other debtors

15,320

6,824

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.20

31.8.19

£

£

Bank loans and overdrafts (see note 7)

-

1,564,505

Trade creditors

76,977

4,806

Amounts owed to group undertakings

105,595

254,659

Other creditors

1,500

17,150

184,072

1,841,120

7.

LOANS

An analysis of the maturity of loans is given below:

31.8.20

31.8.19

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

-

5

Bank loans

-

1,564,500

-

1,564,505

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.20

31.8.19

£

£

Bank loans

-

1,564,500

Bank loans are secured by way of fixed and floating charges over all property or undertakings of the company.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.20

31.8.19

value:

£

£

1

Ordinary

£1

1

1

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Hawthorn UK Developments Ltd.

The ultimate controlling party is Lucas Design & Construction Ltd.