Oakham Home Improvements Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02489367 (England and Wales)

OAKHAM HOME IMPROVEMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTORS:

M L Elkins

Mrs P A Elkins

S M W Elkins

SECRETARY:

M L Elkins

REGISTERED OFFICE:

11 St Albans Close

Oakham

Rutland

LE15 6EW

REGISTERED NUMBER:

02489367 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

26 Park Road

Melton Mowbray

Leicestershire

LE13 1TT

FIXED ASSETS

Property, plant and equipment

4

12,469

16,591

CURRENT ASSETS

Inventories

13,650

15,468

Debtors

5

69,760

43,600

Cash at bank and in hand

191,354

192,495

274,764

251,563

CREDITORS

Amounts falling due within one year

6

128,602

93,611

NET CURRENT ASSETS

146,162

157,952

TOTAL ASSETS LESS CURRENT LIABILITIES

158,631

174,543

PROVISIONS FOR LIABILITIES

2,014

2,774

NET ASSETS

156,617

171,769

CAPITAL AND RESERVES

Called up share capital

7

150

150

Share premium

7,950

7,950

Retained earnings

148,517

163,669

SHAREHOLDERS' FUNDS

156,617

171,769

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 by the Board of Directors and authorised for issue on 19 November 2021 and were signed on its behalf by:

M L Elkins - Director

Mrs P A Elkins - Director

S M W Elkins - Director

1.	STATUTORY INFORMATION

Oakham Home Improvements 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 presentation currency of the financial statements is the Pound Sterling (£).

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.

Revenue

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

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance, 20% on reducing balance and 3.33% on cost

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.

Government grants

Government grants relating to revenue are recognised as income on a systematic basis over the period in which the related costs for which the grant is intended to compensate are recognised.

Government grants receivable for the purpose of giving immediate financial support to the entity with no future related costs are recognised as income in the period in which it becomes receivable.

Inventories

Inventories are valued at the lower of cost and fair value less costs to complete and sell, after making due allowance for obsolete and slow moving items.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2020 - 8 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 April 2020

and 31 March 2021

58,870

DEPRECIATION

At 1 April 2020

42,279

Charge for year

4,122

At 31 March 2021

46,401

NET BOOK VALUE

At 31 March 2021

12,469

At 31 March 2020

16,591

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

68,050

42,690

Other debtors

760

-

Prepayments

950

910

69,760

43,600

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

33,125

42,105

Taxation

32,277

16,730

Other taxes and social security

35,025

20,661

Directors' current accounts

24,920

11,565

Accrued expenses

3,255

2,550

128,602

93,611

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary A

£1

100

100

50

Ordinary B

£1

50

50

150

150

8.	RELATED PARTY DISCLOSURES

Rents of £8,400 (2020 - £8,500) were paid to two of the directors during the year.

From time to time the directors provide financing loans to the company as disclosed in creditors (Directors' current accounts). These loans are interest free and repayable on demand. The balance outstanding at the year end was £24,920 owed by the company (2020: £11,565).