M. S. Oakes Joinery Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02370332 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

FOR

M. S. OAKES JOINERY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs V Oakes

Mr M S Oakes

Mr S Butcher

SECRETARY:

Mrs V Oakes

REGISTERED OFFICE:

Melvyn Stanley House

Mobbs Way Business Park

Mobbs Way

Lowestoft

Suffolk

NR32 3AL

REGISTERED NUMBER:

02370332 (England and Wales)

ACCOUNTANTS:

Tubbs Son Giles & Co Limited

18 Gordon Road

Lowestoft

Suffolk

NR32 1NL

FIXED ASSETS

Tangible assets

4

64,368

66,942

CURRENT ASSETS

Stocks

5

194,059

168,541

Debtors

6

391,577

258,835

Cash at bank and in hand

255,390

252,537

841,026

679,913

CREDITORS

Amounts falling due within one year

7

315,438

194,201

NET CURRENT ASSETS

525,588

485,712

TOTAL ASSETS LESS CURRENT LIABILITIES

589,956

552,654

CREDITORS

Amounts falling due after more than one year

8

(4,385

)

(10,231

)

PROVISIONS FOR LIABILITIES

(11,513

)

(11,844

)

NET ASSETS

574,058

530,579

CAPITAL AND RESERVES

Called up share capital

2,000

2,000

Retained earnings

572,058

528,579

SHAREHOLDERS' FUNDS

574,058

530,579

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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 30 March 2022 and were signed on its behalf by:

Mr M S Oakes - Director

1.	STATUTORY INFORMATION

M. S. Oakes Joinery 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.

TURNOVER

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

TANGIBLE FIXED ASSETS

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

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

STOCKS

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 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 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.

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 14 (2020 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 July 2020

126,968

5,644

204,101

336,713

Additions

4,082

-

13,000

17,082

At 30 June 2021

131,050

5,644

217,101

353,795

DEPRECIATION

At 1 July 2020

104,496

5,222

160,053

269,771

Charge for year

5,310

84

14,262

19,656

At 30 June 2021

109,806

5,306

174,315

289,427

NET BOOK VALUE

At 30 June 2021

21,244

338

42,786

64,368

At 30 June 2020

22,472

422

44,048

66,942

5.

STOCKS

30.6.21

30.6.20

£

£

Stocks

153,214

62,362

Work-in-progress

40,845

106,179

194,059

168,541

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21

30.6.20

£

£

Trade debtors

160,047

117,358

Other debtors

36,850

38,813

Related party balances

151,000

47,445

Directors' current accounts

7,867

9,867

Tax

3,596

3,596

Prepayments

32,217

41,756

391,577

258,835

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21

30.6.20

£

£

Hire purchase contracts

5,846

10,271

Payments on account

28,990

-

Trade creditors

130,749

31,151

Tax

15,489

37,399

Social security and other taxes

7,191

6,488

VAT

24,683

19,464

Other creditors and accruals

29,517

32,263

Related party balances

69,473

55,665

Directors' current accounts

3,500

1,500

315,438

194,201

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.21

30.6.20

£

£

Hire purchase contracts

4,385

10,231

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the end of the year Mr M S Oakes owed the company £3,839 (2020 - £4,923)

At the end of the year Mrs V Oakes owed the company £3,444 (2020 - £4,944)

At the end of the year Mr S Butcher was owed £3,500 (2020 - £1,500) by the company

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £22,000 (2020 - £22,000) were paid to the directors .

Transactions with related parties of the company during the year:

Income - From Associated Companies

Work Done £103,133 (2020 - £93,861)

Expenditure - With Associated Companies

Contribution towards admin etc £Nil (2020 - £Nil)

Contribution towards electric £33,000 (2020 - £21,875)

Repairs and maintenance £Nil (2020 - £Nil)

Rent £Nil (2020 - £35,000)

The related party companies re work done and Sub contracting work etc are M S Oakes Limited and re Rent, M S Oakes Securities Limited.

Balances due to/from related parties are shown in the accounts under Creditors and Debtors.

11.	ULTIMATE CONTROLLING PARTY

The company is controlled by the Oakes family.