Oak Exports Limited
Oak Exports Limited
Registered number: 2138599
Unaudited Financial Statements
For The Year Ended
31 December 2022
Oak Exports Limited
Unaudited Financial Statements
For The Year Ended
31 December 2022
Unaudited Financial Statements
Contents | |
Page | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—6 |
Oak Exports Limited
Balance Sheet
As at
31 December 2022
Balance Sheet
Registered number:
2138599
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 4 |
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CURRENT ASSETS | |||||
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 6 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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Creditors: Amounts Falling Due After More Than One Year | 7 |
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PROVISIONS FOR LIABILITIES | |||||
Deferred Taxation | 8 |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 9 |
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Share premium account |
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Capital redemption reserve |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 350,234 | 326,385 | |||
Oak Exports Limited
Balance Sheet (continued)
As at
31 December 2022
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
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Director
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The notes on pages 3 to 6 form part of these financial statements.
Oak Exports Limited
Notes to the Financial Statements
For The Year Ended
31 December 2022
Notes to the Financial Statements
1.
General Information
Oak Exports Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
2138599
. The registered office is Unit 6 Portal Business Park, Eaton Lane, Tarporley, Cheshire, CW6 9DL.
Oak Exports Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006
2.2.
Going Concern Disclosure
Having considered the future trading prospects of the company, and the banking facilities available, the directors consider that the financial statements should be prepared on a going concern basis.
2.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover consists of revenue earned from the sale of goods. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery |
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2.5.
Stocks and Work in Progress
Stocks is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.6.
Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
Oak Exports Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
3.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 3 (2021: 4)
4.
Tangible Assets
Plant & Machinery | |
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Cost | |
As at
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As at
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Depreciation | |
As at
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Provided during the period |
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As at
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Net Book Value | |
As at
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As at
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5.
Debtors
2022 | 2021 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Prepayments and accrued income |
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VAT |
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Amounts owed by group undertakings |
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6.
Creditors: Amounts Falling Due Within One Year
2022 | 2021 | ||
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£ | £ | ||
Trade creditors |
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Bank loans and overdrafts |
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Corporation tax |
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Other taxes and social security |
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Other creditors |
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Factoring |
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Accruals and deferred income |
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Security has been given in respect of factoring of £706,161 (2021: £599,703).
Oak Exports Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2022
7.
Creditors: Amounts Falling Due After More Than One Year
2022 | 2021 | ||
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£ | £ | ||
Bank loans |
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8.
Deferred Taxation
The provision for deferred tax is made up as follows:
2022 | 2021 | ||
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£ | £ | ||
Accelerated capital allowances |
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10.
Other Commitments
At the end of the period the company had minimum lease payments under non-cancellable leases as follows:
2022 | 2021 | ||
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£ | £ | ||
Not later than one year |
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Later than one year and not later than five years |
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11.
Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is
CH & JA Holdings Ltd
.
CH & JA Holdings Ltd
was incorporated in England and Wales.