M. S. Oakes Joinery Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 02370332 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2017

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:

Unit 1 - 5

Mobbs Way Business Park

Mobbs Way

Lowestoft

Suffolk

NR32 3BE

REGISTERED NUMBER:

02370332 (England and Wales)

ACCOUNTANTS:

Tubbs Son Giles & Co Limited

18 Gordon Road

Lowestoft

Suffolk

NR32 1NL

FIXED ASSETS

Tangible assets

4

50,151

20,876

CURRENT ASSETS

Stocks

5

55,241

125,103

Debtors

6

265,673

165,380

Cash at bank and in hand

31,916

279

352,830

290,762

CREDITORS

Amounts falling due within one year

7

128,410

115,813

NET CURRENT ASSETS

224,420

174,949

TOTAL ASSETS LESS CURRENT LIABILITIES

274,571

195,825

CREDITORS

Amounts falling due after more than one year

8

(14,079

)

-

PROVISIONS FOR LIABILITIES

(7,942

)

(2,138

)

NET ASSETS

252,550

193,687

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

251,550

192,687

SHAREHOLDERS' FUNDS

252,550

193,687

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 22 March 2018 and were signed on its behalf by:

Mr M S Oakes - Director

Mrs V 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 July 2016

97,283

5,077

115,093

217,453

Additions

2,035

-

43,409

45,444

At 30 June 2017

99,318

5,077

158,502

262,897

DEPRECIATION

At 1 July 2016

91,225

4,994

100,358

196,577

Charge for year

1,618

16

14,535

16,169

At 30 June 2017

92,843

5,010

114,893

212,746

NET BOOK VALUE

At 30 June 2017

6,475

67

43,609

50,151

At 30 June 2016

6,058

83

14,735

20,876

5.

STOCKS

30.6.17

30.6.16

£

£

Stocks

50,839

52,078

Work-in-progress

4,402

73,025

55,241

125,103

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Trade debtors

153,974

104,310

Related party balances

61,772

25,514

Directors' current accounts

4,941

625

Tax

3,596

3,596

Prepayments

41,390

31,335

265,673

165,380

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.17

30.6.16

£

£

Bank loans and overdrafts

-

15,343

Hire purchase contracts

4,827

-

Trade creditors

69,297

53,996

Tax

12,689

8,673

Social security and other taxes

9,433

10,623

VAT

15,681

13,160

Other creditors and accruals

16,483

14,018

128,410

115,813

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.17

30.6.16

£

£

Hire purchase contracts

14,079

-

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the end of the year Mr M S Oakes owed the company £1,497 (2016 - £497)

At the end of the year Mrs V Oakes owed the company £3,444 (2016 - £127)

10.	RELATED PARTY DISCLOSURES

Transactions with related parties of the company during the year:

Income - From Associated Companies

Work Done £234,284 (2016 - £229,068)

Expenditure - With Associated Companies

Contribution towards admin etc £Nil (2016 - £30,000)

Contribution towards electric £26,000 (2016 - £24,000)

Repairs and maintenance £10,000 (2016 - £30,000)

Rent £30,000 (2016 - £25,000)

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.

Dividends totalling £18,000 were paid to shareholders in the year. (Mrs V Oakes £12,000 and M S Oakes

£6,000)

11.	ULTIMATE CONTROLLING PARTY

The company is controlled by the Oakes family.