Company Registration No. 09691723 (England and Wales)
3 OAK WOOD FLOORING TM LTD
Unaudited accounts
for the year ended 31 July 2023
3 OAK WOOD FLOORING TM LTD
Unaudited accounts
Contents
3 OAK WOOD FLOORING TM LTD
Company Information
for the year ended 31 July 2023
Company Number
09691723 (England and Wales)
Registered Office
UNIT 62 PHOENIX DISTRIBUTION PARK
PHOENIX WAY
HOUNSLOW
TW5 9NB
ENGLAND
3 OAK WOOD FLOORING TM LTD
Statement of financial position
as at 31 July 2023
Tangible assets
78,658
63,274
Inventories
200,134
186,255
Cash at bank and in hand
108,364
69,496
Creditors: amounts falling due within one year
(399,143)
(415,502)
Net current assets/(liabilities)
103,417
(13,035)
Total assets less current liabilities
182,075
50,239
Creditors: amounts falling due after more than one year
(28,378)
(28,081)
Provisions for liabilities
Called up share capital
1,000
1,000
Profit and loss account
152,697
20,638
Shareholders' funds
153,697
21,638
For the year ending 31 July 2023 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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 26 April 2024 and were signed on its behalf by
Ben Foster
Director
Company Registration No. 09691723
3 OAK WOOD FLOORING TM LTD
Notes to the Accounts
for the year ended 31 July 2023
3 OAK WOOD FLOORING TM LTD is a private company, limited by shares, registered in England and Wales, registration number 09691723. The registered office is UNIT 62 PHOENIX DISTRIBUTION PARK, PHOENIX WAY, HOUNSLOW, TW5 9NB, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets. The principal accounting polices adopted are set out below.
The accounts are presented in £ sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
3.2. Tangible fixed assets and depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on reduced basis
Motor vehicles
25% on reduced basis
Computer equipment
33% on cost
3 OAK WOOD FLOORING TM LTD
Notes to the Accounts
for the year ended 31 July 2023
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
3.4. Cash at bank and in hands
Cash at bank and in hands are basic financial assets and include cash in hand and deposits held with financial institutions repayable without penalty on notice of non more than 24 hours.
3.5. Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets including debtors, cash and bank balances, with no stated interest rate and receivable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Basic financial liabilities.
IBasic financial liabilities including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised costs, using the effective interest rate method.
Equity instruments issued by the company are recognised at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Short term Debtors are calculated at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective method.
The 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 net profit as reported in the profit and loss account because it excludes items of income that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and differed tax assets that are recognised to extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
3 OAK WOOD FLOORING TM LTD
Notes to the Accounts
for the year ended 31 July 2023
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid.
Final equity dividends are recognised when approved by the shareholders and directors at an annual general meeting.
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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 August 2022
60,083
42,054
4,893
107,030
Additions
-
35,989
1,220
37,209
At 31 July 2023
60,083
78,043
6,113
144,239
At 1 August 2022
23,449
16,109
4,198
43,756
Charge for the year
9,424
11,525
876
21,825
At 31 July 2023
32,873
27,634
5,074
65,581
At 31 July 2023
27,210
50,409
1,039
78,658
At 31 July 2022
36,634
25,945
695
63,274
Amounts falling due within one year
Trade debtors
20,530
18,084
Accrued income and prepayments
2,720
-
Other debtors
160,924
128,632
Amounts falling due after more than one year
6
Creditors: amounts falling due within one year
2023
2022
Trade creditors
57,092
41,982
Taxes and social security
8,591
572
Other creditors
303,812
343,161
3 OAK WOOD FLOORING TM LTD
Notes to the Accounts
for the year ended 31 July 2023
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
28,378
17,981
8
Average number of employees
During the year the average number of employees was 4 (2022: 6).