Oakbank Homes Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: SC149897 (Scotland)

Unaudited Financial Statements for the Year Ended 31 March 2017

for

Oakbank Homes Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

6

DIRECTORS:

JW Smith

D W Urquhart

SECRETARY:

Taggart Meil Mathers

REGISTERED OFFICE:

80 High Street

Inverurie

Aberdeenshire

AB51 3XS

REGISTERED NUMBER:

SC149897 (Scotland)

ACCOUNTANTS:

Stewart & Stewart Ltd.

Chartered Accountants

Achorn House

34 Millbank Road

Munlochy

Ross-Shire

IV8 8ND

FIXED ASSETS

Tangible assets

3

1,367

837

CURRENT ASSETS

Stocks

781,457

733,791

Debtors

1,054

5,144

Cash at bank

1,927

381

784,438

739,316

CREDITORS

Amounts falling due within one year

827,643

764,894

NET CURRENT LIABILITIES

(43,205

)

(25,578

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(41,838

)

(24,741

)

CAPITAL AND RESERVES

Called up share capital

1,800

1,800

Retained earnings

(43,638

)

(26,541

)

SHAREHOLDERS' FUNDS

(41,838

)

(24,741

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 7 July 2017 and were signed on its behalf by:

JW Smith - Director

D W Urquhart - Director

1.	STATUTORY INFORMATION

Oakbank Homes Limited is a private company, limited by shares , registered in Scotland. 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.

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

Stocks

Work in progress is valued at the lower of cost and net realisable value. Cost includes all direct expenditure and

an appropriate proportion of fixed and variable overheads

Going concern

As at 31 March 2017 the company had net liabilities of £41,838. Included in current liabilities are loans from

the directors amounting to £150,775. The company is therefore reliant on the continuing support of the

directors. The directors have confirmed that they will provides financial support as required to enable the

company to continue as a going concern, meeting its obligations and liabilities as they fall due, for at least the

next 12 months.

On the above basis, the financial statements have been prepared on a going concern basis.

3.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2016

2,796

Additions

985

At 31 March 2017

3,781

DEPRECIATION

At 1 April 2016

1,959

Charge for year

455

At 31 March 2017

2,414

NET BOOK VALUE

At 31 March 2017

1,367

At 31 March 2016

837

4.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.17

31.3.16

£

£

Bank overdrafts

47,703

31,962

The Bank of Scotland plc hold a floating charge over all property and undertakings of the company.

5.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is JW Smith.

The following reproduces the text of the report prepared for the directors and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Abridged Income Statement and certain

other primary statements and the Report of the Directors are not required to be filed with the Registrar of

Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Oakbank Homes Limited for the year ended 31 March 2017 which comprise the Abridged

Income Statement, Abridged Balance Sheet and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Oakbank Homes Limited, as a body, in accordance with the terms of our engagement letter dated 27 April 2001. Our work has been undertaken solely to prepare for your approval the financial statements of Oakbank Homes Limited and state those matters that we have agreed to state to the Board of Directors of Oakbank Homes Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Oakbank Homes Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Oakbank Homes Limited. You consider that Oakbank Homes Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Oakbank Homes Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Stewart & Stewart Ltd.

Chartered Accountants

Achorn House

34 Millbank Road

Munlochy

Ross-Shire

IV8 8ND

7 July 2017