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Registration number: 10251619

OPS Engineering Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2022

 

OPS Engineering Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

OPS Engineering Limited

Company Information for the Year Ended 30 June 2022

Director

M Grant

Registered office

Trident House
105 Derby Road
Liverpool
L20 8LZ

Accountants

Whitnalls
Chartered Certified Accountants
Trident House
105 Derby Road
Liverpool
L20 8LZ

 

OPS Engineering Limited

(Registration number: 10251619)
Balance Sheet as at 30 June 2022

Note

2022
£

2021
£

Fixed Assets

 

Tangible Assets

4

25,049

19,304

Current assets

 

Stocks

5

1,250

1,250

Debtors

6

12,883

27,983

Cash at bank and in hand

 

92,705

78,315

 

106,838

107,548

Creditors: Amounts falling due within one year

7

(25,273)

(27,262)

Net current assets

 

81,565

80,286

Total assets less current liabilities

 

106,614

99,590

Creditors: Amounts falling due after more than one year

7

(25,500)

(30,000)

Provisions for liabilities

(3,259)

(1,744)

Net assets

 

77,855

67,846

Capital and Reserves

 

Called up share capital

9

1

1

Retained Earnings

77,854

67,845

Shareholders' funds

 

77,855

67,846

For the financial year ending 30 June 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

OPS Engineering Limited

(Registration number: 10251619)
Balance Sheet as at 30 June 2022

Approved and authorised by the director on 31 August 2022
 

.........................................

M Grant

Director

 

OPS Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible Assets

Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

OPS Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% reducing balance basis

Plant & Machinery

25% reducing balance basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2

Staff numbers

The average number of persons employed by the Company (including the Director) during the year, was 2 (2021 - 2).

 

OPS Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

3

Profit before tax

Arrived at after charging/(crediting)

2022
£

2021
£

Depreciation expense

6,544

2,625

4

Tangible Assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2021

10,749

31,046

41,795

Additions

12,750

-

12,750

Disposals

(1,750)

-

(1,750)

At 30 June 2022

21,749

31,046

52,795

Depreciation

At 1 July 2021

1,289

21,202

22,491

Charge for the year

4,640

1,904

6,544

Eliminated on disposal

(1,289)

-

(1,289)

At 30 June 2022

4,640

23,106

27,746

Carrying amount

At 30 June 2022

17,109

7,940

25,049

At 30 June 2021

9,460

9,844

19,304

5

Stocks

2022
£

2021
£

Other inventories

1,250

1,250

6

Debtors

Current

2022
£

2021
£

Trade Debtors

12,133

26,718

Prepayments

-

515

Other debtors

750

750

 

12,883

27,983

 

OPS Engineering Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

11,024

11,024

Trade Creditors

 

2,210

3,555

Taxation and social security

 

10,529

11,238

Accruals and deferred income

 

1,510

1,445

 

25,273

27,262

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

25,500

30,000

8

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Other borrowings

11,024

11,024

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

25,500

30,000

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary Share Capital of £1 each

1

1

1

1