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Registration number: 01022727

Speciality Oxygen Service Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

Speciality Oxygen Service Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Speciality Oxygen Service Limited

Company Information

Director

Mr G P R Thomas

Registered office

Conway Industrial Estate
Skull House Lane
Wigan
Lancashire
WN6 9DW

Accountants

Gilbie Roberts Limited
Chartered Certified Accountants
1 Church Terrace
Yeovil
Somerset
BA20 1HX

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Speciality Oxygen Service Limited
for the Year Ended 30 April 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Speciality Oxygen Service Limited for the year ended 30 April 2023 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Speciality Oxygen Service Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Speciality Oxygen Service Limited and state those matters that we have agreed to state to the Board of Directors of Speciality Oxygen Service Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Speciality Oxygen Service Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Speciality Oxygen Service Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Speciality Oxygen Service Limited. You consider that Speciality Oxygen Service 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 accounts of Speciality Oxygen Service 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 accounts.

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

Gilbie Roberts Limited
Chartered Certified Accountants
1 Church Terrace
Yeovil
Somerset
BA20 1HX

4 October 2023

 

Speciality Oxygen Service Limited

(Registration number: 01022727)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,203,177

1,372,384

Current assets

 

Stocks

5

30,034

31,350

Debtors

6

242,436

215,969

Cash at bank and in hand

 

30,650

50,324

 

303,120

297,643

Creditors: Amounts falling due within one year

7

(378,426)

(227,168)

Net current (liabilities)/assets

 

(75,306)

70,475

Total assets less current liabilities

 

2,127,871

1,442,859

Creditors: Amounts falling due after more than one year

7

(371,096)

(315,919)

Provisions for liabilities

(505,491)

(240,139)

Net assets

 

1,251,284

886,801

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

1,250,284

885,801

Shareholders' funds

 

1,251,284

886,801

For the financial year ending 30 April 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 2 October 2023
 

 

Speciality Oxygen Service Limited

(Registration number: 01022727)
Balance Sheet as at 30 April 2023

.........................................
Mr G P R Thomas
Director

 

Speciality Oxygen Service Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Conway Industrial Estate
Skull House Lane
Wigan
Lancashire
WN6 9DW

2

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 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.

 

Speciality Oxygen Service Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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.

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

Fixtures, fittings and equipment

15% reducing balance

Leased cylinders

15 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

Speciality Oxygen Service Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

 

Speciality Oxygen Service Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 16 (2022 - 12).

 

Speciality Oxygen Service Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2022

85,851

250,891

1,729,598

2,066,340

Additions

7,564

257,722

852,915

1,118,201

Disposals

-

(116,325)

(11,845)

(128,170)

At 30 April 2023

93,415

392,288

2,570,668

3,056,371

Depreciation

At 1 May 2022

38,024

117,508

538,424

693,956

Charge for the year

8,307

86,951

148,843

244,101

Eliminated on disposal

-

(73,018)

(11,845)

(84,863)

At 30 April 2023

46,331

131,441

675,422

853,194

Carrying amount

At 30 April 2023

47,084

260,847

1,895,246

2,203,177

At 30 April 2022

47,827

133,383

1,191,174

1,372,384

5

Stocks

2023
£

2022
£

Other inventories

30,034

31,350

6

Debtors

Current

2023
£

2022
£

Trade debtors

216,400

206,283

Prepayments

8,186

8,186

Other debtors

17,850

1,500

 

242,436

215,969

7

Creditors

Creditors: amounts falling due within one year

 

Speciality Oxygen Service Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

100,683

62,091

Trade creditors

 

188,656

113,382

Taxation and social security

 

64,744

42,424

Accruals and deferred income

 

12,357

6,994

Other creditors

 

11,986

2,277

 

378,426

227,168

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £100,683 (2022 - £61,963).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

371,096

315,919

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £371,096 (2022 - £315,919).

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

227,925

251,022

Hire purchase contracts

143,171

64,897

371,096

315,919

 

Speciality Oxygen Service Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

65,583

44,872

Hire purchase contracts

35,100

17,091

Other borrowings

-

128

100,683

62,091

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £36,981 (2022 - £52,831). These represent future payments of non-cancellable operating lease commitments, for the remaining total life of the leases involved.

Amounts disclosed in the balance sheet

Included in the balance sheet are financial commitments of £471,779 (2022 - £377,881).

11

Parent and ultimate parent undertaking

The company's immediate parent is Special Medical Services Limited, incorporated in England.