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Registration number: 13502326

O.C.L. Reclad Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

O.C.L. Reclad Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

O.C.L. Reclad Limited

(Registration number: 13502326)
Balance Sheet as at 30 June 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

4

140,096

-

Current assets

 

Debtors

5

1,561,515

137,205

Cash at bank and in hand

 

2,030,710

610,405

 

3,592,225

747,610

Creditors: Amounts falling due within one year

6

(2,805,954)

(619,523)

Net current assets

 

786,271

128,087

Total assets less current liabilities

 

926,367

128,087

Provisions for liabilities

(4,846)

-

Net assets

 

921,521

128,087

Capital and reserves

 

Called up share capital

7

100

100

Profit and loss account

921,421

127,987

Total equity

 

921,521

128,087

 

O.C.L. Reclad Limited

(Registration number: 13502326)
Balance Sheet as at 30 June 2023

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 and the option to not file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 17 November 2023 and signed on its behalf by:
 

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

T J Harris

Director

 

O.C.L. Reclad Limited

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

1

General information

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

The address of its registered office and principal place of business is:
Chester House
Chester Hall Lane
BASILDON
Essex
SS14 3BG

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.

Basis of preparation

These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including section 1A of Financial Reporting Standard 102 - 'The Financial Reporting standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102 1A'), and with the Companies Act 2006.

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

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historic experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

Specifically, judgements and estimates are required in determining the recoverability of trade debtors and valuations on long term contracts.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

O.C.L. Reclad Limited

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

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.

Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as a contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.

Tax

The tax expense for the period comprises current and deferred corporation 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 corporation 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 on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

 

O.C.L. Reclad Limited

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

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.

Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.

 Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

 Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the asset have been affected.

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 and other debtors

Trade and other 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 contract.

Trade and other creditors

Trade and other creditors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, except where the effect of discounting would be immaterial. In such cases creditors are stated at transaction price.

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.

 

O.C.L. Reclad Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

-

-

Additions

147,211

147,211

At 30 June 2023

147,211

147,211

Depreciation

At 1 July 2022

-

-

Charge for the year

7,115

7,115

At 30 June 2023

7,115

7,115

Carrying amount

At 30 June 2023

140,096

140,096

At 30 June 2022

-

-

5

Debtors

2023
£

2022
£

Prepayments

272

4,224

Other debtors

1,561,243

132,981

1,561,515

137,205

 

O.C.L. Reclad Limited

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

6

Creditors

Creditors: amounts falling due within one year

2023
 £

2022
 £

Due within one year

Trade creditors

237,332

90,610

Other taxation and social security

34,934

80,654

Other creditors

2,335,503

418,237

Corporation tax

198,185

30,022

2,805,954

619,523

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

8

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 £Nil (2022 - £10,560).

9

Related party transactions

Summary of transactions with other related parties

At the period-end, the company owed £1,510,440 (2022 - £186,643) to O.C.L. Facades Limited and £420 (2022 - £Nil) to O.C.L. Drylining Limited, companies under common control.

During the period, O.C.L. Reclad Limited paid service charges of £1,440,875 (2022 - £210,570) to O.C.L Facades Limited.

Loans from companies under common control are made interest free and without security.