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COMPANY REGISTRATION NUMBER: 05510892
O A T Holdings Limited
Filleted Financial Statements
31 March 2023
O A T Holdings Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
666,676
744,980
Investments
6
5
5
---------
---------
666,681
744,985
Current assets
Debtors
7
85,905
124,991
Cash at bank and in hand
3,156,340
2,831,246
------------
------------
3,242,245
2,956,237
Creditors: amounts falling due within one year
8
73,896
65,750
------------
------------
Net current assets
3,168,349
2,890,487
------------
------------
Total assets less current liabilities
3,835,030
3,635,472
Provisions
75,377
67,342
------------
------------
Net assets
3,759,653
3,568,130
------------
------------
Capital and reserves
Called up share capital
49
49
Non distributable reserves
162,009
170,029
Profit and loss account
3,597,595
3,398,052
------------
------------
Shareholders funds
3,759,653
3,568,130
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 17 July 2023 , and are signed on behalf of the board by:
Mr J Burgess
Director
Company registration number: 05510892
O A T Holdings Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lyndhurst, 1 Cranmer Street, Long Eaton, Nottingham, NG10 1NJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for assets leased and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
20% straight line
Motor vehicles
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in subsidiary
Investments in the subsidiary company is accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in the subsidiary accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the subsidiary are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
425,000
614,331
528,046
1,567,377
Additions
75,783
75,783
Disposals
( 144,577)
( 144,577)
---------
---------
---------
------------
At 31 March 2023
425,000
614,331
459,252
1,498,583
---------
---------
---------
------------
Depreciation
At 1 April 2022
485,069
337,328
822,397
Charge for the year
42,767
100,778
143,545
Disposals
( 134,035)
( 134,035)
---------
---------
---------
------------
At 31 March 2023
527,836
304,071
831,907
---------
---------
---------
------------
Carrying amount
At 31 March 2023
425,000
86,495
155,181
666,676
---------
---------
---------
------------
At 31 March 2022
425,000
129,262
190,718
744,980
---------
---------
---------
------------
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property
£
At 31 March 2023
Aggregate cost
229,573
Aggregate depreciation
---------
Carrying value
229,573
---------
At 31 March 2022
Aggregate cost
229,573
Aggregate depreciation
---------
Carrying value
229,573
---------
6. Investments
Shares in group undertakings
£
Cost
At 1 April 2022 and 31 March 2023
5
----
Impairment
At 1 April 2022 and 31 March 2023
----
Carrying amount
At 31 March 2023
5
----
At 31 March 2022
5
----
7. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
85,905
124,991
--------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
27,153
10,728
Social security and other taxes
23,368
31,647
Other creditors
23,375
23,375
--------
--------
73,896
65,750
--------
--------
9. Fair value reserve
The following movements on the fair value reserve are included within non distributable reserves in the statement of changes in equity:
2023
2022
£
£
At start of year
170,029
170,029
Reclassification from fair value reserve to profit and loss account
(8,020)
---------
---------
At end of year
162,009
170,029
---------
---------
10. Summary audit opinion
The auditor's report dated 9 August 2023 was unqualified .
The senior statutory auditor was Peter Stewart , for and on behalf of Gregory Priestley & Stewart .