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Registration number: 05461689

Offa-Fix Formwork Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Offa-Fix Formwork Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Offa-Fix Formwork Limited

(Registration number: 05461689)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

22,000

-

Current assets

 

Debtors

5

402,187

234,203

Cash at bank and in hand

 

223,400

261,296

 

625,587

495,499

Creditors: Amounts falling due within one year

6

(355,313)

(220,547)

Net current assets

 

270,274

274,952

Total assets less current liabilities

 

292,274

274,952

Creditors: Amounts falling due after more than one year

6

(11,083)

-

Net assets

 

281,191

274,952

Capital and reserves

 

Called up share capital

10

870

870

Capital redemption reserve

150

150

Retained earnings

280,171

273,932

Shareholders' funds

 

281,191

274,952

 

Offa-Fix Formwork Limited

(Registration number: 05461689)
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 in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account and directors’ report have not been delivered in accordance with the special provisions applicable to companies subject to the small companies regime.

Approved and authorised by the Board on 14 March 2024 and signed on its behalf by:
 

.........................................
Mr CB Harman
Director

.........................................
Mr NC Harman
Director

 

Offa-Fix Formwork 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 and Wales.

The address of its registered office is:
Suite 26 Hardmans Bus Centre
New Hall Hey Road
Rawtenstall
Lancashire
BB4 6HH
England

These financial statements were authorised for issue by the Board on 14 March 2024.

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.

The financial statements are presented in Sterling, which is the functional currency of the company and are rounded to the nearest pound.

Group accounts not prepared

The company is part of a small group and the holding company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

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.

 

Offa-Fix Formwork Limited

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

Tax

The tax expense for the period comprises current 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.

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

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.

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.

 

Offa-Fix Formwork Limited

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

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.

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.

Employee Benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Offa-Fix Formwork 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 7 (2022 - 7).

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

Additions

24,000

24,000

At 30 June 2023

24,000

24,000

Depreciation

Charge for the year

2,000

2,000

At 30 June 2023

2,000

2,000

Carrying amount

At 30 June 2023

22,000

22,000

Hire Purchase Contracts

Included within the net book value of tangible fixed assets is £22,000 (2022 £Nil) in respect of assets held under finance leases and similar hire purchase contracts. Depreciation for the year on these assets was £2,000 (2022 £Nil).

5

Debtors

Current

2023
£

2022
£

Trade debtors

341,309

203,841

Prepayments

8,466

966

Other debtors

52,412

29,396

 

402,187

234,203

 

Offa-Fix Formwork Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

6,333

-

Trade creditors

 

246,786

121,254

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

82,629

74,775

Taxation and social security

 

9,388

14,373

Accruals and deferred income

 

6,677

6,645

Other creditors

 

3,500

3,500

 

355,313

220,547

Creditors include hire purchase contracts which are secured of £6,333 (2022 - £Nil).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

11,083

-

Creditors include hire purchase contracts which are secured of £11,083 (2022 - £Nil).

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

11,083

-

 

Offa-Fix Formwork Limited

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

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

6,333

-

8

Related party transactions

Loans from related parties

2023

Parent
£

Total
£

At start of period

74,775

74,775

Advanced

288,000

288,000

Repaid

(280,146)

(280,146)

At end of period

82,629

82,629

2022

Parent
£

Total
£

At start of period

59,842

59,842

Advanced

390,000

390,000

Repaid

(375,067)

(375,067)

At end of period

74,775

74,775

Terms of loans from related parties

The loan is repayable on demand and no interest is payable.
 

9

Parent and ultimate parent undertaking

The ultimate controlling party is the directors who own 98% of the parent company.

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

850

850

850

850

Ordinary 'A' share of £1 each

20

20

20

20

 

870

870

870

870