REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
OLIVER LANDPOWER LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
OLIVER LANDPOWER LIMITED |
OLIVER LANDPOWER LIMITED (REGISTERED NUMBER: 06612348) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 SEPTEMBER 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Statement of Comprehensive Income | 9 |
Balance Sheet | 10 |
Statement of Changes in Equity | 11 |
Notes to the Financial Statements | 12 |
OLIVER LANDPOWER LIMITED |
COMPANY INFORMATION |
for the Year Ended 30 SEPTEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
260 - 270 Butterfield |
Great Marlings |
Luton |
Bedfordshire |
LU2 8DL |
OLIVER LANDPOWER LIMITED (REGISTERED NUMBER: 06612348) |
STRATEGIC REPORT |
for the Year Ended 30 SEPTEMBER 2023 |
The directors present their strategic report for the year ended 30 September 2023. |
PRINCIPAL ACTIVITY AND REVIEW OF THE BUSINESS |
The principal activities of the company in the year under review were sales, service and parts for agricultural machinery and professional ground care machinery, commercial vehicle sales and hire of vehicles to the event & film industry. |
Agricultural machinery sales, service and parts supply are currently carried out from three depots in Luton, Kings Langley and Tingewick. Ground care machinery sales, service, parts, commercial vehicle sales and event hire are carried out at the Kings Langley depot using its strategic position just north of London to maximise on alternative markets outside of the core Agricultural business. |
The Oliver name has been synonymous with the supply of service to the agricultural sector for nearly 200 years and today's business still uses this heritage, alongside a strong management team, successful sales professionals and highly trained service engineers to offer the best customer experience. Up to date website, information technology systems and communications allow the company to react to all customer requirements. The event hire business, trading as Oliverbuggyhire, is recognised as one of the most professional operators in the market, serving sporting events, music festivals and the TV & Film industry nationally. The Isuzu pick-up business has become an important addition to the business. |
All key suppliers to the company are market leaders in their sectors which allows the company to offer the best quality and most desirable products at the most competitive price. Many of our suppliers have a long history with the company and therefore all staff are very experienced in their products. |
The key suppliers include global brands JCB, Amazone, McHale, McConnel, Toro, Club Car & Isuzu. |
Sales after discounts in the financial year 2022-23 increased by 97.00% from the previous year. This increase has been directly because of the addition of the Stratford-upon-Avon and Colchester sites and continued increased demand and the effect of price increases across the established trading area. |
All areas of the business have shown growth despite continued challenges with supply chain in late 2022 and early 2023, strategic forward ordering of stock has ensured product is available even when lead times have been extended, latterly in 2023 the supply chain has eased, and lead times are in most cases returning to pre-2020-time scales. |
These conditions have resulted in a net profit before taxation for the year of £873,376.00. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Management continually monitor the key risks facing the company together with assessing the controls used for managing these risks. The board of directors reviews and documents the principal risks facing the business at least annually. |
The directors identify the principal risks and uncertainties facing the company as:- |
Competitor pressure and level of demand |
- | the market in which the company operates is considered to be relatively competitive and therefore such pressure could result in the loss of sales to competitors. The directors manage this risk by providing quality products from leading market brands and maintaining strong relationships with its customers many of whom have utilised the company's products and services over family generations. |
Reliance on key suppliers |
- | the company's activities could expose it to over reliance on certain suppliers. The directors manages this risk by ensuring there is enough breadth in its supplier base and by constantly seeking to find potential alternative suppliers and products that may be used if necessary. |
Loss of key personnel |
- | this would pose potential operational difficulties for the company. The directors manage this risk by seeking to ensure that key personnel are managed to ensure good performance is recognised and fully rewarded, along with ensuring good succession planning supported by appropriate training. This offers career progression for staff which assists to retain employees with potential to become management of the future. |
Interest Rates | - | the company identifies that the increased costs of funding to its own running costs and those of its customers, the Directors manage this risk by managing stock levels and adjusting to working with higher cost base. The company works closer with suppliers and preferred finance companies to provide affordable solutions for its customers. |
OLIVER LANDPOWER LIMITED (REGISTERED NUMBER: 06612348) |
STRATEGIC REPORT |
for the Year Ended 30 SEPTEMBER 2023 |
FUTURE OUTLOOK |
The company has had a strong start to the next financial year with sales up 94% over the same period last year, with a strong order book for the rest of the year and a greatly improved gross profit. This growth has come from continued demand for the company's core products and the acquisition of the Stratford-upon-Avon based LQG Agri Ltd business in October 2022, and the opening of the Colchester depot in January 2023 which is now fully operational. |
Demand for the products the company sell are still in demand, component shortages following the COVID-19 Pandemic have improved and consequently stock lead times have returned to pre-pandemic levels, control of stock levels particularly with increased cost of funds is essential to be able to provide competitive machinery purchasing solutions for our customers. |
ON BEHALF OF THE BOARD: |
11 April 2024 |
OLIVER LANDPOWER LIMITED (REGISTERED NUMBER: 06612348) |
REPORT OF THE DIRECTORS |
for the Year Ended 30 SEPTEMBER 2023 |
The directors present their report with the financial statements of the company for the year ended 30 September 2023. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 September 2023. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2022 to the date of this report. |
FINANCIAL INSTRUMENTS |
Treasury operations and financial instruments |
The company operates within the group's centralised treasury function which is responsible for managing the liquidity, interest and foreign currency risks associated with the company's activities. |
The company's principal financial instruments include stocking finance agreements, hire purchase agreements and borrowing from the parent company, the main purpose of which are to provide working capital for the company's operations. In addition, the company has various other financial assets and liabilities such as trade receivable and trade payables arising directly from its operations. |
Liquidity Risk |
The group manages its cash and borrowing requirements centrally to maximise interest income and minimise interest expense, whilst ensuring that the company has sufficient liquid resources to meet the operating needs of its business. |
Credit Risk |
All customers who wish to trade on credit terms are subject to credit verification procedures. Receivable balances are monitored on an ongoing basis and provision is made for doubtful debts where necessary. |
DISCLOSURE IN THE STRATEGIC REPORT |
Information relating to principal risks and uncertainties the company is facing as well as the future developments of the company has been disclosed in the Strategic Report. Any matters that are Directors' Report disclosure requirements but considered by the directors to be of strategic importance to the group have been included in the Strategic Report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
OLIVER LANDPOWER LIMITED (REGISTERED NUMBER: 06612348) |
REPORT OF THE DIRECTORS |
for the Year Ended 30 SEPTEMBER 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
OLIVER LANDPOWER LIMITED |
Opinion |
We have audited the financial statements of Oliver Landpower Limited (the 'company') for the year ended 30 September 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 September 2023 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
OLIVER LANDPOWER LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- enquiry of management and those charged with governance around actual and potential litigation and claims; |
- enquiry of entity staff and the board of directors to identify any instances of non-compliance with laws and regulations; |
- reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; |
- adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business; and |
- auditing the risk of management override of controls, including through testing journal entries and other means. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
OLIVER LANDPOWER LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
260 - 270 Butterfield |
Great Marlings |
Luton |
Bedfordshire |
LU2 8DL |
OLIVER LANDPOWER LIMITED (REGISTERED NUMBER: 06612348) |
STATEMENT OF COMPREHENSIVE |
INCOME |
for the Year Ended 30 SEPTEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
TURNOVER | 4 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
2,378,019 | 1,330,056 |
OPERATING PROFIT | 6 |
Interest payable and similar expenses | 7 |
PROFIT BEFORE TAXATION |
Tax on profit | 8 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
OLIVER LANDPOWER LIMITED (REGISTERED NUMBER: 06612348) |
BALANCE SHEET |
30 SEPTEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
OLIVER LANDPOWER LIMITED (REGISTERED NUMBER: 06612348) |
STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 30 SEPTEMBER 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 October 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 September 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 September 2023 |
OLIVER LANDPOWER LIMITED (REGISTERED NUMBER: 06612348) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 SEPTEMBER 2023 |
1. | STATUTORY INFORMATION |
Oliver Landpower Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d); |
• | the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c). |
In taking advantage of these exemptions as a subsidiary undertaking the company has provided details of its parent undertaking in Note 19. |
Significant judgements and estimates |
The preparation of financial statements requires management 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 historical experience and other factors that are considered to be relevant. Actual results may differ from these estimated outcome. |
In the course of preparing the financial statements, management has made a judgement in respect of determining the net realisable value of stock held by the company at the balance sheet date. Factors that have been considered when calculating the value include (but are not restricted to) the selling environment, stock condition and amount of time stock items are held by the company. |
Due to the nature of the industry items of stock held by the company at the balance sheet date may be held for a significant amount of time and so increase the level of judgement required by management to value that stock. |
Turnover |
Turnover is measured at the fair value of consideration received (or receivable), net of discounts and value added taxes. |
Turnover from the sale of agricultural and groundcare machinery is recognised in full at the time of delivery to the customer, when it is considered significant rights and obligations of ownership have been transferred. Turnover from the hire of goods is recognised evenly over the term of the hire. |
In respect of contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced at the year end and which are determined by reference to the stage of completion. |
OLIVER LANDPOWER LIMITED (REGISTERED NUMBER: 06612348) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 SEPTEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
Long leasehold | - equally over the remaining period of the lease |
Plant and machinery | - 25% on cost and 10% on reducing balance |
Fixtures and fittings | - 25% on cost and 10% on reducing balance |
Motor vehicles | - 25% on cost |
All fixed assets are initially recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
The company has chosen to adopt Section 11 and 12 of FRS 102 in respect of financial instruments. |
Basic financial assets and liabilities, including trade and other debtors, trade and other creditors and loans from fellow group companies are recognised at amortised cost. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised as the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences arising from the movement in foreign currency exchange rates between the date of the transaction and payment are taken into account in arriving at the operating result. |
OLIVER LANDPOWER LIMITED (REGISTERED NUMBER: 06612348) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 SEPTEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the principal activities of the company. |
An analysis of turnover by class of business is given below: |
2023 | 2022 |
£ | £ |
An analysis of turnover by geographical market is given below: |
2023 | 2022 |
£ | £ |
United Kingdom |
Overseas | 617,219 | 325,744 |
5. | EMPLOYEES AND DIRECTORS |
There were no staff costs for the year ended 30 September 2023 nor for the year ended 30 September 2022. |
The average number of employees during the year was NIL (2022 - NIL). |
2023 | 2022 |
£ | £ |
Directors' remuneration |
OLIVER LANDPOWER LIMITED (REGISTERED NUMBER: 06612348) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 SEPTEMBER 2023 |
6. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Hire purchase |
Interest included in cost of sales: |
Stocking interest | 204,486 | 48,812 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Effect of change in tax rate | (17,588 | ) | 71,243 |
Total tax charge | 187,116 | 190,736 |
From 1 April 2023 the effective rate of corporation tax was increased to 25%. |
OLIVER LANDPOWER LIMITED (REGISTERED NUMBER: 06612348) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 SEPTEMBER 2023 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | Plant and | and | Motor |
leasehold | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 October 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
The net book value of tangible fixed assets includes £ 623,846 (2022 - £ 626,366 ) in respect of assets held under hire purchase contracts. |
10. | STOCKS |
2023 | 2022 |
£ | £ |
Parts stock |
Wholegoods stock | 8,493,112 | 3,950,065 |
An impairment loss of £266,202 was recognised in cost of sales against stock during the year (2022 - £129,827). |
The net book value of stock includes £3,709,464 (2022 - £1,298,983) in respect of assets held under stocking plan contracts. The net book value of stock includes £468,491 (2022 - £104,061) in respect of assets held under hire purchase contracts. |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts recoverable on contract |
Prepayments and accrued income |
OLIVER LANDPOWER LIMITED (REGISTERED NUMBER: 06612348) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 SEPTEMBER 2023 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 14) |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Accruals and deferred income |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts (see note 14) |
14. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
15. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 1,231,638 | 704,245 |
Trade creditors | 5,611,806 | 2,609,150 |
The hire purchase contracts are secured over the assets to which they relate. The trade creditors are secured on stock. |
OLIVER LANDPOWER LIMITED (REGISTERED NUMBER: 06612348) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 SEPTEMBER 2023 |
16. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 354,588 | 296,845 |
Deferred |
tax |
£ |
Balance at 1 October 2022 |
Charge to Statement of Comprehensive Income during year |
Balance at 30 September 2023 |
The deferred tax liability expected to reverse next year is £84,000 relating to the reversal of existing timing differences on capital allowances. |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 557,375 | 557,375 |
Ordinary shares have full voting rights and full entitlement to participate in dividends and capital distributions. |
18. | CONTINGENT LIABILITIES |
The company has entered into a Memorandum Accounts Statement System (MASS) agreement with Barclays Bank Plc for bank facility purposes with the ultimate parent undertaking ATO Holdings Limited and A. T. Oliver & Sons Limited, such that each participant is jointly and severally liable as a principal debtor for all indebtedness owing to the bank on the MASS account. |
19. | RELATED PARTY DISCLOSURES |
Oliver LP 2010 Limited is the parent company. ATO Holdings Limited is the ultimate parent company of the group in whose consolidated financial statements the financial statements of this company are consolidated. The address of the registered office of ATO Holdings Limited is Wandon End Works, Wandon End, Luton, Beds, LU2 8NY. Group accounts can be obtained from this address. |
2023 | 2022 |
£ | £ |
Management charge |
Amount due to related party |
OLIVER LANDPOWER LIMITED (REGISTERED NUMBER: 06612348) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 SEPTEMBER 2023 |
19. | RELATED PARTY DISCLOSURES - continued |
2023 | 2022 |
£ | £ |
Sales |
Purchases |
Labour costs | 4,041,725 | 2,521,404 |
Amount due to related party |
The related party's involved in the sales and purchase transactions have not recognised any profit or loss on the transactions. |
The balances between related parties are due on demand and not secured. |
During the year, a total of key management personnel compensation of £ |
The directors are considered to be key management and are paid by other group undertakings which is recharged to the company. |