OHM Clothing Limited 08886010 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is 14120, 47910 Digita Accounts Production Advanced 6.30.9574.0 true true 08886010 2022-07-01 2023-06-30 08886010 2023-06-30 08886010 core:RetainedEarningsAccumulatedLosses 2023-06-30 08886010 core:ShareCapital 2023-06-30 08886010 core:CurrentFinancialInstruments 2023-06-30 08886010 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 08886010 core:Non-currentFinancialInstruments 2023-06-30 08886010 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 08886010 core:Goodwill 2023-06-30 08886010 core:FurnitureFittingsToolsEquipment 2023-06-30 08886010 bus:SmallEntities 2022-07-01 2023-06-30 08886010 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 08886010 bus:FullAccounts 2022-07-01 2023-06-30 08886010 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 08886010 bus:RegisteredOffice 2022-07-01 2023-06-30 08886010 bus:Director1 2022-07-01 2023-06-30 08886010 bus:Director2 2022-07-01 2023-06-30 08886010 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 08886010 core:Goodwill 2022-07-01 2023-06-30 08886010 core:FurnitureFittingsToolsEquipment 2022-07-01 2023-06-30 08886010 countries:EnglandWales 2022-07-01 2023-06-30 08886010 2022-06-30 08886010 core:Goodwill 2022-06-30 08886010 core:FurnitureFittingsToolsEquipment 2022-06-30 08886010 2022-01-01 2022-06-30 08886010 2022-06-30 08886010 core:RetainedEarningsAccumulatedLosses 2022-06-30 08886010 core:ShareCapital 2022-06-30 08886010 core:CurrentFinancialInstruments 2022-06-30 08886010 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 08886010 core:Non-currentFinancialInstruments 2022-06-30 08886010 core:Non-currentFinancialInstruments core:AfterOneYear 2022-06-30 08886010 core:Goodwill 2022-06-30 08886010 core:FurnitureFittingsToolsEquipment 2022-06-30 iso4217:GBP xbrli:pure

Registration number: 08886010

OHM Clothing Limited

trading as OHM Clothing Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

OHM Clothing Limited

trading as OHM Clothing Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

OHM Clothing Limited

trading as OHM Clothing Limited

Company Information

Directors

Mr Anthony Peter John Brown

Mrs Jemma Brown

Registered office

Unit 6 Axis Business Centre
Westmead Industrial Estate
Swindon
SN5 7YS

Accountants

RiverView Portfolio Limited
1 Market Hill
Calne
Wiltshire
SN11 0BT

 

OHM Clothing Limited

trading as OHM Clothing Limited

(Registration number: 08886010)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

5

3,671

4,489

Tangible assets

6

19,663

23,227

 

23,334

27,716

Current assets

 

Stocks

7

47,999

50,525

Debtors

8

36,292

83,751

Cash at bank and in hand

 

1,991

(24,459)

 

86,282

109,817

Creditors: Amounts falling due within one year

9

(89,243)

(95,429)

Net current (liabilities)/assets

 

(2,961)

14,388

Total assets less current liabilities

 

20,373

42,104

Creditors: Amounts falling due after more than one year

9

(40,258)

(41,667)

Net (liabilities)/assets

 

(19,885)

437

Capital and reserves

 

Called up share capital

10,000

10,000

Retained earnings

(29,885)

(9,563)

Shareholders' (deficit)/funds

 

(19,885)

437

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.

Approved and authorised by the Board on 10 April 2024 and signed on its behalf by:
 

 

OHM Clothing Limited

trading as OHM Clothing Limited

(Registration number: 08886010)
Balance Sheet as at 30 June 2023 (continued)

.........................................
Mr Anthony Peter John Brown
Director

.........................................
Mrs Jemma Brown
Director

 
     
 

OHM Clothing Limited

trading as OHM Clothing 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:
Unit 6 Axis Business Centre
Westmead Industrial Estate
Swindon
SN5 7YS

These financial statements were authorised for issue by the Board on 10 April 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).The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities 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.

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

Furniture, fittings, tools and equipment

25% Straight line

 

OHM Clothing Limited

trading as OHM Clothing Limited

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

2

Accounting policies (continued)

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% 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.

 

OHM Clothing Limited

trading as OHM Clothing Limited

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

2

Accounting policies (continued)

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.

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.

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.

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 directors) during the year, was 12 (2022 - 12).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

3,563

4,032

Amortisation expense

818

352

 

OHM Clothing Limited

trading as OHM Clothing Limited

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

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2022

7,051

7,051

At 30 June 2023

7,051

7,051

Amortisation

At 1 July 2022

2,562

2,562

Amortisation charge

818

818

At 30 June 2023

3,380

3,380

Carrying amount

At 30 June 2023

3,671

3,671

At 30 June 2022

4,489

4,489

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

45,978

45,978

At 30 June 2023

45,978

45,978

Depreciation

At 1 July 2022

22,751

22,751

Charge for the year

3,564

3,564

At 30 June 2023

26,315

26,315

Carrying amount

At 30 June 2023

19,663

19,663

At 30 June 2022

23,227

23,227

 

OHM Clothing Limited

trading as OHM Clothing Limited

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

7

Stocks

2023
£

2022
£

Other inventories

47,999

50,525

8

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

20,175

76,025

Amounts owed by related parties

11,598

13,821

Prepayments

 

4,519

(6,095)

   

36,292

83,751

 

OHM Clothing Limited

trading as OHM Clothing Limited

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

9

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

24,815

25,806

Taxation and social security

51,014

45,640

Accruals and deferred income

2,170

2,170

Other creditors

11,244

21,813

89,243

95,429

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

40,258

41,667

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

40,258

41,667