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Registration number: 06534571

Offa-Fix Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Offa-Fix Holdings Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Offa-Fix Holdings Limited

(Registration number: 06534571)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

31,964

54,763

Investments

5

850

1,850

 

32,814

56,613

Current assets

 

Debtors

6

84,146

74,775

Cash at bank and in hand

 

1,856

2,718

 

86,002

77,493

Creditors: Amounts falling due within one year

7

(74,747)

(67,590)

Net current assets

 

11,255

9,903

Total assets less current liabilities

 

44,069

66,516

Provisions for liabilities

(5,036)

(9,626)

Net assets

 

39,033

56,890

Capital and reserves

 

Called up share capital

8

1,980

1,980

Retained earnings

37,053

54,910

Shareholders' funds

 

39,033

56,890

 

Offa-Fix Holdings Limited

(Registration number: 06534571)
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 M Brown
Director

 

Offa-Fix Holdings 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 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 Holdings Limited

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

Government grants

The company has received a revenue grant in the form of the Job Retention Scheme in respect of furloughed staff. Revenue grants are credited to the profit and loss account so as to match them with the expenditure to which they relate.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Fixtures and fittings

15% per annum straight line

Equipment

20% per annum straight line

Motor vehicles

25% per annum straight line

Plant and machinery

15% per annum straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Offa-Fix Holdings Limited

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

 

Offa-Fix Holdings Limited

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

Employee Benefits

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

18,008

301,815

30,231

95,897

445,951

Additions

-

1,724

2,098

-

3,822

Disposals

-

(189,402)

(15,458)

(20,983)

(225,843)

At 30 June 2023

18,008

114,137

16,871

74,914

223,930

Depreciation

At 1 July 2022

17,127

263,595

26,440

84,027

391,189

Charge for the year

385

13,169

1,195

11,870

26,619

Eliminated on disposal

-

(189,402)

(15,457)

(20,983)

(225,842)

At 30 June 2023

17,512

87,362

12,178

74,914

191,966

Carrying amount

At 30 June 2023

496

26,775

4,693

-

31,964

At 30 June 2022

881

38,221

3,791

11,870

54,763

 

Offa-Fix Holdings Limited

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

5

Investments

2023
£

2022
£

Investments in subsidiaries

850

1,850

Subsidiaries

£

Cost or valuation

At 1 July 2022

1,850

Disposals

(1,000)

At 30 June 2023

850

Carrying amount

At 30 June 2023

850

At 30 June 2022

1,850

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Offa-Fix Formwork Ltd

Suite 26, Hardmans Bus Centre
Rawtenstall
BB4 6HH

Ordinary

100%

100%

 

England

     

Subsidiary undertakings

Offa-Fix Formwork Ltd

The principal activity of Offa-Fix Formwork Ltd is that of engineering and construction.

 

Offa-Fix Holdings Limited

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

6

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

9

82,629

74,775

Other debtors

 

1,517

-

   

84,146

74,775

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

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

9

-

1,000

Taxation and social security

 

40,532

40,028

Accruals and deferred income

 

13

13

Other creditors

 

34,202

26,549

 

74,747

67,590

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary 'A' share of £1 each

30

30

30

30

Ordinary 'B' share of £1 each

650

650

650

650

Ordinary 'C' share of £1 each

650

650

650

650

Ordinary 'D' share of £1 each

650

650

650

650

 

1,980

1,980

1,980

1,980

 

Offa-Fix Holdings Limited

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

9

Related party transactions

Loans to related parties

2023

Subsidiary
£

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

Subsidiary
£

Total
£

At start of period

59,843

59,843

Advanced

390,000

390,000

Repaid

(375,068)

(375,068)

At end of period

74,775

74,775

Terms of loans to related parties

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