REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
OVERHEAD LINE FITTINGS (U.K.) LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
OVERHEAD LINE FITTINGS (U.K.) LIMITED |
OVERHEAD LINE FITTINGS (U.K.) LIMITED (REGISTERED NUMBER: 02157369) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 October 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
OVERHEAD LINE FITTINGS (U.K.) LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 October 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
9 Glasgow Road |
PAISLEY |
Renfrewshire |
PA1 3QS |
OVERHEAD LINE FITTINGS (U.K.) LIMITED (REGISTERED NUMBER: 02157369) |
BALANCE SHEET |
31 October 2023 |
31.10.22 | 31.10.23 |
£ | £ | Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
( |
) | Amounts falling due after more than one year |
9 |
( |
) |
( |
) | PROVISIONS FOR LIABILITIES | 11 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
OVERHEAD LINE FITTINGS (U.K.) LIMITED (REGISTERED NUMBER: 02157369) |
BALANCE SHEET - continued |
31 October 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
OVERHEAD LINE FITTINGS (U.K.) LIMITED (REGISTERED NUMBER: 02157369) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 October 2023 |
1. | STATUTORY INFORMATION |
Overhead Line Fittings (U.K.) 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 significant accounting policies applied in the preparation of these financial statements are set out below. |
These policies have been consistently applied to all years presented unless otherwise stated. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover represents the total invoice value, less credit notes, excluding value added tax of sales made during the period. |
Revenue is recognised when goods or services are received by the customer and the risks and rewards of ownership have been passed to them. Revenue is measured at the fair value of consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts and value added tax. |
Tangible fixed assets |
Fixtures & equipment | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. |
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. |
OVERHEAD LINE FITTINGS (U.K.) LIMITED (REGISTERED NUMBER: 02157369) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 October 2023 |
3. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks consist of goods for resale and are valued at the lower of purchase cost and estimated selling price less costs to sell, after making due allowances for obsolete and slow moving items. |
When stocks are sold, the carrying amount of these stock is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction on the amount of stocks recognised as an expense in the period in which the reversal occurs. |
Financial instruments |
Basic financial instruments are recognised at amortised cost. Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality. |
Taxation |
Taxation represents the sum of tax currently payable and deferred tax on a non discounted basis. |
The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. |
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period which the liability is settled or the asset is realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. |
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 are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand as well as deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised as a liability in the financial statements in the period in which the dividends are approved by the shareholders. These amounts are recognised in the statement of changes in equity. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
OVERHEAD LINE FITTINGS (U.K.) LIMITED (REGISTERED NUMBER: 02157369) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 October 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures | Motor | Computer |
Totals | & equipment | vehicles | equipment |
£ | £ | £ | £ |
COST |
At 1 November 2022 |
Additions |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
6. | STOCKS |
31.10.23 | 31.10.22 |
£ | £ |
Goods for resale |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Bank loans |
OVERHEAD LINE FITTINGS (U.K.) LIMITED (REGISTERED NUMBER: 02157369) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 October 2023 |
10. | SECURED DEBTS |
Bank borrowing is secured by:- |
- a debenture over the company's assets |
- a fixed and floating charge over the company's assets |
- a personal guarantee from the director Arthur Henton limited to £25,000 |
- an unlimited cross guarantee from A.A. Henton & Son (Steel Fabrications) Limited |
11. | PROVISIONS FOR LIABILITIES |
31.10.23 | 31.10.22 |
£ | £ |
Deferred tax | 14,905 | 2,376 |
Deferred |
tax |
£ |
Balance at 1 November 2022 |
Movement in provision | 12,529 |
Balance at 31 October 2023 |
This is in respect of accelerated capital allowances. |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.10.23 | 31.10.22 |
value: | £ | £ |
Ordinary | £1 | 5,000 | 5,000 |
13. | ULTIMATE CONTROLLING PARTY |
The director Arthur W Henton controls the company indirectly as a result of having a controlling interest in the issued ordinary share capital of the parent company. |
The immediate and ultimate parent of the company is Jenner Holdings Ltd, a company registered in England whose registered office is 12 Wood Lane,Norton Juxta Twycross, Atherstone, Warwickshire CV9 3QB. |