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COMPANY REGISTRATION NUMBER: 08721130
Oftech Wind Ltd
Filleted Unaudited Financial Statements
31 October 2023
Oftech Wind Ltd
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
56,089
67,940
Current assets
Debtors
6
45,826
12,111
Cash at bank and in hand
5,038
21,151
--------
--------
50,864
33,262
Creditors: amounts falling due within one year
7
16,509
13,692
--------
--------
Net current assets
34,355
19,570
--------
--------
Total assets less current liabilities
90,444
87,510
Creditors: amounts falling due after more than one year
8
4,987
--------
--------
Net assets
90,444
82,523
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
90,344
82,423
--------
--------
Shareholders funds
90,444
82,523
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Oftech Wind Ltd
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
Mr A. Andrews
Director
Company registration number: 08721130
Oftech Wind Ltd
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 45 Vale Street, Denbigh, Denbighshire, LL16 3AH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property improvements
-
2% straight line
Plant & machinery
-
20% straight line
Fixtures & fittings
-
20% straight line
Motor vehicles
-
20% straight line
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 2 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Nov 2022
47,998
55,530
20,578
64,853
25,303
214,262
Additions
622
1,405
2,027
Disposals
( 28,003)
( 28,003)
--------
--------
--------
--------
--------
---------
At 31 Oct 2023
47,998
55,530
21,200
36,850
26,708
188,286
--------
--------
--------
--------
--------
---------
Depreciation
At 1 Nov 2022
4,057
52,486
15,281
54,522
19,976
146,322
Charge for the year
1,753
3,128
5,942
3,055
13,878
Disposals
( 28,003)
( 28,003)
--------
--------
--------
--------
--------
---------
At 31 Oct 2023
4,057
54,239
18,409
32,461
23,031
132,197
--------
--------
--------
--------
--------
---------
Carrying amount
At 31 Oct 2023
43,941
1,291
2,791
4,389
3,677
56,089
--------
--------
--------
--------
--------
---------
At 31 Oct 2022
43,941
3,044
5,297
10,331
5,327
67,940
--------
--------
--------
--------
--------
---------
6. Debtors
2023
2022
£
£
Trade debtors
36,937
3,188
Other debtors
8,889
8,923
--------
--------
45,826
12,111
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,340
1,047
Corporation tax
2,836
Social security and other taxes
6,226
1
Other creditors
4,200
11,737
Other creditors
907
907
--------
--------
16,509
13,692
--------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
4,987
----
-------
9. Director's advances, credits and guarantees
No advances, credits or guarantess were given to the Directors during the current or previous accounting periods.
10. Related party transactions
The company was under the control of Mr Andrews throughout the current and previous year. Mr Andrews is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.