Company registration number 08711512 (England and Wales)
OSS ELECTRICAL SERVICES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
OSS ELECTRICAL SERVICES LIMITED
COMPANY INFORMATION
Directors
Stephen Parry
Mark Lonsdale
Tony Forthergill
Company number
08711512
Registered office
Unit 1
Wincham Point
Wincham Lane
Wincham Northwich
Cheshire
CW9 6DE
Auditor
Riverside Accountancy Lancaster Limited
Riverside Offices
2nd Floor
26 St. George's Quay
Lancaster, LA1 1RD
Accountant
Hall Livesey Brown
HLB House
68 High Street
Tarporley
Cheshire
CW6 0AT
Business address
105 Parker Drive
Leicester
LE4 0JP
Bankers
National Westminster Bank Plc
P O Box 30
The Bull Ring
Northwich
Cheshire
CW9 5DU
OSS ELECTRICAL SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
OSS ELECTRICAL SERVICES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
64,972
78,055
Current assets
Stocks
8,419
10,042
Debtors
5
270,194
277,032
Cash at bank and in hand
275
271
278,888
287,345
Creditors: amounts falling due within one year
6
(375,010)
(359,241)
Net current liabilities
(96,122)
(71,896)
Total assets less current liabilities
(31,150)
6,159
Creditors: amounts falling due after more than one year
7
(4,152)
(22,881)
Provisions for liabilities
(13,447)
(16,538)
Net liabilities
(48,749)
(33,260)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(48,849)
(33,360)
Total equity
(48,749)
(33,260)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
Stephen Parry
Mark Lonsdale
Director
Director
Company registration number 08711512 (England and Wales)
OSS ELECTRICAL SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
100
101,225
101,325
Year ended 31 March 2023:
Profit and total comprehensive income
-
9,437
9,437
Dividends
-
(144,022)
(144,022)
Balance at 31 March 2023
100
(33,360)
(33,260)
Year ended 31 March 2024:
Profit and total comprehensive income
-
116,511
116,511
Dividends
-
(132,000)
(132,000)
Balance at 31 March 2024
100
(48,849)
(48,749)
OSS ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
OSS Electrical Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Wincham Point, Wincham Lane, Wincham Northwich, Cheshire, CW9 6DE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of On Site Services (Group) Limited. These consolidated financial statements are available from its registered office.
1.2
Going concern
The company has a negative balance sheet at the year end totalling £48,849. Included in creditors are amounts due to group entities totalling £91,177 which in reality will not be called on until the company is in a position to repay this. It will continue to have the full support of its parent company therefore the preparation of accounts on a going concern basis remains appropriate. true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
OSS ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% reducing balance basis
Fixtures, fittings & equipment
15% reducing balance basis
Computer equipment
3 years straight line basis
Motor vehicles
25% reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Work in progress
Work in progress is calculated as time worked and material costs on contracts up to the year end balance sheet date. The revenue is then recognised as the work is completed and included within the correct accounting period.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
OSS ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
OSS ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
14
15
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
191,072
Additions
8,409
Disposals
(8,782)
At 31 March 2024
190,699
Depreciation and impairment
At 1 April 2023
113,019
Depreciation charged in the year
20,775
Eliminated in respect of disposals
(8,067)
At 31 March 2024
125,727
Carrying amount
At 31 March 2024
64,972
At 31 March 2023
78,055
OSS ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
252,823
258,174
Other debtors
2,198
4,069
Prepayments and accrued income
15,173
14,789
270,194
277,032
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
48,486
32,244
Obligations under finance leases
18,730
18,730
Trade creditors
200,509
238,896
Amounts owed to group entities
34,167
32,500
Corporation tax
42,200
Other taxation and social security
9,649
11,974
Other creditors
12,038
7,629
Accruals and deferred income
9,231
17,268
375,010
359,241
The bank charge is secured by a fixed and floating charge over the property or undertaking of the company.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
4,152
22,881
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Lyndsay Nicholson ACA
Statutory Auditor:
Riverside Accountancy Lancaster Limited
Date of audit report:
1 August 2024
OSS ELECTRICAL SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
9
Directors' transactions
Dividends totalling £66,000 (2023 - £78,022) were paid in the year in respect of shares held by the company's directors.
At the time the dividend was paid the directors were not aware that there were insufficient profits available for distribution and the directors acknowledge that no further distributions can be made until there are sufficient profits available for that purpose.
10
Parent company
The ultimate controlling party is Mr S Parry due to his shareholding in the parent company On Site Services (Group) Limited, a company registered in England and Wales.