O & F TRADE LTD

Company Registration Number:
NI668060 (Northern Ireland)

Unaudited abridged accounts for the year ended 29 February 2024

Period of accounts

Start date: 01 March 2023

End date: 29 February 2024

O & F TRADE LTD

Contents of the Financial Statements

for the Period Ended 29 February 2024

Balance sheet
Notes

O & F TRADE LTD

Balance sheet

As at 29 February 2024


Notes

2024

2023


£

£
Fixed assets
Intangible assets: 3 40,000 42,500
Tangible assets: 4 43,238 50,027
Total fixed assets: 83,238 92,527
Current assets
Stocks: 1,500 1,500
Debtors:   0 1,555
Cash at bank and in hand: 9,122 3,148
Total current assets: 10,622 6,203
Creditors: amounts falling due within one year:   (77,787) (98,171)
Net current assets (liabilities): (67,165) (91,968)
Total assets less current liabilities: 16,073 559
Total net assets (liabilities): 16,073 559
Capital and reserves
Called up share capital: 102 102
Profit and loss account: 15,971 457
Shareholders funds: 16,073 559

The notes form part of these financial statements

O & F TRADE LTD

Balance sheet statements

For the year ending 29 February 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 01 August 2024
and signed on behalf of the board by:

Name: Onorio Fusco
Status: Director

The notes form part of these financial statements

O & F TRADE LTD

Notes to the Financial Statements

for the Period Ended 29 February 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.

Tangible fixed assets and depreciation policy

Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:Plant and machinery 10% Straight LineThe carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

Intangible fixed assets and amortisation policy

GoodwillPurchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Statement of Financial Position and amortised on a straight line basis over its economic useful life of 20 years, which is estimated to be the period during which benefits are expected to arise. On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.

Valuation and information policy

Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

O & F TRADE LTD

Notes to the Financial Statements

for the Period Ended 29 February 2024

2. Employees

2024 2023
Average number of employees during the period 3 3

O & F TRADE LTD

Notes to the Financial Statements

for the Period Ended 29 February 2024

3. Intangible Assets

Total
Cost £
At 01 March 2023 50,000
At 29 February 2024 50,000
Amortisation
At 01 March 2023 7,500
Charge for year 2,500
At 29 February 2024 10,000
Net book value
At 29 February 2024 40,000
At 28 February 2023 42,500

O & F TRADE LTD

Notes to the Financial Statements

for the Period Ended 29 February 2024

4. Tangible Assets

Total
Cost £
At 01 March 2023 69,129
Additions 4,304
Disposals (6,250)
At 29 February 2024 67,183
Depreciation
At 01 March 2023 19,102
Charge for year 6,718
On disposals (1,875)
At 29 February 2024 23,945
Net book value
At 29 February 2024 43,238
At 28 February 2023 50,027