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Registration number: 4959856

Offenham Horticultural Machinery Specialists Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Offenham Horticultural Machinery Specialists Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Offenham Horticultural Machinery Specialists Limited

Company Information

Directors

Mrs H Moffat

P Moffat

Company secretary

Mrs H Moffat

Registered office

Unit 3
Kempton Road
Pershore
Worcestershire
WR10 2TA

Accountants

Clement Rabjohns Limited
Chartered Accountants
111/113 High Street
Evesham
Worcestershire
WR11 4XP

 

Offenham Horticultural Machinery Specialists Limited

(Registration number: 4959856)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

25,213

33,217

Current assets

 

Stocks

6

70,963

92,121

Debtors

7

9,423

10,194

Cash at bank and in hand

 

64,664

42,251

 

145,050

144,566

Creditors: Amounts falling due within one year

8

(69,494)

(69,015)

Net current assets

 

75,556

75,551

Total assets less current liabilities

 

100,769

108,768

Creditors: Amounts falling due after more than one year

8

(6,965)

(16,894)

Net assets

 

93,804

91,874

Capital and reserves

 

Called up share capital

100

100

Retained earnings

93,704

91,774

Shareholders' funds

 

93,804

91,874

For the financial year ending 31 December 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 July 2024 and signed on its behalf by:
 

 

Offenham Horticultural Machinery Specialists Limited

(Registration number: 4959856)
Balance Sheet as at 31 December 2023

.........................................
P Moffat
Director

 

Offenham Horticultural Machinery Specialists Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
Unit 3
Kempton Road
Pershore
Worcestershire
WR10 2TA
United Kingdom

These financial statements were authorised for issue by the Board on 10 July 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.

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 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.

Tax

The tax expense for the period comprises current 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.

 

Offenham Horticultural Machinery Specialists Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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

Plant and machinery

20% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Offenham Horticultural Machinery Specialists Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

30,000

30,000

At 31 December 2023

30,000

30,000

Amortisation

At 1 January 2023

30,000

30,000

At 31 December 2023

30,000

30,000

Carrying amount

At 31 December 2023

-

-

At 31 December 2022

-

-

 

Offenham Horticultural Machinery Specialists Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

19,571

68,186

87,757

Additions

232

-

232

At 31 December 2023

19,803

68,186

87,989

Depreciation

At 1 January 2023

16,228

38,312

54,540

Charge for the year

768

7,468

8,236

At 31 December 2023

16,996

45,780

62,776

Carrying amount

At 31 December 2023

2,807

22,406

25,213

At 31 December 2022

3,343

29,874

33,217

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

70,963

92,121

7

Debtors

Current

2023
£

2022
£

Trade debtors

2,903

4,240

Prepayments

6,520

5,954

 

9,423

10,194

 

Offenham Horticultural Machinery Specialists Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9,930

9,930

Trade creditors

 

27,451

22,827

Taxation and social security

 

18,927

23,730

Accruals and deferred income

 

3,998

3,155

Other creditors

 

9,188

9,373

 

69,494

69,015

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £9,930 (2022 - £9,930).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

6,965

16,894

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £6,965 (2022 - £16,894).