OIP Limited 02968463 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the supply of spares and refurbishment of speed regulation equipment within large industry and the refurbishment of static caravans and lodges.The trading of a public house for beer sales and food ceased in the previous year Digita Accounts Production Advanced 6.30.9574.0 true true 02968463 2023-04-01 2024-03-31 02968463 2024-03-31 02968463 bus:OrdinaryShareClass1 2024-03-31 02968463 bus:OrdinaryShareClass2 2024-03-31 02968463 core:RetainedEarningsAccumulatedLosses 2024-03-31 02968463 core:ShareCapital 2024-03-31 02968463 core:CurrentFinancialInstruments 2024-03-31 02968463 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 02968463 core:Goodwill 2024-03-31 02968463 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 02968463 core:MotorVehicles 2024-03-31 02968463 core:PlantMachinery 2024-03-31 02968463 bus:SmallEntities 2023-04-01 2024-03-31 02968463 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 02968463 bus:FullAccounts 2023-04-01 2024-03-31 02968463 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 02968463 bus:RegisteredOffice 2023-04-01 2024-03-31 02968463 bus:Director1 2023-04-01 2024-03-31 02968463 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 02968463 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 02968463 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 02968463 core:Goodwill 2023-04-01 2024-03-31 02968463 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 02968463 core:MotorVehicles 2023-04-01 2024-03-31 02968463 core:PlantMachinery 2023-04-01 2024-03-31 02968463 countries:AllCountries 2023-04-01 2024-03-31 02968463 2023-03-31 02968463 core:Goodwill 2023-03-31 02968463 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 02968463 core:MotorVehicles 2023-03-31 02968463 core:PlantMachinery 2023-03-31 02968463 2022-04-01 2023-03-31 02968463 2023-03-31 02968463 bus:OrdinaryShareClass1 2023-03-31 02968463 bus:OrdinaryShareClass2 2023-03-31 02968463 core:RetainedEarningsAccumulatedLosses 2023-03-31 02968463 core:ShareCapital 2023-03-31 02968463 core:CurrentFinancialInstruments 2023-03-31 02968463 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 02968463 core:Goodwill 2023-03-31 02968463 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 02968463 core:MotorVehicles 2023-03-31 02968463 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02968463

OIP Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

OIP Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

OIP Limited

Company Information

Director

Mr Simon Turfrey

Registered office

The Old Power Station
Calder Road
Ravensthorpe
West Yorkshire
WF12 9EA

Accountants

Ian Richards & Co (Leeds) Limited
Office 23
Burley Hill Business Centre
Burley Hill
Leeds
LS4 2PU

 

OIP Limited

(Registration number: 02968463)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1

1

Tangible assets

5

99,654

270,284

 

99,655

270,285

Current assets

 

Stocks

4,074

5,207

Debtors

6

9,800

60,202

Cash at bank and in hand

 

146,127

31,623

 

160,001

97,032

Creditors: Amounts falling due within one year

7

(313,507)

(320,856)

Net current liabilities

 

(153,506)

(223,824)

Net (liabilities)/assets

 

(53,851)

46,461

Capital and reserves

 

Called up share capital

8

110

110

Retained earnings

(53,961)

46,351

Shareholders' (deficit)/funds

 

(53,851)

46,461

For the financial year ending 31 March 2024 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 9 August 2024
 

Mr Simon Turfrey

Director

 

OIP Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
The Old Power Station
Calder Road
Ravensthorpe
West Yorkshire
WF12 9EA
England

These financial statements were authorised for issue by the director on 9 August 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 sales/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.

 

OIP Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

25% Reducing balance basis

Motor vehicles

25% Reducing balance basis

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% Straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

OIP Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 11 (2023 - 11).

 

OIP Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

79,000

79,000

At 31 March 2024

79,000

79,000

Amortisation

At 1 April 2023

78,999

78,999

At 31 March 2024

78,999

78,999

Carrying amount

At 31 March 2024

1

1

At 31 March 2023

1

1

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

244,768

198,073

45,825

488,666

Additions

-

-

45,000

45,000

Disposals

(190,883)

-

(25,000)

(215,883)

At 31 March 2024

53,885

198,073

65,825

317,783

Depreciation

At 1 April 2023

-

191,486

26,896

218,382

Charge for the year

-

2,212

13,798

16,010

Eliminated on disposal

-

-

(16,263)

(16,263)

At 31 March 2024

-

193,698

24,431

218,129

Carrying amount

At 31 March 2024

53,885

4,375

41,394

99,654

At 31 March 2023

244,768

6,587

18,929

270,284

Included within the net book value of land and buildings above is £53,885 (2023 - £244,768) in respect of freehold land and buildings.
 

 

OIP Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

2,943

12,045

Prepayments

-

33,355

Other debtors

6,857

14,802

 

9,800

60,202

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

38,490

27,634

Taxation and social security

14,941

8,669

Other creditors

260,076

284,553

313,507

320,856

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A shares of £1 each

100

100

100

100

Ordinary B shares of £0.10 each

100

10

100

10

 

200

110

200

110