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Basis of opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the accounts section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out below, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
In accordance with the exemption provided by FRC's Ethical Standard - Provisions Available for Audits of Small Entities, we have prepared and submitted the company’s returns to the tax authorities and assisted with the preparation of the accounts. |
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Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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Other information |
The other information comprises the information included in the report and accounts, other than the accounts and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the accounts does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. |
We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
● |
the information given in the directors’ report for the financial year for which the accounts are prepared is consistent with the accounts; and |
● |
the directors’ report has been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report by exception |
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
Due to the nature of the transactions, the majority of which are taken from bank statements, we review all figures and all are in line with our expectations and supporting documentation. |
A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
|
Joanne Cochrane BSc FCA |
(Senior Statutory Auditor) |
38 Kings Road |
for and on behalf of |
Cochrane & Co Accountants Ltd. |
Lee-on-the-Solent |
Accountants and Statutory Auditors |
Hampshire |
27 August 2024 |
PO13 9NU |
|
OKW Limited |
Notes to the Accounts |
for the year ended 31 March 2024 |
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|
1 |
Accounting policies |
|
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Group accounts |
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The company is exempt from preparing group accounts as it heads a small group. |
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Investments |
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Investments in subsidiaries are measured at cost less any accumulated impairment losses. Dividend income received is shown in the profit and loss account as investment income. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Going concern |
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Despite the net current liability position shown in the balance sheet, the directors have prepared the accounts on a going concern basis. The company is reliant on it's subsidiary to pay the interest and capital instalments on it's debt but the ultimate holding company is the same for both companies and so this is not considered an issue. |
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2 |
Audit information |
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The audit report is unqualified. |
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Senior statutory auditor: |
Joanne Cochrane BSc FCA |
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Firm: |
Cochrane & Co Accountants Ltd. |
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Date of audit report: |
27 August 2024 |
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|
3 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
4 |
Investments |
Investments in |
subsidiary |
undertakings |
£ |
|
Cost |
|
At 1 April 2023 |
4,442,654 |
|
|
At 31 March 2024 |
4,442,654 |
|
|
5 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Other debtors |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
- |
|
40,000 |
|
Other creditors |
2,580 |
|
2,830 |
|
|
|
|
|
|
2,580 |
|
42,830 |
|
|
|
|
|
|
|
|
|
|
7 |
Merger relief reserve |
2024 |
|
2023 |
£ |
£ |
|
|
At 1 April 2023 |
3,352,960 |
|
3,352,960 |
|
|
At 31 March 2024 |
3,352,960 |
|
3,352,960 |
|
|
|
|
|
|
|
|
|
|
8 |
Controlling party |
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The ultimate controlling company is OKW Gmbh, Professor-Dr-Albert Str.9 74722, Buchen, Germany. The ultimate parent company is registered in Germany, The controlling shareholder is Christoph Volker Schneider. |
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|
9 |
Other information |
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OKW Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
15 Brunel Way |
|
Fareham |
|
Hampshire |
|
PO15 5TX |