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Registration number: 08052607

Ovenden Allworks Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Ovenden Allworks Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Ovenden Allworks Limited

Company Information

Directors

Mr C White

Mr G Milburn

Mr S Ovenden

Mr T Ovenden

Registered office

Wilcox Close
Aylesham Indl Est
Aylesham
Canterbury
Kent
CT3 3EP

Accountants

Cannon and Company Accountants Limited
Chartered Certified Accountants
Unit 1A Park Farm Industrial Estate
Folkestone
Kent
CT19 5EY

 

Ovenden Allworks Limited

(Registration number: 08052607)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

390,041

-

Tangible assets

5

336,653

399,976

 

726,694

399,976

Current assets

 

Stocks

6

796,545

60,013

Debtors

7

732,694

1,658,450

Cash at bank and in hand

 

481,067

767,010

 

2,010,306

2,485,473

Creditors: Amounts falling due within one year

8

(640,511)

(602,143)

Net current assets

 

1,369,795

1,883,330

Net assets

 

2,096,489

2,283,306

Capital and reserves

 

Called up share capital

9

40

40

Retained earnings

2,096,449

2,283,266

Shareholders' funds

 

2,096,489

2,283,306

For the financial year ending 31 May 2024 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 19 August 2024 and signed on its behalf by:
 

.........................................
Mr G Milburn
Director

 

Ovenden Allworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
Wilcox Close
Aylesham Indl Est
Aylesham
Canterbury
Kent
CT3 3EP
England

These financial statements were authorised for issue by the Board on 19 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.

 

Ovenden Allworks Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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

Office equipment

33% Straight Line

Motor vehicles

25% Reducing Balance

Plant and machinery

25% Reducing Balance

Fixtures and fittings

25% Reducing Balance

Intangible assets

Inangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

The cost of intangible assets includes directly attributable incremental costs incurred in their acquisition.

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:

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.

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.

 

Ovenden Allworks Limited

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

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.

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 4 (2023 - 4).

 

Ovenden Allworks Limited

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

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

Additions acquired separately

640,041

640,041

At 31 May 2024

640,041

640,041

Amortisation

Impairment

250,000

250,000

At 31 May 2024

250,000

250,000

Carrying amount

At 31 May 2024

390,041

390,041

Impairment

Intangle assets
The amount of impairment loss included in profit or loss is £250,000 (2023 - £Nil).

 

Ovenden Allworks Limited

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

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

2,009

273,562

9,727

678,539

963,837

Additions

6,108

8,578

-

66,234

80,920

Disposals

-

-

-

(67,244)

(67,244)

At 31 May 2024

8,117

282,140

9,727

677,529

977,513

Depreciation

At 1 June 2023

792

172,356

9,055

381,658

563,861

Charge for the year

2,279

27,462

224

82,953

112,918

Eliminated on disposal

-

-

-

(35,919)

(35,919)

At 31 May 2024

3,071

199,818

9,279

428,692

640,860

Carrying amount

At 31 May 2024

5,046

82,322

448

248,837

336,653

At 31 May 2023

1,217

101,206

672

296,881

399,976

 

Ovenden Allworks Limited

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

6

Stocks

2024
£

2023
£

Work in progress

796,545

60,013

7

Debtors

Current

2024
£

2023
£

Trade debtors

512,883

1,556,878

Prepayments

43,798

36,157

Other debtors

176,013

65,415

 

732,694

1,658,450

 

Ovenden Allworks Limited

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

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

563,394

484,972

Taxation and social security

57,371

114,480

Accruals and deferred income

17,405

2,690

Other creditors

2,341

1

640,511

602,143

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

40

40

40

40

       

10

Dividends

2024

2023

£

£

Interim dividend of £6,500.00 (2023 - £4,000.00) per ordinary share

260,000

160,000

 

 

11

Related party transactions

 

Ovenden Allworks Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Contributions paid to money purchase schemes

87,000

114,000

Summary of transactions with other related parties

Black Cat Contracting Limited
 Management charges
 

Expenditure with and payables to related parties

2024

Other related parties
£

Rendering of services

295,214

2023

Other related parties
£

Rendering of services

246,803