Company registration number 12967041 (England and Wales)
OC INNOVATIONS EUROPE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
OC INNOVATIONS EUROPE LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
OC INNOVATIONS EUROPE LTD
BALANCE SHEET
AS AT
29 OCTOBER 2023
29 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,081
2,221
Current assets
Stocks
34,257
-
Debtors
4
18,593
10,236
Cash at bank and in hand
-
0
6,416
52,850
16,652
Creditors: amounts falling due within one year
5
(104,615)
(43,295)
Net current liabilities
(51,765)
(26,643)
Net liabilities
(50,684)
(24,422)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(50,784)
(24,522)
Total equity
(50,684)
(24,422)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 29 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 29 August 2024
Mr P B Haythornthwaite
Director
Company registration number 12967041 (England and Wales)
OC INNOVATIONS EUROPE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 OCTOBER 2023
- 2 -
1
Accounting policies
Company information

OC Innovations Europe Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 26 Mearley Syke, Clitheroe, Lancashire, BB7 1JG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company is reliant upon the financial support of its director in order to meet its liabilities as they fall due. The director has indicated that this support will continue for the foreseeable future and, as a result, has continued to adopt the going concern basis in preparing the financial statements.true

The company finances its operations by means of a bank overdraft facility. The director is not aware of any reason why the overdraft facility will not be maintained at its current level. As a result, the director has continued to adopt the going concern basis in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

OC INNOVATIONS EUROPE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 31 October 2022 and 29 October 2023
3,454
Depreciation and impairment
At 31 October 2022
1,233
Depreciation charged in the period
1,140
At 29 October 2023
2,373
Carrying amount
At 29 October 2023
1,081
At 30 October 2022
2,221
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
18,593
10,236
OC INNOVATIONS EUROPE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 OCTOBER 2023
- 4 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
58,795
-
0
Other creditors
45,820
43,295
104,615
43,295

Other creditors include a loan owed to the director of £41,452 (2022 - £42,282).

6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
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