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COMPANY REGISTRATION NUMBER: 04134757
OCL Kingswinford Limited
Filleted Unaudited Abridged Financial Statements
31 December 2023
OCL Kingswinford Limited
Abridged Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
1,347,803
1,390,452
Investments
6
1,300
1,300
------------
------------
1,349,103
1,391,752
Current assets
Stocks
449,919
499,624
Debtors
649,270
572,125
Cash at bank and in hand
700,831
813,904
------------
------------
1,800,020
1,885,653
Creditors: amounts falling due within one year
1,062,709
973,039
------------
------------
Net current assets
737,311
912,614
------------
------------
Total assets less current liabilities
2,086,414
2,304,366
Creditors: amounts falling due after more than one year
7
9,739
532,357
Provisions
Taxation including deferred tax
24,000
31,000
------------
------------
Net assets
2,052,675
1,741,009
------------
------------
Capital and reserves
Called up share capital
102
102
Profit and loss account
2,052,573
1,740,907
------------
------------
Shareholders funds
2,052,675
1,741,009
------------
------------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
OCL Kingswinford Limited
Abridged Statement of Financial Position (continued)
31 December 2023
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 14 August 2024 , and are signed on behalf of the board by:
Mr A C Ibbs-George
Director
Company registration number: 04134757
OCL Kingswinford Limited
Notes to the Abridged Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is OCL, Hinksford Lane, Kingswinford, DY6 0BH, West Midlands.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year.
(c) Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
(d) Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
(f) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property improvements
-
4%/10% straight line
Plant & Machinery
-
15% reducing balance
Fixtures & Fittings
-
25% or 33.33% straight line
Motor Vehicles
-
25% reducing balance or 12.5% straight line
It is the company's policy to continually maintain and refurbish all freehold buildings. No depreciation is therefore provided as in the opinion of the directors the residual values will be so high and the lives of such assets so long, that any depreciation would be immaterial.
(g) Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
(h) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(i) Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
(j) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
(k) Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
(l) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 19 (2022: 17 ).
5. Tangible assets
£
Cost
At 1 January 2023
1,689,882
Additions
29,783
Disposals
( 63,505)
------------
At 31 December 2023
1,656,160
------------
Depreciation
At 1 January 2023
299,430
Charge for the year
64,310
Disposals
( 55,383)
------------
At 31 December 2023
308,357
------------
Carrying amount
At 31 December 2023
1,347,803
------------
At 31 December 2022
1,390,452
------------
6. Investments
£
Cost
At 1 January 2023 and 31 December 2023
1,300
-------
Impairment
At 1 January 2023 and 31 December 2023
-------
Carrying amount
At 31 December 2023
1,300
-------
At 31 December 2022
1,300
-------
7. Creditors: amounts falling due after more than one year
Creditors falling due after more than one year include bank loans and overdrafts £Nil (2022 £515,331) and obligations under finance leases and hire purchase contracts of £9,739 (2022 £17,026) which are secured.
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2022: £458,572) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
21,761
33,238
Later than 1 year and not later than 5 years
23,629
43,370
--------
--------
45,390
76,608
--------
--------
9. Directors' advances, credits and guarantees
Debtors include a balance of £Nil (2022 - £18,825) due from Mr A C Ibbs-George .
10. Controlling party
The company is a wholly owned subsidiary of Outdoor Creation (Holdings) Limited, a company registered in England & Wales.