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Registration number: 03701256

Oxon Fastening Systems Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Oxon Fastening Systems Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 10

 

Oxon Fastening Systems Limited

Company Information

Directors

Mrs Teresa Ann Dixon

Mrs Christine Yvonne Bennett

Mr David Dixon

Mr Terry John Bennett

Registered office

Academic House
Oakfield Ind Estate
Stanton Harcourt Road
Eynsham
Oxon
OX29 4AJ

Accountants

ReesRussell LLP
Chartered Accountants
37 Market Square
Witney
Oxfordshire
OX28 6RE

 

Oxon Fastening Systems Limited

(Registration number: 03701256)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

271,331

272,464

Investment property

7

919,606

645,000

 

1,190,937

917,464

Current assets

 

Stocks

8

964,382

1,000,778

Debtors

9

427,702

441,631

Cash at bank and in hand

 

216,205

481,049

 

1,608,289

1,923,458

Creditors: Amounts falling due within one year

10

(228,786)

(335,012)

Net current assets

 

1,379,503

1,588,446

Total assets less current liabilities

 

2,570,440

2,505,910

Provisions for liabilities

(38,645)

(33,984)

Net assets

 

2,531,795

2,471,926

Capital and reserves

 

Called up share capital

204,000

204,000

Fair value reserve

218,716

192,716

Retained earnings

2,109,079

2,075,210

Shareholders' funds

 

2,531,795

2,471,926

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.

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 14 August 2024 and signed on its behalf by:
 

 

Oxon Fastening Systems Limited

(Registration number: 03701256)
Balance Sheet as at 31 March 2024

.........................................
Mrs Teresa Ann Dixon
Director

 

Oxon Fastening Systems Limited

Notes to the 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 & Wales.

The address of its registered office is:
Academic House
Oakfield Ind Estate
Stanton Harcourt Road
Eynsham
Oxon
OX29 4AJ

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

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.

Government grants

Grants that are received in respect of expenses or losses already incurred by the entity are recognised in profit and loss in the period when the grant becomes receivable.

 

Oxon Fastening Systems Limited

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

Tax

The tax expense for the period comprises deferred 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. Deferred tax on changes in fair value of Investment Property is then transferred from the profit and loss account reserve to the fair value reserve.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Furniture, fittings and equipment

25% reducing balance

Motor Vehicles

25% reducing balance

Plant and machinery

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors and confirmed periodically by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss. The change is then transferred from the profit and loss account reserve to the fair value reserve.

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:

 

Oxon Fastening Systems Limited

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

Asset class

Amortisation method and rate

Goodwill

over 10 years

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.

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.

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.

 

Oxon Fastening Systems Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 27 (2023 - 27).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

12,778

13,155

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

400,000

400,000

At 31 March 2024

400,000

400,000

Amortisation

At 1 April 2023

400,000

400,000

At 31 March 2024

400,000

400,000

Carrying amount

At 31 March 2024

-

-

 

Oxon Fastening Systems Limited

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

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

233,000

101,709

41,509

17,359

393,577

Additions

-

5,944

-

5,700

11,644

At 31 March 2024

233,000

107,653

41,509

23,059

405,221

Depreciation

At 1 April 2023

-

85,750

26,616

8,747

121,113

Charge for the year

-

5,476

3,723

3,578

12,777

At 31 March 2024

-

91,226

30,339

12,325

133,890

Carrying amount

At 31 March 2024

233,000

16,427

11,170

10,734

271,331

At 31 March 2023

233,000

15,959

14,893

8,612

272,464

Included within the net book value of land and buildings above is £233,000 (2023 - £233,000) in respect of short leasehold land and buildings.
 

 

Oxon Fastening Systems Limited

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

7

Investment properties

2024
£

At 1 April

645,000

Additions

248,606

Fair value adjustments

26,000

At 31 March

919,606

There has been no valuation of investment property by an independent valuer, however, the Directors have revalued the properties by reference to similar properties in the area.

8

Stocks

2024
£

2023
£

Other inventories

964,382

1,000,778

9

Debtors

2024
£

2023
£

Trade debtors

427,702

441,631

427,702

441,631

 

Oxon Fastening Systems Limited

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

10

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

156,739

225,181

Taxation and social security

59,320

104,231

Accruals and deferred income

3,800

3,700

Other creditors

8,927

1,900

228,786

335,012