Registered number
04611715
Oscar Cleve Limited
Filleted Accounts
31 December 2023
Oscar Cleve Limited
Registered number: 04611715
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 4,731 5,915
Current assets
Stocks 315 356
Debtors 4 65,930 96,411
Cash at bank and in hand 54,287 34,393
120,532 131,160
Creditors: amounts falling due within one year 5 (109,947) (116,616)
Net current assets 10,585 14,544
Total assets less current liabilities 15,316 20,459
Creditors: amounts falling due after more than one year 6 (12,161) (18,622)
Provisions for liabilities (1,183) (710)
Net assets 1,972 1,127
Capital and reserves
Called up share capital 101 101
Profit and loss account 1,871 1,026
Shareholders' funds 1,972 1,127
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C A Christensen
Director
Approved by the board on 4 September 2024
Oscar Cleve Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and buildings 2% straight line
Plant and machinery 20% reducing balance
Motor vehicles 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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.
Creditors
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.
Taxation
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 6
3 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 January 2023 19,922 4,800 24,722
At 31 December 2023 19,922 4,800 24,722
Depreciation
At 1 January 2023 14,812 3,995 18,807
Charge for the year 1,023 161 1,184
At 31 December 2023 15,835 4,156 19,991
Net book value
At 31 December 2023 4,087 644 4,731
At 31 December 2022 5,110 805 5,915
4 Debtors 2023 2022
£ £
Trade debtors 61,285 89,401
Other debtors 4,645 7,010
65,930 96,411
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 7,028 7,028
Trade creditors 26,445 28,508
Taxation and social security costs 9,189 8,172
Other creditors 67,285 72,908
109,947 116,616
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 12,161 18,622
7 Related party transactions
During the year dividends were paid to the shareholding director of £18,000 (2022: £38,000).
The balance owed to the director was £59,000 (2022: £68,757).
8 Controlling party
The company is controlled by the directors.
9 Other information
Oscar Cleve Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 2A Prince Albert Gardens
Grimsby
N E Lincolnshire
DN31 3AG
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