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Oxford Dive Centre (UK) Limited
Filleted accounts
31 December 2023
Company registration number: 04419817
Oxford Dive Centre (UK) Limited
Directors and other information
Director J Cox
Company number 04419817
Registered office The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Accountants Cox Hinkins & Co. Limited
Accountants and Taxation Advisors
The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Oxford Dive Centre (UK) Limited
Balance sheet
31st December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 9,798 11,216
_______ _______
9,798 11,216
Current assets
Stocks 45,000 40,000
Debtors 6 3,107 742
Cash at bank and in hand 30,530 26,808
_______ _______
78,637 67,550
Creditors: amounts falling due
within one year 7 ( 46,064) ( 35,369)
_______ _______
Net current assets 32,573 32,181
_______ _______
Total assets less current liabilities 42,371 43,397
Creditors: amounts falling due
after more than one year 8 ( 6,145) ( 8,776)
Provisions for liabilities ( 1,862) ( 2,131)
_______ _______
Net assets 34,364 32,490
_______ _______
Capital and reserves
Called up share capital 9 2 2
Profit and loss account 34,362 32,488
_______ _______
Shareholders funds 34,364 32,490
_______ _______
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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These 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 Profit & loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 September 2024 , and are signed on behalf of the board by:
J Cox
Director
Company registration number: 04419817
Oxford Dive Centre (UK) Limited
Notes to the financial statements
Year ended 31st December 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is The Old Dairy, 12 Stephen Road, Headington, Oxford, OX3 9AY. There was no significant change in the company's principal activity during the year which continued to be retail of diving equipment and the provision of diving courses.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The principal accounting policies are set out below. The financial statements are prepared in sterling which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20% reducing balance basis
Motor vehicles - 25% reducing balance basis
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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 stocks to their present location and condition. Cost is calculated using the first in, first out formula. Provision is made for damaged, obsolete and slow moving stock where appropriate.
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 Balance sheet 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 in finance costs in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractualarrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 1 ).
5. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1st January 2023 34,018 11,500 45,518
Additions 1,300 - 1,300
_______ _______ _______
At 31st December 2023 35,318 11,500 46,818
_______ _______ _______
Depreciation
At 1st January 2023 29,271 5,031 34,302
Charge for the year 1,101 1,617 2,718
_______ _______ _______
At 31st December 2023 30,372 6,648 37,020
_______ _______ _______
Carrying amount
At 31st December 2023 4,946 4,852 9,798
_______ _______ _______
At 31st December 2022 4,747 6,469 11,216
_______ _______ _______
6. Debtors
2023 2022
£ £
Other debtors 3,107 742
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 3,000 3,000
Trade creditors 8,970 7,689
Social security and other taxes 27,728 17,559
Other creditors 6,366 7,121
_______ _______
46,064 35,369
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 6,145 8,776
_______ _______
9. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 2 2 2 2
_______ _______ _______ _______
10. Controlling party
The company is under the control of J Cox who owns 100% of the issued shares.