ODS AUTOMOTIVES LIMITED NI621775 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is Injection Reconditioning for Trade & General Public Digita Accounts Production Advanced 6.30.9574.0 true true NI621775 2023-01-01 2023-12-31 NI621775 2023-12-31 NI621775 bus:Director1 1 2023-12-31 NI621775 bus:OrdinaryShareClass1 2023-12-31 NI621775 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 NI621775 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-12-31 NI621775 core:CurrentFinancialInstruments 2023-12-31 NI621775 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 NI621775 core:Non-currentFinancialInstruments 2023-12-31 NI621775 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 NI621775 core:FurnitureFittingsToolsEquipment 2023-12-31 NI621775 core:MotorVehicles 2023-12-31 NI621775 core:OtherPropertyPlantEquipment 2023-12-31 NI621775 1 2023-12-31 NI621775 bus:SmallEntities 2023-01-01 2023-12-31 NI621775 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 NI621775 bus:FilletedAccounts 2023-01-01 2023-12-31 NI621775 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI621775 bus:RegisteredOffice 2023-01-01 2023-12-31 NI621775 bus:Director1 2023-01-01 2023-12-31 NI621775 bus:Director1 1 2023-01-01 2023-12-31 NI621775 bus:Director2 2023-01-01 2023-12-31 NI621775 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 NI621775 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI621775 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 NI621775 core:MotorVehicles 2023-01-01 2023-12-31 NI621775 core:OfficeEquipment 2023-01-01 2023-12-31 NI621775 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 NI621775 core:PlantMachinery 2023-01-01 2023-12-31 NI621775 1 2023-01-01 2023-12-31 NI621775 countries:NorthernIreland 2023-01-01 2023-12-31 NI621775 2022-12-31 NI621775 bus:Director1 1 2022-12-31 NI621775 core:FurnitureFittingsToolsEquipment 2022-12-31 NI621775 core:MotorVehicles 2022-12-31 NI621775 core:OtherPropertyPlantEquipment 2022-12-31 NI621775 2022-01-01 2022-12-31 NI621775 2022-12-31 NI621775 bus:Director1 1 2022-12-31 NI621775 bus:OrdinaryShareClass1 2022-12-31 NI621775 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-12-31 NI621775 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-12-31 NI621775 core:CurrentFinancialInstruments 2022-12-31 NI621775 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 NI621775 core:Non-currentFinancialInstruments 2022-12-31 NI621775 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 NI621775 core:FurnitureFittingsToolsEquipment 2022-12-31 NI621775 core:MotorVehicles 2022-12-31 NI621775 core:OtherPropertyPlantEquipment 2022-12-31 NI621775 1 2022-12-31 NI621775 bus:Director1 1 2022-01-01 2022-12-31 NI621775 bus:Director1 1 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI621775

ODS AUTOMOTIVES LIMITED

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

ODS AUTOMOTIVES LIMITED

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

ODS AUTOMOTIVES LIMITED

Company Information

Director

Mrs Shauna Marie Mc Cann

Registered office

28A Church Street
Middletown
Armagh
BT60 4HZ

Accountants

SP McKeown & Co Ltd
Chartered Certified Accountants & Tax Advisors
5 Lower Catherine Street
Newry
Co Down
BT35 6BE

 

ODS AUTOMOTIVES LIMITED

(Registration number: NI621775)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

42,972

50,341

Current assets

 

Stocks

5

41,889

42,581

Debtors

6

73,706

80,935

Cash at bank and in hand

 

110,935

62,937

 

226,530

186,453

Creditors: Amounts falling due within one year

7

(132,638)

(127,327)

Net current assets

 

93,892

59,126

Total assets less current liabilities

 

136,864

109,467

Creditors: Amounts falling due after more than one year

7

(41,259)

(58,974)

Provisions for liabilities

(7,968)

(9,564)

Net assets

 

87,637

40,929

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

87,635

40,927

Shareholders' funds

 

87,637

40,929

For the financial 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 accounts for the year in question in accordance with section 476; and

The director acknowledges her 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 9 September 2024
 

 

ODS AUTOMOTIVES LIMITED

(Registration number: NI621775)
Balance Sheet as at 31 December 2023

.........................................
Mrs Shauna Marie Mc Cann
Director

   
     
 

ODS AUTOMOTIVES LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
28A Church Street
Middletown
Armagh
BT60 4HZ

The principal place of business is:
28A Church Street
Middletown
Armagh
BT60 4HZ

These financial statements were authorised for issue by the director on 9 September 2024.

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.

 

ODS AUTOMOTIVES LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and 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.

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

Plant and Machinery

20% Reducing Balance

Motor Vehicles

25% Reducing Balance

Office Equipment

25% Reducing Balance

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.

 

ODS AUTOMOTIVES LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

ODS AUTOMOTIVES LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2022 - 7).

 

ODS AUTOMOTIVES LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

12,045

12,937

136,730

161,712

Additions

-

1,100

2,816

3,916

At 31 December 2023

12,045

14,037

139,546

165,628

Depreciation

At 1 January 2023

5,734

11,643

93,994

111,371

Charge for the year

1,577

598

9,110

11,285

At 31 December 2023

7,311

12,241

103,104

122,656

Carrying amount

At 31 December 2023

4,734

1,796

36,442

42,972

At 31 December 2022

6,311

1,294

42,736

50,341

5

Stocks

2023
£

2022
£

Other inventories

41,889

42,581

6

Debtors

Current

2023
£

2022
£

Trade debtors

66,233

43,317

Prepayments

5,691

-

Other debtors

1,782

37,618

 

73,706

80,935

7

Creditors

Creditors: amounts falling due within one year

 

ODS AUTOMOTIVES LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

17,737

18,901

Trade creditors

 

37,310

45,692

Taxation and social security

 

22,732

20,943

Accruals and deferred income

 

3,237

2,787

Other creditors

 

51,622

39,004

 

132,638

127,327

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

41,259

58,974

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Share Capital of £1 each

2

2

2

2

       

9

Share capital

10

Related party transactions

 

ODS AUTOMOTIVES LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Transactions with the director

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr Connor Mc Cann

Director Loan

39,135

(21,885)

29,300

46,550

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr Connor Mc Cann

Director Loan

51,841

(23,803)

11,097

39,135

 

ODS AUTOMOTIVES LIMITED

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

15,570

9,825

Dividends paid to the director

2023
£

2022
£

Mr Connor Mc Cann

Dividends

-

-

 

 

11

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

32,500

37,478

Hire purchase contracts

8,759

21,496

41,259

58,974

Current loans and borrowings

2023
£

2022
£

Bank borrowings

5,000

5,000

Hire purchase contracts

12,737

13,901

17,737

18,901

Bank borrowings

Bounceback loan is denominated in sterling with a nominal interest rate of 2.5%, and the final instalment is due on 30 June 2031. The carrying amount at year end is £37,500 (2022 - £42,478).