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Registered number: 00575814
Oclee & Son Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
AK Tax & Accountancy Ltd
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 00575814
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 238,820 238,970
238,820 238,970
CURRENT ASSETS
Stocks 5 113,483 58,000
Cash at bank and in hand 104,445 87,852
217,928 145,852
Creditors: Amounts Falling Due Within One Year 6 (64,827 ) (52,444 )
NET CURRENT ASSETS (LIABILITIES) 153,101 93,408
TOTAL ASSETS LESS CURRENT LIABILITIES 391,921 332,378
Creditors: Amounts Falling Due After More Than One Year 7 (15,833 ) -
NET ASSETS 376,088 332,378
CAPITAL AND RESERVES
Called up share capital 8 97,500 97,500
Revaluation reserve 9 125,440 125,440
Capital redemption reserve 32,500 32,500
Profit and Loss Account 120,648 76,938
SHAREHOLDERS' FUNDS 376,088 332,378
Page 1
Page 2
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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
J B O'Clee
Director
16/02/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Oclee & Son Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00575814 . The registered office is 35 Sandgate Rd, Folkestone, Kent, CT20 1SB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold
Fixtures & Fittings 20% reducing balance
Computer Equipment 33% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2022: 3)
4 3
Page 3
Page 4
4. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 238,440 55,494 8,993 302,927
As at 31 December 2023 238,440 55,494 8,993 302,927
Depreciation
As at 1 January 2023 - 55,307 8,650 63,957
Provided during the period - 37 113 150
As at 31 December 2023 - 55,344 8,763 64,107
Net Book Value
As at 31 December 2023 238,440 150 230 238,820
As at 1 January 2023 238,440 187 343 238,970
5. Stocks
2023 2022
£ £
Stock 113,483 58,000
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 19,504 32,597
Bank loans and overdrafts 10,000 -
Other taxes and social security 34,445 19,847
Other creditors 878 -
64,827 52,444
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 15,833 -
15,833 -
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 97,500 97,500
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Page 5
9. Reserves
Revaluation Reserve
£
As at 1 January 2023 125,440
As at 31 December 2023 125,440
Page 5