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REGISTERED NUMBER: 00052962 (England and Wales)

















Unaudited Financial Statements

For The Year Ended 31 December 2023

for

o.comitti and son limited

o.comitti and son limited (Registered number: 00052962)

Contents of the Financial Statements
For The Year Ended 31 December 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


o.comitti and son limited

Company Information
For The Year Ended 31 December 2023







DIRECTORS: S G Barker
W F Barker
J J Barker





REGISTERED OFFICE: The Clockworks
Four Wantz Corner
Ongar
Essex
CM5 0AH





REGISTERED NUMBER: 00052962 (England and Wales)





ACCOUNTANTS: Giess Wallis Crisp LLP
10-12 Mulberry Green
Old Harlow
Essex
CM17 0ET

o.comitti and son limited (Registered number: 00052962)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 65,951 72,199
Investments 5 - 1
65,951 72,200

CURRENT ASSETS
Stocks 271,848 194,695
Debtors 6 106,327 331,480
Cash at bank and in hand 218,139 45,797
596,314 571,972
CREDITORS
Amounts falling due within one year 7 143,593 146,465
NET CURRENT ASSETS 452,721 425,507
TOTAL ASSETS LESS CURRENT
LIABILITIES

518,672

497,707

CREDITORS
Amounts falling due after more than one
year

8

15,000

25,000
NET ASSETS 503,672 472,707

CAPITAL AND RESERVES
Called up share capital 10 16,650 16,650
Share premium 163,969 163,969
Capital redemption reserve 18,000 18,000
Retained earnings 305,053 274,088
SHAREHOLDERS' FUNDS 503,672 472,707

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

o.comitti and son limited (Registered number: 00052962)

Statement of Financial Position - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





W F Barker - Director


o.comitti and son limited (Registered number: 00052962)

Notes to the Financial Statements
For The Year Ended 31 December 2023


1. STATUTORY INFORMATION

o.comitti and son limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on ·an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no estimates and assumptions which have had a significant risk of causing a material adjustment to the carrying amount of assets and liabilities

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 5% on cost
Plant and machinery - at varying rates on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

o.comitti and son limited (Registered number: 00052962)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11:'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues ' of FRS 102 to all of its financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade debtors and creditors.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors
Short terms debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by current accounts, cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short term creditors are measured at the transaction price.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

o.comitti and son limited (Registered number: 00052962)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and
property machinery Totals
£    £    £   
COST
At 1 January 2023 81,538 184,620 266,158
Additions - 7,622 7,622
At 31 December 2023 81,538 192,242 273,780
DEPRECIATION
At 1 January 2023 59,843 134,116 193,959
Charge for year 4,077 9,793 13,870
At 31 December 2023 63,920 143,909 207,829
NET BOOK VALUE
At 31 December 2023 17,618 48,333 65,951
At 31 December 2022 21,695 50,504 72,199

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 January 2023 47,345
Transfer to ownership (47,345 )
At 31 December 2023 -
DEPRECIATION
At 1 January 2023 23,670
Charge for year 4,734
Transfer to ownership (28,404 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 23,675

o.comitti and son limited (Registered number: 00052962)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023


5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023 1
Disposals (1 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 1

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 99,177 326,637
Other debtors 7,150 4,843
106,327 331,480

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts - 2,830
Trade creditors 25,408 56,344
Taxation and social security 20,385 19,222
Other creditors 87,800 58,069
143,593 146,465

Included within bank loans and overdrafts is a loan taken out under the BBL scheme.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 15,000 25,000

Included within bank loans is a loan taken out under the BBL scheme.

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts - 2,830

Assets held under finance leases and hire purchase contracts are secure on the assets concerned.

o.comitti and son limited (Registered number: 00052962)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023


10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
7,909 Ordinary £1 7,909 7,909
8,741 Ordinary A £1.00 8,741 8,741
16,650 16,650

11. RELATED PARTY DISCLOSURES

Rent was paid to the company pension scheme during the year amounting to £97,405 (2022: £90,000)