Company registration number 00516548 (England and Wales)
OLTEC GROUP TRADING LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
OLTEC GROUP TRADING LTD
COMPANY INFORMATION
Director
O Cavaliere
Company number
00516548
Registered office
Oltec Group
208 Wigan Road
Hindley
Wigan
WN2 3BU
Auditor
JS. Audit Limited
James House
Stonecross Business Park
Yew Tree Way
Warrington
Cheshire
WA3 3JD
Bankers
National Westminster Bank plc
PO Box 68
4 Standishgate
Wigan
Lancashire
WN2 2EL
OLTEC GROUP TRADING LTD
CONTENTS
Page
Director's report
1 - 2
Independent auditor's report
3 - 5
Statement of income and retained earnings
6
Balance sheet
7
Notes to the financial statements
8 - 19
OLTEC GROUP TRADING LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The director presents his annual report and financial statements for the year ended 31 March 2024.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

O Cavaliere
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The company's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the company's performance.

Auditor

The auditor, JS. Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of director's responsibilities

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

 

 

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as the director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the director has taken all the necessary steps that he ought to have taken as a director in order to make himself aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

OLTEC GROUP TRADING LTD
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
O Cavaliere
Director
23 October 2024
OLTEC GROUP TRADING LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OLTEC GROUP TRADING LTD
- 3 -
Opinion

We have audited the financial statements of Oltec Group Trading Ltd (the 'company') for the year ended 31 March 2024 which comprise the statement of income and retained earnings, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

OLTEC GROUP TRADING LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OLTEC GROUP TRADING LTD (CONTINUED)
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the director's report.

 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of director

As explained more fully in the Director's Responsibilities Statement included within the Director's Report, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the director is responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the group and sector, we identified that the principal risks of non-compliance with laws and regulations related to, but were not limited to, the Companies Act 2006, UK tax, employment, pension and health and safety legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgements and the risk of fraudulent revenue recognition.

OLTEC GROUP TRADING LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF OLTEC GROUP TRADING LTD (CONTINUED)
- 5 -

Our procedures to respond to risks identified included the following:

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Christopher Moss BSc F.C.A.
Senior Statutory Auditor
For and on behalf of JS. Audit Limited
28 October 2024
Chartered Accountants
Statutory Auditor
James House
Stonecross Business Park
Yew Tree Way
Warrington
Cheshire
WA3 3JD
OLTEC GROUP TRADING LTD
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2024
2023
Notes
£
£
Turnover
3
7,728,020
6,170,742
Cost of sales
(6,298,802)
(5,057,451)
Gross profit
1,429,218
1,113,291
Administrative expenses
(1,102,290)
(753,853)
Other operating income
106,800
72,000
Operating profit
4
433,728
431,438
Interest payable and similar expenses
7
(52,174)
(37,482)
Profit before taxation
381,554
393,956
Tax on profit
8
(99,507)
(83,414)
Profit for the financial year
282,047
310,542
Retained earnings brought forward
1,658,903
1,448,361
Dividends
9
(90,000)
(100,000)
Retained earnings carried forward
1,850,950
1,658,903

The statement of income and retained earnings has been prepared on the basis that all operations are continuing operations.

OLTEC GROUP TRADING LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
592,770
172,342
Current assets
Debtors falling due after more than one year
11
2,555,371
2,532,040
Debtors falling due within one year
11
1,372,601
1,340,261
Cash at bank and in hand
73,840
44,721
4,001,812
3,917,022
Creditors: amounts falling due within one year
12
(2,524,108)
(2,201,556)
Net current assets
1,477,704
1,715,466
Total assets less current liabilities
2,070,474
1,887,808
Creditors: amounts falling due after more than one year
13
(11,122)
(45,952)
Provisions for liabilities
Deferred tax liability
16
42,402
16,953
(42,402)
(16,953)
Net assets
2,016,950
1,824,903
Capital and reserves
Called up share capital
18
166,000
166,000
Profit and loss reserves
19
1,850,950
1,658,903
Total equity
2,016,950
1,824,903

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

The financial statements were approved and signed by the director and authorised for issue on 23 October 2024
O Cavaliere
Director
Company registration number 00516548 (England and Wales)
OLTEC GROUP TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
1
Accounting policies
Company information

Oltec Group Trading Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Oltec Group, 208 Wigan Road, Hindley, Wigan, WN2 3BU.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of Oltec Group Holding Limited. These consolidated financial statements are available from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover shown in the profit and loss account represents the total value of all security and facilities management services delivered during the year, at selling price excluding value added tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations to the customer.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

OLTEC GROUP TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 9 -

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% per annum straight line basis
Plant and machinery
33% per annum reducing balance basis
Fixtures, fittings & equipment
25% per annum straight line basis and 15% per annum reducing balance basis
Motor vehicles
25% per annum reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

OLTEC GROUP TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 10 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

OLTEC GROUP TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 11 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the asset's fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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 are 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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The director has reviewed the economic life of tangible fixed assets based on past experience in order to arrive at appropriate depreciation rates, as disclosed in Note 1.4, to ensure that the related assets are included in the balance sheet at appropriate amounts.

 

OLTEC GROUP TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
3
Turnover

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Security services
5,079,574
4,297,234
Cleaning services
1,703,401
1,444,754
Electrical services
945,045
428,754
7,728,020
6,170,742
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
7,728,020
6,170,742
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
9,450
9,495
Depreciation of owned tangible fixed assets
62,271
58,296
Depreciation of tangible fixed assets held under finance leases
27,816
32,364
Profit on disposal of tangible fixed assets
(4,540)
(76)
Operating lease charges
34,112
30,284
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Management and administrative
12
12
General operatives
192
191
Total
204
203
OLTEC GROUP TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Employees
(Continued)
- 13 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,737,405
3,653,670
Social security costs
273,327
301,535
Pension costs
253,079
77,695
4,263,811
4,032,900
6
Director's remuneration
2024
2023
£
£
Company pension contributions to defined contribution schemes
180,000
-

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 0).

7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
-
10
Interest on invoice finance arrangements
47,346
32,605
Interest on finance leases and hire purchase contracts
4,828
4,867
52,174
37,482
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
73,530
89,257
Adjustments in respect of prior periods
528
-
0
Total current tax
74,058
89,257
Deferred tax
Origination and reversal of timing differences
25,449
(5,843)
Total tax charge
99,507
83,414
OLTEC GROUP TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Taxation
(Continued)
- 14 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
381,554
393,956
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
95,389
74,852
Tax effect of expenses that are not deductible in determining taxable profit
3,590
7,191
Adjustments in respect of prior years
528
-
0
Effect of change in future tax rate
-
0
1,371
Taxation charge for the year
99,507
83,414

An increase in the UK corporation tax rate from 19% to 25% (which applies from 1 April 2023) was announced in the Chancellor’s Budget of 3 March 2021. Deferred tax has been calculated at this rate.

 

9
Dividends
2024
2023
£
£
Interim paid
90,000
100,000
OLTEC GROUP TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
10
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
-
0
391,721
495,117
173,925
1,060,763
Additions
449,397
621
2,028
88,695
540,741
Disposals
-
0
-
0
-
0
(35,825)
(35,825)
At 31 March 2024
449,397
392,342
497,145
226,795
1,565,679
Depreciation and impairment
At 1 April 2023
-
0
333,722
481,409
73,290
888,421
Depreciation charged in the year
17,275
19,395
3,681
49,736
90,087
Eliminated in respect of disposals
-
0
-
0
-
0
(5,599)
(5,599)
At 31 March 2024
17,275
353,117
485,090
117,427
972,909
Carrying amount
At 31 March 2024
432,122
39,225
12,055
109,368
592,770
At 31 March 2023
-
0
57,999
13,708
100,635
172,342

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Motor vehicles
45,291
85,191
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,319,506
1,312,183
Amounts owed by group undertakings
1,798
1,798
Other debtors
29,730
17,680
Prepayments and accrued income
21,567
8,600
1,372,601
1,340,261
OLTEC GROUP TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
11
Debtors
(Continued)
- 16 -
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
2,555,371
2,532,040
Total debtors
3,927,972
3,872,301
12
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans and overdrafts
14
100,401
524,945
Obligations under finance leases
15
29,872
36,329
Trade creditors
557,407
380,716
Amounts owed to group undertakings
562,868
433,115
Corporation tax
60,732
88,469
Other taxation and social security
538,474
471,021
Other creditors
240,354
246,121
Accruals and deferred income
434,000
20,840
2,524,108
2,201,556
13
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
15
11,122
45,952
14
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
100,401
524,945
Payable within one year
100,401
524,945

The bank overdrafts are secured by an unscheduled mortgage debenture incorporating a fixed and floating charge over the assets of the company. Included within bank loans and overdrafts is an invoice discounting creditor of £100,401 (2023: £524,945), which is secured on the book debts of the company.

OLTEC GROUP TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
15
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
29,872
36,329
In two to five years
11,122
45,952
40,994
82,281

Finance lease payments represent rentals payable by the company for certain motor vehicles. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is four years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

Obligations under finance leases are secured upon the assets to which they relate.

16
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
42,402
16,953
2024
Movements in the year:
£
Liability at 1 April 2023
16,953
Charge to profit or loss
25,449
Liability at 31 March 2024
42,402

The deferred tax liability set out above is expected to reverse within 4 years and relates to accelerated capital allowances that are expected to mature within the same period.

17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
253,079
77,695

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

OLTEC GROUP TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
162,000
162,000
162,000
162,000
Ordinary B shares of £1 each
4,000
4,000
4,000
4,000
166,000
166,000
166,000
166,000

The A Ordinary shares and B Ordinary shares rank pari passu with each other, save as regards dividends, in that the director may, in his absolute discretion, declare a dividend in respect of the B Ordinary Shares, but shall not be obliged to declare a dividend in respect of the A Ordinary Shares and vice versa.

19
Profit and loss reserves

Profit and loss reserves represent the cumulative profits and losses, net of distributions to shareholders.

20
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
36,000
-
0
Between two and five years
144,000
-
0
In over five years
165,000
-
0
345,000
-
0
21
Financial commitments, guarantees and contingent liabilities

There is a cross guarantee between Oltec Group Holding Ltd and Oltec Group Trading Ltd in favour of the group's bankers. The maximum potential liability as at 31 March 2024 was £643,997 (2023: £705,262).

22
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Purchases
2024
2023
£
£
Entities under common control
15,000
-
OLTEC GROUP TRADING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
22
Related party transactions
(Continued)
- 19 -

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Entities under common control
6,135
3,330
23
Ultimate controlling party

The ultimate parent undertaking is deemed to be OC Investments Limited, a company incorporated in the Isle of Man, which owns 100% of the issued Ordinary share capital of Oltec Group Holding Ltd, the immediate parent undertaking. OC Investments Limited is exempt from the requirement to prepare group accounts. The company is ultimately owned by the OC Trust which holds 100% of the ordinary share capital in OC Investments Limited. The directors consider there to be no ultimate controlling party.

 

Oltec Group Holding Ltd owned 100% of the Ordinary A and 100% of the Ordinary B issued share capital of the company. Oltec Group Holding Ltd is registered in England and Wales and has prepared consolidated financial statements.

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