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Registered number: 02785798














OFFICE PLUS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

 
OFFICE PLUS LIMITED
 

CONTENTS



Page
Statement of financial position
 
1 - 2
Notes to the financial statements
 
3 - 8


 
OFFICE PLUS LIMITED
REGISTERED NUMBER:02785798

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
  
54,897
67,508

Investments
 5 
8
8

  
54,905
67,516

Current assets
  

Stocks
 6 
6,379
6,746

Debtors: amounts falling due within one year
 7 
234,356
285,619

Bank & cash balances
  
207,358
176,104

  
448,093
468,469

Current liabilities
  

Creditors: amounts falling due within one year
 8 
(338,629)
(365,135)

Net current assets
  
 
 
109,464
 
 
103,334

Total assets less current liabilities
  
164,369
170,850

Creditors: amounts falling due after more than one year
 9 
(13,950)
(24,111)

Provisions for liabilities
  

Deferred tax
 11 
(9,620)
(14,973)

Net assets
  
140,799
131,766


Capital and reserves
  

Called up share capital 
 12 
100
100

Share premium account
  
33,902
33,902

Profit and loss account
  
106,797
97,764

  
140,799
131,766


Page 1

 
OFFICE PLUS LIMITED
REGISTERED NUMBER:02785798
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2024

The Director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The Director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 October 2024.




I R Grant
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
OFFICE PLUS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Office Plus Limited is a private company limited by shares and incorporated in England. Its registered office is 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD.
The principal activity of the Company during the year was that of printers and stationers.
The Company's functional and presentational currency is £ sterling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue recognised by the Company in respect of goods supplied during the year, exclusive of Value Added Tax and trade discounts.
Revenue is recognised when the goods are dispatched.  

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Fixtures & fittings
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Valuation of investments

Investments held as fixed assets are shown at cost less povision for impairment. 

Page 3

 
OFFICE PLUS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Dividends

Equity dividends are recognised when they become legally payable.

 
2.8

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.9

Pensions

The Company contributes to a defined contribution pension scheme and the pension charge
represents the amounts payable by the Company to the fund in respect of the year.

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.11

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
OFFICE PLUS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 7).

Page 5

 
OFFICE PLUS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Tangible fixed assets





Motor vehicles
Fixtures & fittings
Total

£
£
£



Cost or valuation


At 1 February 2023
140,661
22,103
162,764


Additions
-
4,266
4,266



At 31 January 2024

140,661
26,369
167,030



Depreciation


At 1 February 2023
74,498
20,758
95,256


Charge for the year on owned assets
14,008
336
14,344


Charge for the year on financed assets
2,532
-
2,532



At 31 January 2024

91,038
21,094
112,132



Net book value



At 31 January 2024
49,623
5,275
54,898



At 31 January 2023
66,163
1,345
67,508

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
7,597
10,129


5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 February 2023
8



At 31 January 2024
8




Page 6

 
OFFICE PLUS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

6.


Stocks

2024
2023
£
£

Raw materials and consumables
6,379
6,746



7.


Debtors

2024
2023
£
£


Trade debtors
228,557
275,132

Other debtors
2,567
7,667

Prepayments and accrued income
3,232
2,820

234,356
285,619



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
1,089
1,089

Bank loans
10,162
9,911

Trade creditors
154,760
122,407

Other taxation and social security
58,813
28,111

Other creditors
21,244
121,887

Accruals and deferred income
92,561
81,730

338,629
365,135



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
10,419
10,162

Other loans
3,531
13,949

13,950
24,111


Page 7

 
OFFICE PLUS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,162
9,911


Amounts falling due 1-5 years

Bank loans
10,419
10,162

Amounts falling due after more than 5 years

Other loans
3,531
13,949

24,112
34,022



11.


Deferred taxation




2024


£






At beginning of year
(14,973)


Charged to profit or loss
5,353



At end of year
(9,620)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(9,620)
(14,973)


12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1 each
100
100


 
Page 8