Registered number
08955418
OG Exclusives London Limited
Filleted Accounts
31 March 2024
OG Exclusives London Limited
Registered number: 08955418
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 15,300 -
Tangible assets 4 601,891 627,022
617,191 627,022
Current assets
Stocks 438,224 445,595
Debtors 5 600,438 500,745
Cash at bank and in hand 235,399 392,887
1,274,061 1,339,227
Creditors: amounts falling due within one year 6 (310,182) (276,961)
Net current assets 963,879 1,062,266
Total assets less current liabilities 1,581,070 1,689,288
Creditors: amounts falling due after more than one year 7 (403,336) (415,277)
Net assets 1,177,734 1,274,011
Capital and reserves
Called up share capital 100 100
Revaluation reserve 8 180,000 180,000
Profit and loss account 997,634 1,093,911
Shareholder's funds 1,177,734 1,274,011
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
O Griffiths
Director
Approved by the board on 18 December 2024
OG Exclusives London Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
IT & office equipment 50% straight line
Machinery 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the mean average method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 22 21
3 Intangible fixed assets £
Goodwill:
Cost
Additions 15,300
At 31 March 2024 15,300
Amortisation
At 31 March 2024 -
Net book value
At 31 March 2024 15,300
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings IT & office equipment Total
£ £ £
Cost
At 1 April 2023 560,000 165,910 725,910
Additions - 28,266 28,266
At 31 March 2024 560,000 194,176 754,176
Depreciation
At 1 April 2023 - 98,888 98,888
Charge for the year - 53,397 53,397
At 31 March 2024 - 152,285 152,285
Net book value
At 31 March 2024 560,000 41,891 601,891
At 31 March 2023 560,000 67,022 627,022
5 Debtors 2024 2023
£ £
Trade debtors 327,954 431,177
Other debtors 272,484 69,568
600,438 500,745
Included in other debtors is an amount of assets that are held of lease amounting to £31,368
Assets held for lease are depreciated over 2 -8 years
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 108,972 30,815
Taxation and social security costs 27,303 80,347
Other creditors 173,907 165,799
310,182 276,961
7 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 403,336 415,277
8 Revaluation reserve 2024 2023
£ £
At 1 April 2023 180,000 180,000
At 31 March 2024 180,000 180,000
9 Other information
OG Exclusives London Limited is a private company limited by shares and incorporated in England. Its registered office is:
Crossways
School Road
Charing
Kent
TN27 0JN
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