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Registration number: 10157928

Oh-Tech Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Oh-Tech Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 9

 

Oh-Tech Limited

Company Information

Directors

Mr K I D Sharland

Mr A G Harding

Registered office

30e Chalwyn Industrial Estate
Old Wareham Road
Poole
Dorset
BH12 4PE

Accountants

Elysium
Chartered Accountants
Unit A7 The Arena
9 Nimrod Way
Wimborne
Dorset
BH21 7UH

 

Oh-Tech Limited

(Registration number: 10157928)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

10,800

11,700

Tangible assets

5

48,797

34,590

 

59,597

46,290

Current assets

 

Debtors

6

55,392

36,806

Cash at bank and in hand

 

358,103

273,480

 

413,495

310,286

Creditors: Amounts falling due within one year

7

(165,634)

(113,142)

Net current assets

 

247,861

197,144

Total assets less current liabilities

 

307,458

243,434

Creditors: Amounts falling due after more than one year

7

(27,730)

(32,000)

Provisions for liabilities

(7,857)

-

Net assets

 

271,871

211,434

Capital and reserves

 

Called up share capital

1,112

1,112

Share premium reserve

6,000

6,000

Retained earnings

264,759

204,322

Shareholders' funds

 

271,871

211,434

 

Oh-Tech Limited

(Registration number: 10157928)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 27 December 2024 and signed on its behalf by:
 

.........................................
Mr K I D Sharland
Director

 

Oh-Tech Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 April 2023

1,112

6,000

204,322

211,434

Profit for the year

-

-

100,437

100,437

Dividends

-

-

(40,000)

(40,000)

At 31 March 2024

1,112

6,000

264,759

271,871

Share capital
£

Share premium
£

Retained earnings
£

Total
£

At 1 April 2022

1,112

6,000

132,403

139,515

Profit for the year

-

-

94,919

94,919

Dividends

-

-

(23,000)

(23,000)

At 31 March 2023

1,112

6,000

204,322

211,434

 

Oh-Tech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
30e Chalwyn Industrial Estate
Old Wareham Road
Poole
Dorset
BH12 4PE

These financial statements were authorised for issue by the Board on 27 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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 taxable income.

 

Oh-Tech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicle

25% reducing balance

Plant and Machinery

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Oh-Tech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 7).

 

Oh-Tech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

18,000

18,000

At 31 March 2024

18,000

18,000

Amortisation

At 1 April 2023

6,300

6,300

Amortisation charge

900

900

At 31 March 2024

7,200

7,200

Carrying amount

At 31 March 2024

10,800

10,800

At 31 March 2023

11,700

11,700

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

-

40,481

11,480

51,961

Additions

17,366

6,148

-

23,514

At 31 March 2024

17,366

46,629

11,480

75,475

Depreciation

At 1 April 2023

-

14,740

2,631

17,371

Charge for the year

-

7,095

2,212

9,307

At 31 March 2024

-

21,835

4,843

26,678

Carrying amount

At 31 March 2024

17,366

24,794

6,637

48,797

At 31 March 2023

-

25,741

8,849

34,590

Included within the net book value of land and buildings above is £17,366 (2023 - £Nil) in respect of freehold land and buildings.
 

 

Oh-Tech Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

36,376

21,857

Prepayments

3,456

4,414

Other debtors

15,560

10,535

 

55,392

36,806

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

4,000

4,000

Trade creditors

 

33,975

11,366

Taxation and social security

 

76,464

56,213

Accruals and deferred income

 

48,492

36,739

Other creditors

 

2,703

4,824

 

165,634

113,142

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

27,730

32,000

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

27,730

32,000

Current loans and borrowings

2024
£

2023
£

Bank borrowings

4,000

4,000