Company Registration No. 11275361 (England and Wales)
OLTCO FRANCHISE LTD
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
LB GROUP
Swift House
Ground Floor
18 Hoffmanns Way
Chelmsford
Essex
UK
CM1 1GU
OLTCO FRANCHISE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
OLTCO FRANCHISE LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
4
31,294
39,394
Tangible assets
5
528,678
548,785
559,972
588,179
Current assets
Stocks
307
Debtors
6
174,520
107,749
Cash at bank and in hand
353,002
268,146
527,829
375,895
Creditors: amounts falling due within one year
7
(710,128)
(639,385)
Net current liabilities
(182,299)
(263,490)
Total assets less current liabilities
377,673
324,689
Creditors: amounts falling due after more than one year
8
(278,014)
(282,982)
Provisions for liabilities
(12,400)
(6,300)
Net assets
87,259
35,407
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
87,159
35,307
Total equity
87,259
35,407
OLTCO FRANCHISE LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 21 January 2025 and are signed on its behalf by:
Mr N Carnes
Director
Company Registration No. 11275361
OLTCO FRANCHISE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Oltco Franchise Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Swift House, Ground Floor, 18 Hoffmanns Way, Chelmsford, Essex, UK, CM1 1GU.
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 as applicable to companies subject to the small companies regime. 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 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 under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Capital received in the sale of a franchise is recognised in the year received.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Property rental services are provided in the normal course of business and are shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
OLTCO FRANCHISE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
5 years straight line
Trade marks
10% straight line
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Term of lease
Leasehold improvements
10% straight line
Fixtures and fittings
25% straight line
Computers
25% straight line
Motor vehicles
25% reducing balance
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.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.
OLTCO FRANCHISE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
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.
1.9
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.
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.
OLTCO FRANCHISE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
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.
1.10
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.
1.11
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.
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.
1.12
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.
OLTCO FRANCHISE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
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 assets 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 profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
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 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 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.
The directors make judgements in estimating the fair value of the Freehold properties as at the balance sheet date. The valuation has been made on an open market value basis by reference to market evidence of transaction prices for similar properties.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
9
9
OLTCO FRANCHISE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
4
Intangible fixed assets
Software
Trade marks
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
35,011
10,984
45,995
Amortisation
At 1 April 2023
4,405
2,196
6,601
Amortisation charged for the year
7,002
1,098
8,100
At 31 March 2024
11,407
3,294
14,701
Carrying amount
At 31 March 2024
23,604
7,690
31,294
At 31 March 2023
30,606
8,788
39,394
5
Tangible fixed assets
Leasehold land and buildings
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
297,645
292,256
36,908
7,706
2,800
637,315
Additions
23,978
3,035
1,167
750
28,930
At 31 March 2024
297,645
316,234
39,943
8,873
3,550
666,245
Depreciation
At 1 April 2023
13,378
53,074
15,821
5,032
1,225
88,530
Depreciation charged in the year
6,689
30,099
9,773
2,035
441
49,037
At 31 March 2024
20,067
83,173
25,594
7,067
1,666
137,567
Carrying amount
At 31 March 2024
277,578
233,061
14,349
1,806
1,884
528,678
At 31 March 2023
284,267
239,182
21,087
2,674
1,575
548,785
OLTCO FRANCHISE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
168,226
105,817
Amounts owed by group undertakings
1,665
40
Other debtors
4,629
1,892
174,520
107,749
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
20,179
17,851
Trade creditors
394,909
405,205
Taxation and social security
153,736
40,167
Other creditors
141,304
176,162
710,128
639,385
The company has fixed, floating and negative pledge charges secured over all the properties and assets of the company in favour of National Westminster Bank PLC dated 27 April 2022.
The company has a fixed charge secured over the leasehold property of the company in favour of National Westminster Bank PLC dated 30 June 2022.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
258,887
278,214
Other creditors
19,127
4,768
278,014
282,982
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
20
20
20
20
Ordinary B of £1 each
30
30
30
30
Ordinary C of £1 each
8
8
8
8
Ordinary D of £1 each
7
7
7
7
Ordinary E of £1 each
30
30
30
30
Ordinary F of £1 each
5
5
5
5
100
100
100
100
OLTCO FRANCHISE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Description of
Income
Payments
transaction
2024
2023
2024
2023
£
£
£
£
Connected companies
175,930
84,873
Entity under common control
2,250
Balances with related parties
Amounts owed by
Amounts owed to
related parties
related parties
2024
2023
2024
2023
£
£
£
£
Connected companies
234,045
40,313
Entity under common control
240
11,780
Other information
The company has taken advantage of the exemption under FRS 102.33.1A, and has not disclosed transactions entered into between wholly owned group companies.
11
Parent company
On the 12/10/2022 the company became 100% owned subsidiary of The Feel Good Holding Group Ltd, a company incorporated in England and Wales with registered office Swift House, Ground Floor, 18 Hoffmanns Way, Chelmsford, Essex, England, CM1 1GU.
OLTCO FRANCHISE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
12
Prior period adjustment
Reconciliation of changes in equity
1 April
31 March
2022
2023
£
£
Adjustments to prior year
Revaluation reserve reversal
-
(63,173)
Depreciation uplift on leasehold property
(6,689)
(6,689)
Deferred taxation movement
-
15,800
Total adjustments
(6,689)
(54,062)
Equity as previously reported
73,394
89,469
Equity as adjusted
66,705
35,407
Analysis of the effect upon equity
Revaluation reserve
-
(47,373)
Profit and loss reserves
(6,689)
(6,689)
(6,689)
(54,062)
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Depreciation uplift on leasehold property
(6,689)
Profit as previously reported
23,391
Profit as adjusted
16,702
Notes to reconciliation
The property which had been previously treated as freehold property in prior reporting periods has been reclassified as a to leasehold property on reflection of being held under a short term lease. As a result of this reclassification, the accounting treatment for such property has been amended to bring in line with the recommended practise as prescribed under FRS 102 Section 1A.
13
Directors' transactions
At the balance sheet date the company owed £72,989 (2023: £116,680) to the directors.
Dividends paid in the period to the directors amounted to £nil (2023: £24,000).
2024-03-312023-04-01false21 January 2025CCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr N CarnesMr J PearceMrs C StringerMr P T StringerMr P A Stringerfalse112753612023-04-012024-03-31112753612024-03-31112753612023-03-3111275361core:IntangibleAssetsOtherThanGoodwill2024-03-3111275361core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-03-3111275361core:IntangibleAssetsOtherThanGoodwill2023-03-3111275361core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-3111275361core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-03-3111275361core:LeaseholdImprovements2024-03-3111275361core:FurnitureFittings2024-03-3111275361core:ComputerEquipment2024-03-3111275361core:MotorVehicles2024-03-3111275361core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3111275361core:LeaseholdImprovements2023-03-3111275361core:FurnitureFittings2023-03-3111275361core:ComputerEquipment2023-03-3111275361core:MotorVehicles2023-03-3111275361core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3111275361core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3111275361core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3111275361core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3111275361core:CurrentFinancialInstruments2024-03-3111275361core:CurrentFinancialInstruments2023-03-3111275361core:Non-currentFinancialInstruments2024-03-3111275361core:Non-currentFinancialInstruments2023-03-3111275361core:ShareCapital2024-03-3111275361core:ShareCapital2023-03-3111275361core:RetainedEarningsAccumulatedLosses2024-03-3111275361core:RetainedEarningsAccumulatedLosses2023-03-3111275361core:ShareCapitalOrdinaryShares2024-03-3111275361core:ShareCapitalOrdinaryShares2023-03-3111275361bus:Director12023-04-012024-03-3111275361core:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3111275361core:ComputerSoftware2023-04-012024-03-3111275361core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-04-012024-03-3111275361core:LandBuildingscore:LongLeaseholdAssets2023-04-012024-03-3111275361core:LeaseholdImprovements2023-04-012024-03-3111275361core:FurnitureFittings2023-04-012024-03-3111275361core:ComputerEquipment2023-04-012024-03-3111275361core:MotorVehicles2023-04-012024-03-31112753612022-04-012023-03-3111275361core:IntangibleAssetsOtherThanGoodwill2023-03-3111275361core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-31112753612023-03-3111275361core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3111275361core:LeaseholdImprovements2023-03-3111275361core:FurnitureFittings2023-03-3111275361core:ComputerEquipment2023-03-3111275361core:MotorVehicles2023-03-3111275361core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-04-012024-03-3111275361core:WithinOneYear2024-03-3111275361core:WithinOneYear2023-03-3111275361core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2023-04-012024-03-3111275361core:EntitiesControlledByKeyManagementPersonnel2023-04-012024-03-3111275361core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2022-04-012023-03-3111275361core:EntitiesControlledByKeyManagementPersonnel2022-04-012023-03-3111275361core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2024-03-3111275361core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity2023-03-3111275361core:EntitiesControlledByKeyManagementPersonnel2024-03-3111275361core:EntitiesControlledByKeyManagementPersonnel2023-03-3111275361bus:PrivateLimitedCompanyLtd2023-04-012024-03-3111275361bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3111275361bus:FRS1022023-04-012024-03-3111275361bus:AuditExemptWithAccountantsReport2023-04-012024-03-3111275361bus:Director22023-04-012024-03-3111275361bus:Director32023-04-012024-03-3111275361bus:Director42023-04-012024-03-3111275361bus:Director52023-04-012024-03-3111275361bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP