Registered number
07536784
Oxford Polo Limited
Filleted Accounts
31 March 2024
Oxford Polo Limited
Registered number: 07536784
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 320 320
Tangible assets 4 263,565 288,661
263,885 288,981
Current assets
Debtors 5 561,429 11,957
Cash at bank and in hand 250 8,389
561,679 20,346
Creditors: amounts falling due within one year 6 (679,327) (150,375)
Net current liabilities (117,648) (130,029)
Total assets less current liabilities 146,237 158,952
Creditors: amounts falling due after more than one year 7 (32,000) (61,227)
Provisions for liabilities (29,145) (24,602)
Net assets 85,092 73,123
Capital and reserves
Called up share capital 1 1
Profit and loss account 85,091 73,122
Shareholder's funds 85,092 73,123
The directors are 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 directors acknowledge their 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.
DFR Ashby
Director
Approved by the board on 30 January 2025
Oxford Polo 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Motor vehicles 15% reducing balance
Plant and machinery 15% reducing balance
Fixtures and fittings 18% reducing balance
Office equipment 20% reducing balance
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 9 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 320
At 31 March 2024 320
Amortisation
At 31 March 2024 -
Net book value
At 31 March 2024 320
At 31 March 2023 320
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 347,594 155,672 503,266
Additions 21,865 - 21,865
At 31 March 2024 369,459 155,672 525,131
Depreciation
At 1 April 2023 131,520 83,085 214,605
Charge for the year 36,073 10,888 46,961
At 31 March 2024 167,593 93,973 261,566
Net book value
At 31 March 2024 201,866 61,699 263,565
At 31 March 2023 216,074 72,587 288,661
5 Debtors 2024 2023
£ £
Trade debtors 132,492 11,957
Other debtors 428,937 -
561,429 11,957
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 28,902 24,000
Trade creditors 230,385 102,617
Taxation and social security costs 26,774 3,521
Pensions Payable 348 247
Wages Payable - Payroll 9,735 2,058
Other creditors 383,183 17,932
679,327 150,375
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 32,000 56,000
Amounts owed to associated undertakings - 5,227
32,000 61,227
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
DFR Ashby
Directors Loan Account (85,280) 82,436 - (2,844)
(85,280) 82,436 - (2,844)
9 Other information
Oxford Polo Limited is a private company limited by shares and incorporated in England. Its registered office is:
Kemsley Farm
Akeman Street
Weston On The Green
Bicester
OX25 3AA
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