Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-3092023-07-01falseNo description of principal activity8falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 14151854 2023-07-01 2024-06-30 14151854 2022-06-06 2023-06-30 14151854 2024-06-30 14151854 2023-06-30 14151854 c:Director1 2023-07-01 2024-06-30 14151854 d:OfficeEquipment 2023-07-01 2024-06-30 14151854 d:OfficeEquipment 2024-06-30 14151854 d:OfficeEquipment 2023-06-30 14151854 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 14151854 d:Goodwill 2023-07-01 2024-06-30 14151854 d:Goodwill 2024-06-30 14151854 d:Goodwill 2023-06-30 14151854 d:CurrentFinancialInstruments 2024-06-30 14151854 d:CurrentFinancialInstruments 2023-06-30 14151854 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 14151854 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 14151854 d:ShareCapital 2024-06-30 14151854 d:ShareCapital 2023-06-30 14151854 d:RetainedEarningsAccumulatedLosses 2024-06-30 14151854 d:RetainedEarningsAccumulatedLosses 2023-06-30 14151854 c:FRS102 2023-07-01 2024-06-30 14151854 c:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 14151854 c:FullAccounts 2023-07-01 2024-06-30 14151854 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 14151854 2 2023-07-01 2024-06-30 14151854 d:Goodwill d:OwnedIntangibleAssets 2023-07-01 2024-06-30 14151854 e:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: 14151854









OBJECTS OF USE (OXFORD) LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 JUNE 2024

 
OBJECTS OF USE (OXFORD) LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF OBJECTS OF USE (OXFORD) LTD
FOR THE PERIOD ENDED 30 JUNE 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of OBJECTS OF USE (OXFORD) LTD for the period ended 30 June 2024 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of OBJECTS OF USE (OXFORD) LTD in accordance with the terms of our engagement letter dated 3 November 2022Our work has been undertaken solely to prepare for your approval the financial statements of OBJECTS OF USE (OXFORD) LTD and state those matters that we have agreed to state to the director of OBJECTS OF USE (OXFORD) LTD in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than OBJECTS OF USE (OXFORD) LTD and its director for our work or for this report. 

It is your duty to ensure that OBJECTS OF USE (OXFORD) LTD has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of OBJECTS OF USE (OXFORD) LTD. You consider that OBJECTS OF USE (OXFORD) LTD is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or review of the financial statements of OBJECTS OF USE (OXFORD) LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



The Woodstock Accountancy Practice Limited
Chartered Accountants
Woodstock
Oxfordshire
OX20 1SY
14 February 2025
Page 1

 
OBJECTS OF USE (OXFORD) LTD
REGISTERED NUMBER: 14151854

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
7,380
9,840

Tangible assets
 5 
6,078
4,184

  
13,458
14,024

Current assets
  

Stocks
 6 
50,000
50,000

Debtors: amounts falling due within one year
 7 
25,370
7,188

Cash at bank and in hand
 8 
39,061
37,961

  
114,431
95,149

Creditors: amounts falling due within one year
 9 
(99,674)
(93,753)

Net current assets
  
 
 
14,757
 
 
1,396

Total assets less current liabilities
  
28,215
15,420

  

Net assets
  
28,215
15,420


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
28,115
15,320

  
28,215
15,420


Page 2

 
OBJECTS OF USE (OXFORD) LTD
REGISTERED NUMBER: 14151854
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 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 period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her 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 income and retained earnings 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 14 February 2025.




H Rattigan
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
OBJECTS OF USE (OXFORD) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

1.


General information

Objects of Use (Oxford) Ltd, Company Registration Number 14151854
A company limited by shares and incorporated in England and Wales.
Registered office address:
6 Lincoln House, Market Street, Oxford, England, OX1 3EQ.
The company was incorporated on 6 June 2022. The principal activity of the company is the retail of household goods.

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

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 4

 
OBJECTS OF USE (OXFORD) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Interest income

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

 
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

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

 
OBJECTS OF USE (OXFORD) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

Taxation

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 balance sheet date in the countries where the Company operates and generates income.


 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
5
years

 
2.10

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.

Page 6

 
OBJECTS OF USE (OXFORD) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

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:

Office equipment
-
25%
reducing balance

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.

 
2.11

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 weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 7

 
OBJECTS OF USE (OXFORD) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

3.


Employees

30 June
Period ended
30 June
2024
2023
£
£

Wages and salaries
80,989
40,934

Cost of defined contribution scheme
1,695
159

82,684
41,093


The average monthly number of employees, including directors, during the period was 8 (2023 - 9).


4.


Intangible assets




Goodwill

£



Cost


At 1 July 2023
12,300



At 30 June 2024

12,300



Amortisation


At 1 July 2023
2,460


Charge for the period on owned assets
2,460



At 30 June 2024

4,920



Net book value



At 30 June 2024
7,380



At 30 June 2023
9,840



Page 8

 
OBJECTS OF USE (OXFORD) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 July 2023
4,583


Additions
3,372



At 30 June 2024

7,955



Depreciation


At 1 July 2023
399


Charge for the period on owned assets
1,478



At 30 June 2024

1,877



Net book value



At 30 June 2024
6,078



At 30 June 2023
4,184


6.


Stocks

2024
2023
£
£

Finished goods and goods for resale
50,000
50,000

50,000
50,000



7.


Debtors

2024
2023
£
£


Other debtors
25,370
-

Prepayments and accrued income
-
7,188

25,370
7,188


Page 9

 
OBJECTS OF USE (OXFORD) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
39,061
37,961

39,061
37,961



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
43,737
57,268

Corporation tax
21,242
7,637

Other taxation and social security
10,075
13,930

Other creditors
6,282
14,918

Accruals and deferred income
18,338
-

99,674
93,753



10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund.
The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,695 (2023: £159).
Contributions totalling £477 (2023: £59) were payable to the fund at the balance sheet date and are included in other creditors.

 
Page 10