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OBO LIMITED

Registered Number
08562249
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

OBO LIMITED
Company Information
for the year from 1 June 2023 to 31 May 2024

Directors

HELM, Gary
HELM, Jacqueline

Registered Address

32 Great Sutton Street
London
EC1V 0NB

Registered Number

08562249 (England and Wales)
OBO LIMITED
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets4131,190157,113
131,190157,113
Current assets
Stocks5362,481218,736
Debtors6377,897418,893
Cash at bank and on hand114,744101,042
855,122738,671
Creditors amounts falling due within one year7(784,031)(583,348)
Net current assets (liabilities)71,091155,323
Total assets less current liabilities202,281312,436
Creditors amounts falling due after one year8(160,596)(248,097)
Provisions for liabilities10(23,804)(21,516)
Net assets17,88142,823
Capital and reserves
Called up share capital22
Profit and loss account17,87942,821
Shareholders' funds17,88142,823
The financial statements were approved and authorised for issue by the Board of Directors on 27 February 2025, and are signed on its behalf by:
HELM, Gary
Director
HELM, Jacqueline
Director

Registered Company No. 08562249
OBO LIMITED
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Turnover policy
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.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Interest income
Interest income is recognised using the effective interest rate method.
Operating leases
Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
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.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
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.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Plant and machinery3
Vehicles15
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year75
3.Deferred tax
Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.
4.Tangible fixed assets

Vehicles

Office Equipment

Total

£££
Cost or valuation
At 01 June 23180,6524,428185,080
Additions-3,7423,742
At 31 May 24180,6528,170188,822
Depreciation and impairment
At 01 June 2327,17679127,967
Charge for year27,0982,56729,665
At 31 May 2454,2743,35857,632
Net book value
At 31 May 24126,3784,812131,190
At 31 May 23153,4763,637157,113
5.Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

2024

2023

££
Other stocks362,481218,736
Total362,481218,736
6.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables259,249326,622
Other debtors118,64892,271
Total377,897418,893
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
7.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables614,697414,219
Bank borrowings and overdrafts10,00010,000
Taxation and social security49,27752,476
Finance lease and HP contracts28,55826,444
Other creditors81,49980,209
Total784,031583,348
Creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.
8.Creditors: amounts due after one year

2024

2023

££
Trade creditors / trade payables160,596248,097
Total160,596248,097
9.Obligations under finance leases
Hire Purchase Contracts Minimum lease payments fall due as follows as at 31.05.24 Net obligations repayable: Within one year: £28,558 (2023: £26,444) Between one and five years: £59,491 (2023: £88,049) Total: £88,049 (2023: £114,493)
10.Provisions for liabilities

2024

2023

££
Other provisions23,80421,516
Total23,80421,516
11.Operating lease commitments
Non-cancellable operating leases At 31 May 2024, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £197,50 (2023 – £296,625) Within one year: £98,875 (2023: £98,875) Between one and five years: £98,875 (2023: £197,750) Total: £197,750 (2023: £296,625)
12.Controlling party
The controlling party is G Helm.