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Registration number: 04854117

Oakmount Control Systems Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Oakmount Control Systems Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 11

 

Oakmount Control Systems Limited

(Registration number: 04854117)
Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

187

937

Tangible assets

5

736,627

810,097

 

736,814

811,034

Current assets

 

Stocks

6

200,625

436,820

Debtors

7

973,994

1,671,653

Cash at bank and in hand

 

708,851

507,100

 

1,883,470

2,615,573

Creditors: Amounts falling due within one year

8

(738,742)

(1,292,718)

Net current assets

 

1,144,728

1,322,855

Total assets less current liabilities

 

1,881,542

2,133,889

Creditors: Amounts falling due after more than one year

8

-

(45,896)

Net assets

 

1,881,542

2,087,993

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

1,881,442

2,087,893

Shareholders' funds

 

1,881,542

2,087,993




 

For the financial year ending 30 June 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.

 

Oakmount Control Systems Limited

(Registration number: 04854117)
Statement of Financial Position as at 30 June 2024 (continued)

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 20 February 2025 and signed on its behalf by:
 


Mr J Flannery
Director


Mrs N L Biggs
Director

 

Oakmount Control Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
Estover Road
Estover
Plymouth
Devon
PL6 7PY

Principal activity

The principal activity of the company is the design and manufacture of industrial automation machinery and control systems.

2

Accounting policies

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

 

Oakmount Control Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Going concern

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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 statement of financial position 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

Leasehold improvements

at rates between 5% and 20% straight line

Plant and equipment

25% reducing balance

Motor vehicles

25% reducing balance

 

Oakmount Control Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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

5% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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 statement of comprehensive income 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.

 

Oakmount Control Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 49 (2023 - 48).

 

Oakmount Control Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

15,000

15,000

At 30 June 2024

15,000

15,000

Amortisation

At 1 July 2023

14,063

14,063

Amortisation charge

750

750

At 30 June 2024

14,813

14,813

Carrying amount

At 30 June 2024

187

187

At 30 June 2023

937

937

5

Tangible assets

Leasehold property improvements
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

364,532

968,371

85,764

1,418,667

Additions

-

25,994

-

25,994

At 30 June 2024

364,532

994,365

85,764

1,444,661

Depreciation

At 1 July 2023

55,235

489,698

63,637

608,570

Charge for the year

18,231

75,701

5,532

99,464

At 30 June 2024

73,466

565,399

69,169

708,034

Carrying amount

At 30 June 2024

291,066

428,966

16,595

736,627

At 30 June 2023

309,297

478,673

22,127

810,097

 

Oakmount Control Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

6

Stocks

2024
£

2023
£

Work in progress

91,500

347,500

Finished goods and goods for resale

109,125

89,320

200,625

436,820

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

549,377

1,147,081

Amounts owed by related parties

12

272,418

272,422

Prepayments

 

63,495

59,048

Deferred tax assets

28,060

193,102

Income tax asset

60,644

-

 

973,994

1,671,653

Details of non-current trade and other debtors

£28,059 (2023 -£193,102) of Deferred tax asset is classified as non current.

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

45,896

73,626

Trade creditors

 

317,885

454,651

Amounts owed to group undertakings and undertakings in which the company has a participating interest

12

8,210

57,505

Taxation and social security

 

119,388

91,077

Accruals and deferred income

 

228,575

593,988

Other creditors

 

18,788

21,871

 

738,742

1,292,718

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £45,896 (2023 - £73,626).

 

Oakmount Control Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

8

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

-

45,896

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Finance lease liabilities

45,896

73,626

Non-current loans and borrowings

2024
£

2023
£

Finance lease liabilities

-

45,896

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

153,750

115,000

Later than one year and not later than five years

440,000

475,000

Later than five years

-

200,000

593,750

790,000

The amount of non-cancellable operating lease payments recognised as an expense during the year was £136,250 (2023 - £120,000).

 

Oakmount Control Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

12

Related party transactions

Summary of transactions with parent

Oakmount Automation Limited is the parent company and ultimate controlling party of the reporting entity. The registered office address of Oakmount Automation Limited is the same as that of the reporting entity.
 

Loans to related parties

2024

Parent
£

Total
£

At start of period

272,422

272,422

Advanced

249,996

249,996

Repaid

(250,000)

(250,000)

At end of period

272,418

272,418

2023

Parent
£

Other related parties
£

Total
£

At start of period

22,413

1,013

23,426

Advanced

250,009

-

250,009

Repaid

-

(1,013)

(1,013)

At end of period

272,422

-

272,422

Terms of loans to related parties

Oakmount Automation Limited - parent: Interest free and repayable on demand.
 

 

Oakmount Control Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

12

Related party transactions (continued)

Loans from related parties

2024

Other related parties
£

Total
£

At start of period

57,505

57,505

Advanced

8,210

8,210

Repaid

(57,505)

(57,505)

At end of period

8,210

8,210

2023

Other related parties
£

Total
£

At start of period

194,398

194,398

Repaid

(136,893)

(136,893)

At end of period

57,505

57,505

Terms of loans from related parties

Oakmount (UK) Ltd- former parent: Interest free and repayable on demand.