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Registered number: 07302362
Ooberstock Limited
Directors' Report and
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Company Information 1
Directors' Report 2—3
Income Statement 4
Statement of Financial Position 5—6
Statement of Changes in Equity 7
Notes to the Financial Statements 8—10
Page 1
Company Information
Directors Gail Brogan
David Moran
Michael Howard
Company Number 07302362
Registered Office 9 Queens Square
Ascot Business Park
Ascot
Berkshire
SL5 9FE
Bankers HSBC UK
Canada Square
Canary Wharf
London
E14 5HQ
Solicitors Burges Salmon LLP
Atria One
144 Morrison Street
Edinburgh
EH3 8EX
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Directors' Report
The directors present their report and the financial statements for the year ended 31 March 2024.
Principal Activity
The company's principal activity is the distributor of fast moving consumer goods, including beers, wines and spirits.
Review of the Business
The trading environment remained challenging throughout the year. Sales declined by 39% and margins were squeezed as new competitors entered the market. In light of the tough trading conditions, the directors took the decision to write down some slow moving stock as well as writing down some historic debts and other costs, leading to an exceptional charge of £0.6m. Despite this the Directors and Shareholders continue to support the business.
Future Developments
In the autumn of 2024, the Directors took the decision to market the business for sale. The sale was completed on 13 March 2025.
Dividends
No dividends have been declared during the year.
Directors
The directors who held office during the year were as follows:
Stephen Brogan Resigned 23/07/2024
Gail Brogan
David Moran Appointed 19/05/2023
Michael Howard Appointed 12/04/2024
Post Balance Sheet Events
Statement of Directors' Responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to: 
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Small Company Rules
This report has 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.
On behalf of the board
David Moran
Director
28th March 2025
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Income Statement
2024 2023
Notes £ £
TURNOVER 6,343,463 10,362,155
Cost of sales (5,905,135 ) (9,282,293 )
GROSS PROFIT 438,328 1,079,862
Distribution costs (236,488 ) (579,813 )
Administrative expenses (372,419 ) (451,003 )
Other operating income 13,728 -
OPERATING (LOSS)/PROFIT 3 (156,851 ) 49,046
Exceptional items (548,456) -
Other interest receivable and similar income 70 7,591
Interest payable and similar charges (105,807 ) (66,937 )
LOSS FOR THE FINANCIAL YEAR (811,044 ) (10,300 )
There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income. There was no other comprehensive income for 2024 (2023:£nil).
The notes on pages 8 to 10 form part of these financial statements.
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Statement of Financial Position
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 5 184,250 251,600
Investments 6 12,783 12,783
197,033 264,383
CURRENT ASSETS
Stocks 7 176,932 988,302
Debtors 8 1,456,153 1,398,268
Cash at bank and in hand 768 48,674
1,633,853 2,435,244
Creditors 9 (1,136,418 ) (1,084,115 )
NET CURRENT ASSETS (LIABILITIES) 497,435 1,351,129
TOTAL ASSETS LESS CURRENT LIABILITIES 694,468 1,615,512
Long Term Liabilities 10 (295,000 ) (405,000 )
NET ASSETS 399,468 1,210,512
CAPITAL AND RESERVES
Called up share capital 12 2,000 2,000
Income Statement 397,468 1,208,512
SHAREHOLDERS' FUNDS 399,468 1,210,512
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
On behalf of the board
David Moran
Director
28th March 2025
The notes on pages 8 to 10 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Share Premium Income Statement Total
£ £ £ £
As at 1 April 2022 as previously stated 2,000 499,500 891,458 1,392,958
Prior year adjustment - - (172,146 ) (172,146 )
As at 1 April 2022 as restated 2,000 499,500 719,312 1,220,812
719,312
Loss for the year and total comprehensive income - - (10,300 ) (10,300)
Share capital reduction - (499,500 ) - (499,500)
Transfer from revaluation reserve - - 499,500 499,500
As at 31 March 2023 and 1 April 2023 2,000 - 1,208,512 1,210,512
Loss for the year and total comprehensive income - - (811,044 ) (811,044)
As at 31 March 2024 2,000 - 397,468 399,468
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Notes to the Financial Statements
1. General Information
Ooberstock Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07302362 . The registered office is 9 Queens Square, Ascot Business Park, Ascot, Berkshire, SL5 9FE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to income statement over its estimated economic life of 5 years.
2.5. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are initially measure at cost. After initial recognition intangible assets are measure at cost less any accumulated amortisation and impairment loss over its estimated economic life of 15 years.
2.6. Stocks and Work in Progress
Stocks are stated at the lower of cost and net realisable value.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.8. Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of any transaction costs and are measured subsequently at amortised cost using the effective interest method, less any impairement
2.9. Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured intially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
2.10. 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.
3. Operating (Loss)/profit
The operating (loss)/profit is stated after charging:
2024 2023
£ £
Amortisation of intangible fixed assets 67,350 78,600
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4. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 4)
2 4
5. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 April 2023 150,000 761,731 911,731
As at 31 March 2024 150,000 761,731 911,731
Amortisation
As at 1 April 2023 101,250 558,881 660,131
Provided during the period - 67,350 67,350
As at 31 March 2024 101,250 626,231 727,481
Net Book Value
As at 31 March 2024 48,750 135,500 184,250
As at 1 April 2023 48,750 202,850 251,600
6. Investments
Other
£
Cost
As at 1 April 2023 12,783
As at 31 March 2024 12,783
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 12,783
As at 1 April 2023 12,783
7. Stocks
2024 2023
£ £
Stock - Finished Goods 176,932 988,302
8. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,236,762 1,177,159
Prepayments and accrued income 26,581 169,694
Other debtors 162,673 51,415
Amounts owed by group undertakings 30,137 -
1,456,153 1,398,268
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9. Creditors
2024 2023
£ £
Trade creditors 299,320 388,633
Bank loans and overdrafts 110,000 110,000
PAYE & National Insurance - 594
VAT 30,372 41,190
Other creditors 5,574 112,363
Pension Fund - 480
Invoice Finance 321,609 247,761
Trade Finance 13,398 65,121
Accruals and deferred income 124,244 62,177
Amounts owed to group undertakings 231,901 -
Amounts owed to parent undertaking - 5,796
Amounts owed to associates - 50,000
1,136,418 1,084,115
10. Long Term Liabilities
2024 2023
£ £
Bank loans 295,000 405,000
11. Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured by way of a fixed and floating charge in favour of HSBC UK Bank plc and HSBC Invoice Finance (UK) Ltd.
2024 2023
£ £
Bank loans and overdrafts 405,000 515,000
12. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2,000 2,000
13. Ultimate Controlling Party
The company's ultimate controlling party is Drinks21 Group Ltd who own 100% of the share capital of the company. Drinks21 Group Ltd was incorporated in the United Kingdom, under company registered number 09683336. The ultimate controlling parties are Stephen & Gail Brogan who control more than 75% of the shares of Drinks21 Group Ltd .
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