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REGISTERED NUMBER: 00777495 (England and Wales)












AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 OCTOBER 2024

FOR

O KAY ENGINEERING SERVICES LIMITED

O KAY ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 00777495)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 October 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


O KAY ENGINEERING SERVICES LIMITED

COMPANY INFORMATION
for the year ended 30 October 2024







DIRECTORS: A S Kay
N H Hollobone
C B Battle
D A Tarry





SECRETARY: N H Hollobone





REGISTERED OFFICE: Eagle Avenue
Magnetic Park
Desborough
Northamptonshire
NN14 2WD





REGISTERED NUMBER: 00777495 (England and Wales)





AUDITORS: Magma Audit LLP (part of the Dains Group)
Chartered Accountants
Statutory Auditor
Unit 2, Charnwood Edge Business Park
Syston Road
Leicestershire
LE7 4UZ

O KAY ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 00777495)

BALANCE SHEET
30 October 2024

2024 2023
as restated
Notes £    £   
FIXED ASSETS
Tangible assets 4 203,916 185,743

CURRENT ASSETS
Stocks 41,665 78,350
Debtors 5 1,073,643 1,947,417
Investments 6 1,114,853 500,000
Cash at bank and in hand 4,045,167 1,710,378
6,275,328 4,236,145
CREDITORS
Amounts falling due within one year 7 (4,448,845 ) (2,933,459 )
NET CURRENT ASSETS 1,826,483 1,302,686
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,030,399

1,488,429

CREDITORS
Amounts falling due after more than one
year

8

-

(10,719

)

PROVISIONS FOR LIABILITIES (366,405 ) (198,685 )
NET ASSETS 1,663,994 1,279,025

CAPITAL AND RESERVES
Called up share capital 16,020 16,020
Retained earnings 1,647,974 1,263,005
1,663,994 1,279,025

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 April 2025 and were signed on its behalf by:





N H Hollobone - Director


O KAY ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 00777495)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 October 2024


1. STATUTORY INFORMATION

O Kay Engineering Services Limited is a private limited company, limited by shares, registered in England and Wales. Its registered office address is Eagle Avenue, Magnetic Park, Desborough, Northamptonshire, NN14 2WD and the registered number is 00777495.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors believe that the company will remain profitable going forward and has sufficient resources to meet its liabilities for at least twelve months from signing these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed ot the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Long term contracts
These are assessed on a contract by contract basis and reflected in the profit and loss account by recording turnover and related costs as contract activity progresses. Where appropriate, attributable profits and anticipated losses are recognised.

The amount by which recorded turnover is in excess of payments on account is classified as amounts recoverable on contracts and separately disclosed within debtors.

The excess of payments on account over amounts recoverable on contracts is classified as payments on account and is separately disclosed within creditors.

Tangible fixed assets
Tangible fixed assets 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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Plant and machinery15% and 25% p.a on written down value; 25% - 33% p.a on cost
Motor vehicles20% - 25% p.a. on cost
Computer equipment25% p.a. on written down value; 20%-25% p.a. on cost

The asset's 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.

O KAY ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 00777495)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 October 2024


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out 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.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

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

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
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.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Current asset investments
Current asset investments are cash or cash equivalents with a maturity date of more than three months but less than one year from inception valued at fair value.


O KAY ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 00777495)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 October 2024


2. ACCOUNTING POLICIES - continued
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 49 (2023 - 51 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 31 October 2023 337,656 209,444 29,992 577,092
Additions 90,621 13,400 25,379 129,400
Disposals - (15,750 ) - (15,750 )
At 30 October 2024 428,277 207,094 55,371 690,742
DEPRECIATION
At 31 October 2023 244,065 138,442 8,842 391,349
Charge for year 70,941 30,512 9,774 111,227
Eliminated on disposal - (15,750 ) - (15,750 )
At 30 October 2024 315,006 153,204 18,616 486,826
NET BOOK VALUE
At 30 October 2024 113,271 53,890 36,755 203,916
At 30 October 2023 93,591 71,002 21,150 185,743

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Trade debtors 323,467 874,209
Amounts owed by group undertakings 568,036 842,826
Amounts recoverable on contract 81,764 77,636
Other debtors 83,038 136,235
Prepayments and accrued income 17,338 16,511
1,073,643 1,947,417

6. CURRENT ASSET INVESTMENTS
2024 2023
as restated
£    £   
Current asset investments 1,114,853 500,000

O KAY ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 00777495)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 October 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
as restated
£    £   
Hire purchase contracts (see note 9) 10,719 12,007
Payments on account 2,937,360 1,739,376
Trade creditors 606,615 703,017
Corporation tax 129,631 90,804
Social security and other taxes 497,920 191,804
Other creditors 3,971 45,475
Accruals and deferred income 262,629 150,976
4,448,845 2,933,459

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
as restated
£    £   
Hire purchase contracts (see note 9) - 10,719

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
as restated
£    £   
Net obligations repayable:
Within one year 10,719 12,007
Between one and five years - 10,719
10,719 22,726

Non-cancellable operating leases
2024 2023
as restated
£    £   
Within one year 780 3,153
Between one and five years 1,290 -
2,070 3,153

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
as restated
£    £   
Hire purchase contracts 10,719 22,726

O KAY ENGINEERING SERVICES LIMITED (REGISTERED NUMBER: 00777495)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 October 2024


11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Paul Orton FCA FCCA (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP (part of the Dains Group)