Company registration number 02739706 (England and Wales)
OFTEC LIMITED (FORMERLY OIL FIRING TECHNICAL ASSOCIATION LIMITED)
(A COMPANY LIMITED BY GUARANTEE)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
OFTEC LIMITED (FORMERLY OIL FIRING TECHNICAL ASSOCIATION LIMITED)
(A COMPANY LIMITED BY GUARANTEE)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
OFTEC LIMITED (FORMERLY OIL FIRING TECHNICAL ASSOCIATION LIMITED)
(A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
4
291,683
231,194
Tangible assets
5
34,602
33,142
Investments
6
981,567
326,285
1,245,903
Current assets
Stocks
39,032
46,859
Debtors
8
275,405
264,416
Cash at bank and in hand
1,660,032
610,810
1,974,469
922,085
Creditors: amounts falling due within one year
9
(1,791,574)
(1,726,448)
Net current assets/(liabilities)
182,895
(804,363)
Total assets less current liabilities
509,180
441,540
Creditors: amounts falling due after more than one year
10
(199,795)
(239,752)
Provisions for liabilities
(80,829)
(49,967)
Net assets
228,556
151,821
Reserves
Income and expenditure account
228,556
151,821
Total members' funds
228,556
151,821
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 20 May 2025 and are signed on its behalf by:
Mr P G Rose
Director
Company registration number 02739706 (England and Wales)
OFTEC LIMITED (FORMERLY OIL FIRING TECHNICAL ASSOCIATION LIMITED)
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
OFTEC Limited (formerly Oil Firing Technical Association Limited) is a private company limited by guarantee incorporated in England and Wales. The registered office is Unit 25, Riduna Park, Station Road, Melton, Woodbridge, IP12 1QT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 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 £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Income is recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
The company has six main income streams. The recognition policy of each is as follows:
Members' Subscriptions: are invoiced annually and income is apportioned equally over 12 months.
Technician registrations: are for a period of one or five years. Income for one year registrations is apportioned equally over 12 months. Income for five year registrations is apportioned in the ratio 40:15:15:15:15.
Work notifications: are recognised when customers are invoiced at the completion of the assignment.
OFTEC Direct merchandise sales: are recognised when customers are invoiced at the point of dispatch.
Training pack sales: are recognised when customers are invoiced at the point of dispatch.
Other sales and advertising: are recognised when the customers are invoiced.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website and database
20% - 50% straight line
OFTEC LIMITED (FORMERLY OIL FIRING TECHNICAL ASSOCIATION LIMITED)
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
15% straight line
Plant and machinery
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Investments
Listed investments are held as fixed asset investments, and are shown at their market value at the year-end, with unrealised gain or loss recognised in the profit and loss account.
Notional investment income is reinvested within the investments and reflected in the unit price. Thus, it is reported within fair value gains and losses on investments.
OFTEC LIMITED (FORMERLY OIL FIRING TECHNICAL ASSOCIATION LIMITED)
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
28
29
OFTEC LIMITED (FORMERLY OIL FIRING TECHNICAL ASSOCIATION LIMITED)
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
58,590
3,955
Deferred tax
Origination and reversal of timing differences
30,862
(10,285)
Total tax charge/(credit)
89,452
(6,330)
4
Intangible fixed assets
Website and database
£
Cost
At 1 January 2024
404,484
Additions
146,585
At 31 December 2024
551,069
Amortisation and impairment
At 1 January 2024
173,290
Amortisation charged for the year
86,096
At 31 December 2024
259,386
Carrying amount
At 31 December 2024
291,683
At 31 December 2023
231,194
OFTEC LIMITED (FORMERLY OIL FIRING TECHNICAL ASSOCIATION LIMITED)
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
5
Tangible fixed assets
Fixtures, fittings & equipment
Plant and machinery
Total
£
£
£
Cost
At 1 January 2024
38,056
40,855
78,911
Additions
490
12,769
13,259
Disposals
(1,965)
(4,707)
(6,672)
At 31 December 2024
36,581
48,917
85,498
Depreciation and impairment
At 1 January 2024
11,405
34,364
45,769
Depreciation charged in the year
5,391
6,185
11,576
Eliminated in respect of disposals
(1,770)
(4,679)
(6,449)
At 31 December 2024
15,026
35,870
50,896
Carrying amount
At 31 December 2024
21,555
13,047
34,602
At 31 December 2023
26,651
6,491
33,142
Prior year intangibles with a carrying amount of £231,194 were reclassified from tangible assets.
6
Fixed asset investments
2024
2023
£
£
Other investments other than loans
981,567
Fixed asset investments revalued
The investments are held in listed shares and are shown at their current market value at the year-end. The historic cost is £nil (2023: £979,480).
OFTEC LIMITED (FORMERLY OIL FIRING TECHNICAL ASSOCIATION LIMITED)
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2024
981,567
Valuation changes
31,010
Disposals
(1,012,577)
At 31 December 2024
-
Carrying amount
At 31 December 2024
-
At 31 December 2023
981,567
7
Financial instruments
2024
2023
£
£
Carrying amount of financial assets include:
Instruments measured at fair value through surplus or deficit
-
981,567
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
148,735
152,651
Other debtors
126,670
111,765
275,405
264,416
9
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
132,979
242,132
Corporation tax
58,590
1,132
Other taxation and social security
156,272
126,451
Other creditors
830
39,348
Accruals and deferred income
1,442,903
1,317,385
1,791,574
1,726,448
OFTEC LIMITED (FORMERLY OIL FIRING TECHNICAL ASSOCIATION LIMITED)
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Accruals and deferred income
199,795
239,752
Deferred income is the amount of technician registrations that has been deferred to future accounting periods, in line with the company's accounting policy.
11
Members' liability
The company is limited by guarantee, not having share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £10.
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its surplus for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Barry Gostling
Statutory Auditor:
Ensors Accountants LLP
Date of audit report:
21 May 2025
13
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
150,345
160,109
14
Parent company
The company is controlled by the Board of Directors.
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