| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024 |
| FOR |
| OCO LIMITED |
| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2024 |
| FOR |
| OCO LIMITED |
| OCO LIMITED (REGISTERED NUMBER: 01418006) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 30th June 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Statement of Income and Retained Earnings | 9 |
| Statement of Financial Position | 10 |
| Statement of Cash Flows | 11 |
| Notes to the Statement of Cash Flows | 12 |
| Notes to the Financial Statements | 13 |
| OCO LIMITED |
| COMPANY INFORMATION |
| for the year ended 30th June 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| SENIOR STATUTORY AUDITOR: |
| AUDITORS: |
| Statutory Auditors |
| Chartered Accountants |
| Priestley House |
| Priestley Gardens |
| Chadwell Heath |
| Essex |
| RM6 4SN |
| OCO LIMITED (REGISTERED NUMBER: 01418006) |
| STRATEGIC REPORT |
| for the year ended 30th June 2024 |
| The directors present the strategic report for OCO Limited for the year ended 30th June 2024. |
| REVIEW OF BUSINESS |
| The principal activity of the company continues to be that of installation and maintenance of heating, mechanical, electrical and water treatment services. |
| Turnover has increased by 7.64% during the year with the gross profit margin increasing from 21.96% in 2023 to 25.77% in 2024. |
| The net profit margin is up from -3.16% in 2023 to 1.90%. The results for the year have seen an increase in shareholders' funds of £289,667 with an increase in the net asset value to over £2.7 million. |
| The Directors are encouraged with the significant improvement in the results for the year. Turnover has increased across all key contracts and includes the start of a new term contract in the last quarter. |
| Ongoing Investment and enhancement in systems, practices and the commitment by staff in managing costs is reflected in the strong performance. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Management continually monitor the key risks facing the Company together with assessing the controls used for managing these risks. The board of directors formally reviews and documents the principal risks facing the business at least annually. |
| The principal risks and uncertainties facing the Company are as follows: |
| Economic downturn |
| The company acknowledges the importance of maintaining close relationships with its key customers in order to be able to identify the early signs of potential financial difficulties. Sales trends in its major markets are constantly reviewed to enable early action to be taken in the event of sales declining. |
| Competitor pressure |
| The market in which the Company operates is considered to be competitive, and therefore competitor pressure could result in losing sales to key competitors. The Company manages this risk by providing quality services and maintaining strong relationships with its key customers. |
| Reliance on key suppliers |
| The Company's purchasing activities could expose it to over reliance on certain suppliers and inflationary pricing pressure. The Company manages this risk by ensuring there is enough breadth in its supplier base and by constantly seeking to find potential alternative suppliers that may be used, if necessary. |
| Loss of key personnel |
| This would present significant operational difficulties for the Company. Management seek to ensure that key personnel are appropriately remunerated to ensure that good performance is recognised. |
| OCO LIMITED (REGISTERED NUMBER: 01418006) |
| STRATEGIC REPORT |
| for the year ended 30th June 2024 |
| KEY PERFORMANCE INDICATORS ("KPI") |
| The company assesses the following key performance indicators: |
| Revenues of £21,657,328 up 7.64% from £20,120,568 in 2023. |
| Gross margin of £5,581,620 up 26.31% from £4,418,879 in 2023. |
| EBITDA of £515,026 up 198.14% from £-524,813 in 2023. |
| Cash balances of £1,451,249 up 235.7% from £432,317 in 2023. |
| ON BEHALF OF THE BOARD: |
| OCO LIMITED (REGISTERED NUMBER: 01418006) |
| REPORT OF THE DIRECTORS |
| for the year ended 30th June 2024 |
| The directors present their report with the financial statements of the company for the year ended 30th June 2024. |
| DIVIDENDS |
| An interim dividend of |
| The total distribution of dividends for the year ended 30th June 2024 will be £ |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1st July 2023 to the date of this report. |
| FINANCIAL INSTRUMENTS |
| Financial instruments are classified and accounted for according to the substance of the contractual arrangements, as either financial assets, financial liabilities or equity instruments, as defined in FRS 102, Financial Instruments, Disclosure and Presentation. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
| FUTURE DEVELOPMENTS |
| The Directors believe that 2025 will be another challenging year. Their aim is to secure new contracts and continue to develop, review and implement management policies to meet and overcome the demands in the market place. |
| The Directors' initiative, commitment and investment in youth and industry training offered by the Bromley Training and Assessment Centre shall continue in 2025. |
| The Company continues to invest in software to enhance the service delivery of the business. |
| The Directors recognise the increasing importance of social value commitments within communities they work and have drawn up plans to establish and invest in a community interest company in the near future. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements 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. |
| OCO LIMITED (REGISTERED NUMBER: 01418006) |
| REPORT OF THE DIRECTORS |
| for the year ended 30th June 2024 |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| AUDITORS |
| The auditors, Chegwidden & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| Each of the persons who is a director at the date of approval of this report confirms that: |
| - so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and |
| - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| OCO LIMITED |
| Opinion |
| We have audited the financial statements of OCO Limited (the 'company') for the year ended 30th June 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 30th June 2024 and of its profit 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. |
| Basis for opinion |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| OCO LIMITED |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| - Enquiry of management, those charged with governance and the entity's solicitors (or in-house |
| legal team) around actual and potential litigation and claims. |
| - Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations. |
| - Reviewing minutes of meetings of those charged with governance. |
| - Reviewing financial statement disclosures and testing to supporting documentation to assess |
| compliance with applicable laws and regulations. |
| - Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant |
| transactions outside the normal course of business. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| OCO LIMITED |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Statutory Auditors |
| Chartered Accountants |
| Priestley House |
| Priestley Gardens |
| Chadwell Heath |
| Essex |
| RM6 4SN |
| OCO LIMITED (REGISTERED NUMBER: 01418006) |
| STATEMENT OF INCOME AND |
| RETAINED EARNINGS |
| for the year ended 30th June 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 3 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| 453,819 | (567,277 | ) |
| Other operating income | 4 |
| OPERATING PROFIT/(LOSS) | 6 | ( |
) |
| Interest receivable and similar income |
| 477,497 | (567,276 | ) |
| Interest payable and similar expenses | 7 |
| PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
| Tax on profit/(loss) | 8 |
| PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
| Retained earnings at beginning of year |
| Dividends | 9 | ( |
) | ( |
) |
| RETAINED EARNINGS AT END OF YEAR |
| OCO LIMITED (REGISTERED NUMBER: 01418006) |
| STATEMENT OF FINANCIAL POSITION |
| 30th June 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 10 |
| Investments | 11 |
| CURRENT ASSETS |
| Stocks | 12 |
| Debtors | 13 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 14 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 15 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 18 |
| Share premium | 19 |
| Retained earnings | 19 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| OCO LIMITED (REGISTERED NUMBER: 01418006) |
| STATEMENT OF CASH FLOWS |
| for the year ended 30th June 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| Interest paid | ( |
) | ( |
) |
| Interest element of hire purchase payments paid |
( |
) |
( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Interest received |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| New loans in year | ( |
) |
| Loan repayments in year |
| Capital repayments in year | ( |
) | ( |
) |
| Amount introduced by directors | 302,449 | - |
| Amount withdrawn by directors | (332,721 | ) | (218,288 | ) |
| Equity dividends paid | ( |
) | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| Increase/(decrease) in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of year |
2 |
494,135 |
| Cash and cash equivalents at end of year | 2 | 1,451,249 | 432,317 |
| OCO LIMITED (REGISTERED NUMBER: 01418006) |
| NOTES TO THE STATEMENT OF CASH FLOWS |
| for the year ended 30th June 2024 |
| 1. | RECONCILIATION OF PROFIT/(LOSS) FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit/(loss) for the financial year | ( |
) |
| Depreciation charges |
| Finance costs | 65,612 | 68,227 |
| Finance income | (22,997 | ) | (1 | ) |
| Taxation |
| 492,035 | (524,814 | ) |
| Decrease in stocks |
| Decrease/(increase) in trade and other debtors | ( |
) |
| Increase in trade and other creditors |
| Cash generated from operations |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Year ended 30th June 2024 |
| 30.6.24 | 1.7.23 |
| £ | £ |
| Cash and cash equivalents | 1,451,249 | 432,317 |
| Year ended 30th June 2023 |
| 30.6.23 | 1.7.22 |
| £ | £ |
| Cash and cash equivalents | 432,317 | 494,135 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.7.23 | Cash flow | At 30.6.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 432,317 | 1,018,932 | 1,451,249 |
| 432,317 | 1,451,249 |
| Debt |
| Finance leases | (63,048 | ) | 21,154 | (41,894 | ) |
| (63,048 | ) | 21,154 | (41,894 | ) |
| Total | 369,269 | 1,040,086 | 1,409,355 |
| OCO LIMITED (REGISTERED NUMBER: 01418006) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 30th June 2024 |
| 1. | STATUTORY INFORMATION |
| OCO Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| 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. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Stocks |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| Financial instruments |
| Financial instruments are classified and accounted for according to the substance of the contractual arrangements, as either financial assets, financial liabilities or equity instruments, as defined in FRS102, Financial Instruments; Disclosure and Presentation. |
| An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
| OCO LIMITED (REGISTERED NUMBER: 01418006) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30th June 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| 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. |
| Leasing agreements |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Remuneration trust |
| The company has established trusts for the benefit of employees, former employees and certain of their dependants. Monies held in these trusts are held by independent trustees and are managed at their discretion. |
| Where the company retains future economic benefit from, and has de facto control of the assets and liabilities of the trust, they are accounted for as assets and liabilities of the company until the earlier of the date of allocation of trust funds to employees in respect of past services is declared and the date that assets of the trust vest in the identified individuals. |
| Where monies are held in a trust determined by the company on the basis of employees' past services to the business and the company can obtain no future economic benefit from those monies, such monies, whether in the trust or accrued for by the company are charged to the profit and loss account in the period to which they relate. |
| During the year ended 30th June 2010, the company established the O C O Limited Remuneration Trust. |
| Fixed asset investments |
| Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. |
| Unlisted investments are measured at fair value with changes in fair value being recognised in profit or loss. |
| OCO LIMITED (REGISTERED NUMBER: 01418006) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30th June 2024 |
| 3. | TURNOVER |
| The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the company. |
| 4. | OTHER OPERATING INCOME |
| 2024 | 2023 |
| £ | £ |
| Sundry receipts | 681 | - |
| 5. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Engineers and site staff | 92 | 94 |
| Office and management | 85 | 80 |
| Directors | 4 | 4 |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| 6. | OPERATING PROFIT/(LOSS) |
| The operating profit (2023 - operating loss) is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Other operating leases |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Auditors' remuneration |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Loan interest |
| Hire purchase |
| OCO LIMITED (REGISTERED NUMBER: 01418006) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30th June 2024 |
| 8. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax |
| Tax on profit/(loss) |
| UK corporation tax was charged at 22%) in 2023. |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit/(loss) before tax | ( |
) |
| Profit/(loss) multiplied by the standard rate of corporation tax in the UK of |
( |
) |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | ( |
) | ( |
) |
| Utilisation of tax losses | ( |
) |
| Total tax charge | 18,218 | 8,690 |
| 9. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| Ordinary shares of £1 each |
| Interim |
| OCO LIMITED (REGISTERED NUMBER: 01418006) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30th June 2024 |
| 10. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor |
| machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ |
| COST |
| At 1st July 2023 |
| Additions |
| At 30th June 2024 |
| DEPRECIATION |
| At 1st July 2023 |
| Charge for year |
| At 30th June 2024 |
| NET BOOK VALUE |
| At 30th June 2024 |
| At 30th June 2023 |
| Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. |
| Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. |
| 11. | FIXED ASSET INVESTMENTS |
| Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. |
| Unlisted investments are measured at fair value with changes in fair value being recognised in profit or loss. |
| 2024 | 2023 |
| £ | £ |
| Unlisted investment | 224,018 | 130,523 |
| Investments in associates |
| Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. |
| OCO LIMITED (REGISTERED NUMBER: 01418006) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30th June 2024 |
| 12. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Stocks |
| Work-in-progress |
| Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. |
| 13. | DEBTORS |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Uninvoiced Work | 3,344,964 | 4,171,254 |
| Other debtors |
| Tax |
| Deferred tax asset | 35,807 | 35,807 |
| Prepayments and accrued income |
| Amounts falling due after more than one year: |
| Deferred tax asset | 136,163 | 150,012 |
| Aggregate amounts |
| The deferred tax asset has arisen due to unused tax losses brought forward which are considered recoverable over the next few years. |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts (see note 16) |
| Trade creditors |
| Credit cards | (458 | ) | 3,386 |
| Social security and other taxes |
| VAT | 617,767 | 677,449 |
| Other creditors |
| Directors' loan accounts | 472,655 | 222,529 |
| Accrued expenses |
| OCO LIMITED (REGISTERED NUMBER: 01418006) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30th June 2024 |
| 15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts (see note 16) |
| Directors' loan accounts | 626,089 | 906,487 |
| 16. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2024 | 2023 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable operating | leases |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 17. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts | 41,894 | 63,048 |
| Directors Loans | 1,098,744 | 1,129,016 |
| The finance leases and hire purchase contracts are secured on the assets to which they relate. |
| Directors' loans are secured by a charge over all company assets. |
| OCO LIMITED (REGISTERED NUMBER: 01418006) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30th June 2024 |
| 18. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 120,000 | 120,000 |
| 19. | RESERVES |
| Retained | Share |
| earnings | premium | Totals |
| £ | £ | £ |
| At 1st July 2023 | 1,854,075 | 441,800 | 2,295,875 |
| Surplus for the year | 393,667 | - | 393,667 |
| Dividends | (104,000 | ) | - | (104,000 | ) |
| At 30th June 2024 | 2,143,742 | 441,800 | 2,585,542 |
| Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. |
| Profit and loss account - This reserve records retained earnings and accumulated losses. |
| 20. | OTHER FINANCIAL COMMITMENTS |
| During the year ended 30th June 2010, the Company established the OCO Limited Remuneration Trust. During the year the company gifted £350,000 (2023; £200,000) to the Trust. No taxation liability arose to the Company as a result of such transaction. |
| 21. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| Interest is payable on the advances to the directors at a rate of 3%. |
| 22. | RELATED PARTY DISCLOSURES |
| During the year, total dividends of £104,000 (2023 - £8,000) were paid to the directors . |
| OCO LIMITED (REGISTERED NUMBER: 01418006) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30th June 2024 |
| 22. | RELATED PARTY DISCLOSURES - continued |
| Loans From Directors |
| Included in other creditors are the following amounts due to the directors under formal loan agreements. |
| Due in one year | 2024 | 2023 |
| C Oborne | 108,778 | 55,515 |
| G Oborne | 113,409 | 55,301 |
| P Cowdrey | 135,359 | 55,512 |
| A Harrison | 115,109 | 56,201 |
| £472,655 | £222,529 |
| Due after one year |
| C Oborne | 155,630 | 236,616 |
| G Oborne | 150,810 | 234,275 |
| P Cowdery | 162,405 | 225,026 |
| A Harrison | 157,244 | 210,571 |
| £626,089 | £906,488 |
| The loans are repayable in monthly instalments. |
| Interest is charged at 3% over the base rate prevailing at the end of December each year and 4% fixed. |
| 23. | ULTIMATE CONTROLLING PARTY |
| The shareholding is such that there is no controlling interest. |