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Registration number: 01363104

Prepared for the registrar

D. L. Ogle Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

D. L. Ogle Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

D. L. Ogle Ltd

Company Information

Directors

Mr James Masamha

Mrs Chikondi Mlia

Mr Ali Talib

Mr Mohammed Talib

Registered office

18-20 St. Johns
Worcester
WR2 5AH

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

D. L. Ogle Ltd

(Registration number: 01363104)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

15,297

16,661

Current assets

 

Stocks

127,905

86,176

Debtors

5

643,998

184,560

Cash at bank and in hand

 

62,147

442,533

 

834,050

713,269

Creditors: Amounts falling due within one year

6

(259,294)

(278,073)

Net current assets

 

574,756

435,196

Total assets less current liabilities

 

590,053

451,857

Deferred tax liabilities

7

(1,200)

(1,414)

Net assets

 

588,853

450,443

Capital and reserves

 

Called up share capital

8

60,000

60,000

Retained earnings

528,853

390,443

Shareholders' funds

 

588,853

450,443

For the financial year ending 31 August 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.

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 Profit and Loss Account.

Approved and authorised by the Board on 14 May 2025 and signed on its behalf by:
 


Mr James Masamha
Director

 

D. L. Ogle Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
18-20 St. Johns
Worcester
WR2 5AH

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

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 sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

 

D. L. Ogle Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Land and buildings

2% Straight line

Fixtures, fittings, tools and equipment

12.5% Straight line

Motor vehicles

20% Reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

 

D. L. Ogle Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.


Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 15).

 

D. L. Ogle Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

 

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 September 2023

25,352

7,794

4,900

38,046

At 31 August 2024

25,352

7,794

4,900

38,046

Depreciation

At 1 September 2023

14,349

4,143

2,893

21,385

Charge for the year

507

456

401

1,364

At 31 August 2024

14,856

4,599

3,294

22,749

Carrying amount

At 31 August 2024

10,496

3,195

1,606

15,297

At 31 August 2023

11,003

3,651

2,007

16,661

Included within the net book value of land and buildings above is £10,496 (2023 - £11,003) in respect of freehold land and buildings.
 

 

5

Debtors

2024
£

2023
£

Trade debtors

153,017

138,699

Receivables from related parties

463,500

-

Prepayments

3,969

6,461

Other debtors

23,512

39,400

643,998

184,560

 

D. L. Ogle Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

 

6

Creditors

2024
£

2023
£

Due within one year

Trade creditors

181,568

253,430

Amounts due to related parties

45,000

-

Taxation and social security

25,295

5,828

Accruals and deferred income

4,000

14,955

Other creditors

3,431

3,860

259,294

278,073

 

7

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

1,200

1,200

2023

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

1,414

1,414

 

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A Shares of £1 each

42,000

42,000

42,000

42,000

Ordinary B Shares of £1 each

18,000

18,000

18,000

18,000

 

60,000

60,000

60,000

60,000

The different classes of shares referred to above carry separate rights to dividends, however in all other significant respects, rank pari passu.

 

D. L. Ogle Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

 

9

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

-

37,048

Later than one year and not later than five years

-

39,544

-

76,592

The amount of non-cancellable operating lease payments recognised as an expense during the year was £24,748 (2023 - £37,048).

 

10

Related party transactions


Tavita Limited
As at the balance sheet date the amount owed to Tavita Limited was £25,000 (2023 - £nil). There are no fixed repayment terms and no interest is charged on the loan.

Chaltamo Limited
As at the balance sheet date the amount owed by Chaltamo Limited was £463,500 (2023 - £nil). There are no fixed repayment terms and no interest is charged on the loan.

Whistlers (Newark) Limited
As at the balance sheet date the amount owed to Whistlers (Newark) Limited was £20,000 (2023 - £nil). There are no fixed repayment terms and no interest is charged on the loan.