Registered number
05935882
OB Developments Limited
Filleted Accounts
30 September 2024
OB Developments Limited
Registered number: 05935882
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 368,126 410,024
Current assets
Stocks 46,996 43,015
Debtors 4 116,951 107,376
Cash at bank and in hand 89,911 85,362
253,858 235,753
Creditors: amounts falling due within one year 5 (291,254) (253,281)
Net current liabilities (37,396) (17,528)
Total assets less current liabilities 330,730 392,496
Creditors: amounts falling due after more than one year 6 (99,549) (158,284)
Provisions for liabilities (83,626) (92,256)
Net assets 147,555 141,956
Capital and reserves
Called up share capital 100 100
Profit and loss account 147,455 141,856
Shareholders' funds 147,555 141,956
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
O P W Bryan
Director
Approved by the board on 23 May 2025
OB Developments Limited
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Websites over 25 years
Plant and machinery over 4 - 25 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 12 14
3 Tangible fixed assets
Websites Plant and machinery etc Total
£ £ £
Cost
At 1 October 2023 72,843 585,735 658,578
Additions 246 15,167 15,413
At 30 September 2024 73,089 600,902 673,991
Depreciation
At 1 October 2023 11,772 236,782 248,554
Charge for the year 2,570 54,741 57,311
At 30 September 2024 14,342 291,523 305,865
Net book value
At 30 September 2024 58,747 309,379 368,126
At 30 September 2023 61,071 348,953 410,024
4 Debtors 2024 2023
£ £
Trade debtors 97,957 91,535
Other debtors 18,994 15,841
116,951 107,376
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 40,000 40,000
Obligations under finance lease and hire purchase contracts 19,830 19,830
Trade creditors 53,343 50,377
Directors loan account 53,111 7,799
Taxation and social security costs 70,551 34,747
Other creditors 54,419 100,528
291,254 253,281
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 33,420 73,380
Obligations under finance lease and hire purchase contracts 66,129 84,904
99,549 158,284
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 73,420 113,880
The loans are secured on the assets of the company
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 296,179 5,852
9 Related party transactions
During the year dividends totalling £100,000 were paid to directors (2023: £100,000).
10 Controlling party
The company is under the control of O P W Bryan.
11 Other information
OB Developments Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 1&2
Wroslyn Road Industrial Estate,
Freeland,
Witney, Oxon,
England, OX29 8HZ
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