Company registration number 11119892 (England and Wales)
Oates Recovery Ltd.
Unaudited financial statements
For the year ended 31 December 2024
Oates Recovery Ltd.
Contents
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
Oates Recovery Ltd.
Statement of financial position
As at 31 December 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
300,318
231,477
Current assets
Trade and other receivables
5
122,899
119,168
Cash and cash equivalents
225,424
131,439
348,323
250,607
Current liabilities
6
(306,014)
(256,175)
Net current assets/(liabilities)
42,309
(5,568)
Total assets less current liabilities
342,627
225,909
Non-current liabilities
7
(225,750)
(149,448)
Provisions for liabilities
(54,305)
Net assets
62,572
76,461
Equity
Called up share capital
100
100
Retained earnings
62,472
76,361
Total equity
62,572
76,461
Oates Recovery Ltd.
Statement of financial position (continued)
As at 31 December 2024
31 December 2024
- 2 -
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 23 June 2025 and are signed on its behalf by:
Mr D J Oates
Director
Company registration number 11119892 (England and Wales)
Oates Recovery Ltd.
Statement of changes in equity
For the year ended 31 December 2024
- 3 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 January 2023
100
23,623
23,723
Year ended 31 December 2023:
Profit and total comprehensive income
-
50,505
50,505
Dividends
-
2,233
2,233
Balance at 31 December 2023
100
76,361
76,461
Year ended 31 December 2024:
Profit and total comprehensive income
-
7,455
7,455
Dividends
-
(21,344)
(21,344)
Balance at 31 December 2024
100
62,472
62,572
Oates Recovery Ltd.
Notes to the financial statements
For the year ended 31 December 2024
- 4 -
1
Accounting policies
Company information
Oates Recovery Ltd. is a private company limited by shares incorporated in England and Wales. The company's registered number is 11119892 and the registered office is 1 Battersby Lane, Fairfield & Howley, Warrington, England, WA2 7DZ.
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.
These financial statements for the year ended 31 December 2024 are the first financial statements of Oates Recovery Ltd. prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2024. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern.
1.3
Revenue
Revenue comprises sales of services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.4
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Oates Recovery Ltd.
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 5 -
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:
Leasehold improvements
- 10% on cost
Plant and equipment
- 15% on cost
Computers
- 33% on cost
Motor vehicles
- 25% on cost
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 profit or loss.
1.5
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 statement of financial position 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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Oates Recovery Ltd.
Notes to the financial statements (continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 6 -
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
As lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
1.10
Equity dividends are recognised when they become legally payable and are no longer at the discretion of the company.
2
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.
The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
Estimating the useful economic life of an asset and the anticipated residual value are considered the key judgement in calculating an appropriate depreciation charge.
In categorising leases as finance or operating leases, the directors make judgements as to whether significant risks and rewards of ownership have transferred to the company as lessee.
Oates Recovery Ltd.
Notes to the financial statements (continued)
For the year ended 31 December 2024
- 7 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
18
14
4
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2024
28,685
410,493
439,178
Additions
4,580
231,604
236,184
Disposals
(69,250)
(69,250)
At 31 December 2024
33,265
572,847
606,112
Depreciation and impairment
At 1 January 2024
4,908
202,793
207,701
Depreciation charged in the year
3,228
125,115
128,343
Eliminated in respect of disposals
(30,250)
(30,250)
At 31 December 2024
8,136
297,658
305,794
Carrying amount
At 31 December 2024
25,129
275,189
300,318
At 31 December 2023
23,777
207,700
231,477
5
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
119,669
116,032
Other receivables
3,230
3,136
122,899
119,168
Oates Recovery Ltd.
Notes to the financial statements (continued)
For the year ended 31 December 2024
- 8 -
6
Current liabilities
2024
2023
£
£
Bank loans
6,583
6,583
Trade payables
11,814
21,928
Taxation and social security
65,902
58,995
Other payables
221,715
168,669
306,014
256,175
Included within other payables are hire purchase agreements that are fixed against the asset in which they relate.
7
Non-current liabilities
2024
2023
Notes
£
£
Bank loans and overdrafts
3,027
9,610
Obligations under finance leases
8
222,723
139,838
225,750
149,448
8
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
85,332
52,638
In two to five years
222,723
139,838
308,055
192,476
9
Operating lease commitments
As 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
£
£
Total commitments
50,000
75,000