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Company Registration Number 07101483























OLDFIELD GROUP (SKIPTON) LIMITED





FINANCIAL STATEMENTS





 31 DECEMBER 2024
























img7165.png

 
OLDFIELD GROUP (SKIPTON) LIMITED
 

COMPANY INFORMATION


Directors
M C Bell 
R G Bell 
A J Smith 




Registered number
07101483



Registered office
Unit 6a
Snaygill Industrial Estate

Keighley Road

Skipton

North Yorkshire

BD23 2QR




Independent auditors
Armstrong Watson Audit Limited
Chartered Accountants & Statutory Auditors

Number 3

Acorn Business Park

Airedale Business Centre

Skipton

North Yorkshire

BD23 2UE




Bankers
National Westminster Bank PLC
Exchange Buildings

88 High Street

Skipton

North Yorkshire

BD23 1JA





 
OLDFIELD GROUP (SKIPTON) LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Statement of Financial Position
 
10
Company Statement of Financial Position
 
11
Consolidated Statement of Changes in Equity
 
12
Company Statement of Changes in Equity
 
13
Consolidated Statement of Cash Flows
 
14 - 15
Consolidated Analysis of Net Debt
 
16
Notes to the Financial Statements
 
17 - 38


 
OLDFIELD GROUP (SKIPTON) LIMITED
 

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors have pleasure in presenting their report and the financial statements of the group for the year ended 31 December 2024.

Business review
 
The principal activity of the group for the year under review was that of the sale of electrical and lighting supplies and solar panels. The group trades from various branches located in Skipton, Keighley, Clitheroe, Kendal and Guiseley.
The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and the group's position of the year end. The review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties faced.

Principal risks and uncertainties
 
The business environment in which the group operates continues to be challenging. The electrical wholesale industry in the UK is highly competitive. The group manages such risks by appropriate quality and service programmes and through negotiated agreements with its major suppliers.
With these risks and uncertainties in mind, the directors are aware that any plans for the future development of the business may be subject to unforeseen future events outside of our control.
Financial risk
The group's operations expose it to a variety of financial risks that include the effect of changes in credit, liquidity and interest rate risk. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group. The group does not use derivative financial instruments to manage interest rate costs.
Credit risk
The group has implemented policies that require appropriate credit checks on corporate customers before sales are made.
Liquidity risk
The directors believe that the group has sufficient funds available to support its activities in the future. The directors manage liquidity through a combination of working capital management, cash reserves and debt financing mainly in the form of invoice discounting facilities.

Page 1

 
OLDFIELD GROUP (SKIPTON) LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Financial key performance indicators
 
The directors consider the key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, being turnover, gross margin and profitability before taxation.
During the year turnover has increased from £18,490,817 in 2023 to £20,076,610 in 2024.
Gross profit has increased from £5,459,547 in 2023 to £6,331,730 in 2024.
Overall, profit before taxation has increased from £1,213,490 in 2023 to £1,329,057 in 2024.
After taxation and dividends, shareholders funds have increased from £3,157,723 to £3,488,480 at the year end which continues to demonstrate the strong growth and strength of the group as a whole.


This report was approved by the board and signed on its behalf.





R G Bell
Director

Date: 11 June 2025

Page 2

 
OLDFIELD GROUP (SKIPTON) LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements 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 Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £950,757 (2023 - £879,459).

The directors have not recommended a final dividend.

Directors

The directors who served during the year were:

M C Bell 
R G Bell 
A J Smith 

Future developments

The directors are not expecting to make any significant changes in the nature of the business in the near future.

Matters covered in the Group Strategic Report

Information is not shown in the directors' report because it is shown in the strategic report under s414C(11). The strategic report includes a business review, principal risks and uncertainties and financial key performance indicators.

Page 3

 
OLDFIELD GROUP (SKIPTON) LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006Armstrong Watson Audit Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 







R G Bell
Director

Date: 11 June 2025

Page 4

 
OLDFIELD GROUP (SKIPTON) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLDFIELD GROUP (SKIPTON) LIMITED
 

Opinion


We have audited the financial statements of Oldfield Group (Skipton) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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.


Page 5

 
OLDFIELD GROUP (SKIPTON) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLDFIELD GROUP (SKIPTON) LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 Directors' Responsibilities Statement set out on page 3, 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 is 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
OLDFIELD GROUP (SKIPTON) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLDFIELD GROUP (SKIPTON) LIMITED (CONTINUED)


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 an Auditors' Report 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• the engagement partner ensured that the engagement team collectively had the appropriate     competence, capabilities and skills to identify or recognise non-compliance with applicable laws and    regulations;
• we identified the laws and regulations applicable to the group and company through discussions with    directors and other management and review of appropriate industry knowledge;
• we assessed the extent of compliance with the laws and regulations identified above through making    enquiries of management; and
• identified laws and regulations were communicated within the audit team regularly and the team     remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Group and Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their
 knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
 regulations.
To address the risk of fraud through management bias and override of controls, we:
• performed analytical procedures as a risk assessment tool to identify any unusual or unexpected     relationships;
• tested journal entries to identify unusual transactions; and tested the operating effectiveness of key    controls over purchase cycles on a sample basis.
• reviewed the application of accounting policies with focus on those with heightened estimation     uncertainty.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures
which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation; and
• enquiring of management as to actual and potential litigation and claims.
 
Page 7

 
OLDFIELD GROUP (SKIPTON) LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLDFIELD GROUP (SKIPTON) LIMITED (CONTINUED)




Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' Report.


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 2006Our 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 an Auditors' Report 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.





Rohan Day (Senior Statutory Auditor)
for and on behalf of
Armstrong Watson Audit Limited
Chartered Accountants
Statutory Auditors
Skipton

11 June 2025
Page 8

 
OLDFIELD GROUP (SKIPTON) LIMITED
 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
20,076,610
18,490,817

Cost of sales
  
(13,744,880)
(13,031,270)

Gross profit
  
6,331,730
5,459,547

Administrative expenses
  
(4,893,261)
(4,116,590)

Other operating income
 5 
4,781
871

Operating profit
 6 
1,443,250
1,343,828

Interest receivable and similar income
 10 
9,591
86

Interest payable and similar expenses
 11 
(123,784)
(130,424)

Profit before taxation
  
1,329,057
1,213,490

Tax on profit
 12 
(378,300)
(334,031)

Profit for the financial year
  
950,757
879,459

Profit for the year attributable to:
  

Owners of the parent Company
  
950,757
879,459

  
950,757
879,459

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 17 to 38 form part of these financial statements.

Page 9

 
OLDFIELD GROUP (SKIPTON) LIMITED
REGISTERED NUMBER: 07101483

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
3,041,560
2,960,876

  
3,041,560
2,960,876

Current assets
  

Stocks
 16 
1,664,737
1,545,100

Debtors: amounts falling due within one year
 17 
4,142,831
3,580,442

Cash at bank and in hand
 18 
173,608
14,657

  
5,981,176
5,140,199

Creditors: amounts falling due within one year
 19 
(4,355,305)
(3,457,359)

Net current assets
  
 
 
1,625,871
 
 
1,682,840

Total assets less current liabilities
  
4,667,431
4,643,716

Creditors: amounts falling due after more than one year
 20 
(1,046,631)
(1,399,281)

Provisions for liabilities
  

Deferred tax
 23 
(132,320)
(86,712)

  
 
 
(132,320)
 
 
(86,712)

Net assets
  
3,488,480
3,157,723


Capital and reserves
  

Called up share capital 
 24 
104
104

Profit and loss account
  
3,488,376
3,157,619

  
3,488,480
3,157,723


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R G Bell
Director

Date: 11 June 2025

The notes on pages 17 to 38 form part of these financial statements.

Page 10

 
OLDFIELD GROUP (SKIPTON) LIMITED
REGISTERED NUMBER: 07101483

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
2,470,700
2,477,522

Investments
 15 
7,000
7,000

  
2,477,700
2,484,522

Current assets
  

Debtors: amounts falling due within one year
 17 
504,374
552,965

Cash at bank and in hand
 18 
14,097
5,802

  
518,471
558,767

Creditors: amounts falling due within one year
 19 
(1,902,601)
(1,803,588)

Net current liabilities
  
 
 
(1,384,130)
 
 
(1,244,821)

Total assets less current liabilities
  
1,093,570
1,239,701

  

Creditors: amounts falling due after more than one year
 20 
(845,709)
(1,079,077)

Provisions for liabilities
  

Deferred taxation
 23 
(30,098)
(5,505)

  
 
 
(30,098)
 
 
(5,505)

Net assets
  
217,763
155,119


Capital and reserves
  

Called up share capital 
 24 
104
104

Profit and loss account brought forward
  
155,015
107,222

Profit for the year
  
682,644
722,535

Other changes in the profit and loss account

  

(620,000)
(674,742)

Profit and loss account carried forward
  
217,659
155,015

  
217,763
155,119


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R G Bell
Director

Date: 11 June 2025

The notes on pages 17 to 38 form part of these financial statements.

Page 11

 
OLDFIELD GROUP (SKIPTON) LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£

At 1 January 2024
104
3,157,619
3,157,723
3,157,723


Comprehensive income for the year

Profit for the year
-
950,757
950,757
950,757

Dividends: Equity capital
-
(620,000)
(620,000)
(620,000)


At 31 December 2024
104
3,488,376
3,488,480
3,488,480


The notes on pages 17 to 38 form part of these financial statements.


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£

At 1 January 2023
104
2,952,902
2,953,006
2,953,006


Comprehensive income for the year

Profit for the year
-
879,459
879,459
879,459

Dividends: Equity capital
-
(674,742)
(674,742)
(674,742)


At 31 December 2023
104
3,157,619
3,157,723
3,157,723


The notes on pages 17 to 38 form part of these financial statements.

Page 12

 
OLDFIELD GROUP (SKIPTON) LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2024
104
155,015
155,119


Comprehensive income for the year

Profit for the year
-
682,644
682,644

Dividends: Equity capital
-
(620,000)
(620,000)


At 31 December 2024
104
217,659
217,763


The notes on pages 17 to 38 form part of these financial statements.


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
104
107,222
107,326


Comprehensive income for the year

Profit for the year
-
722,535
722,535

Dividends: Equity capital
-
(674,742)
(674,742)


At 31 December 2023
104
155,015
155,119


The notes on pages 17 to 38 form part of these financial statements.

Page 13

 
OLDFIELD GROUP (SKIPTON) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
950,757
879,459

Adjustments for:

Depreciation of tangible assets
323,207
292,286

(Profit) / Loss on disposal of tangible assets
(78,358)
(11,818)

Interest paid
123,784
130,424

Interest received
(9,591)
(86)

Taxation charge
378,300
334,031

(Increase)/decrease in stocks
(119,637)
46,102

(Increase) in debtors
(562,389)
(6,992)

Increase in creditors
459,243
97,194

Corporation tax (paid)
(487,027)
(197,709)

Net cash generated from operating activities

978,289
1,562,891


Cash flows from investing activities

Purchase of tangible fixed assets
(460,407)
(337,283)

Sale of tangible fixed assets
134,875
22,167

Interest received
9,591
86

HP interest paid
(17,769)
(10,616)

Net cash from investing activities

(333,710)
(325,646)

Cash flows from financing activities

Repayment of loans
(234,713)
(229,813)

Repayment of other loans
(168,000)
(168,000)

Repayment of finance leases
110,441
(111,901)

Movements on invoice discounting
444,483
(63,296)

Dividends paid
(620,000)
(674,742)

Interest paid
(106,015)
(119,808)

New finance leases
-
158,958

Net cash used in financing activities
(573,804)
(1,208,602)
Page 14

 
OLDFIELD GROUP (SKIPTON) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023

£
£



Net increase in cash and cash equivalents
70,775
28,643

Cash and cash equivalents at beginning of year
(145,181)
(173,825)

Cash and cash equivalents at the end of year
(74,406)
(145,182)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
173,608
14,657

Bank overdrafts
(248,014)
(159,839)

(74,406)
(145,182)


The notes on pages 17 to 38 form part of these financial statements.

Page 15

 
OLDFIELD GROUP (SKIPTON) LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024







At 1 January 2024
Cash flows
Other movements 
New loans and finance leases
Repayments of loans and finance leases
At 31 December 2024
£

£

£

£

£

£

Cash at bank and in hand

14,657

158,951

-

-

-

173,608

Bank overdrafts

(159,839)

(88,175)

-

-

-

(248,014)

Bank loans due after one year

(1,110,203)

-

239,613

-

-

(870,590)

Bank loans due within one year

(229,813)

-

(239,613)

-

234,713

(234,713)

Other loan

(362,000)

-

-

-

168,000

(194,000)

Finance leases

(165,039)

-

-

(228,049)

117,608

(275,480)


The notes on pages 17 to 38 form part of these financial statements.

Page 16

 
OLDFIELD GROUP (SKIPTON) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Oldfield Group (Skipton) Limited is the holding company to a trading group, operating from its registered office of Unit 6, Snaygill Industrial Estate, Keighley Road, Skipton, North Yorkshire, BD23 2QR.
The company is a private company limited by shares and domiciled in the United Kingdom. The company is a tax resident in the United Kingdom.
The principal activity of Oldfield Electrical Supplies Limited is the sale of electrical and lighting supplies and solar panels. The company operates from various branches located in Skipton, Keighley, Clitheroe, Kendal and Guiseley. The registered office address is Unit 6, Snaygill Industrial Estate, Keighley Road, Skipton, North Yorkshire, BD23 2QR.
Eleconline Limited, Oldfield Home Controls Limited and Oldfield Lighting Supplies Limited are all dormant companies.
These financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the company operates.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2015.

Page 17

 
OLDFIELD GROUP (SKIPTON) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Going concern

The directors believe that the Group has adequate resources to continue in operational existence for a period of no less than 12 months from the approval of the financial statements.
The parent company is showing a net current liability position in their individual financial statements as at 31 December 2024 of £1,384,130. Oldfield Electrical Supplies Limited has agreed to defer its intercompany balance at the year end in favour of other creditors in order to maintain the company as a going concern. The directors and shareholders have indicated their continued support for all entities within the group in order to further support the group's trading activities.
After consideration of all factors, the directors continue to adopt the going concern basis in preparing the financial statements.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 18

 
OLDFIELD GROUP (SKIPTON) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

Page 19

 
OLDFIELD GROUP (SKIPTON) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 20

 
OLDFIELD GROUP (SKIPTON) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and reducing balance.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Leasehold property improvements
-
Over the term of the lease
Plant and machinery
-
25% reducing balance, 20% & 33% straight line
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
33% on cost
Computer equipment
-
20% on cost, 25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.16

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 21

 
OLDFIELD GROUP (SKIPTON) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.17

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.18

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 22

 
OLDFIELD GROUP (SKIPTON) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.19

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of Financial Position when the Group 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.20

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 23

 
OLDFIELD GROUP (SKIPTON) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of these financial statements requires management to make judgements, estimates and assumptions that effect the application of policies and reported amounts of assets and liabilities, income and expenses.
Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The group makes estimates and assumptions concerning the future. The resulting accounting estimates will be, by definition, seldom equal to the related actual results.
The directors consider the key accounting estimates to be provision for trade debtors, useful life and residual value of tangible fixed assets, and provision for obsolete stock.
Provisions for trade debtors are reviewed by the directors on an ongoing basis who use their specific industry knowledge and experience to ensure the correct judgements.
The useful lives and residual values of tangible fixed assets are reviewed on an ongoing basis by the directors.
Provisions for obsolete stock are reviewed by the directors on an ongoing basis who use their specific industry knowledge and experience to ensure the correct judgements.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of electrical and lighting supplies and solar panels
20,076,610
18,490,817

20,076,610
18,490,817


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Sundry income
4,781
871

4,781
871


Page 24

 
OLDFIELD GROUP (SKIPTON) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of tangible fixed assets
323,757
292,286

Other operating lease rentals
68,540
56,040


7.


Auditors' remuneration

2024
2023
£
£



Fees payable to the Group's auditor and its associates for the audit of the Group's annual financial statements

24,000
21,500

Fees payable to the Group's auditor and its associates in respect of:


All other non-audit services
5,878
5,260


8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
3,059,487
2,550,538
46,572
36,709

Social security costs
327,423
265,379
-
-

Cost of defined contribution scheme
99,830
110,968
26,667
60,000

3,486,740
2,926,885
73,239
96,709


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Management and administration
72
72
3
3

Page 25

 
OLDFIELD GROUP (SKIPTON) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
45,951
36,088

Group contributions to defined contribution pension schemes
26,667
60,000

72,618
96,088


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.


10.


Interest receivable

2024
2023
£
£


Other interest receivable
9,591
86

9,591
86


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
94,278
93,574

Other loan interest payable
11,737
26,234

Finance leases and hire purchase contracts
17,769
10,616

123,784
130,424

Page 26

 
OLDFIELD GROUP (SKIPTON) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
334,970
317,900

Adjustments in respect of previous periods
(2,278)
(6,910)


332,692
310,990


Total current tax
332,692
310,990


Origination and reversal of timing differences
45,608
23,041

Total deferred tax
45,608
23,041


Tax on profit
378,300
334,031

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate (2023 - marginal rate) of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,329,057
1,213,490


Profit on ordinary activities multiplied by standard rate  (2023 - marginal rate) of corporation tax in the UK of 25% (2023 - 23.52%)
332,264
285,420

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
14,884
7,965

Capital allowances for year in excess of depreciation
33,893
34,989

Adjustments to tax charge in respect of prior periods
(2,279)
(6,910)

Other differences leading to an increase (decrease) in the tax charge
-
2,757

Deferred tax not provided
-
8,977

Change in rate of taxation
-
833

Marginal relief
(462)
-

Total tax charge for the year
378,300
334,031


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 27

 
OLDFIELD GROUP (SKIPTON) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Dividends

2024
2023
£
£


Dividends on equity capital
620,000
674,742

620,000
674,742

Page 28
 


 
OLDFIELD GROUP (SKIPTON) LIMITED


 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


14.


Tangible fixed assets


Group







Freehold property
Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£
£



Cost or valuation


At 1 January 2024
2,686,987
621,459
263,432
756,991
4,096
12,540
4,345,505


Additions
92,221
2,090
39,711
326,385
-
-
460,407


Disposals
-
-
-
(228,322)
-
-
(228,322)



At 31 December 2024

2,779,208
623,549
303,143
855,054
4,096
12,540
4,577,590



Depreciation


At 1 January 2024
209,465
510,767
228,520
419,241
4,096
12,540
1,384,629


Charge for the year on owned assets
99,043
37,114
27,555
14,266
-
-
177,978


Charge for the year on financed assets
-
-
-
145,227
-
-
145,227


Disposals
-
-
-
(171,804)
-
-
(171,804)



At 31 December 2024

308,508
547,881
256,075
406,930
4,096
12,540
1,536,030



Net book value



At 31 December 2024
2,470,700
75,668
47,068
448,124
-
-
3,041,560



At 31 December 2023
2,477,522
110,692
34,912
337,750
-
-
2,960,876

Page 29
 
OLDFIELD GROUP (SKIPTON) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           14.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
2,470,700
2,477,522

Short leasehold
75,668
110,691

2,546,368
2,588,213


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
406,469
323,454

406,469
323,454


Company






Freehold property
Fixtures and fittings
Computer equipment
Total

£
£
£
£

Cost or valuation


At 1 January 2024
2,686,987
4,096
12,540
2,703,623


Additions
92,221
-
-
92,221



At 31 December 2024

2,779,208
4,096
12,540
2,795,844



Depreciation


At 1 January 2024
209,465
4,096
12,540
226,101


Charge for the year on owned assets
99,043
-
-
99,043



At 31 December 2024

308,508
4,096
12,540
325,144



Net book value



At 31 December 2024
2,470,700
-
-
2,470,700



At 31 December 2023
2,477,522
-
-
2,477,522






Page 30

 
OLDFIELD GROUP (SKIPTON) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
7,000



At 31 December 2024
7,000





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Oldfield Electrical Supplies Limited
Unit 6, Snaygill Industrial Estate, Skipton, BD23 2QR
Sale of electrical and lighting supplies and solar panels
Ordinary
100%
Oldfield Lighting Supplies Limited
Unit 6b, Snaygill Industrial Estate, Skipton, BD23 2QR
Dormant
Ordinary
100%
Oldfield Home Controls Limited
Unit 6b, Snaygill Industrial Estate, Skipton, BD23 2QR
Dormant
Ordinary
100%
Eleconline Limited
Unit 6, Snaygill Industrial Estate, Skipton, BD23 2QR
Dormant
Ordinary
50%

The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Oldfield Electrical Supplies Limited
3,275,722
908,115

Oldfield Lighting Supplies Limited
1,000
-

Oldfield Home Controls Limited
1,000
-

Eleconline Limited
-
-





Page 31

 
OLDFIELD GROUP (SKIPTON) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Stocks

Group
Group
2024
2023
£
£

Finished goods and goods for resale
1,664,737
1,545,100

1,664,737
1,545,100



17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
3,149,606
2,608,696
20,400
20,400

Other debtors
993,225
971,746
483,974
532,565

4,142,831
3,580,442
504,374
552,965



18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
173,608
14,657
14,097
5,802

Less: bank overdrafts
(248,014)
(159,839)
-
-

(74,406)
(145,182)
14,097
5,802


Page 32

 
OLDFIELD GROUP (SKIPTON) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
248,014
159,839
-
-

Bank loans
234,713
229,813
54,713
49,813

Other loans
158,880
153,126
158,880
153,126

Trade creditors
2,135,931
1,941,767
10,743
3,483

Amounts owed to group undertakings
-
-
1,642,441
1,393,969

Corporation tax
114,946
269,281
23,026
116,586

Other taxation and social security
277,507
313,330
9,907
14,788

Obligations under finance lease and hire purchase contracts
134,558
84,835
-
-

Proceeds of factored debts
670,034
225,552
-
-

Other creditors
380,722
79,816
2,891
71,823

4,355,305
3,457,359
1,902,601
1,803,588


Amounts owed to group undertakings are repayable on demand with no interest incurred on amounts due. 
The following liabilities were secured:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Bank loans
234,713
229,813
54,713
49,813

Bank overdrafts
248,014
159,839
-
-

Obligations under finance lease and hire purchase contracts
134,558
84,835
-
-

Proceeds of factored debts
670,034
225,552
-
-

1,287,319
700,039
54,713
49,813

There is an unlimited cross guarantee given by Oldfield Electrical Supplies Limited to secure certain of the bank borrowings. Security is given by way of a legal charge over the group's freehold property and a debenture over assets of the group.
Proceeds of factored debts are secured against the debtors to which they relate.
The obligations under hire purchase contracts are secured by charges over assets acquired under the relevant agreements.

Page 33

 
OLDFIELD GROUP (SKIPTON) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
870,589
1,110,203
810,589
870,203

Other loans
35,120
208,874
35,120
208,874

Net obligations under finance leases and hire purchase contracts
140,922
80,204
-
-

1,046,631
1,399,281
845,709
1,079,077



The following liabilities were secured:
Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Bank loans
870,589
1,110,203
810,589
870,203

Net obligations under finance leases and hire purchase contracts
140,922
80,204
-
-

1,011,511
1,190,407
810,589
870,203

Details of security provided:

There is an unlimited cross guarantee given by Oldfield Electrical Supplies Limited to secure certain of the bank borrowings. Security is given by way of a legal charge over the group's freehold property and a debenture over assets of the group.
The obligations under hire purchase contracts are secured by charges over assets acquired under the relevant agreements.



Page 34

 
OLDFIELD GROUP (SKIPTON) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
234,713
229,813
54,713
49,813

Other loans
158,880
153,126
158,880
153,126


393,593
382,939
213,593
202,939

Amounts falling due 1-2 years

Bank loans
870,589
289,813
810,589
49,813

Other loans
35,120
208,874
35,120
208,874


905,709
498,687
845,709
258,687

Amounts falling due 2-5 years

Bank loans
-
820,390
-
820,390


-
820,390
-
820,390


1,299,302
1,702,016
1,059,302
1,282,016



22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
134,558
84,835

Between 1-5 years
140,922
80,204

275,480
165,039

Page 35

 
OLDFIELD GROUP (SKIPTON) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

23.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
86,712
63,671


Charged to profit or loss
45,608
23,041



At end of year
132,320
86,712

Company


2024
2023


£

£






At beginning of year
5,505
11,500


Charged to profit or loss
24,593
(5,995)



At end of year
30,098
5,505

The provision for deferred taxation is made up as follows:

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
132,320
86,712
30,098
5,505

132,320
86,712
30,098
5,505

The company has no deferred tax assets or liabilities.

Page 36

 
OLDFIELD GROUP (SKIPTON) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



26 (2023 - 26) 'A' Ordinary shares of £1.00 each
26
26
23 (2023 - 23) 'B' Ordinary shares of £1.00 each
23
23
13 (2023 - 13) 'C' Ordinary shares of £1.00 each
13
13
11 (2023 - 11) 'D' Ordinary shares of £1.00 each
11
11
13 (2023 - 13) 'E' Ordinary shares of £1.00 each
13
13
11 (2023 - 11) 'F' Ordinary shares of £1.00 each
11
11
1 (2023 - 1) 'G' Ordinary share of £1.00
1
1
1 (2023 - 1) 'H' Ordinary share of £1.00
1
1
1 (2023 - 1) 'I' Ordinary share of £1.00
1
1
1 (2023 - 1) 'J' Ordinary share of £1.00
1
1
1 (2023 - 1) 'K' Ordinary share of £1.00
1
1
1 (2023 - 1) 'L' Ordinary share of £1.00
1
1
1 (2023 - 1) 'M' Ordinary share of £1.00
1
1

104

104

All classes of share capital carry full voting rights and no restriction on the distribution of dividends and the repayment of capital.
 



25.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and these amounted to £99,830 (2023 - £110,968).


26.


Commitments under operating leases

At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
187,802
47,865

Later than 1 year and not later than 5 years
184,473
59,139

Later than 5 years
2,500
-

374,775
107,004
The Company had no commitments under non-cancellable operating leases at the reporting date.

Page 37

 
OLDFIELD GROUP (SKIPTON) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

27.


Transactions with directors

Included within other debtors, amounts falling due within one year is an amount due from M Bell of £347,245 (2023 - £380,436). Interest is payable on the balance and the balance is repayable on demand.
Included within other debtors, amounts falling due within one year is an amount due from R Bell of £3,614 (2023 - £10,967).  Interest is payable on the balance and the balance is repayable on demand.
Included within other debtors, amounts falling due within one year is an amount due from A Smith of £1,400 (2023 - £10,000).  Interest is payable on the balance and the balance is repayable on demand.


28.


Related party transactions

The company has taken advantage of the exemption contained in Section 33 of FRS102 "Related Party Disclosures" from disclosing transactions with entities which are part of the group, since 100% of the voting rights in the company are controlled within the group and the company is included within the group accounts which are publicly available.


29.


Controlling party

There is no controlling party.

Page 38