Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-3137114truetruetruetruetrue72true72Wholesale of electrical supplies2024-01-01falsefalsefalse 00613724 2024-01-01 2024-12-31 00613724 2023-01-01 2023-12-31 00613724 2024-12-31 00613724 2023-12-31 00613724 2023-01-01 00613724 4 2024-01-01 2024-12-31 00613724 4 2023-01-01 2023-12-31 00613724 5 2024-01-01 2024-12-31 00613724 5 2023-01-01 2023-12-31 00613724 6 2024-01-01 2024-12-31 00613724 6 2023-01-01 2023-12-31 00613724 d:CompanySecretary1 2024-01-01 2024-12-31 00613724 d:Director1 2024-01-01 2024-12-31 00613724 d:Director2 2024-01-01 2024-12-31 00613724 d:Director3 2024-01-01 2024-12-31 00613724 d:Director4 2024-01-01 2024-12-31 00613724 d:Director5 2024-01-01 2024-12-31 00613724 d:Director6 2024-01-01 2024-12-31 00613724 d:Director7 2024-01-01 2024-12-31 00613724 d:RegisteredOffice 2024-01-01 2024-12-31 00613724 d:Agent1 2024-01-01 2024-12-31 00613724 e:Buildings e:ShortLeaseholdAssets 2024-01-01 2024-12-31 00613724 e:Buildings e:ShortLeaseholdAssets 2024-12-31 00613724 e:Buildings e:ShortLeaseholdAssets 2023-12-31 00613724 e:PlantMachinery 2024-01-01 2024-12-31 00613724 e:PlantMachinery 2024-12-31 00613724 e:PlantMachinery 2023-12-31 00613724 e:PlantMachinery e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 00613724 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 00613724 e:MotorVehicles 2024-01-01 2024-12-31 00613724 e:MotorVehicles 2024-12-31 00613724 e:MotorVehicles 2023-12-31 00613724 e:MotorVehicles e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 00613724 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 00613724 e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 00613724 e:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 00613724 e:CurrentFinancialInstruments 2024-12-31 00613724 e:CurrentFinancialInstruments 2023-12-31 00613724 e:CurrentFinancialInstruments 1 2024-12-31 00613724 e:CurrentFinancialInstruments 1 2023-12-31 00613724 e:Non-currentFinancialInstruments 2024-12-31 00613724 e:Non-currentFinancialInstruments 2023-12-31 00613724 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 00613724 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 00613724 e:Non-currentFinancialInstruments e:AfterOneYear 2024-12-31 00613724 e:Non-currentFinancialInstruments e:AfterOneYear 2023-12-31 00613724 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-12-31 00613724 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-12-31 00613724 e:UKTax 2024-01-01 2024-12-31 00613724 e:UKTax 2023-01-01 2023-12-31 00613724 e:ShareCapital 2024-01-01 2024-12-31 00613724 e:ShareCapital 2024-12-31 00613724 e:ShareCapital 2023-01-01 2023-12-31 00613724 e:ShareCapital 2023-12-31 00613724 e:ShareCapital 2023-01-01 00613724 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 00613724 e:RetainedEarningsAccumulatedLosses 2024-12-31 00613724 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 00613724 e:RetainedEarningsAccumulatedLosses 2023-12-31 00613724 e:RetainedEarningsAccumulatedLosses 2023-01-01 00613724 d:OrdinaryShareClass1 2024-01-01 2024-12-31 00613724 d:OrdinaryShareClass1 2024-12-31 00613724 d:OrdinaryShareClass1 2023-12-31 00613724 d:FRS102 2024-01-01 2024-12-31 00613724 d:Audited 2024-01-01 2024-12-31 00613724 d:FullAccounts 2024-01-01 2024-12-31 00613724 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 00613724 e:WithinOneYear 2024-12-31 00613724 e:WithinOneYear 2023-12-31 00613724 e:BetweenOneFiveYears 2024-12-31 00613724 e:BetweenOneFiveYears 2023-12-31 00613724 e:MoreThanFiveYears 2024-12-31 00613724 e:MoreThanFiveYears 2023-12-31 00613724 e:HirePurchaseContracts e:WithinOneYear 2024-12-31 00613724 e:HirePurchaseContracts e:WithinOneYear 2023-12-31 00613724 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-12-31 00613724 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-12-31 00613724 e:AcceleratedTaxDepreciationDeferredTax 2024-12-31 00613724 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 00613724 2 2024-01-01 2024-12-31 00613724 4 2024-01-01 2024-12-31 00613724 6 2024-01-01 2024-12-31 00613724 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2024-12-31 00613724 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-12-31 00613724 e:LeasedAssetsHeldAsLessee 2024-12-31 00613724 e:LeasedAssetsHeldAsLessee 2023-12-31 00613724 f:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure

Company Registration Number 00613724























OLDFIELD ELECTRICAL SUPPLIES LIMITED





FINANCIAL STATEMENTS





 31 DECEMBER 2024
























img7006.png

 
OLDFIELD ELECTRICAL SUPPLIES LIMITED
 

COMPANY INFORMATION


Directors
M C Bell 
S Bell 
R G Bell 
G E Bell 
A J Smith 
A L Smith 
A C Guy 




Company secretary
B Bell



Registered number
00613724



Registered office
Unit 6
Snaygill Industrial Estate

Keighley Road

Skipton

North Yorkshire

BD23 2QR




Independent auditors
Armstrong Watson Audit Limited
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 ELECTRICAL SUPPLIES LIMITED
 

CONTENTS



Page
Strategic Report
 
 
1 - 2
Directors' Report
 
 
3 - 4
Independent Auditors' Report
 
 
5 - 8
Statement of Comprehensive Income
 
 
9
Statement of Financial Position
 
 
10
Statement of Changes in Equity
 
 
11
Notes to the Financial Statements
 
 
12 - 26


 
OLDFIELD ELECTRICAL SUPPLIES LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Business review
 
The principal activity of the company for the year under review was that of the sale of electrical and lighting supplies and solar panels. The company trades from various branches located in Skipton, Keighley, Clitheroe, Guiseley and Kendal.
The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and the company'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 company operates continues to be challenging. The electrical wholesale industry in the UK is highly competitive. The company 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 company's operations expose it to a variety of financial risks that include the effect of changes in credit, liquidity and interest rate risk. The company has in place a risk management programmes that seeks to limit the adverse effects on the financial performance of the company. The company does not use derivative financial instruments to manage interest rate costs.
Credit risk
The company has implemented policies that require appropriate credit checks on corporate customers before sales are made.
Liquidity risk
The directors believe that the company has sufficient funds available to support its activities in the future.

Page 1

 
OLDFIELD ELECTRICAL SUPPLIES LIMITED
 

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 company as a whole, being turnover, gross margin and profitability before taxation.
During the year turnover has increased by £1,585,791 (8.58%) from £18,490,542 in 2023 to £20,076,333 in 2024. The directors have successfully facilitated sales growth in areas that are key to the long term success of the business with key customers. 
Gross profit has increased from £5,459,272 in 2023 to £6,331,453 in 2024.
Overall, profit before taxation has increased from £1,151,655 in 2023 to £1,241,555 in 2024 and the directors are pleased with the result for the year. 
After taxation and dividends, shareholders funds have increased from £3,007,607 to £3,275,722 at the year end which continues to demonstrate the strong growth and strength of the company 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 ELECTRICAL SUPPLIES 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 Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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 of the profit or loss of the company for that period.

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


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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 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 £908,115 (2023 - £856,924).

The directors have not recommended a final dividend.

Directors

The directors who served during the year were:

M C Bell 
S Bell 
R G Bell 
G E Bell 
A J Smith 
A L Smith 
A C Guy 

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 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 ELECTRICAL SUPPLIES 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'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's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

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 ELECTRICAL SUPPLIES LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLDFIELD ELECTRICAL SUPPLIES LIMITED
 

Opinion


We have audited the financial statements of Oldfield Electrical Supplies Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the 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 company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The 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.


Page 5

 
OLDFIELD ELECTRICAL SUPPLIES LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLDFIELD ELECTRICAL SUPPLIES LIMITED (CONTINUED)


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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
OLDFIELD ELECTRICAL SUPPLIES LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLDFIELD ELECTRICAL SUPPLIES 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 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 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 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 ELECTRICAL SUPPLIES LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OLDFIELD ELECTRICAL SUPPLIES LIMITED (CONTINUED)


Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of nondetection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.


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
Statutory Auditors
Skipton

11 June 2025
Page 8

 
OLDFIELD ELECTRICAL SUPPLIES LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
  
20,076,333
18,490,542

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

Gross profit
  
6,331,453
5,459,272

Administrative expenses
  
(5,049,381)
(4,258,930)

Other operating income
 5 
4,781
871

Operating profit
 6 
1,286,853
1,201,213

Interest receivable and similar income
 10 
655
86

Interest payable and similar expenses
 11 
(45,953)
(49,644)

Profit before tax
  
1,241,555
1,151,655

Tax on profit
 12 
(333,440)
(294,731)

Profit for the financial year
  
908,115
856,924

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

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

The notes on pages 12 to 26 form part of these financial statements.

Page 9

 
OLDFIELD ELECTRICAL SUPPLIES LIMITED
REGISTERED NUMBER: 00613724

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
570,858
483,352

  
570,858
483,352

Current assets
  

Stocks
 15 
1,664,737
1,545,100

Debtors: amounts falling due within one year
 16 
5,301,299
4,421,446

Cash at bank and in hand
 17 
159,510
8,856

  
7,125,546
5,975,402

Creditors: amounts falling due within one year
 18 
(4,117,538)
(3,049,736)

Net current assets
  
 
 
3,008,008
 
 
2,925,666

Total assets less current liabilities
  
3,578,866
3,409,018

Creditors: amounts falling due after more than one year
 19 
(200,922)
(320,204)

Provisions for liabilities
  

Deferred tax
 22 
(102,222)
(81,207)

  
 
 
(102,222)
 
 
(81,207)

Net assets
  
3,275,722
3,007,607


Capital and reserves
  

Called up share capital 
 23 
5,000
5,000

Profit and loss account
  
3,270,722
3,002,607

  
3,275,722
3,007,607


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

Page 10

 
OLDFIELD ELECTRICAL SUPPLIES LIMITED
 

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 2023
5,000
2,845,683
2,850,683


Comprehensive income for the year

Profit for the year
-
856,924
856,924
Total comprehensive income for the year
-
856,924
856,924


Contributions by and distributions to owners

Dividends: Equity capital
-
(700,000)
(700,000)



At 1 January 2024
5,000
3,002,607
3,007,607


Comprehensive income for the year

Profit for the year
-
908,115
908,115
Total comprehensive income for the year
-
908,115
908,115


Contributions by and distributions to owners

Dividends: Equity capital
-
(640,000)
(640,000)


At 31 December 2024
5,000
3,270,722
3,275,722


Page 11

 
OLDFIELD ELECTRICAL SUPPLIES LIMITED
 

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

1.


General information

The company is a private company limited by shares and domiciled in the United Kingdom. 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.
The principal activity of the company is the sale of electrical and lighting supplies and solar panels.
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 management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Oldfield Group (Skipton) Limited as at 31 December 2024 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

Page 12

 
OLDFIELD ELECTRICAL SUPPLIES 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 company has adequate resources to continue in operational existence for a period of no less than 12 months from the approval of the financial statements.
In reaching their conclusion, the directors have considered their cash flows for a period of 12 months from the date of approval of the financial statements. In doing so the directors have considered the availability of funding, both externally and internally and have concluded that there is sufficient and substantial headroom within the company's working capital facilities throughout the year.
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 company 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 company has transferred the significant risks and rewards of ownership to the buyer;
the company 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 company 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 company 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 company as lessee

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

 
2.6

Interest income

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

Page 13

 
OLDFIELD ELECTRICAL SUPPLIES LIMITED
 

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

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Borrowing costs

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

 
2.9

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company 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 company in independently administered funds.

 
2.10

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.


Page 14

 
OLDFIELD ELECTRICAL SUPPLIES LIMITED
 

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

2.Accounting policies (continued)

 
2.11

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
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.

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:

Leasehold property improvements
-
Over the term of the lease
Plant and equipment
-
25% reducing balance, 20% & 33% straight line
Motor vehicles
-
25% on 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.
A full year of depreciation is charged in the year of fixed asset addition.

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.

Page 15

 
OLDFIELD ELECTRICAL SUPPLIES LIMITED
 

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

2.Accounting policies (continued)

 
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.

 
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

Provision for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. 
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. 
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.19

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. 
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

 
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 16

 
OLDFIELD ELECTRICAL SUPPLIES 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 company makes estimates and assumptions concerning the future. The resulting accounts 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

The whole of the turnover is attributable to the one principal activity of the company.

All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Sundry income
4,781
871



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£



Depreciation of tangible fixed assets
224,163
205,475

Other operating lease rentals
272,540
260,040

Defined contribution pension cost
73,164
50,968

Page 17

 
OLDFIELD ELECTRICAL SUPPLIES LIMITED
 

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

7.


Auditors' remuneration

During the year, the company obtained the following services from the company's auditors:


2024
2023
£
£

Fees payable to the company's auditors for the audit of the company's financial statements
24,000
21,500

The company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company.


8.


Employees

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


2024
2023
£
£

Wages and salaries
3,016,713
2,513,829

Social security costs
327,423
265,379

Cost of defined contribution scheme
73,164
50,968

3,417,300
2,830,176


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


        2024
        2023
            No.
            No.







Management and administration
72
72


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
225,397
66,554

Company contributions to defined contribution pension schemes
15,000
-

240,397
66,554


Certain of the directors are remunerated by the parent company Oldfield Group (Skipton) Limited.

Page 18

 
OLDFIELD ELECTRICAL SUPPLIES LIMITED
 

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

10.


Interest receivable

2024
2023
£
£


Other interest receivable
655
86


11.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
28,184
39,028

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

45,953
49,644


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
311,920
269,627

Adjustments in respect of previous periods
505
(3,932)


312,425
265,695


Total current tax
312,425
265,695

Deferred tax


Origination and reversal of timing differences
21,015
29,036

Total deferred tax
21,015
29,036


Taxation on profit on ordinary activities
333,440
294,731
Page 19

 
OLDFIELD ELECTRICAL SUPPLIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
12.Taxation (continued)


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
1,241,554
1,151,655


Profit on ordinary activities multiplied by standard rate (2023 - marginal rate) of corporation tax in the UK of 25% (2023 - 23.52%)
310,389
270,876

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
13,267
7,878

Capital allowances for year in excess of depreciation
9,279
14,842

Adjustments to tax charge in respect of prior periods
505
(3,932)

Deferred tax not provided
-
3,559

Change in rate of taxation
-
1,508

Total tax charge for the year
333,440
294,731


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2024
2023
£
£


Dividends on equity capital
640,000
700,000

Page 20

 
OLDFIELD ELECTRICAL SUPPLIES LIMITED
 

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

14.


Tangible fixed assets





Leasehold Property Improvements
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 January 2024
621,458
263,432
756,991
1,641,881


Additions
2,090
39,711
326,385
368,186


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



At 31 December 2024

623,548
303,143
855,054
1,781,745



Depreciation


At 1 January 2024
510,768
228,520
419,241
1,158,529


Charge for the year on owned assets
37,114
27,555
14,266
78,935


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


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



At 31 December 2024

547,882
256,075
406,930
1,210,887



Net book value



At 31 December 2024
75,666
47,068
448,124
570,858



At 31 December 2023
110,690
34,912
337,750
483,352

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

Page 21

 
OLDFIELD ELECTRICAL SUPPLIES LIMITED
 

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

15.


Stocks

2024
2023
£
£

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



16.


Debtors

2024
2023
£
£


Trade debtors
3,149,606
2,588,296

Amounts owed by group undertakings
1,642,441
1,393,969

Other debtors
509,252
439,181

5,301,299
4,421,446


Amounts owed by group undertakings are repayable on demand with no interest incurred on amounts due.


17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
159,510
8,856

Less: bank overdrafts
(268,414)
(159,839)

(108,904)
(150,983)


Page 22

 
OLDFIELD ELECTRICAL SUPPLIES LIMITED
 

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

18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
268,414
159,839

Bank loans
180,000
180,000

Trade creditors
2,125,188
1,938,284

Amounts owed to group undertakings
2,000
2,000

Corporation tax
91,920
152,695

Other taxation and social security
267,599
298,541

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

Proceeds of factored debts
670,034
225,552

Other creditors
377,825
7,990

4,117,538
3,049,736



Secured loans

The following liabilities, included within creditors amounts falling due within one year, are secured by the company:


2024
2023
£
£



Bank loans
180,000
180,000

Bank overdrafts
268,414
159,839

Hire purchase agreements
134,558
84,835

Proceeds of factored debts
670,034
225,552

1,253,006
650,226

There is an unlimited cross guarantee to secure certain of the bank borrowings. Security is given by way of a legal charge over it's parent company's freehold property and a debenture given over assets of Oldfield Group (Skipton) Limited and it's subsidiaries.
The obligations under hire purchase contracts are secured by charges over assets acquired under the relevant agreements.

Page 23

 
OLDFIELD ELECTRICAL SUPPLIES LIMITED
 

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

19.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
60,000
240,000

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

200,922
320,204



Secured loans

The following liabilities, included within creditors amounts due after more than one year, are secured by the company:


2024
2023
£
£



Obligations under finance lease and hire purchase contracts
140,922
80,204

Bank loans
60,000
240,000

200,922
320,204


20.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
180,000
180,000


180,000
180,000

Amounts falling due 1-2 years

Bank loans
60,000
240,000


60,000
240,000



240,000
420,000


Page 24

 
OLDFIELD ELECTRICAL SUPPLIES LIMITED
 

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

21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
134,558
84,835

Between 1-5 years
140,922
80,204

275,480
165,039


22.


Deferred taxation




2024
2023


£

£






At beginning of year
81,207
52,171


Utilised in the year
21,015
29,036



At end of year
102,222
81,207

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
102,222
81,207

102,222
81,207


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



5,000 (2023 - 5,000) Ordinary shares of £1.00 each
5,000
5,000

The Ordinary shares carry rights of one vote per share and have no restrictions on the distribution of dividends and the repayment of capital.



24.


Contingent liabilities

The company has entered into an unlimited cross guarantee with National Westminster Bank PLC in respect of the bank borrowings of all the companies within the group, secured by way of a charge on freehold property of its parent company and all other assets within the group. 

Page 25

 
OLDFIELD ELECTRICAL SUPPLIES LIMITED
 

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

25.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and these amounted to £73,164 (2023 - £50,968).


26.


Commitments under operating leases

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

2024
2023
£
£


Not later than 1 year
187,802
92,240

Later than 1 year and not later than 5 years
184,473
92,420

Later than 5 years
2,500
-

374,775
184,660


27.


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.


28.


Controlling party

The company is a wholly owned subsidiary undertaking of Oldfield Group (Skipton) Limited. The consolidated financial statements of Oldfield Group (Skipton) Limited are available to the public and may be obtained from The Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.


Page 26