Company Registration No. NI634037 (Northern Ireland)
ODEC Retail Limited
Unaudited accounts
for the year ended 31 December 2024
ODEC Retail Limited
Statement of financial position
as at 31 December 2024
Intangible assets
90,163
102,944
Tangible assets
37,336
42,459
Cash at bank and in hand
1,431
34,787
Creditors: amounts falling due within one year
(343,077)
(315,016)
Net current assets
47,758
6,596
Total assets less current liabilities
175,257
151,999
Creditors: amounts falling due after more than one year
(112,856)
(190,747)
Net assets/(liabilities)
62,401
(38,748)
Called up share capital
2
2
Profit and loss account
62,399
(38,750)
Shareholders' funds
62,401
(38,748)
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by
Donagh McGoveran
Director
Company Registration No. NI634037
ODEC Retail Limited
Notes to the Accounts
for the year ended 31 December 2024
ODEC Retail Limited is a private company, limited by shares, registered in Northern Ireland, registration number NI634037. The registered office is T/A Centra Cathedral Quarter , 70-74 Donegall Street , Belfast, Co Antrim , BT1 2GU, Northern Ireland .
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The directors of ODEC Retail Limited believe that the company has adequate resources available to enable it to continue to meet its ongoing obligations as and when they fall due for at least twelve months from the date of signing. Accordingly, ODEC Retail Limited continues to adopt the going concern basis in preparing the financial statements.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of food, beverages and other associated products is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% Straight Line
Fixtures & fittings
15% Straight Line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
ODEC Retail Limited
Notes to the Accounts
for the year ended 31 December 2024
4
Intangible fixed assets
Other
At 31 December 2024
127,809
Charge for the year
12,781
At 31 December 2024
37,646
At 31 December 2024
90,163
At 31 December 2023
102,944
5
Tangible fixed assets
Land & buildings
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 January 2024
11,750
510,117
521,867
At 31 December 2024
11,750
514,377
526,127
At 1 January 2024
9,439
469,969
479,408
Charge for the year
1,175
8,208
9,383
At 31 December 2024
10,614
478,177
488,791
At 31 December 2024
1,136
36,200
37,336
At 31 December 2023
2,311
40,148
42,459
Finished goods
52,276
81,671
Amounts falling due within one year
Accrued income and prepayments
1,573
1,633
Other debtors
335,555
202,092
ODEC Retail Limited
Notes to the Accounts
for the year ended 31 December 2024
8
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
72,751
83,695
Trade creditors
123,702
88,236
Taxes and social security
48,887
17,208
Deferred income
18,251
18,251
9
Creditors: amounts falling due after more than one year
2024
2023
Deferred income
25,639
43,889
Bank loan secured as follows:
Fixed and floating charge over the property and undertaking of the company.
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
11
Transactions with related parties
Included in Other debtors are amounts due from related party entities of £293,642 (2023: £201,042).
All amounts are interest free and repayable on demand.
12
Average number of employees
During the year the average number of employees was 41 (2023: 29).