Caseware UK (AP4) 2024.0.164 2024.0.164 2025-12-31 2025-12-31 25081 true 71 true true true true true Wholesale of electrical supplies 2025-01-01 false 72 true false false 00613724 2025-01-01 2025-12-31 00613724 2024-01-01 2024-12-31 00613724 2025-12-31 00613724 2024-12-31 00613724 2024-01-01 00613724 4 2025-01-01 2025-12-31 00613724 4 2024-01-01 2024-12-31 00613724 5 2025-01-01 2025-12-31 00613724 5 2024-01-01 2024-12-31 00613724 d:CompanySecretary1 2025-01-01 2025-12-31 00613724 d:Director1 2025-01-01 2025-12-31 00613724 d:Director2 2025-01-01 2025-12-31 00613724 d:Director3 2025-01-01 2025-12-31 00613724 d:Director4 2025-01-01 2025-12-31 00613724 d:Director5 2025-01-01 2025-12-31 00613724 d:Director6 2025-01-01 2025-12-31 00613724 d:Director7 2025-01-01 2025-12-31 00613724 d:RegisteredOffice 2025-01-01 2025-12-31 00613724 d:Agent1 2025-01-01 2025-12-31 00613724 e:Buildings e:ShortLeaseholdAssets 2025-01-01 2025-12-31 00613724 e:Buildings e:ShortLeaseholdAssets 2025-12-31 00613724 e:Buildings e:ShortLeaseholdAssets 2024-12-31 00613724 e:PlantMachinery 2025-01-01 2025-12-31 00613724 e:PlantMachinery 2025-12-31 00613724 e:PlantMachinery 2024-12-31 00613724 e:PlantMachinery e:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 00613724 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2025-01-01 2025-12-31 00613724 e:MotorVehicles 2025-01-01 2025-12-31 00613724 e:MotorVehicles 2025-12-31 00613724 e:MotorVehicles 2024-12-31 00613724 e:MotorVehicles e:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 00613724 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2025-01-01 2025-12-31 00613724 e:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 00613724 e:LeasedAssetsHeldAsLessee 2025-01-01 2025-12-31 00613724 e:CurrentFinancialInstruments 2025-12-31 00613724 e:CurrentFinancialInstruments 2024-12-31 00613724 e:CurrentFinancialInstruments 1 2025-12-31 00613724 e:CurrentFinancialInstruments 1 2024-12-31 00613724 e:Non-currentFinancialInstruments 2025-12-31 00613724 e:Non-currentFinancialInstruments 2024-12-31 00613724 e:CurrentFinancialInstruments e:WithinOneYear 2025-12-31 00613724 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 00613724 e:Non-currentFinancialInstruments e:AfterOneYear 2025-12-31 00613724 e:Non-currentFinancialInstruments e:AfterOneYear 2024-12-31 00613724 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2025-12-31 00613724 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-12-31 00613724 e:UKTax 2025-01-01 2025-12-31 00613724 e:UKTax 2024-01-01 2024-12-31 00613724 e:ShareCapital 2025-12-31 00613724 e:ShareCapital 2024-12-31 00613724 e:ShareCapital 2024-01-01 00613724 e:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 00613724 e:RetainedEarningsAccumulatedLosses 2025-12-31 00613724 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 00613724 e:RetainedEarningsAccumulatedLosses 2024-12-31 00613724 e:RetainedEarningsAccumulatedLosses 2024-01-01 00613724 d:OrdinaryShareClass1 2025-01-01 2025-12-31 00613724 d:OrdinaryShareClass1 2025-12-31 00613724 d:OrdinaryShareClass1 2024-12-31 00613724 d:FRS102 2025-01-01 2025-12-31 00613724 d:Audited 2025-01-01 2025-12-31 00613724 d:FullAccounts 2025-01-01 2025-12-31 00613724 d:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 00613724 e:WithinOneYear 2025-12-31 00613724 e:WithinOneYear 2024-12-31 00613724 e:BetweenOneFiveYears 2025-12-31 00613724 e:BetweenOneFiveYears 2024-12-31 00613724 e:MoreThanFiveYears 2025-12-31 00613724 e:MoreThanFiveYears 2024-12-31 00613724 e:HirePurchaseContracts e:WithinOneYear 2025-12-31 00613724 e:HirePurchaseContracts e:WithinOneYear 2024-12-31 00613724 e:HirePurchaseContracts e:BetweenOneFiveYears 2025-12-31 00613724 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-12-31 00613724 e:AcceleratedTaxDepreciationDeferredTax 2025-12-31 00613724 e:AcceleratedTaxDepreciationDeferredTax 2024-12-31 00613724 2 2025-01-01 2025-12-31 00613724 4 2025-01-01 2025-12-31 00613724 6 2025-01-01 2025-12-31 00613724 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2025-12-31 00613724 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2024-12-31 00613724 f:PoundSterling 2025-01-01 2025-12-31 xbrli:shares iso4217:GBP xbrli:pure

Company Registration Number: 00613724
| OLDFIELD ELECTRICAL SUPPLIES LIMITED |
| FINANCIAL STATEMENTS |
| 31 DECEMBER 2025 |
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 & Chartered Accountants
| 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 2025
Introduction
The directors have pleasure in presenting their report and the financial statements of the company for the year ended 31 December 2025.
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 2025
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 £1,751,443 (8.72%) from £20,076,333 in 2024 to £21,827,776 in 2025. 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 £6,331,453 in 2024 to £6,815,899 in 2025. Overall, profit before taxation has decreased from £1,241,555 in 2024 to £1,086,282 in 2025 and the directors are pleased with the result for the year. After taxation and dividends, shareholders funds have increased from £3,275,722 to £3,417,288 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: 8 July 2026
Page 2
OLDFIELD ELECTRICAL SUPPLIES LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
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 2006. They 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 £781,566 (2024 - £908,115). 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 2025
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 2006, Armstrong 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: 8 July 2026
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 2025, 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 policies. The 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 2025 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 Report. Our 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 2006. Our 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 & Chartered Accountants Skipton 8 July 2026 Page 8
OLDFIELD ELECTRICAL SUPPLIES LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover |  | 21,827,776 | 20,076,333
Cost of sales |  | (15,011,877) | (13,744,880)
Gross profit |  | 6,815,899 | 6,331,453
Administrative expenses |  | (5,703,182) | (5,049,381)
Other operating income | 5 | 4,682 | 4,781
Operating profit | 6 | 1,117,399 | 1,286,853
Interest receivable and similar income | 10 | 3,601 | 655
Interest payable and similar expenses | 11 | (34,718) | (45,953)
Profit before tax |  | 1,086,282 | 1,241,555
Tax on profit | 12 | (304,716) | (333,440)
Profit for the financial year |  | 781,566 | 908,115
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
There was no other comprehensive income for 2025 (2024:£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 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 14 |  | 471,747 |  | 570,858
|  |  | 471,747 |  | 570,858
Current assets |  |  |  |  |
Stocks | 15 | 1,629,517 |  | 1,664,737 |
Debtors: amounts falling due within one year | 16 | 5,449,943 |  | 5,301,299 |
Cash at bank and in hand | 17 | 36,914 |  | 159,510 |
|  | 7,116,374 |  | 7,125,546 |
Creditors: amounts falling due within one year | 18 | (4,005,231) |  | (4,117,538) |
Net current assets |  |  | 3,111,143 |  | 3,008,008
Total assets less current liabilities |  |  | 3,582,890 |  | 3,578,866
Creditors: amounts falling due after more than one year | 19 |  | (69,377) |  | (200,922)
Provisions for liabilities |  |  |  |  |
Deferred tax | 22 | (96,225) |  | (102,222) |
|  |  | (96,225) |  | (102,222)
Net assets |  |  | 3,417,288 |  | 3,275,722
Capital and reserves |  |  |  |  |
Called up share capital | 23 |  | 5,000 |  | 5,000
Profit and loss account |  |  | 3,412,288 |  | 3,270,722
|  |  | 3,417,288 |  | 3,275,722
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ R G Bell
Director
Date: 8 July 2026
Page 10
OLDFIELD ELECTRICAL SUPPLIES LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 5,000 | 3,002,607 | 3,007,607
Profit for the year | - | 908,115 | 908,115
Dividends: Equity capital | - | (640,000) | (640,000)
At 1 January 2025 | 5,000 | 3,270,722 | 3,275,722
Profit for the year | - | 781,566 | 781,566
Contributions by and distributions to owners |  |  |
Dividends: Equity capital | - | (640,000) | (640,000)
At 31 December 2025 | 5,000 | 3,412,288 | 3,417,288
Page 11
OLDFIELD ELECTRICAL SUPPLIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
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 2025 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 2025 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 2025 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 2025 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 methods listed below. 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 2025 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 2025
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
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sundry income | 4,682 | 4,781
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 185,075 | 224,163
| Other operating lease rentals | 275,040 | 272,540
| Defined contribution pension cost | 87,033 | 73,164
Page 17
OLDFIELD ELECTRICAL SUPPLIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Auditors' remuneration
| During the year, the company obtained the following services from the company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the company's auditors for the audit of the company's financial statements | 24,220 | 24,000
8. | Employees
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 3,389,353 | 3,016,713
| Social security costs | 408,584 | 327,423
| Cost of defined contribution scheme | 87,033 | 73,164
|  | 3,884,970 | 3,417,300
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Management and administration | 71 | 72
9. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 219,761 | 225,397
| Company contributions to defined contribution pension schemes | 19,667 | 15,000
|  | 239,428 | 240,397
| Certain directors are remunerated by the parent company Oldfield Group (Skipton) Limited.
10. | Interest receivable
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 3,601 | 655
Page 18
OLDFIELD ELECTRICAL SUPPLIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | 12,358 | 28,184
| Finance leases and hire purchase contracts | 22,360 | 17,769
|  | 34,718 | 45,953
12. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 321,447 | 311,920
| Adjustments in respect of previous periods | (10,734) | 505
|  | 310,713 | 312,425
| Total current tax | 310,713 | 312,425
| Deferred tax |  |
| Origination and reversal of timing differences | (5,997) | 21,015
| Total deferred tax | (5,997) | 21,015
| Taxation on profit on ordinary activities | 304,716 | 333,440
Page 19
OLDFIELD ELECTRICAL SUPPLIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 12.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,086,283 | 1,241,554
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 271,571 | 310,389
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 26,450 | 13,267
| Capital allowances for year in excess of depreciation | 6,270 | 9,279
| Adjustments to tax charge in respect of prior periods | (10,734) | 505
| Movement in deferred tax not provided | 11,159 | -
| Total tax charge for the year | 304,716 | 333,440
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
13. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends on equity capital | 640,000 | 640,000
Page 20
OLDFIELD ELECTRICAL SUPPLIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Tangible fixed assets
|  | Leasehold Property Improvements | Plant and machinery | Motor vehicles | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 January 2025 | 623,548 | 303,143 | 855,054 | 1,781,745
| Additions | - | 29,560 | 86,745 | 116,305
| Disposals | - | - | (120,445) | (120,445)
| At 31 December 2025 | 623,548 | 332,703 | 821,354 | 1,777,605
| Depreciation |  |  |  |
| At 1 January 2025 | 547,882 | 256,075 | 406,930 | 1,210,887
| Charge for the year on owned assets | 25,081 | 30,957 | 33,054 | 89,092
| Charge for the year on financed assets | - | - | 95,983 | 95,983
| Disposals | - | - | (90,104) | (90,104)
| At 31 December 2025 | 572,963 | 287,032 | 445,863 | 1,305,858
| Net book value |  |  |  |
| At 31 December 2025 | 50,585 | 45,671 | 375,491 | 471,747
| At 31 December 2024 | 75,666 | 47,068 | 448,124 | 570,858
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Motor vehicles | 351,780 | 406,469
Page 21
OLDFIELD ELECTRICAL SUPPLIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
15. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Finished goods and goods for resale | 1,629,517 | 1,664,737
16. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 3,099,416 | 3,149,606
| Amounts owed by group undertakings | 1,871,902 | 1,642,441
| Other debtors | 478,625 | 509,252
|  | 5,449,943 | 5,301,299
| Amounts owed by group undertakings are repayable on demand with no interest incurred on amounts due.
17. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 36,914 | 159,510
| Less: bank overdrafts | (314,012) | (268,414)
|  | (277,098) | (108,904)
Page 22
OLDFIELD ELECTRICAL SUPPLIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
18. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdrafts | 314,012 | 268,414
| Bank loans | 60,000 | 180,000
| Trade creditors | 2,333,365 | 2,125,188
| Amounts owed to group undertakings | 2,000 | 2,000
| Corporation tax | 154,435 | 91,920
| Other taxation and social security | 313,973 | 267,599
| Obligations under finance lease and hire purchase contracts | 107,678 | 134,558
| Proceeds of factored debts | 242,972 | 670,034
| Other creditors | 476,796 | 377,825
|  | 4,005,231 | 4,117,538
| Secured loans
| The following liabilities, included within creditors amounts falling due within one year, are secured by the company:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 60,000 | 180,000
| Bank overdrafts | 314,012 | 268,414
| Hire purchase agreements | 107,678 | 134,558
| Proceeds of factored debts | 242,972 | 670,034
|  | 724,662 | 1,253,006
| 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 2025
19. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | - | 60,000
| Net obligations under finance leases and hire purchase contracts | 69,377 | 140,922
|  | 69,377 | 200,922
| Secured loans
| The following liabilities, included within creditors amounts due after more than one year, are secured by the company:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Obligations under finance lease and hire purchase contracts | 69,377 | 140,922
| Bank loans | - | 60,000
|  | 69,377 | 200,922
20. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 60,000 | 180,000
|  | 60,000 | 180,000
| Amounts falling due 1-2 years |  |
| Bank loans | - | 60,000
|  | - | 60,000
|  | 60,000 | 240,000
Page 24
OLDFIELD ELECTRICAL SUPPLIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
21. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 107,678 | 134,558
| Between 1-5 years | 69,377 | 140,922
|  | 177,055 | 275,480
22. | Deferred taxation
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 102,222 | 81,207
| Utilised in the year | (5,997) | 21,015
| At end of year | 96,225 | 102,222
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 96,225 | 102,222
23. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 5,000 (2024 - 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 2025
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 £87,033 (2024 - £73,164).
26. | Commitments under operating leases
| At 31 December 2025 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 133,300 | 187,802
| Later than 1 year and not later than 5 years | 79,103 | 184,473
| Later than 5 years | - | 2,500
|  | 212,403 | 374,775
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