| O&G GROUP LIMITED |
| Notes to the Accounts |
| for the year ended 31 December 2025 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Interest Income |
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Interest income is recognised in profit or loss using the effective interest method. |
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Intangible fixed assets |
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Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
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Tangible fixed assets |
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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. |
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. |
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Computer Equipment |
25% Reducing balance |
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Fixtures, fittings, tools and equipment |
25% Reducing balance |
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The assets' residual vdues, 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. |
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Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss |
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Valuation of Investments |
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Investments in subsidiaries are measured at cost less accumdated impairment. |
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Investments in unlisted Company shares, Whose market value can be reliably determined, are
remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. |
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Investrnents in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
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Average number of persons employed by the company |
1 |
|
1 |
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| 3 |
Tangible fixed assets |
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|
|
|
Fixtures and fittings |
|
Computer
equipment |
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Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 January 2025 |
420 |
|
6,443 |
|
6,863 |
|
Additions |
- |
|
916 |
|
916 |
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At 31 December 2025 |
420 |
|
7,359 |
|
7,779 |
|
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|
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Depreciation |
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At 1 January 2025 |
218 |
|
4,875 |
|
5,093 |
|
Charge for the year |
51 |
|
427 |
|
478 |
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At 31 December 2025 |
269 |
|
5,302 |
|
5,571 |
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Net book value |
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At 31 December 2025 |
151 |
|
2,057 |
|
2,208 |
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At 31 December 2024 |
202 |
|
1,568 |
|
1,770 |
|
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| 4 |
Investments |
| Investments in |
| subsidiary |
Other |
| undertakings |
investments |
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 January 2025 |
75 |
|
15 |
|
90 |
|
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At 31 December 2025 |
75 |
|
15 |
|
90 |
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| 5 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
|
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
978,191 |
|
1,298,390 |
|
Prepayments & Accrued Income |
|
|
|
|
- |
|
60,000 |
|
Other debtors |
- |
|
330 |
|
|
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|
|
|
978,191 |
|
1,358,720 |
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| 6 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
|
|
Trade creditors |
13,851 |
|
14,013 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
191,626 |
|
622,208 |
|
Taxation and social security costs |
16,488 |
|
45 |
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Accruals & Deffered Income |
- |
|
2,750 |
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Other creditors |
832,340 |
|
969,016 |
|
|
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|
|
|
1,054,305 |
|
1,608,032 |
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| 7 |
Controlling party |
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The ultimate controlling party is considered to be Noah Hitchcox by Virtue of his shareholding in the Company. |
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| 8 |
Other information |
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O&G GROUP LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
321, 37 Cremer street |
|
London |
|
E2 8HD |