Ofriscate Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Ofriscate Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01342508 . The registered office is 40 Hoghton Street, Southport, PR9 0PQ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts, together with income received in respect of pawnbroking.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	2% straight line
Fixtures & Fittings	10-20% straight line
Computer Equipment	20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

2.4. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.5. Stocks and Work in Progress

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

2.6. Financial Instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

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Ofriscate Limited

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2025

2.6. Financial Instruments - continued

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

2.7. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

2.8. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.9. Pensions

The company operates a defined contribution scheme and a FURB scheme, Contributions payable are charged to the profit and loss account in the year they are payable.

2.10. Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

2.11. Pledge advances

Pledge advances are stated at the amount lent on each unredeemed pledge. Interest on pledge advances is included in turnover in the statement of income and retained earnings for the period in which it is earned.

Interest in relation to unredeemed pledges which has not been received during the year is recognised within debtors in the balance sheet. The amount of accrued interest is calculated by way of reference to the value and age of the unredeemed pledges at the year end and the average repayment period for a pledge advance.

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Ofriscate Limited

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2025

2.12. Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Accrued interest on loan advances

Interest is accrued on loans to customers which are outstanding at the year end. The calculation of this amount of interest which is based on the actual interest accruing on loans within their normal term and subsequently the amount of interest which is estimated will be realised on loans which have expired. The amount accrued for expired loans and the proportion of the active loans which are likely to expire is based on activity in the period after the balance sheet date and historical data indicating the likely level of loans which will not be repaid by the customer within the term.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 50 (2024: 50)

4. Tangible Assets

	Land & Property
	Freehold	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 March 2024	367,000	727,042	191,090	1,285,132

As at 28 February 2025	367,000	727,042	191,090	1,285,132

Depreciation
As at 1 March 2024	21,700	676,048	188,277	886,025
Provided during the period	4,340	9,011	2,064	15,415

As at 28 February 2025	26,040	685,059	190,341	901,440

Net Book Value
As at 28 February 2025	340,960	41,983	749	383,692

As at 1 March 2024	345,300	50,994	2,813	399,107

5. Investments

	Subsidiaries
	£
Cost or Valuation
As at 1 March 2024	66,324

As at 28 February 2025	66,324

Provision
As at 1 March 2024	-

As at 28 February 2025	-

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Ofriscate Limited

Notes to the Financial Statements (continued)

For The Year Ended 28 February 2025

Net Book Value
As at 28 February 2025	66,324

As at 1 March 2024	66,324

Details of the company's wholly owned subsidiary at 28 February 2025 is as follows:

Name: William May (Manchester) Limited

Registered Office: 40 Hoghton Street, Southport, PR9 0PQ

Nature of business: Dormant

Class of shares held: Ordinary

6. Stocks

	2025	2024
	£	£
Stock	1,027,526	990,399

7. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	1,124,987	1,110,701
Other debtors	698,412	798,877

	1,823,399	1,909,578

8. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	189,396	238,444
Amounts owed to group undertakings	67,000	67,000
Other creditors	580,255	500,093
Taxation and social security	305,244	250,603

	1,141,895	1,056,140

9. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100	100

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		383,692		399,107
Investments	5		66,324		66,324

			450,016		465,431
CURRENT ASSETS
Stocks	6	1,027,526		990,399
Debtors	7	1,823,399		1,909,578
Cash at bank and in hand		282,672		253,422

		3,133,597		3,153,399
Creditors: Amounts Falling Due Within One Year	8	(1,141,895 )		(1,056,140 )

NET CURRENT ASSETS (LIABILITIES)			1,991,702		2,097,259

TOTAL ASSETS LESS CURRENT LIABILITIES			2,441,718		2,562,690

PROVISIONS FOR LIABILITIES
Deferred Taxation			(13,902 )		(13,902 )

NET ASSETS			2,427,816		2,548,788

CAPITAL AND RESERVES
Called up share capital	9		100		100
Profit and Loss Account			2,427,716		2,548,688

SHAREHOLDERS' FUNDS			2,427,816		2,548,788