OEM Appliances Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08126863 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2018

for

OEM Appliances Ltd

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

300,000

375,000

Tangible assets

5

76,793

78,713

Investments

6

102,500

102,500

479,293

556,213

CURRENT ASSETS

Stocks

133,785

286,986

Debtors

7

2,205,592

2,054,361

Cash at bank and in hand

755,941

973,455

3,095,318

3,314,802

CREDITORS

Amounts falling due within one year

8

1,599,024

1,962,819

NET CURRENT ASSETS

1,496,294

1,351,983

TOTAL ASSETS LESS CURRENT LIABILITIES

1,975,587

1,908,196

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,975,487

1,908,096

SHAREHOLDERS' FUNDS

1,975,587

1,908,196

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 1 April 2019 and were signed on its behalf by:

B Johnson - Director

1.	STATUTORY INFORMATION

OEM Appliances Ltd is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address are as below:

Registered number:

08126863

Registered office:

Unit 31 Longwood Road

Longwood Park

Trafford Park

Manchester

M17 1PZ

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover represents net invoiced sales of goods and marketing services, excluding value added tax.

Revenue is recognised as the company becomes entitled to consideration for the goods supplied.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

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.

Foreign currencies

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 of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2017 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2017

and 30 September 2018

750,000

AMORTISATION

At 1 October 2017

375,000

Charge for year

75,000

At 30 September 2018

450,000

NET BOOK VALUE

At 30 September 2018

300,000

At 30 September 2017

375,000

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1 October 2017

1,421

98,593

8,869

108,883

Additions

4,347

14,850

5,458

24,655

At 30 September 2018

5,768

113,443

14,327

133,538

DEPRECIATION

At 1 October 2017

355

24,648

5,167

30,170

Charge for year

1,353

22,200

3,022

26,575

At 30 September 2018

1,708

46,848

8,189

56,745

NET BOOK VALUE

At 30 September 2018

4,060

66,595

6,138

76,793

At 30 September 2017

1,066

73,945

3,702

78,713

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 October 2017

and 30 September 2018

102,500

NET BOOK VALUE

At 30 September 2018

102,500

At 30 September 2017

102,500

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

1,622,163

1,586,290

Other debtors

583,429

468,071

2,205,592

2,054,361

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

549,626

870,443

Taxation and social security

119,725

145,384

Other creditors

929,673

946,992

1,599,024

1,962,819