OASIS_PRODUCTS_VENDING_SE - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The notes on pages 4 - 8 form an integral part of these financial statements.

For the financial year ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and FRS102 Section 1A.

Oasis Products Vending Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 7 Trade City, Brooklands Close, Sunbury on Thames, Surrey, TW16 7FD.

The principal activity of the company continued to be that of vending services.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets include investment properties professionally valued on an existing use open market value basis. Other tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

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.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date.

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 the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet 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 Balance sheet.

The company operates a defined contribution pension 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 the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

In the directors opinion the property had an open market value of £590,000 at the balance sheet date. In order that the accounts demonstrate a true and fair view of the company and its performance, the directors believe that it is appropriate to include this revaluation in the year end company accounts. The directors do not consider there has been any significant change in the market value since that valuation. Should the property be sold at their estimated market value, at the balance sheet date, a corporation tax liability of £16,669 would crystallise and this has been provided for within the deferred tax provision at the balance sheet date.

The directors consider the carrying value of trade and other receivables approximate to their fair value.

The directors consider the carrying amounts of long term liabilities approximate to their fair values.

The directors consider the carrying value of trade and other receivables approximate to their fair value.

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable by the company to the fund and amounted to £2,321 (2017 - £1,590).

Contributions totaling £410 (2017 - £5) were payable to fund at the balance sheet date and are included in creditors.

The Profit and loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

With in one year: £12,097 (2017 - £10,987) and between two and five years: £6,438 (2017 - £12,349)

At the balance sheet date included in other creditors are amount due to the directors of £266,303 (2017 - £309,065). Of this amount £194,725 (2017 - £244,725) has been allocated to the long term liabilities as the directors are not intending of receiving repayment of this element until after one year.