Oakland Invicta Limited - Period Ending 2018-11-30

Registration number: 10666593

Oakland Invicta Limited

Annual Report and Financial Statements

for the Year Ended 30 November 2018

Oakland Invicta Limited

Contents

Company Information	1
Directors' Report	2
Statement of Directors' Responsibilities	3
Independent Auditor's Report	4 to 6
Statement of Income and Retained Earnings	7
Balance Sheet	8
Notes to the Financial Statements	9 to 14

Oakland Invicta Limited

Company Information

Directors

Mr D P Attwell Mr J A Hoare Mr R Hardy

Registered office

Seafield Lane Beoley Redditch Worcestershire B98 9DB

Auditors

Mitchell Meredith Limited Chartered Accountants and Statutory Auditor The Exchange Fiveways Temple Street Llandrindod Wells Powys LD1 5HG

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Oakland Invicta Limited

Directors' Report for the Year Ended 30 November 2018

The directors present their report and the financial statements for the year ended 30 November 2018.

Directors of the company

The directors who held office during the year were as follows:

Mr D P Attwell

Mr J A Hoare

Mr R Hardy

Principal activity

The principal activity of the company is that of specialists at maintaining supply chain integrity.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 23 August 2019 and signed on its behalf by:

Mr J A Hoare
Director

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Oakland Invicta Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and apply them consistently;

•	make judgements 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 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.

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Oakland Invicta Limited

Independent Auditor's Report to the Members of Oakland Invicta Limited

Opinion

We have audited the financial statements of Oakland Invicta Limited (the 'company') for the year ended 30 November 2018, which comprise the Statement of Income and Retained Earnings, Balance Sheet, and Notes to the Financial Statements, 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 FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

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 auditor’s 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.

In our opinion the financial statements:

•	give a true and fair view of the state of the company's affairs as at 30 November 2018 and of its loss 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 Auditor’s 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 UK, including the FRC’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

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

•	the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
•	the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

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Oakland Invicta Limited

Independent Auditor's Report to the Members of Oakland Invicta Limited

We have nothing to report in this regard.

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters where 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; or
•	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [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.

Auditor’s 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 auditor’s 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.

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Oakland Invicta Limited

Independent Auditor's Report to the Members of Oakland Invicta Limited

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 auditor's report.

M L Barnes FCA ACCA (Senior Statutory Auditor)
For and on behalf of Mitchell Meredith Limited, Statutory Auditor

The Exchange
Fiveways
Temple Street
Llandrindod Wells
Powys
LD1 5HG

23 August 2019

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Oakland Invicta Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 30 November 2018

	Note	2018 £	2017 £
Turnover		114,321	4,017
Cost of sales		(44,322)	-
Gross profit		69,999	4,017
Administrative expenses		(116,787)	(88,742)
Operating loss		(46,788)	(84,725)
Loss before tax	5	(46,788)	(84,725)
Taxation		313	(852)
Loss for the financial year		(46,475)	(85,577)
Retained earnings brought forward		(85,577)	-
Retained earnings carried forward		(132,052)	(85,577)

The notes on pages 9 to 14 form an integral part of these financial statements.

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Oakland Invicta Limited

(Registration number: 10666593)
Balance Sheet as at 30 November 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	6	19,770	55,518
Current assets
Debtors	7	82,326	14,355
Cash at bank and in hand		34,648	8,634
		116,974	22,989
Creditors: Amounts falling due within one year	8	(234,920)	(163,227)
Net current liabilities		(117,946)	(140,238)
Total assets less current liabilities		(98,176)	(84,720)
Creditors: Amounts falling due after more than one year	8	(33,332)	-
Provisions for liabilities		(539)	(852)
Net liabilities		(132,047)	(85,572)
Capital and reserves
Called up share capital		5	5
Profit and loss account		(132,052)	(85,577)
Total equity		(132,047)	(85,572)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 23 August 2019 and signed on its behalf by:
 

Mr J A Hoare
Director

The notes on pages 9 to 14 form an integral part of these financial statements.

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Oakland Invicta Limited

Notes to the Financial Statements for the Year Ended 30 November 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Seafield Lane
Beoley
Redditch
Worcestershire
B98 9DB
United Kingdom

These financial statements were authorised for issue by the Board on 23 August 2019.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

At the balance sheet date the company had net current liabilities of £117,946 and net liabilities of £132,047. However, included in creditors is a loan from the parent company of £166,764. The directors believe that with the continued support of the parent company, it is appropriate to prepare the financial statements on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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Oakland Invicta Limited

Notes to the Financial Statements for the Year Ended 30 November 2018

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant, machinery and office equipment	10% on cost
Motor vehicles	25% on written down value

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

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Oakland Invicta Limited

Notes to the Financial Statements for the Year Ended 30 November 2018

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2017 - 3).

4	Auditors' remuneration

	2018 £	2017 £
Audit of the financial statements	1,250	1,250

 

5	Loss before tax

Arrived at after charging/(crediting)

	2018 £	2017 £
Depreciation expense	5,740	1,895

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Oakland Invicta Limited

Notes to the Financial Statements for the Year Ended 30 November 2018

6	Tangible assets

	Plant, machinery and office equipment £	Motor vehicles  £	Total £
Cost or valuation
At 1 December 2017	42,393	15,020	57,413
Disposals	(32,263)	-	(32,263)
At 30 November 2018	10,130	15,020	25,150
Depreciation
At 1 December 2017	1,580	315	1,895
Charge for the period	2,069	3,672	5,741
Eliminated on disposal	(2,256)	-	(2,256)
At 30 November 2018	1,393	3,987	5,380
Carrying amount
At 30 November 2018	8,737	11,033	19,770
At 30 November 2017	40,813	14,705	55,518

7

Debtors

	2018 £	2017 £
Trade debtors	82,326	2,309
VAT	-	3,713
Prepayments	-	8,333
	82,326	14,355

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Oakland Invicta Limited

Notes to the Financial Statements for the Year Ended 30 November 2018

8

Creditors

Creditors: amounts falling due within one year

	Note	2018 £	2017 £
Due within one year
Bank loans and overdrafts	9	25,000	-
Trade creditors		14,928	10,663
Owed to parent undertakings		166,764	146,314
Taxation and social security		12,102	4,044
Accruals		16,126	2,206
		234,920	163,227
Due after one year
Loans and borrowings	9	33,332	-

Creditors: amounts falling due after more than one year

	Note	2018 £	2017 £
Due after one year
Loans and borrowings	9	33,332	-

9	Loans and borrowings

	2018 £	2017 £
Non-current loans and borrowings
Other borrowings	33,332	-

	2018 £	2017 £
Current loans and borrowings
Other borrowings	25,000	-

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Oakland Invicta Limited

Notes to the Financial Statements for the Year Ended 30 November 2018

Other borrowings

The loan is denominated in pounds sterling with a nominal interest rate of nil%, and the final instalment is due on 28 March 2021. The carrying amount at year end is £58,332 (2017 - £Nil). The loan is guaranteed for all present and future payment obligations by Oakland International Limited.

10	Parent and ultimate parent undertaking

Oakland International Limited owns 80% of the issued share capital of the company and is the ultimate parent company.

 The company's immediate parent is Oakland International Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is Oakland International Limited. These financial statements are available upon request from

Oakland International Limited
Seafield Lane
Beoley
Redditch
Worcestershire
B98 9DB
UK


 

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