ACCOUNTS - Final Accounts preparation

Analysis of the maturity of loans is given below:

OVENDEN TIPPER SERVICES LIMITED - Company Information

Caseware UK (AP4) 2018.0.196 2018.0.196 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2018-04-01 01171744 2018-04-01 2019-03-31 01171744 2017-04-01 2018-03-31 01171744 2019-03-31 01171744 2018-03-31 01171744 c:Director2 2018-04-01 2019-03-31 01171744 d:PlantMachinery 2018-04-01 2019-03-31 01171744 d:PlantMachinery 2019-03-31 01171744 d:PlantMachinery 2018-03-31 01171744 d:PlantMachinery d:OwnedOrFreeholdAssets 2018-04-01 2019-03-31 01171744 d:MotorVehicles 2018-04-01 2019-03-31 01171744 d:MotorVehicles 2019-03-31 01171744 d:MotorVehicles 2018-03-31 01171744 d:MotorVehicles d:OwnedOrFreeholdAssets 2018-04-01 2019-03-31 01171744 d:OfficeEquipment 2018-04-01 2019-03-31 01171744 d:OfficeEquipment 2019-03-31 01171744 d:OfficeEquipment 2018-03-31 01171744 d:OfficeEquipment d:OwnedOrFreeholdAssets 2018-04-01 2019-03-31 01171744 d:OtherPropertyPlantEquipment 2018-04-01 2019-03-31 01171744 d:OtherPropertyPlantEquipment 2019-03-31 01171744 d:OtherPropertyPlantEquipment 2018-03-31 01171744 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2018-04-01 2019-03-31 01171744 d:OwnedOrFreeholdAssets 2018-04-01 2019-03-31 01171744 d:CurrentFinancialInstruments 2019-03-31 01171744 d:CurrentFinancialInstruments 2018-03-31 01171744 d:Non-currentFinancialInstruments 2019-03-31 01171744 d:Non-currentFinancialInstruments 2018-03-31 01171744 d:CurrentFinancialInstruments d:WithinOneYear 2019-03-31 01171744 d:CurrentFinancialInstruments d:WithinOneYear 2018-03-31 01171744 d:Non-currentFinancialInstruments d:AfterOneYear 2019-03-31 01171744 d:Non-currentFinancialInstruments d:AfterOneYear 2018-03-31 01171744 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2019-03-31 01171744 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2018-03-31 01171744 d:ShareCapital 2019-03-31 01171744 d:ShareCapital 2018-03-31 01171744 d:RetainedEarningsAccumulatedLosses 2019-03-31 01171744 d:RetainedEarningsAccumulatedLosses 2018-03-31 01171744 d:AcceleratedTaxDepreciationDeferredTax 2019-03-31 01171744 d:AcceleratedTaxDepreciationDeferredTax 2018-03-31 01171744 d:TaxLossesCarry-forwardsDeferredTax 2019-03-31 01171744 d:TaxLossesCarry-forwardsDeferredTax 2018-03-31 01171744 c:FRS102 2018-04-01 2019-03-31 01171744 c:AuditExemptWithAccountantsReport 2018-04-01 2019-03-31 01171744 c:FullAccounts 2018-04-01 2019-03-31 01171744 c:PrivateLimitedCompanyLtd 2018-04-01 2019-03-31 01171744 c:PublicLimitedCompanyPLCNotQuotedOnAnyExchange 2018-04-01 2019-03-31 01171744 2 2018-04-01 2019-03-31 iso4217:GBP xbrli:pure

Registered number: 01171744

Ovenden Tipper Services Limited

Unaudited

Financial statements

For the year ended 31 March 2019

Ovenden Tipper Services Limited

Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Ovenden Tipper Services Limited for the year ended 31 March 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ovenden Tipper Services Limited for the year ended 31 March 2019 which comprise the balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the board of directors of Ovenden Tipper Services Limited, as a body, in accordance with the terms of our engagement letter dated 25 July 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Ovenden Tipper Services Limited and state those matters that we have agreed to state to the board of directors of Ovenden Tipper Services Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ovenden Tipper Services Limited and its board of directors, as a body, for our work or for this report.

It is your duty to ensure that Ovenden Tipper Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Ovenden Tipper Services Limited. You consider that Ovenden Tipper Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Ovenden Tipper Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Kreston Reeves LLP

Chartered Accountants

Canterbury

17 December 2019

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Ovenden Tipper Services Limited

Registered number: 01171744

Balance sheet

As at 31 March 2019

		2019		2018
Note		£		£

Fixed assets
Tangible assets	4		2,209,317		1,958,312
			2,209,317		1,958,312
Current assets
Stocks		80,851		158,903
Debtors: amounts falling due within one year	5	1,531,072		1,345,750
Cash at bank and in hand		50,539		26,997
		1,662,462		1,531,650
Creditors: amounts falling due within one year	6	(2,820,688)		(2,088,113)
Net current liabilities			(1,158,226)		(556,463)
Total assets less current liabilities			1,051,091		1,401,849
Creditors: amounts falling due after more than one year	7		(798,587)		(866,070)
Provisions for liabilities
Deferred tax		(14,538)		(68,177)
			(14,538)		(68,177)
Net assets			237,966		467,602

Capital and reserves
Called up share capital	100	100
Profit and loss account	237,866	467,502
	237,966	467,602

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Ovenden Tipper Services Limited

Registered number: 01171744

Balance sheet (continued)

As at 31 March 2019

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of 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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 December 2019.

M T J Ovenden

Director

The notes on pages 4 to 10 form part of these financial statements.

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Ovenden Tipper Services Limited

Notes to the financial statements

For the year ended 31 March 2019

1.	General information

Ovenden Tipper Services Limited is a private company limited by shares and is incorporated in England with the registration number 01171744. The address of the registered office is Tilmanstone Works Pike Road Industrial Estate, Pike Road, Eythorne, Dover, Kent, CT15 4ND.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The financial statements are rounded to the nearest pound.
The company's functional and presentational currency is Pounds Sterling.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

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Ovenden Tipper Services Limited

Notes to the financial statements

For the year ended 31 March 2019

2.Accounting policies (continued)

2.3

Interest income

Interest income is recognised in the statement of income and retained earnings using the effective interest method.

2.4

Finance costs

Finance costs are charged to the statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.5

Borrowing costs

All borrowing costs are recognised in the statement of income and retained earnings in the year in which they are incurred.

2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.7

Tangible fixed assets

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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Ovenden Tipper Services Limited

Notes to the financial statements

For the year ended 31 March 2019

2.Accounting policies (continued)

2.7

Tangible fixed assets (continued)

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.

Depreciation is provided on the following basis:

Plant and machinery	-	20%	reducing balance
Motor vehicles	-	20%	reducing balance
Office equipment	-	20%	reducing balance

The assets' residual values, 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.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of income and retained earnings.

2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.9

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.11

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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Ovenden Tipper Services Limited

Notes to the financial statements

For the year ended 31 March 2019

2.Accounting policies (continued)

2.12

Provisions for liabilities

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 income and retained earnings 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.

2.13

Financial instruments

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

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Employees

The average monthly number of employees, including directors, during the year was 59 (2018 - 45).

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Ovenden Tipper Services Limited

Notes to the financial statements

For the year ended 31 March 2019

4.	Tangible fixed assets

	Plant and machinery	Commercial vehicles	Motor vehicles	Office equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 April 2018	1,439,169	2,079,064	37,158	58,133	3,613,524
Additions	261,562	427,997	19,776	3,693	713,028
Disposals	(36,136)	-	-	-	(36,136)
At 31 March 2019	1,664,595	2,507,061	56,934	61,826	4,290,416
Depreciation
At 1 April 2018	482,505	1,110,181	18,133	44,392	1,655,211
Charge for the year on owned assets	213,183	237,440	5,118	2,867	458,608
Disposals	(32,720)	-	-	-	(32,720)
At 31 March 2019	662,968	1,347,621	23,251	47,259	2,081,099
Net book value
At 31 March 2019	1,001,627	1,159,440	33,683	14,567	2,209,317
At 31 March 2018	956,663	968,883	19,025	13,741	1,958,312

Debtors

					2019	2018
					£	£


Trade debtors	1,447,070	1,281,818
Other debtors	970	3,696
Prepayments and accrued income	83,032	60,236
	1,531,072	1,345,750

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Ovenden Tipper Services Limited

Notes to the financial statements

For the year ended 31 March 2019

6.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Bank overdrafts	545,299	45,114
Bank loans	83,830	97,850
Trade creditors	1,110,262	1,190,936
Amounts owed to group undertakings	243,530	-
Other taxation and social security	128,453	45,079
Obligations under finance lease and hire purchase contracts	559,247	549,037
Other creditors	132,272	105,519
Accruals and deferred income	17,795	54,578
	2,820,688	2,088,113

The bank has a charge over all assets of the company as a result of finance facilities in place between the bank and the company.

7.	Creditors: Amounts falling due after more than one year
		2019	2018
		£	£

Bank loans	72,358	151,294
Net obligations under finance leases and hire purchase contracts	726,229	714,776
	798,587	866,070

Amounts falling due within one year
Bank loans	83,830	97,850
	83,830	97,850
Amounts falling due 1-2 years
Bank loans	72,358	151,294
	72,358	151,294


	156,188	249,144

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Ovenden Tipper Services Limited

Notes to the financial statements

For the year ended 31 March 2019

9.	Deferred taxation

		2019
		£

	At beginning of year	(68,177)
	Charged to profit or loss	-
	Utilised in year	53,639
	At end of year	(14,538)

The provision for deferred taxation is made up as follows:
	2019	2018
	£	£

Accelerated capital allowances	(188,679)	(162,413)
Tax losses carried forward	174,141	94,236
	(14,538)	(68,177)

10.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £19,845 (2018 - £11,934) . Contributions totalling £1,893 (2018 - £888) were payable to the fund at the balance sheet date and are included in creditors.

11.	Related party transactions
	During the year the company traded with R. H. Ovenden Ltd a company of which Ms M T Ovenden and Mr A T Ovenden are directors and have a material interest. All transactions were carried out on normal trading terms. During the year a loan amounting to £71,725 (2018 - £71,725) was owed to Ms M T Ovenden..

12.	Controlling party

During the year the company was a wholly owned subsidiary of R. H. Ovenden Ltd, a company incorporated in England and Wales.
The ultimate controlling party of R. H. Ovenden Ltd is Ms M T Ovenden and Mr A T Ovenden directors of the company, by virtue of their interest in the share capital and actual influence in the parent undertaking.

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