OTP Building Services Limited - Period Ending 2014-09-30

Registration number: 05622522

OTP Building Services Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 September 2014
 

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

OTP Building Services Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 5

OTP Building Services Limited
(Registration number: 05622522)
Abbreviated Balance Sheet at 30 September 2014

		Note			2014 £			2013 £
Fixed assets
Intangible fixed assets					1			1
Tangible fixed assets					10,144			14,726
					10,145			14,727
Current assets
Stocks					859,275			1,127,486
Debtors					195,074			18,248
Cash at bank and in hand					130,139			57,114
					1,184,488			1,202,848
Creditors: Amounts falling due within one year					(1,163,318)			(1,228,638)
Net current assets/(liabilities)					21,170			(25,790)
Total assets less current liabilities					31,315			(11,063)
Creditors: Amounts falling due after more than one year					-			(100)
Provisions for liabilities					(1,447)			(2,223)
Net assets/(liabilities)					29,868			(13,386)
Capital and reserves
Called up share capital		4			2			2
Profit and loss account					29,866			(13,388)
Shareholders' funds/(deficit)					29,868			(13,386)

For the year ending 30 September 2014 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

Approved by the Board on 4 June 2015 and signed on its behalf by:

Mr O T Prout
 Director

The notes on pages 2 to 5 form an integral part of these financial statements.
Page 1

OTP Building Services Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Goodwill is the difference between the fair value of consideration paid for an acquired entity and the aggregate of the fair value of that entity’s identifiable assets and liabilities.

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	nil due to minimal value

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% straight line basis
Motor vehicles	20% straight line basis
Office equipment	20% straight line basis

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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OTP Building Services Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2014
......... continued

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

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OTP Building Services Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2014
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 October 2013		1			26,820			26,821
At 30 September 2014		1			26,820			26,821
Depreciation
At 1 October 2013		-			12,094			12,094
Charge for the year		-			4,582			4,582
At 30 September 2014		-			16,676			16,676
Net book value
At 30 September 2014		1			10,144			10,145
At 30 September 2013		1			14,726			14,727

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2014 £			2013 £
Amounts falling due within one year		118			2,287
Amounts falling due after more than one year		-			100
Total secured creditors		118			2,387

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		2			2			2			2

Page 4

OTP Building Services Limited
Notes to the Abbreviated Accounts for the Year Ended 30 September 2014
......... continued

5

Control

The company is controlled by Rowe Properties Holdings Limited. The company is registered in England & Wales. The company is controlled by Mrs S M Rowe who owns two thirds of the entire share capital of the parent company

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Page 5