Okay Holdings Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 12172307 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

FOR

OKAY HOLDINGS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A S Kay

N H Hollobone

REGISTERED OFFICE:

Eagle Avenue

Magnetic Park

Desborough

Northamptonshire

NN14 2WD

REGISTERED NUMBER:

12172307 (England and Wales)

ACCOUNTANTS:

Magma Audit LLP

Unit 2

Charnwood Edge Business Park

Syston Road

Leicester

LE7 4UZ

FIXED ASSETS

Tangible assets

3

2,342,761

-

Investments

4

113,999

-

2,456,760

-

CURRENT ASSETS

Cash at bank

539,407

1

CREDITORS

Amounts falling due within one year

5

(601,353

)

-

NET CURRENT (LIABILITIES)/ASSETS

(61,946

)

1

TOTAL ASSETS LESS CURRENT LIABILITIES

2,394,814

1

CREDITORS

Amounts falling due after more than one year

6

(258,490

)

-

PROVISIONS FOR LIABILITIES

(46,000

)

-

NET ASSETS

2,090,324

1

CAPITAL AND RESERVES

Called up share capital

16,020

1

Retained earnings

2,074,304

-

2,090,324

1

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2021 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 July 2022 and were signed on its behalf by:

N H Hollobone - Director

1.	STATUTORY INFORMATION

Okay Holdings Limited is a limited company, limited by shares, registered in England and Wales. Its registered office address is Eagle Avenue, Magnetic Park, Desborough, Northamptonshire, United Kingdom, NN14 2WD and the registered number is 12172307.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

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 £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors believe that the company will remain profitable going forward and has sufficient resources to meet its liabilities for at least twelve months from signing these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover 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:

Tangible fixed assets

Tangible fixed assets 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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Land and buildings freehold

2% p.a on cost

Plant and machinery

15% and 25% p.a on written down value; 25% - 33% p.a on cost

Fixtures, fittings & equipment

10% p.a. on written down value

Computer equipment

25% p.a. on written down value; 20%-25% p.a. on cost

Freehold land is not depreciated.

The asset's 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 profit or loss.

Investments in subsidiaries

Investment in the subsidiary company is held at cost less accumulated impairment losses.

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.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change 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.

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.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term 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.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

3.	TANGIBLE FIXED ASSETS

Freehold

Fixtures

land &

Plant and

and

Computer

buildings

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

Transfers

2,637,844

768,871

166,261

321,123

3,894,099

At 31 October 2021

2,637,844

768,871

166,261

321,123

3,894,099

DEPRECIATION

Charge for year

25,200

18,773

2,130

2,205

48,308

Transfers

413,501

637,181

138,567

313,781

1,503,030

At 31 October 2021

438,701

655,954

140,697

315,986

1,551,338

NET BOOK VALUE

At 31 October 2021

2,199,143

112,917

25,564

5,137

2,342,761

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Transfers

113,999

At 31 October 2021

113,999

NET BOOK VALUE

At 31 October 2021

113,999

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

98,398

-

Amounts owed to group undertakings

483,204

-

Tax

10,575

-

Social security and other taxes

8,426

-

Accruals and deferred income

750

-

601,353

-

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

258,490

-

7.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

356,888

-

The bank loan is secured by fixed and floating charges over the company's property and other assets.