OCS-UK IT LTD - Accounts

OCS-UK IT LTD - Accounts

OCS-UK IT LTD - Company Information

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Registered Number: 07571906
England and Wales

 

 

 

OCS-UK IT LTD


Abridged Accounts
 


Period of accounts

Start date: 01 July 2021

End date: 30 June 2022

OCS-UK IT LTD
Contents Page
For the year ended 30 June 2022
aa Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of OCS-UK IT LTD for the year ended 30 June 2022.       
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of OCS-UK IT LTD for the year ended 30 June 2022 which comprise of the Profit and Loss Account, 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, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance.       
This report is made solely to the Board of Directors of OCS-UK IT LTD, as a body, in accordance with the terms of our engagement letter dated 17th December 2018. Our work has been undertaken solely to prepare for your approval the accounts of OCS-UK IT LTD and state those matters that we have agreed to state to the Board of Directors of OCS-UK IT LTD , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than OCS-UK IT LTD and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that OCS-UK IT LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of OCS-UK IT LTD. You consider that OCS-UK IT LTD is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of OCS-UK IT LTD. 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 accounts
30 June 2022



....................................................
aa Chartered Accountants
Fenlake House,
Fenlake Business Centre,
Fengate,
Peterborough,
PE1 5BQ
12 December 2022
1
 
 		 Notes
 		 2022
£		   2021
£
Fixed assets      
Tangible fixed assets 47,726    11,667 
Investments 50    0 
47,776    11,667 
Current assets      
Stocks 12,048    0 
Debtors: amounts falling due within one year 180,057    134,356 
Cash at bank and in hand 206,651    115,419 
398,756    249,775 
Creditors: amount falling due within one year (159,805)   (160,691)
Net current assets 238,951    89,084 
 
Total assets less current liabilities 286,727    100,751 
Creditors: amount falling due after more than one year (30,000)   (10,000)
Provisions for liabilities (9,068)   (1,174)
Net assets 247,659    89,577 
 

Capital and reserves 		     
Called up share capital 100    100 
Profit and loss account 247,559    89,477 
Shareholder's funds 247,659    89,577 
 


For the year ended 30 June 2022 the company was entitled to exemption from audit under section 477 of the companies act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the companies act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006 the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 12 December 2022 and were signed on its behalf by:


--------------------------------
K Blake
Director		--------------------------------
R Lyons
Director
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General Information
OCS-UK IT LTD is a private company, limited by shares, registered in England and Wales, registration number 07571906, registration address Fenlake House, Fenlake Business Centre, Fengate, Peterborough, PE1 5BQ.

The presentation currency is £ sterling
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 2 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 33% Reducing Balance
Fixtures and Fittings 20% Reducing Balance
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees including directors


Average number of employees during the year was 4 (2021 : 4).
3.

Tangible fixed assets

Cost or valuation Fixtures and Fittings   Computer Equipment   Total
  £   £   £
At 01 July 2021 2,956    30,374    33,330 
Additions 49,505    409    49,914 
Disposals -    -    - 
At 30 June 2022 52,461    30,783    83,244 
Depreciation
At 01 July 2021 2,455    19,208    21,663 
Charge for year 10,001    3,854    13,855 
On disposals -    -    - 
At 30 June 2022 12,456    23,062    35,518 
Net book values
Closing balance as at 30 June 2022 40,005    7,721    47,726 
Opening balance as at 01 July 2021 501    11,166    11,667 


4.

Investments

Cost Other investments other than loans   Total
  £   £
At 01 July 2021 -    - 
Additions 50    50 
Transfer to/from Tangible fixed assets 0    0 
Disposals -    - 
At 30 June 2022 50    50 

5.

Share Capital

Allotted, called up and fully paid
2022
£		   2021
£
100 Class A shares of £1.00 each 100    100 
100    100 

6.

Related Party Transactions

During the year the company paid a dividend of £80,000 (2021 £Nil) to the holding company OCS UK IT Holdings Ltd.
7.

Directors Loans

At the 30th June 2022 the company was owed £142,546 (2021: £73,662) by the directors.  A commercial rate of interest has been charged on these loans.  The loans were repaid back to the company by the 31st March 2023.
8.

Holding Company

Parent Company


The immediate parent undertaking is OCS-UK-IT Holdings Ltd, that owns 100% of the company's share capital. OCS-UK-IT Holdings Ltd is registered in England and Wales.


The registered office of OCS-UK-IT Holdings Ltd is St Ann's Quay, 118 Quayside, Newcastle Upon Tyne, United Kingdom, NE1 3BD
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