Oem Appliances Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 08126863 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2022

for

Oem Appliances Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

32,812

56,250

Tangible assets

5

546,371

183,326

Investments

6

-

102,500

579,183

342,076

CURRENT ASSETS

Stocks

86,563

18,292

Debtors

7

6,170,172

4,255,036

Cash at bank and in hand

154,365

191,385

6,411,100

4,464,713

CREDITORS

Amounts falling due within one year

8

4,687,042

2,663,589

NET CURRENT ASSETS

1,724,058

1,801,124

TOTAL ASSETS LESS CURRENT LIABILITIES

2,303,241

2,143,200

CREDITORS

Amounts falling due after more than one year

9

(171,833

)

(90,518

)

PROVISIONS FOR LIABILITIES

(38,287

)

(1,449

)

NET ASSETS

2,093,121

2,051,233

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

2,093,021

2,051,133

SHAREHOLDERS' FUNDS

2,093,121

2,051,233

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2023 and were signed on its behalf by:

S Johnson - Director

1.	STATUTORY INFORMATION

Oem Appliances Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

08126863

Registered office:

Unit 8

Centenary Park

Coronet Way

Salford

Greater Manchester

M50 1RE

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover represents net invoiced sales of goods and marketing services, excluding value added tax.

Revenue is recognised as the company becomes entitled to consideration for the goods supplied.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of the business in 2012, is being amortised evenly over its estimates useful life of ten years, a period deemed appropriate by the directors.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

33% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments

Investments are shown at fair value less impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2021 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2022

and 31 December 2022

750,000

AMORTISATION

At 1 January 2022

693,750

Amortisation for year

23,438

At 31 December 2022

717,188

NET BOOK VALUE

At 31 December 2022

32,812

At 31 December 2021

56,250

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2022

21,023

14,043

198,552

27,762

261,380

Additions

-

-

487,538

16,319

503,857

Disposals

-

-

(73,495

)

-

(73,495

)

At 31 December 2022

21,023

14,043

612,595

44,081

691,742

DEPRECIATION

At 1 January 2022

9,445

1,159

48,692

18,758

78,054

Charge for year

2,895

4,252

77,319

4,670

89,136

Eliminated on disposal

-

-

(21,819

)

-

(21,819

)

At 31 December 2022

12,340

5,411

104,192

23,428

145,371

NET BOOK VALUE

At 31 December 2022

8,683

8,632

508,403

20,653

546,371

At 31 December 2021

11,578

12,884

149,860

9,004

183,326

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2022

184,280

Additions

487,538

Disposals

(73,495

)

At 31 December 2022

598,323

DEPRECIATION

At 1 January 2022

38,677

Charge for year

76,255

Eliminated on disposal

(21,819

)

At 31 December 2022

93,113

NET BOOK VALUE

At 31 December 2022

505,210

At 31 December 2021

145,603

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2022

102,500

Disposals

(102,500

)

At 31 December 2022

-

NET BOOK VALUE

At 31 December 2022

-

At 31 December 2021

102,500

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

981,785

2,154,645

Amounts owed by group undertakings

3,134,024

-

Amounts owed by associates

-

426,417

Other debtors

2,054,363

1,673,974

6,170,172

4,255,036

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

10,000

10,000

Hire purchase contracts

113,420

34,563

Trade creditors

1,384,629

1,623,824

Amounts owed to group undertakings

1,366,700

-

Taxation and social security

177,802

379,174

Other creditors

1,634,491

616,028

4,687,042

2,663,589

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

30,000

40,000

Hire purchase contracts

141,833

50,518

171,833

90,518

10.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Hire purchase contracts

255,253

85,081

The hire purchase liabilities are secured on the assets financed.

A fixed and floating charge over all company assets and undertakings is held by Lloyds Bank commercial finance Ltd, this charge contains a negative pledge.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

35

"A" Ordinary

£1

35

30

5

"B" Ordinary

£1

5

5

25

"C" Ordinary

£1

25

25

35

"D" Ordinary

£1

35

40

100

100

During the year, the following events have occurred:

On 12 January 2022, the company bought back and cancelled 2 B Ordinary shares.

On 26 January 2022, the company bought back and cancelled 2 B Ordinary shares.

On 27 January 2022, the company bought back and cancelled 1 B Ordinary share.

On 18 February 2022, the company issued 5 E Ordinary shares of £1.

On 1 March 2022, the company reclassified 5 E Ordinary shares to B Ordinary shares.

On 1 March 2022, the company reclassified 5 D Ordinary shares to A Ordinary shares.

12.	FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £4,241 (2021: £3,264). This financial commitment represents the total amount of payments remaining on property and other leases.

The group has entered into a multilateral guarantee with the Lloyds Bank commercial finance Ltd as follows:

Debentures consisting of fixed and floating charged over all the assets and undertaking of the reporting entity, OEM Appliances, Coolmed Limited, Xingbang UK Limited, Ship It Appliances Limited, For Everyone Group Ltd, Evec Ltd, CWW Holdings Limited and Coolmed Calibration Ltd.

13.	ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking and controlling party is For Everyone Group Limited. The registered office of For Everyone Group Limited is Unit 8 Centenary Park, Coronet Way, Salford, Greater Manchester, England, M50 1RE.