G.C. Ogle & Sons Limited - Period Ending 2016-11-30
G.C. Ogle & Sons Limited - Period Ending 2016-11-30
Registration number:
G.C. Ogle & Sons Limited
for the Year Ended 30 November 2016
Chartered Accountants
The Old Vicarage
51 St. John Street
Ashbourne
Derbyshire
DE6 1GP
G.C. Ogle & Sons Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
G.C. Ogle & Sons Limited
Company Information
Director |
Mr T D C Ogle |
Company secretary |
Mr T D C Ogle |
Registered office |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
G.C. Ogle & Sons Limited
for the Year Ended 30 November 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of G.C. Ogle & Sons Limited for the year ended 30 November 2016 as set out on pages 3 to 9 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 G.C. Ogle & Sons Limited, as a body, in accordance with the terms of our engagement letter dated 21 June 2005. Our work has been undertaken solely to prepare for your approval the accounts of G.C. Ogle & Sons Limited and state those matters that we have agreed to state to the Board of Directors of G.C. Ogle & Sons Limited, 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 G.C. Ogle & Sons Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that G.C. Ogle & Sons Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of G.C. Ogle & Sons Limited. You consider that G.C. Ogle & Sons Limited 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 G.C. Ogle & Sons 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 accounts.
Chartered Accountants
51 St. John Street
Ashbourne
Derbyshire
DE6 1GP
Page 2 |
G.C. Ogle & Sons Limited
(Registration number: 00167442)
Balance Sheet as at 30 November 2016
Note |
2016 |
2015 |
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Fixed assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up, allotted and fully paid share capital |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
For the financial year ending 30 November 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered to the Registrar of Companies in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and directors' report has been taken.
Page 3 |
G.C. Ogle & Sons Limited
(Registration number: 00167442)
Balance Sheet as at 30 November 2016
Approved and authorised by the
.........................................
Mr T D C Ogle
Director
Page 4 |
G.C. Ogle & Sons Limited
Notes to the Financial Statements for the Year Ended 30 November 2016
General information |
The company is a private company limited by share capital incorporated in England registration number: 00167442.
The address of its registered office and principle place of business is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency is £ sterling.
Going concern
The financial statements have been prepared on a going concern basis.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
20% straight line basis |
Furniture, fixture and equipment |
33% straight line basis |
Page 5 |
G.C. Ogle & Sons Limited
Notes to the Financial Statements for the Year Ended 30 November 2016
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 6 |
G.C. Ogle & Sons Limited
Notes to the Financial Statements for the Year Ended 30 November 2016
Tangible assets |
Furniture, fittings and equipment |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 December 2015 |
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At 30 November 2016 |
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Depreciation |
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At 1 December 2015 |
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At 30 November 2016 |
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Carrying amount |
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At 30 November 2016 |
- |
- |
- |
Investments |
2016 |
2015 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 December 2015 |
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Provision |
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Carrying amount |
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At 30 November 2016 |
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At 30 November 2015 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Page 7 |
G.C. Ogle & Sons Limited
Notes to the Financial Statements for the Year Ended 30 November 2016
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2016 |
2015 |
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Subsidiary undertakings |
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The Old Vicarage
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Ordinary |
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England |
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Victoria Road
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Ordinary |
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England |
The principal activity of Hydraulics UK Limited is |
The principal activity of Scorpion Seals Limited is |
The profit for the financial period of Hydraulics UK Limited was £- and the aggregate amount of capital and reserves at the end of the period was £100. |
The profit for the financial period of Scorpion Seals Limited was £- and the aggregate amount of capital and reserves at the end of the period was £1. |
Stocks |
2016 |
2015 |
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Other stocks |
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Debtors |
2016 |
2015 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Page 8 |
G.C. Ogle & Sons Limited
Notes to the Financial Statements for the Year Ended 30 November 2016
Creditors |
Note |
2016 |
2015 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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- |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2016 |
2015 |
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Current loans and borrowings |
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Bank overdrafts |
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Director loans |
7,195 |
7,824 |
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2016 |
2015 |
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Non-current loans and borrowings |
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Director loans |
64,999 |
50,000 |
The bank overdraft is secured up to £20,000 (2015 - £20,000) by a personal guarantee given by the director.
Transition to FRS 102 |
There were no transition adjustments to be made.
Page 9 |