OPICO Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 06175803 (England and Wales)

OPICO LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

5

DIRECTORS:

Mr J A Woolway

Mrs J M Woolway

Mrs P A Clayton

Mr D A Steven

REGISTERED OFFICE:

Cherry Holt Road

Bourne

Lincolnshire

PE10 9LA

REGISTERED NUMBER:

06175803 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

Enterprise Way

Pinchbeck

Spalding

Lincolnshire

PE11 3YR

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,126,868

1,098,006

1,126,868

1,098,006

CURRENT ASSETS

Stocks

2,766,194

2,130,648

Debtors

6

821,286

925,971

Cash at bank

881,688

71,316

4,469,168

3,127,935

CREDITORS

Amounts falling due within one year

7

2,683,566

1,400,330

NET CURRENT ASSETS

1,785,602

1,727,605

TOTAL ASSETS LESS CURRENT LIABILITIES

2,912,470

2,825,611

CREDITORS

Amounts falling due after more than one year

8

(244,751

)

(295,882

)

PROVISIONS FOR LIABILITIES

(48,610

)

(47,770

)

NET ASSETS

2,619,109

2,481,959

CAPITAL AND RESERVES

Called up share capital

10

1,000

1,000

Retained earnings

2,618,109

2,480,959

SHAREHOLDERS' FUNDS

2,619,109

2,481,959

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 12 March 2018 and were signed on its behalf by:

Mr J A Woolway - Director

1.	STATUTORY INFORMATION

OPICO Limited is a private company, limited by shares , registered in England and Wales. The company's registered number

and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value

added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of three years.

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.

Land and buildings

-

15% on cost, 6.7% on cost and 2% on cost

Plant and machinery etc

-

25% on cost and 20% on cost

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due

allowance for obsolete and slow moving items

Financial instruments

Forward contracts that span the year end are restated at the year end to represent the fair value of the profit and loss on

foreign currency at the year end. Fair value is calculated as the difference between the rate contracted and the forward

rate available at the period end for the forward contract maturing on the same date. A financial asset or liability for this is

the recognised accordingly.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of

financial position 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 statement of

financial position 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2016 - 32 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2017

and 31 December 2017

20,003

AMORTISATION

At 1 January 2017

and 31 December 2017

20,003

NET BOOK VALUE

At 31 December 2017

-

At 31 December 2016

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2017

1,157,336

473,673

1,631,009

Additions

11,515

163,562

175,077

Disposals

-

(43,880

)

(43,880

)

At 31 December 2017

1,168,851

593,355

1,762,206

DEPRECIATION

At 1 January 2017

279,762

253,241

533,003

Charge for year

33,495

101,750

135,245

Eliminated on disposal

-

(32,910

)

(32,910

)

At 31 December 2017

313,257

322,081

635,338

NET BOOK VALUE

At 31 December 2017

855,594

271,274

1,126,868

At 31 December 2016

877,574

220,432

1,098,006

The net book value of tangible fixed assets includes £ 30,474 in respect of assets held under hire purchase contracts.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

712,613

840,553

Other debtors

108,673

85,418

821,286

925,971

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

1,041,168

477,444

Hire purchase contracts

26,269

-

Trade creditors

462,921

294,255

Taxation and social security

298,828

229,879

Other creditors

854,380

398,752

2,683,566

1,400,330

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

239,289

295,882

Hire purchase contracts

5,462

-

244,751

295,882

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

by instalments

-

65,677

-

65,677

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdrafts

985,315

422,711

Bank loans

295,142

350,615

Hire purchase contracts

31,731

-

Factoring advances

451,912

212,283

1,764,100

985,609

Bank loans and overdrafts are secured by a legal charge and debenture on company assets. Factoring advances are secured

via a fixed and floating charge on company assets. Hire purchase liabilities are secured on the assets purchased.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1,000

Ordinary

1

1,000

1,000