OTP Building Services Limited - Period Ending 2017-09-30
OTP Building Services Limited - Period Ending 2017-09-30
Registration number:
OTP Building Services Limited
for the Year Ended 30 September 2017
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG
OTP Building Services Limited
(Registration number: 05622522)
Contents
Company Information |
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Directors' Report |
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Accountants' Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
OTP Building Services Limited
(Registration number: 05622522)
Company Information
Directors |
Mr O T Prout Mrs S M Rowe |
Registered office |
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Bankers |
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Accountants |
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Page 1 |
OTP Building Services Limited
(Registration number: 05622522)
Directors' Report for the Year Ended 30 September 2017
The directors present their report and the financial statements for the year ended 30 September 2017.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is property development and general building.
Small companies provision statement
This report has 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.
Approved by the Board on
.........................................
Mr O T Prout
Director
Page 2 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
OTP Building Services Limited
for the Year Ended 30 September 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of OTP Building Services Limited for the year ended 30 September 2017 as set out on pages 4 to 14 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 OTP Building Services Limited , as a body, in accordance with the terms of our engagement letter dated 24 May 2017. Our work has been undertaken solely to prepare for your approval the accounts of OTP Building Services Limited and state those matters that we have agreed to state to the Board of Directors of OTP Building Services 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 OTP Building Services Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that OTP Building Services 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 profit of OTP Building Services Limited . You consider that OTP Building Services 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 OTP Building Services 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
Exeter
Devon
EX2 4DG
Page 3 |
OTP Building Services Limited
(Registration number: 05622522)
Profit and Loss Account for the Year Ended 30 September 2017
Note |
Total |
Total |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
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Interest payable and similar expenses |
( |
( |
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Page 4 |
OTP Building Services Limited
(Registration number: 05622522)
Statement of Comprehensive Income for the Year Ended 30 September 2017
2017 |
2016 |
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Profit for the year |
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Total comprehensive income for the year |
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Page 5 |
OTP Building Services Limited
(Registration number: 05622522)
Balance Sheet as at 30 September 2017
Note |
2017 |
2016 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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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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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Page 6 |
OTP Building Services Limited
(Registration number: 05622522)
Balance Sheet as at 30 September 2017
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.
Approved and authorised by the
.........................................
Mr O T Prout
Director
Page 7 |
OTP Building Services Limited
(Registration number: 05622522)
Statement of Changes in Equity for the Year Ended 30 September 2017
Share capital |
Profit and loss account |
Total |
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At 1 October 2016 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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At 30 September 2017 |
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Share capital |
Profit and loss account |
Total |
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At 1 October 2015 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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At 30 September 2016 |
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Page 8 |
OTP Building Services Limited
(Registration number: 05622522)
Notes to the Financial Statements for the Year Ended 30 September 2017
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
The principal place of business is:
Aisling
Culver Close
Bradninch
Exeter
Devon
EX5 4NY
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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Page 9 |
OTP Building Services Limited
(Registration number: 05622522)
Notes to the Financial Statements for the Year Ended 30 September 2017
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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 |
15% straight line basis |
Motor vehicles |
20% straight line basis |
Office equipment |
20% straight line basis |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
nil due to minimal value |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 10 |
OTP Building Services Limited
(Registration number: 05622522)
Notes to the Financial Statements for the Year Ended 30 September 2017
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Page 11 |
OTP Building Services Limited
(Registration number: 05622522)
Notes to the Financial Statements for the Year Ended 30 September 2017
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 directors) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2017 |
2016 |
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Depreciation expense |
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Page 12 |
OTP Building Services Limited
(Registration number: 05622522)
Notes to the Financial Statements for the Year Ended 30 September 2017
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 October 2016 |
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At 30 September 2017 |
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Amortisation |
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Carrying amount |
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At 30 September 2017 |
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At 30 September 2016 |
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Tangible assets |
Office equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 October 2016 |
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Additions |
- |
- |
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At 30 September 2017 |
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Depreciation |
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At 1 October 2016 |
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Charge for the year |
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At 30 September 2017 |
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Carrying amount |
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At 30 September 2017 |
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At 30 September 2016 |
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Stocks |
2017 |
2016 |
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Other stocks |
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Page 13 |
OTP Building Services Limited
(Registration number: 05622522)
Notes to the Financial Statements for the Year Ended 30 September 2017
Debtors |
2017 |
2016 |
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Trade debtors |
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Prepayments and accrued income |
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Total current trade and other debtors |
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Creditors |
Note |
2017 |
2016 |
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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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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Other creditors |
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Accrued expenses |
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Deferred income |
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Loans and borrowings |
2017 |
2016 |
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Current loans and borrowings |
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Other borrowings |
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Parent and ultimate parent undertaking |
The company's immediate parent is
The parent company is controlled by Mrs S M Rowe, who owns two thirds of the entire share capital of the parent company.
Transition to FRS 102 |
Page 14 |
OTP Building Services Limited
(Registration number: 05622522)
Detailed Profit and Loss Account for the Year Ended 30 September 2017
2017 |
2016 |
|
Turnover |
343,316 |
308,106 |
Cost of sales |
(237,317) |
(187,461) |
Gross profit |
105,999 |
120,645 |
Gross profit (%) |
30.88% |
39.16% |
Administrative expenses |
||
Employment costs |
(45,588) |
(45,242) |
Establishment costs |
(6,184) |
(5,350) |
General administrative expenses |
(13,136) |
(11,818) |
Finance charges |
(187) |
(226) |
Depreciation costs |
(6,584) |
(4,394) |
Other expenses |
- |
4,748 |
(71,679) |
(62,282) |
|
Other operating income |
16,000 |
16,000 |
Operating profit |
50,320 |
74,363 |
Interest payable and similar expenses |
(4,000) |
(4,000) |
Profit before tax |
46,320 |
70,363 |
Page 15 |
OTP Building Services Limited
(Registration number: 05622522)
Detailed Profit and Loss Account for the Year Ended 30 September 2017
2017 |
2016 |
Turnover |
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Sales, UK |
343,316 |
308,106 |
Cost of sales |
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Opening stock |
933,076 |
875,481 |
Materials |
129,433 |
123,012 |
Professional fees |
660 |
1,479 |
Closing stock |
(1,003,454) |
(933,076) |
Wages and salaries (excluding directors) |
86,302 |
75,359 |
Staff pensions (Defined contribution) |
380 |
- |
Subcontract cost |
43,503 |
40,576 |
Hire of plant and machinery |
47,417 |
4,630 |
237,317 |
187,461 |
Employment costs |
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Directors remuneration |
40,740 |
40,740 |
Directors NIC (Employers) |
4,499 |
4,502 |
Directors pensions (Defined contribution) |
349 |
- |
45,588 |
45,242 |
Establishment costs |
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Light, heat and power |
89 |
88 |
Insurance |
3,955 |
3,997 |
Repairs and renewals |
2,140 |
1,265 |
6,184 |
5,350 |
General administrative expenses |
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Telephone and fax |
881 |
1,216 |
Printing, postage and stationery |
612 |
725 |
Sundry expenses |
199 |
13 |
Motor expenses |
8,379 |
7,141 |
Staff entertaining (allowable for tax) |
335 |
323 |
Accountancy fees |
2,400 |
2,400 |
Legal and professional fees |
330 |
- |
13,136 |
11,818 |
Finance charges |
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Bank charges |
187 |
226 |
Page 16 |
OTP Building Services Limited
(Registration number: 05622522)
Detailed Profit and Loss Account for the Year Ended 30 September 2017
Depreciation costs |
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Depreciation of plant and machinery (owned) |
2,268 |
2,423 |
Depreciation of motor vehicles (owned) |
4,285 |
1,909 |
Depreciation of office equipment (owned) |
31 |
62 |
6,584 |
4,394 |
Other operating income |
||
Rent receivable |
16,000 |
16,000 |
Interest payable and similar expenses |
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Loan interest |
4,000 |
4,000 |
Page 17 |