Oden Services (UK) Limited 30/11/2017 iXBRL

Oden Services (UK) Limited 30/11/2017 iXBRL

ODEN SERVICES (UK) LIMITED - Company Information

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30/11/2017 2017-11-30 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2016-12-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 06416684 2016-12-01 2017-11-30 06416684 2017-11-30 06416684 2016-11-30 06416684 2015-12-01 2016-11-30 06416684 2016-11-30 06416684 2015-11-30 06416684 core:LandBuildings core:ShortLeaseholdAssets 2016-12-01 2017-11-30 06416684 core:PlantMachinery 2016-12-01 2017-11-30 06416684 core:FurnitureFittingsToolsEquipment 2016-12-01 2017-11-30 06416684 core:MotorVehicles 2016-12-01 2017-11-30 06416684 bus:RegisteredOffice 2016-12-01 2017-11-30 06416684 bus:LeadAgentIfApplicable 2016-12-01 2017-11-30 06416684 bus:Director1 2016-12-01 2017-11-30 06416684 bus:Director2 2016-12-01 2017-11-30 06416684 bus:CompanySecretary1 2016-12-01 2017-11-30 06416684 core:LandBuildings core:ShortLeaseholdAssets 2016-11-30 06416684 core:PlantMachinery 2016-11-30 06416684 core:FurnitureFittingsToolsEquipment 2016-11-30 06416684 core:MotorVehicles 2016-11-30 06416684 core:PlantMachinery 2017-11-30 06416684 core:FurnitureFittingsToolsEquipment 2017-11-30 06416684 core:MotorVehicles 2017-11-30 06416684 core:WithinOneYear 2017-11-30 06416684 core:WithinOneYear 2016-11-30 06416684 core:ShareCapital 2015-12-01 2016-11-30 06416684 core:RetainedEarningsAccumulatedLosses 2015-12-01 2016-11-30 06416684 core:RetainedEarningsAccumulatedLosses 2016-12-01 2017-11-30 06416684 core:ShareCapital 2017-11-30 06416684 core:ShareCapital 2016-11-30 06416684 core:RetainedEarningsAccumulatedLosses 2017-11-30 06416684 core:RetainedEarningsAccumulatedLosses 2016-11-30 06416684 core:ShareCapital 2015-11-30 06416684 core:RetainedEarningsAccumulatedLosses 2015-11-30 06416684 core:BetweenOneFiveYears 2016-11-30 06416684 core:MoreThanFiveYears 2017-11-30 06416684 core:LandBuildings core:ShortLeaseholdAssets 2016-11-30 06416684 core:PlantMachinery 2016-11-30 06416684 core:FurnitureFittingsToolsEquipment 2016-11-30 06416684 core:MotorVehicles 2016-11-30 06416684 bus:Director1 2016-11-30 06416684 bus:Director1 2017-11-30 06416684 bus:Director1 2016-11-30 06416684 bus:Director1 2015-12-01 2016-11-30 06416684 bus:SmallEntities 2016-12-01 2017-11-30 06416684 bus:AuditExemptWithAccountantsReport 2016-12-01 2017-11-30 06416684 bus:FullAccounts 2016-12-01 2017-11-30 06416684 bus:SmallCompaniesRegimeForAccounts 2016-12-01 2017-11-30 06416684 bus:PrivateLimitedCompanyLtd 2016-12-01 2017-11-30 06416684 core:Associate1 2016-12-01 2017-11-30 06416684 core:Associate1 core:DividendsPaidTransactions 2016-12-01 2017-11-30 06416684 core:Associate1 core:DividendsPaidTransactions 2015-12-01 2016-11-30 06416684 core:Associate2 core:DividendsPaidTransactions 2016-12-01 2017-11-30 06416684 core:Associate2 core:DividendsPaidTransactions 2015-12-01 2016-11-30
Company registration number: 06416684
Oden Services (UK) Limited
Unaudited filleted financial statements
30 November 2017
Oden Services (UK) Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Oden Services (UK) Limited
Directors and other information
Directors Mr P C Seward
Mr A South
Secretary Focus Secretarial Limited
Company number 06416684
Registered office Unit 16 Highcroft Industrial Estate
Enterprise Road
Waterlooville
Hampshire
PO8 0BT
Business address Unit 4 Sharlands Road
Fareham
Hampshire
PO14 1RD
Accountants Focus Accounting Limited
Unit 16 Highcroft Ind Est
Enterprise Road
Waterlooville
Hampshire
PO8 0BT
Oden Services (UK) Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Oden Services (UK) Limited
Year ended 30 November 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Oden Services (UK) Limited for the year ended 30 November 2017 which comprise the statement of financial position, statement of changes in equity and 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 http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the board of directors of Oden Services (UK) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Oden Services (UK) Limited and state those matters that we have agreed to state to the board of directors of Oden Services (UK) Limited as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Oden Services (UK) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Oden Services (UK) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Oden Services (UK) Limited. You consider that Oden Services (UK) 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 financial statements of Oden Services (UK) 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 financial statements.
Focus Accounting Limited
Chartered Accountants
Unit 16 Highcroft Ind Est
Enterprise Road
Waterlooville
Hampshire
PO8 0BT
9 August 2018
Oden Services (UK) Limited
Statement of financial position
30 November 2017
2017 2016
Note £ £ £ £
Fixed assets
Tangible assets 5 8,669 10,228
_______ _______
8,669 10,228
Current assets
Stocks 14,022 18,146
Debtors 6 69,467 66,056
Cash at bank and in hand 31,570 52,928
_______ _______
115,059 137,130
Creditors: amounts falling due
within one year 7 ( 132,370) ( 127,200)
_______ _______
Net current (liabilities)/assets ( 17,311) 9,930
_______ _______
Total assets less current liabilities ( 8,642) 20,158
Provisions for liabilities ( 1,749) ( 1,895)
_______ _______
Net (liabilities)/assets ( 10,391) 18,263
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 10,491) 18,163
_______ _______
Shareholders (deficit)/funds ( 10,391) 18,263
_______ _______
For the year ending 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 August 2018 , and are signed on behalf of the board by:
Mr P C Seward
Director
Company registration number: 06416684
Oden Services (UK) Limited
Statement of changes in equity
Year ended 30 November 2017
Called up share capital Profit and loss account Total
£ £ £
At 1 December 2015 1 56,977 56,978
Profit for the year 21,356 21,356
_______ _______ _______
Total comprehensive income for the year - 21,356 21,356
Issue of shares 99 99
Dividends paid and payable ( 60,170) ( 60,170)
_______ _______ _______
Total investments by and distributions to owners 99 ( 60,170) ( 60,071)
_______ _______ _______
At 30 November 2016 and 1 December 2016 100 18,161 18,261
Profit for the year 12,655 12,655
_______ _______ _______
Total comprehensive income for the year - 12,655 12,655
Dividends paid and payable ( 41,307) ( 41,307)
_______ _______ _______
Total investments by and distributions to owners - ( 41,307) ( 41,307)
_______ _______ _______
At 30 November 2017 100 ( 10,491) ( 10,391)
_______ _______ _______
Oden Services (UK) Limited
Notes to the financial statements
Year ended 30 November 2017
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 16 Highcroft Industrial Estate, Enterprise Road, Waterlooville, Hampshire, PO8 0BT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 December 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - 20 % straight line
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2016: 11 ).
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 December 2016 1,817 17,247 13,798 11,829 44,691
Additions - 700 - 6,495 7,195
Disposals ( 1,817) ( 495) ( 8,761) - ( 11,073)
_______ _______ _______ _______ _______
At 30 November 2017 - 17,452 5,037 18,324 40,813
_______ _______ _______ _______ _______
Depreciation
At 1 December 2016 1,060 13,012 11,688 8,704 34,464
Charge for the year - 3,990 975 2,552 7,517
Disposals ( 1,060) ( 495) ( 8,282) - ( 9,837)
_______ _______ _______ _______ _______
At 30 November 2017 - 16,507 4,381 11,256 32,144
_______ _______ _______ _______ _______
Carrying amount
At 30 November 2017 - 945 656 7,068 8,669
_______ _______ _______ _______ _______
At 30 November 2016 757 4,235 2,110 3,125 10,227
_______ _______ _______ _______ _______
6. Debtors
2017 2016
£ £
Trade debtors 50,312 48,271
Other debtors 19,155 17,785
_______ _______
69,467 66,056
_______ _______
7. Creditors: amounts falling due within one year
2017 2016
£ £
Trade creditors 17,425 14,689
Amounts owed to group undertakings and undertakings in which the company has a participating interest 81,575 81,575
Corporation tax 10,090 10,244
Social security and other taxes 13,611 17,367
Other creditors 9,669 3,325
_______ _______
132,370 127,200
_______ _______
8. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Later than 1 year and not later than 5 years - 34,200
Later than 5 years 34,000 -
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2017
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr P C Seward ( 2,150) ( 1,714) ( 3,864)
_______ _______ _______
2016
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr P C Seward - ( 2,150) ( 2,150)
_______ _______ _______
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
2017 2016
£ £
Salaries paid to directors 35,714 10,000
Dividends paid to holding company 31,307 60,170
_______ _______
The Company is the wholly owned subsidairy of Oden Holdings (UK) Limited.
11. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 December 2015.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the year
No transitional adjustments were required.
12. Wholly owned subsidiary
The Company is the wholly owned subsidiary of Oden Holdings Limited.