OASIS_PRODUCTS_VENDING_SE - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The notes on pages 4 - 7 form an integral part of these financial statements.

For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and FRS102 Section 1A.

Oasis Products Vending Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 7 Trade City, Brooklands Close, Sunbury on Thames, Surrey, TW16 7FD.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets include investment properties professionally valued on an existing use open market value basis. Other tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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

In the directors opinion the property had an open market value of £590,000 at the balance sheet date. In order that the accounts demonstrate a true and fair view of the company and its performance, the directors believe that it is appropriate to include this revaluation in the year end company accounts. The directors do not consider there has been any significant change in the market value since that valuation. Should the property be sold at their estimated market value, at the balance sheet date, a corporation tax liability of £16,882 would crystallise and this has been provided for within the deferred tax provision at the balance sheet date.

The directors consider the carrying value of trade and other receivables approximate to their fair value.

The directors consider the carrying value of trade and other receivables approximate to their fair value.

The directors consider the carrying amounts of long term liabilities approximate to their fair values.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

With in one year: £10,987 (2016 - £9,624) and between two and five years: £12,349 (2016 - £1,450)

At the balance sheet date included in other creditors are amount due to the directors of £309,065 (2016 - £444,025). Of this amount £244,725 (2016 - £356,725) has been allocated to the long term liabilities as the directors are not intending of receiving repayment of this element until after one year.

The company is controlled by Mr G R Rose and Mrs S A Rose, by virtue of their joint 100% shareholding.