| Oska Trade Limited |
| Notes to the Accounts |
| for the year ended 31 December 2017 |
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| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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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. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Leasehold land and buildings |
over the lease term |
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Fixtures, fittings, tools and equipment |
12.5% to 33.33% straight line |
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Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Foreign currency translation |
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Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss. |
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| 2 |
Audit information |
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The audit report is unqualified. |
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Senior statutory auditor: |
NW Atkin |
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Firm: |
Foster & Co Ltd |
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Date of audit report: |
9 May 2018 |
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| 3 |
Employees |
2017 |
|
2016 |
| Number |
Number |
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Average number of persons employed by the company |
20 |
|
14 |
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| 4 |
Tangible fixed assets |
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Land and buildings |
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Plant and machinery etc |
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Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 January 2017 |
140,292 |
|
327,858 |
|
468,150 |
|
Disposals |
- |
|
(36,658) |
|
(36,658) |
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At 31 December 2017 |
140,292 |
|
291,200 |
|
431,492 |
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Depreciation |
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At 1 January 2017 |
53,039 |
|
171,019 |
|
224,058 |
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Charge for the year |
10,477 |
|
45,575 |
|
56,052 |
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On disposals |
- |
|
(35,763) |
|
(35,763) |
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At 31 December 2017 |
63,516 |
|
180,831 |
|
244,347 |
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Net book value |
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At 31 December 2017 |
76,776 |
|
110,369 |
|
187,145 |
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At 31 December 2016 |
87,253 |
|
156,839 |
|
244,092 |
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| 5 |
Investments |
| Investments in |
| subsidiary |
| undertakings |
| £ |
|
Cost |
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At 1 January 2017 |
5,251 |
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Additions |
32,177 |
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At 31 December 2017 |
37,428 |
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The company's investments at the balance sheet date represent shareholdings in the following companies:- |
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1. 100 ordinary £1 shares in Oska Ludlow Limited (2016: 51 shares), a company involved in clothing retailing. At 31 December 2016 Oska Ludlow Limited had net assets of £86449 (2016: £125316) and made a loss after tax in the year to that date of £38867 (2016: profit £65639). |
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2. 102 ordinary £1 shares in Oska St Ives Limited, a company involved in clothing retailing. At 31 December 2016 Oska St Ives Limited had net assets of £2022 (2016: £8986) and made a loss after tax in the year to that date of £6964 (2016: loss of £3404). |
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3. 100 ordinary £1 shares in Oska Blackheath Limited, a company involved in clothing retailing. At 31 December 2016 Oska Blackheath Limited had net liabilities of £3689 (2016: £96123) and made a profit after tax in the year to that date of £92434 (2016: profit of £36560). |
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The company has taken advantage of the exemptions available to small companies to not prepare group accounts. |
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| 6 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
269,376 |
|
324,276 |
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Other debtors |
216,612 |
|
228,561 |
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|
485,988 |
|
552,837 |
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Amounts due after more than one year included above |
167,777 |
|
306,993 |
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| 7 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
|
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Trade creditors |
29,190 |
|
23,502 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
2,133 |
|
324,759 |
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Taxation and social security costs |
180,636 |
|
185,434 |
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Other creditors |
50,615 |
|
54,632 |
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|
|
262,574 |
|
588,327 |
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| 8 |
Capital commitments |
2017 |
|
2016 |
| £ |
£ |
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Amounts contracted for but not provided in the accounts |
245,000 |
|
245,000 |
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| 9 |
Transition to FRS102 |
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The company has adopted FRS102 (Section 1A) for the year ended 31 December 2017. The directors have considered the requirements of FRS102 (Section 1A) and confirm that there are no adjustments to the comparative prior year amount as a result of this. |
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| 10 |
Related party transactions |
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During the year the company purchased goods totalling £2107959 (2016: £1366943) from Oska Textilvertriebs GmbH, an associated company. Various expenses, including IT costs of £11305 (2016: £1786) and marketing/professional fees of £11642 (2016: £64848), were settled on behalf of Oska Textilvertriebs GmbH and at the year end the balance outstanding was £184352 (2016: owed to Oska Textilvertriebs GmbH £324759). The company also incurred management charges of £3502 (2016: £3049) from Oska Management GmbH. |
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The company incurs rent charges from third parties which are recharged to Oska St Ives Limited and Oska Blackheath Limited. Rent of £11376 (2016: £42750) was recharged to Oska St Ives Limited and £41693 (2016: £38400) to Oska Blackheath Limited during the year. Oska Blackheath Limited purchased goods amounting to £212636 from Oska Trade Limited during the year and invoiced Oska Trade Limited £8680 for services provided. Oska Ludlow Limited purchased goods totalling £662428 from Oska Trade Limited and invoiced Oska Trade Limited £10858 (2016: £10122) for various sales related costs. Oska St Ives Limited purchased goods amounting to £153266 from Oska Trade Limited. At the year end £6393 (2016: £4062) was owed by Oska St Ives Limited, £58008 (2016: £177712) by Oska Blackheath Limited and £145372 (2016: £147500) by Oska Ludlow Limited. |
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During the period the company charged a management fee of £24000 (2016: £24000) to Oska Ludlow Limited. At the year end £36970 (2016: £147500) was owed by Oska Ludlow Limited. |
| 11 |
Controlling party |
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The company is owned by Oska Management GmbH, a company incorporated in Germany. |
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| 12 |
Other information |
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Oska Trade Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
80 Lytham Road |
|
Fulwood |
|
Preston |
|
Lancs |
|
PR2 3AQ |
