OMPD Limited - Period Ending 2018-04-30
OMPD Limited - Period Ending 2018-04-30
Registration number:
for the Year Ended
OMPD Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
OMPD Limited
(Registration number: 08169959)
Balance Sheet as at 30 April 2018
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2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Investments |
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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 liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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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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Fair value reserve |
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Profit and loss account |
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Total equity |
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Page 1 |
OMPD Limited
(Registration number: 08169959)
Balance Sheet as at 30 April 2018
For the financial year ending 30 April 2018 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. |
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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Page 2 |
OMPD Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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.
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.
Page 3 |
OMPD Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
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 |
Investment properties |
Nil |
Fixtures and fittings |
20% reducing balance |
Office equipment |
33% straight line |
Motor vehicles |
25% reducing balance |
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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 4 |
OMPD Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
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
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
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 5 |
OMPD Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
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.
Financial instruments
Recognition and measurement
At the end of each reporting period, unlisted equity investments are recorded at fair value, where appropriate, or at cost less impairment if their fair value cannot be reliably measured. Objective evidence of the impairment of financial assets is assessed at each period end and any impairment loss recognised in the profit or loss immediately. Impairment loss is calculated as the difference between the carrying amount of the instrument and the best estimate of the cash flows expected to be derived from the asset (including sales proceeds if sold) at the balance sheet date.
Investment income is recognised in the financial statements when the company becomes entitled to its share of profits from the financial instrument.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 6 |
OMPD Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
Tangible assets |
Fixtures and fittings |
Office equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 May 2017 |
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Additions |
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- |
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Disposals |
( |
- |
- |
( |
At 30 April 2018 |
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Depreciation |
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At 1 May 2017 |
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Charge for the year |
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Eliminated on disposal |
( |
- |
- |
( |
At 30 April 2018 |
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Carrying amount |
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At 30 April 2018 |
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At 30 April 2017 |
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Investment properties |
2018 |
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At 1 May |
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Additions |
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Disposals |
( |
Transfers to and from inventories |
( |
Fair value adjustments |
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At 30 April |
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There has been no valuation of investment property by an independent valuer.
Page 7 |
OMPD Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
Investments |
2018 |
2017 |
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Investments in subsidiaries |
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- |
Equity investments |
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Subsidiaries |
£ |
Cost or valuation |
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Additions |
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At 30 April 2018 |
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Carrying amount |
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At 30 April 2018 |
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At 30 April 2017 |
- |
Equity investments |
£ |
Cost |
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At 1 May 2017 |
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At 30 April 2018 |
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Carrying amount |
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At 30 April 2018 |
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At 30 April 2017 |
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Stocks |
2018 |
2017 |
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Work in progress |
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Debtors |
Note |
2018 |
2017 |
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Trade debtors |
- |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
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Prepayments and accrued income |
53,806 |
51,210 |
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Total current trade and other debtors |
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Page 8 |
OMPD Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
Current asset investments |
2018 |
2017 |
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Other investments |
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Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
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Due within one year |
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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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Accruals and deferred income |
30,900 |
25,862 |
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Corporation tax |
98,648 |
11,720 |
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Creditors: amounts falling due after more than one year
Note |
2018 |
2017 |
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Due after one year |
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Loans and borrowings |
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2018 |
2017 |
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Due after more than five years |
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After more than five years not by instalments |
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The loans and borrowings are secured on investment property with a fair value of £9,585,000 (2017 - £9,110,000).
Page 9 |
OMPD Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
Loans and borrowings |
2018 |
2017 |
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Non-current loans and borrowings |
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Bank borrowings |
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Included in the loans and borrowings are the following amounts due after more than five years:
Bank loans and overdrafts after five years
The amount of the bank borrowings not due by instalments after five years is £6,487,665.
Financial commitments, guarantees and contingencies |
The company is a member of Leupraza LLP and is liable to contribute to the assets of the LLP in the event of a winding-up before 1 December 2021. The maximum liability in relation to this undertaking is £206,960. The company does not believe that a winding-up of the LLP is probable and has not made provision for the liability at 30 April 2018.
Page 10 |
OMPD Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
Related party transactions |
Summary of transactions with other related parties
(A company that is controlled by JEB Oliver)
During the year James Oliver Holdings Limited received a loan from the company. No interest is charged on this loan and is repayable on demand. At the balance sheet date the amount due from James Oliver Holdings Limited was £779,792 (2017 - £473,102).
Tim Morris Holdings Limited
(Parent company)
During the year Tim Morris Holdings Limited made a loan to the company. Interest is being charged at a commercial rate and this loan is repayable on demand. At the balance sheet date the amount due to Tim Morris Holdings Limited was £1,339,074 (2017 - £1,444,881).
Loans from related parties
2018 |
Key management |
At start of period |
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Advanced |
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At end of period |
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2017 |
Key management |
At start of period |
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Repaid |
( |
At end of period |
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Parent and ultimate parent undertaking |
The ultimate controlling party is
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