Company Registration No. 00460933 (England and Wales)
A. OPPENHEIMER & CO. LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
A. OPPENHEIMER & CO. LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
A. OPPENHEIMER & CO. LTD
BALANCE SHEET
AS AT 31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,152,164
1,173,179
Investments
5
114,796
114,796
1,266,960
1,287,975
Current assets
Stocks
1,067,562
938,020
Debtors
6
104,062
139,406
Cash at bank and in hand
5,434
64,426
1,177,058
1,141,852
Creditors: amounts falling due within one year
7
(287,595)
(259,381)
Net current assets
889,463
882,471
Total assets less current liabilities
2,156,423
2,170,446
Creditors: amounts falling due after more than one year
8
(316,578)
(334,603)
Provisions for liabilities
(39,702)
(43,993)
Net assets
1,800,143
1,791,850
Capital and reserves
Called up share capital
10
149,975
149,975
Revaluation reserve
654,464
656,354
Capital redemption reserve
158,025
158,025
Profit and loss reserves
837,679
827,496
Total equity
1,800,143
1,791,850
A. OPPENHEIMER & CO. LTD
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2017
31 December 2017
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he 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.
The financial statements were approved by the board of directors and authorised for issue on 13 April 2018 and are signed on its behalf by:
Mr M A Adler
Director
Company Registration No. 00460933
A. OPPENHEIMER & CO. LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2017
- 3 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 January 2016
149,975
437,244
158,025
775,532
1,520,776
Year ended 31 December 2016:
Profit for the year
-
-
-
133,822
133,822
Other comprehensive income:
Revaluation of tangible fixed assets, net of deferred tax
-
224,221
-
-
224,221
Total comprehensive income for the year
-
224,221
-
133,822
358,043
Dividends
-
-
-
(118,000)
(118,000)
Transfers
-
(5,111)
-
36,142
31,031
Balance at 31 December 2016
149,975
656,354
158,025
827,496
1,791,850
Year ended 31 December 2017:
Profit for the year
-
-
-
118,293
118,293
Other comprehensive income:
Tax relating to other comprehensive income
-
4,290
-
-
4,290
Total comprehensive income for the year
-
4,290
-
118,293
122,583
Dividends
-
-
-
(110,000)
(110,000)
Transfers
-
(6,180)
-
1,890
(4,290)
Balance at 31 December 2017
149,975
654,464
158,025
837,679
1,800,143
A. OPPENHEIMER & CO. LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 4 -
1
Accounting policies
Company information
A. Oppenheimer & Co. Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
20 Vanguard Way, Shoeburyness, Southend-on-Sea, Essex, SS3 9RA.
1.1
Accounting convention
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rent receivable is recognised on an accruals basis, as it falls due.
Dividend income from investments is recognised when the shareholder's right to receive payment has been established.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the cost or value of the asset can be measured reliably.
A. OPPENHEIMER & CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 5 -
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
3.5% straight line
Plant and machinery
10% straight line
Fixtures, fittings & equipment
20% straight line
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
A. OPPENHEIMER & CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 6 -
1.7
Stocks
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.
1.8
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
A. OPPENHEIMER & CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 7 -
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
Until 31 March 2002 the company operated a defined benefit pension scheme, at which point contributions to the scheme ceased and the assets were frozen. Details of the scheme are disclosed in the notes to the accounts.
A. OPPENHEIMER & CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 8 -
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 23 (2016 - 23).
3
Intangible fixed assets
Other
£
Cost
At 1 January 2017 and 31 December 2017
93,291
Amortisation and impairment
At 1 January 2017 and 31 December 2017
93,291
Carrying amount
At 31 December 2017
-
At 31 December 2016
-
A. OPPENHEIMER & CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 9 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 January 2017
1,100,000
692,547
1,792,547
Additions
-
1,777
1,777
Disposals
-
(340,353)
(340,353)
At 31 December 2017
1,100,000
353,971
1,453,971
Depreciation and impairment
At 1 January 2017
-
619,368
619,368
Depreciation charged in the year
14,340
8,452
22,792
Eliminated in respect of disposals
-
(340,353)
(340,353)
At 31 December 2017
14,340
287,467
301,807
Carrying amount
At 31 December 2017
1,085,660
66,504
1,152,164
At 31 December 2016
1,100,000
73,179
1,173,179
The land and buildings were valued by the directors of the company on an open market value basis at 31 December 2017.
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2017
2016
£
£
Cost
548,305
548,305
Accumulated depreciation
(154,996)
(146,837)
Carrying value
393,309
401,468
5
Fixed asset investments
2017
2016
£
£
Investments
114,796
114,796
Investments in group undertakings and participating interests are held at cost less impairment.
A. OPPENHEIMER & CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 10 -
6
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
83,754
120,818
Other debtors
20,308
18,588
104,062
139,406
7
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
84,210
14,183
Trade creditors
107,545
120,477
Corporation tax
5,028
5,996
Other taxation and social security
50,592
66,576
Other creditors
40,220
52,149
287,595
259,381
The bank loans are secured by a debenture and a first legal charge over the property of the company. Included in other creditors is £2,830 (2016 - £6,591) of net obligations under hire purchase contracts, which are secured on the assets to which they relate.
8
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
316,578
331,983
Other creditors
-
2,620
316,578
334,603
The bank loans are secured by a debenture and a first legal charge over the property of the company.
A. OPPENHEIMER & CO. LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 11 -
9
Retirement benefit schemes
Defined benefit schemes
Up until 31 March 2002 the company operated a pension scheme providing benefits based on final pensionable pay. Contributions ceased being paid into the scheme and the scheme's assets were frozen. The most recent valuation was at 1 April 2014 which has been updated to reflect conditions at the balance sheet date. The assumptions that have the most effect on the results of the valuation are those relating to the rate of return on investments, the type of investments and the change in the mortality assumption. The valuation disclosed a fair value of the scheme's assets as £1,525,000 and present value of scheme liabilities as £1,409,000, giving rise to a surplus of £161,000.
The pension charge for the year was £Nil (2015 - £Nil). The contributions of the company will remain at £Nil per month as advised by the actuary.
The defined benefit scheme is closed to new members and so under the
projected unit credit method
the current service cost would be expected to increase over time as members of the scheme approach retirement.
10
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
142,975 Ordinary B shares of £1 each
142,975
142,975
7,000 Ordinary D shares of £1 each
7,000
7,000
149,975
149,975
11
Directors' transactions
Dividends totalling £110,000 (2016 - £118,000) were paid in the year in respect of shares held by the company's directors.
At the year end included in other creditors is £17,661 (2016 - £16,654) due to the directors of the company, which is non interest bearing and repayable upon demand.
2017-12-31
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false
CCH Software
CCH Accounts Production 2018.100
No description of principal activity
13 April 2018
Mr M A Adler
Mr M E Hughes
Mr M E Hughes
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