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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 May 2019 |
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Overseas Trading Limited |
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REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 May 2019 |
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for |
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Overseas Trading Limited |
Overseas Trading Limited (Registered number: 04442532) |
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Contents of the Financial Statements |
for the Year Ended 31 May 2019 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 4 |
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Report of the Independent Auditors | 6 |
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Income Statement | 8 |
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Other Comprehensive Income | 9 |
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Balance Sheet | 10 |
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Statement of Changes in Equity | 11 |
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Cash Flow Statement | 12 |
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Notes to the Cash Flow Statement | 13 |
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Notes to the Financial Statements | 14 |
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Overseas Trading Limited |
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Company Information |
for the Year Ended 31 May 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants & Statutory Auditors |
3 Park Square |
Leeds |
LS1 2NE |
Overseas Trading Limited (Registered number: 04442532) |
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Strategic Report |
for the Year Ended 31 May 2019 |
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The directors present their strategic report for the year ended 31 May 2019. |
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REVIEW OF BUSINESS |
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Through the year, the business continued to focus on margins and in particular gross profit margins in a highly |
competitive marketplace. Gross margin advanced further from 17.3% to 18% resulting in improved gross profit of |
£2.89m against a small reduction in revenues. The directors have invested in the management team of the business with |
a clear focus on building a sales growth plan and investing further in upgrading of it's website and social media |
marketing, despite this investment operating profit improved to £339.6k from £310.5k in the year. |
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The business has also invested in protecting it's IP with a number of the Brands it owns being Trademarked during this |
year. |
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By careful forward currency contract management the business has successfully insulated itself from the extreme |
currency fluctuation seen through a year of political and economic uncertainty. |
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Net profit after tax has significantly improved to £260.5k up from £230k in the prior year. |
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The company has looked to take the opportunity to seek positive advantage through the UK government's Research and |
Development Tax Credit Scheme. Results are looking positive and a submission has been made to maximise the benefit |
in the reported year. The business continues to invest in research and development activity and expects to benefit from |
such tax credits in future years. |
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BUSINESS OUTLOOK |
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The UK retail environment continues to be a challenging marketplace with both a high level of business failures and |
excessive levels of empty retail space. The business has carefully positioned itself to best weather these conditions, |
revenues are evenly balanced between multiple grocers, discounters, export and the convenience market. The business |
continues to enjoy both growth and growth of opportunities across these market sectors. Revenue growth in the first half |
of this financial year has been good and a strong sales pipeline exists to bring the same in the second half. |
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Through the investment made in a new Managing Director role the business has conducted a review of processes and |
business operations. Following the review the business has embarked on a change agenda focused on the customer, |
sales growth, strict cost control and process improvement. A successful restructure of the sales team has already started |
to produce positive revenue growth. This work continues with further investment in the convenience sales team to |
unlock the growth opportunities in this area. |
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The business benefits from a very experienced sourcing team based in China, this team is focused on delivering great |
value high quality products to the trading team in the UK. A key business strength is the ability to provide high levels of |
quality assurance which in turn unlocks sales opportunities in the largest UK and EU retailers. In addition the sourcing |
team have delivered cost benefits to the business helping to fund the investment programme and improve gross margins |
further. |
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Restructures of the trading teams in the UK and Polish businesses have streamlined processes and reduced operating |
costs. This has enabled an investment in a highly experienced Commercial Director, Duncan Morrow. The commercial |
team has been refocused to support the customer centric and revenue growth strategy, work is underway to bring market |
leading brands and products to the business portfolio. The team have already launched a number of new products into |
key customers that have been extremely successful and are helping forge closer sales growing relationships with key |
customers. |
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The directors are mindful of changing economic conditions and uncertainty in the current environment. Political |
changes are likely to add to this uncertainty and volatility especially in the second half of the year, with this in mind the |
business has carefully managed its currency contracts to ensure price stability in the supply chain and for customers. |
The business is well prepared for the possible changes of Brexit and has recently achieved Approved Economic |
Operator (AEO) status, this gives the business access to simplified import and customs procedures. |
Overseas Trading Limited (Registered number: 04442532) |
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Strategic Report |
for the Year Ended 31 May 2019 |
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ON BEHALF OF THE BOARD: |
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Overseas Trading Limited (Registered number: 04442532) |
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Report of the Directors |
for the Year Ended 31 May 2019 |
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The directors present their report with the financial statements of the company for the year ended 31 May 2019. |
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DIVIDENDS |
Interim dividends per share were paid as follows: |
Ordinary 0.01 shares | 20.5248 | - 30 May 2019 |
Ordinary A 0.01 shares | 27.6375 | - 30 May 2019 |
Ordinary B 0.01 shares | 8.216 | - 30 May 2019 |
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The directors recommend that no final dividends be paid. |
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The total distribution of dividends for the year ended 31 May 2019 will be £
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 June 2018 to the date of this report. |
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Other changes in directors holding office are as follows: |
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FINANCIAL INSTRUMENTS |
The company uses a variety of financial instruments to ensure that liabilities are met on time and these include the |
judicious use of bank overdrafts and loans, finance lease options and invoice discounting alongside normal working |
capital cycle items as trade debtors and creditors. The company is comfortable that sufficient liquidity is available to |
allow the company to trade effectively within its current financing arrangements. The company continues to utilise |
forward rate contracts to purchase foreign currency in order to protect against adverse exchange rate movements. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements |
in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and of the profit or loss of the company for that period. In preparing these financial statements, the directors |
are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company
will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken |
as a director in order to make himself aware of any relevant audit information and to establish that the company's |
auditors are aware of that information. |
Overseas Trading Limited (Registered number: 04442532) |
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Report of the Directors |
for the Year Ended 31 May 2019 |
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AUDITORS |
The auditors, Sochall Smith Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Overseas Trading Limited |
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Opinion |
We have audited the financial statements of Overseas Trading Limited (the 'company') for the year ended 31 May 2019 |
which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, |
Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of |
significant accounting policies. The financial reporting framework that has been applied in their preparation is |
applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial |
Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting |
Practice). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 May 2019 and of its profit for the year then
ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the |
financial statements section of our report. We are independent of the company in accordance with the ethical |
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, |
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit |
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic |
Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors |
thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise |
explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing |
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge |
obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or |
apparent material misstatements, we are required to determine whether there is a material misstatement in the financial |
statements or a material misstatement of the other information. If, based on the work we have performed, we conclude |
that there is a material misstatement of this other information, we are required to report that fact. We have nothing to |
report in this regard. |
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Opinion on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Directors for the financial year for which the
financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal
requirements. |
Report of the Independent Auditors to the Members of |
Overseas Trading Limited |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, |
we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to |
you if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible |
for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such |
internal control as the directors determine necessary to enable the preparation of financial statements that are free from |
material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a |
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of |
accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic |
alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with |
ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are |
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic |
decisions of users taken on the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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Chartered Accountants & Statutory Auditors |
3 Park Square |
Leeds |
LS1 2NE |
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Overseas Trading Limited (Registered number: 04442532) |
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Income Statement |
for the Year Ended 31 May 2019 |
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2019 | 2018 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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OPERATING PROFIT | 4 |
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Interest payable and similar expenses | 5 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 6 |
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PROFIT FOR THE FINANCIAL YEAR |
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Overseas Trading Limited (Registered number: 04442532) |
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Other Comprehensive Income |
for the Year Ended 31 May 2019 |
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2019 | 2018 |
Notes | £ | £ |
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PROFIT FOR THE YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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Overseas Trading Limited (Registered number: 04442532) |
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Balance Sheet |
31 May 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
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CURRENT ASSETS |
Stocks | 9 |
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Debtors | 10 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 11 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
12 |
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( |
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PROVISIONS FOR LIABILITIES | 16 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 17 |
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Retained earnings | 18 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
by: |
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Overseas Trading Limited (Registered number: 04442532) |
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Statement of Changes in Equity |
for the Year Ended 31 May 2019 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 June 2017 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 May 2018 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 May 2019 |
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Overseas Trading Limited (Registered number: 04442532) |
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Cash Flow Statement |
for the Year Ended 31 May 2019 |
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2019 | 2018 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
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Interest paid | ( |
) | ( |
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Interest element of hire purchase payments
paid |
( |
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( |
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Tax paid | ( |
) | ( |
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Net cash from operating activities | ( |
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Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
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Sale of tangible fixed assets |
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Net cash from investing activities | ( |
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Cash flows from financing activities |
Loan repayments in year |
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( |
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Capital repayments in year | ( |
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Movements on invoice discounting |
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( |
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Equity dividends paid | ( |
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Net cash from financing activities |
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( |
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Increase/(decrease) in cash and cash equivalents |
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( |
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Cash and cash equivalents at beginning of
year |
2 |
(287,899 |
) |
110,332 |
Effect of foreign exchange rate changes | 35,335 | - |
Cash and cash equivalents at end of year | 2 | ( |
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Overseas Trading Limited (Registered number: 04442532) |
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Notes to the Cash Flow Statement |
for the Year Ended 31 May 2019 |
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1. |
RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS |
2019 | 2018 |
£ | £ |
Profit before taxation |
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Depreciation charges |
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Loss on disposal of fixed assets |
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Finance costs | 51,611 | 19,865 |
380,330 | 357,679 |
(Increase)/decrease in stocks | ( |
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(Increase)/decrease in trade and other debtors | ( |
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Increase/(decrease) in trade and other creditors |
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( |
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Cash generated from operations | ( |
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2. | CASH AND CASH EQUIVALENTS |
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The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of |
these Balance Sheet amounts: |
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Year ended 31 May 2019 |
31/5/19 | 1/6/18 |
£ | £ |
Cash and cash equivalents | 158,821 | 101,228 |
Bank overdrafts | ( |
) | ( |
) |
(161,343 | ) | (287,899 | ) |
Year ended 31 May 2018 |
31/5/18 | 1/6/17 |
£ | £ |
Cash and cash equivalents | 101,228 | 209,840 |
Bank overdrafts | ( |
) | ( |
) |
(287,899 | ) | 110,332 |
Overseas Trading Limited (Registered number: 04442532) |
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Notes to the Financial Statements |
for the Year Ended 31 May 2019 |
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1. | STATUTORY INFORMATION |
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Overseas Trading Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
The critical judgements that the directors have made in the process of applying the Company's accounting |
policies that have the most significant effect on the amounts recognised in the statutory financial statements are |
discussed below. |
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In assessing whether there have been any indicators of impairment assets, the directors have considered both |
external and internal sources of information such as market conditions, counterparty credit ratings and |
experience of recoverability and where applicable, the ability of the asset to be operated as planned. There have |
been no indicators of impairments identified during the current financial year. |
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The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a |
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next |
financial year are discussed below. |
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Recoverability of receivables |
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The company establishes a provision for receivables that are estimated not to be recoverable. When assessing |
recoverability the directors have considered factors such as the ageing of the receivables, past experience of |
recoverability, and the credit profile of individual or groups of customers. |
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Determining residual values and useful economic lives of tangible assets |
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The company depreciates tangible assets over their estimated useful lives. The estimation of the useful lives of |
tangible assets is based on historic performance as well as expectations about future use and therefore requires |
estimates and assumptions to be applied. |
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Judgement is also applied when determining the residual values for fixed assets. When determining the residual |
value, the directors have assessed the amount that the company would currently obtain on the disposal of the |
asset, as if it was already in the condition expected at the end of its useful life. Where possible this is done with |
reference to external market prices. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Office equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
Overseas Trading Limited (Registered number: 04442532) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company uses a variety of financial instruments to ensure that liabilities are met on time and these include |
the judicious use of bank overdrafts and loans, finance lease options and invoice discounting alongside normal |
working capital cycle items as trade debtors and creditors. The company is comfortable that sufficient liquidity |
is available to allow the company to trade effectively within its current financing arrangements. |
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Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial |
instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and |
are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit |
or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for |
interest rate and foreign exchange derivatives. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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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. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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3. | EMPLOYEES AND DIRECTORS |
2019 | 2018 |
£ | £ |
Wages and salaries |
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Social security costs |
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Overseas Trading Limited (Registered number: 04442532) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2019 |
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3. | EMPLOYEES AND DIRECTORS - continued |
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The average number of employees during the year was as follows: |
2019 | 2018 |
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Directors | 4 | 4 |
Warehouse | 13 | 13 |
Office | 40 | 36 |
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2019 | 2018 |
£ | £ |
Directors' remuneration |
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Information regarding the highest paid director is as follows: |
2019 | 2018 |
£ | £ |
Emoluments etc |
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4. | OPERATING PROFIT |
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The operating profit is stated after charging/(crediting): |
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2019 | 2018 |
£ | £ |
Other operating leases |
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Depreciation - owned assets |
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Depreciation - assets on hire purchase contracts |
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Loss on disposal of fixed assets |
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Auditors' remuneration |
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Auditors' remuneration for non audit work |
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Foreign exchange differences | ( |
) |
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5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2019 | 2018 |
£ | £ |
Bank loan interest |
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Corporation tax interest |
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Hire purchase |
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Overseas Trading Limited (Registered number: 04442532) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2019 |
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6. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2019 | 2018 |
£ | £ |
Current tax: |
UK corporation tax |
|
|
Over provision prior year | (28,292 | ) | - |
Total current tax |
|
|
|
Deferred tax |
|
( |
) |
Tax on profit |
|
|
|
UK corporation tax has been charged at 19% (2018 - 19%). |
|
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is |
explained below: |
|
2019 | 2018 |
£ | £ |
Profit before tax |
|
|
Profit multiplied by the standard rate of corporation tax in the UK of
(2018 - |
|
|
|
Effects of: |
Expenses not deductible for tax purposes |
|
|
Adjustments to tax charge in respect of previous periods | ( |
) |
|
|
Double taxation relief difference | 320 | - |
Change in rate of deferred tax | - | 3,728 |
|
Total tax charge | 27,487 | 60,598 |
|
7. | DIVIDENDS |
2019 | 2018 |
£ | £ |
Ordinary shares of 0.01 each |
Interim |
|
|
Ordinary A shares of 0.01 each |
Interim |
|
|
Ordinary B shares of 0.01 each |
Interim |
|
|
|
|
Overseas Trading Limited (Registered number: 04442532) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2019 |
|
8. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Office |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 June 2018 |
|
|
|
|
Additions |
|
|
|
|
At 31 May 2019 |
|
|
|
|
DEPRECIATION |
At 1 June 2018 |
|
|
|
|
Charge for year |
|
|
|
|
At 31 May 2019 |
|
|
|
|
NET BOOK VALUE |
At 31 May 2019 |
|
|
|
|
At 31 May 2018 |
|
|
|
|
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 June 2018 |
|
|
|
Additions |
|
|
|
At 31 May 2019 |
|
|
|
DEPRECIATION |
At 1 June 2018 |
|
|
|
Charge for year |
|
|
|
At 31 May 2019 |
|
|
|
NET BOOK VALUE |
At 31 May 2019 |
|
|
|
At 31 May 2018 |
|
|
|
|
9. | STOCKS |
2019 | 2018 |
£ | £ |
Finished goods |
|
|
Overseas Trading Limited (Registered number: 04442532) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2019 |
|
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
Prepayments and accrued income |
|
|
|
|
|
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts (see note 13) |
|
|
Hire purchase contracts (see note 14) |
|
|
Trade creditors |
|
|
Tax |
|
|
Social security and other taxes |
|
|
Invoice discounting loan | 2,254,780 | 2,089,756 |
Accruals and deferred income |
|
|
|
|
|
12. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts (see note 14) |
|
|
Directors' loans |
|
|
|
|
|
13. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2019 | 2018 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
|
|
Bank loans |
|
|
|
|
Overseas Trading Limited (Registered number: 04442532) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2019 |
|
14. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Hire purchase contracts |
2019 | 2018 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
Non-cancellable |
operating leases |
2019 | 2018 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
15. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2019 | 2018 |
£ | £ |
Bank overdrafts |
|
|
Bank loans |
|
|
Hire purchase contracts | 153,318 | 173,656 |
Invoice discounting loan | 2,238,667 | 2,089,756 |
|
|
|
The bank loan and overdraft are secured by a fixed and floating charge over all the assets of the company and a |
charge over contract monies. |
|
The invoice discounting creditor is secured by a charge over the company's trade debtors. |
|
The finance leases and hire purchase contracts are secured on the relevant assets. |
|
16. | PROVISIONS FOR LIABILITIES |
2019 | 2018 |
£ | £ |
Deferred tax | 28,950 | 26,496 |
Overseas Trading Limited (Registered number: 04442532) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2019 |
|
16. | PROVISIONS FOR LIABILITIES - continued |
|
Deferred |
tax |
£ |
Balance at 1 June 2018 |
|
Accelerated capital allowances | 2,454 |
Balance at 31 May 2019 |
|
|
17. | CALLED UP SHARE CAPITAL |
|
|
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
|
Ordinary | 0.01 | 32 | 32 |
|
Ordinary A | 0.01 | 35 | 35 |
|
Ordinary B | 0.01 | 33 | 33 |
100 | 100 |
|
All classes of shares confer the same voting rights and rank parri passu. |
|
18. | RESERVES |
Retained |
earnings |
£ |
|
At 1 June 2018 |
|
Profit for the year |
|
Dividends | ( |
) |
At 31 May 2019 |
|
|
19. | OTHER FINANCIAL COMMITMENTS |
|
At the year end, the company had ongoing foreign exchange forward contracts amounting to £9,414,083 (2018: |
£6,434,296) to purchase United States Dollars. |
|
20. | RELATED PARTY DISCLOSURES |
|
During the year, total dividends of £96,488 (2018 - £30,430) were paid to the directors . |
Overseas Trading Limited (Registered number: 04442532) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2019 |
|
20. | RELATED PARTY DISCLOSURES - continued |
|
During the year, total dividends of £88,440 (2018: £85,798) were paid to R Buitekant who is the wife of J |
Buitekant. |
|
The company has directors in common with OTL Europe (registered in Poland), Spot On-Line Limited and |
Oceansaver Limited. |
|
At the year end, the company was due £108,038 (2018: £107,418) from OTL Europe. |
|
At the year end, the company was due £71,020 (2018: £6,039) from Spot On-Line Limited. |
|
At the year end, the company was due £129,621(2018: £Nil) from Oceansaver Limited. |
|
21. | ULTIMATE CONTROLLING PARTY |
|
The ultimate controlling party is
|