REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2016 |
for |
Oakbase Integrated Marketing Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2016 |
for |
Oakbase Integrated Marketing Limited |
Oakbase Integrated Marketing Limited (Registered number: 08625091) |
Contents of the Financial Statements |
for the Year Ended 31 December 2016 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 10 |
Oakbase Integrated Marketing Limited |
Company Information |
for the Year Ended 31 December 2016 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
8 Winmarleigh Street |
Warrington |
Cheshire |
WA1 1JW |
Oakbase Integrated Marketing Limited (Registered number: 08625091) |
Balance Sheet |
31 December 2016 |
2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Oakbase Integrated Marketing Limited (Registered number: 08625091) |
Balance Sheet - continued |
31 December 2016 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors on |
Oakbase Integrated Marketing Limited (Registered number: 08625091) |
Notes to the Financial Statements |
for the Year Ended 31 December 2016 |
1. | STATUTORY INFORMATION |
Oakbase Integrated Marketing Limited is a |
Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements for the year ended 31st December 2016 are the first financial statements of Oakbase |
Integrated Marketing Limited prepared in accordance with FRS 102 Section 1A small entities, The Financial |
Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 Section 1A |
small entities was 1st January 2015. The reported financial position and financial performance for the previous |
period are not affected by the transition to FRS 102 Section 1A small entities. |
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary |
amounts in these financial statements are rounded to the nearest £. |
The principal accounting policies adopted are set out below. |
Preparation of consolidated financial statements |
The financial statements contain information about Oakbase Integrated Marketing Limited as an individual |
company and do not contain consolidated financial information as the parent of a group. The company has taken |
the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements. |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make judgements, estimates |
and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other |
sources. The estimates and associated assumptions are based on historical experience and other factors that are |
considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates |
are recognised in the period in which the estimate is revised where the revision affects only that period, or in the |
period of the revision and future periods where the revision affects both current and future periods. |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company |
has adequate resources to continue in operational existence for the foreseeable future. Thus the directors |
continue to adopt the going concern basis of accounting in preparing the financial statements. |
Turnover and revenue recognition |
Turnover is recognised at the fair value of the consideration received or receivable for invoiced sales and fees |
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. |
Oakbase Integrated Marketing Limited (Registered number: 08625091) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
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. |
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 been adjusted. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank, |
other short-term liquid investments with original maturities of three months or less, and bank overdrafts. |
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 statement of financial position 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 enforcible right to set off the recognised amounts and there is an |
intention to settle on a net basis or to realise the net 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 costs 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. |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint |
ventures, are initially measured at fair value, which is normally the transaction price. Such assets are |
subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that |
investments in equity instruments that are not publically traded and whose fair values cannot be measured |
reliably are measured at cost less impairment. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of |
impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a |
result of one or more events that occurred after the initial recognition of the financial asset, the estimated future |
cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying |
amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. |
The impairment loss is recognised in profit or loss. |
Oakbase Integrated Marketing Limited (Registered number: 08625091) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
2. | ACCOUNTING POLICIES - continued |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are |
settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership |
to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has |
transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
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, 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 receipts 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. Amounts 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. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or |
cancelled. |
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. |
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. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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. |
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. |
Oakbase Integrated Marketing Limited (Registered number: 08625091) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
2. | ACCOUNTING POLICIES - continued |
Operating and finance leases |
Costs in respect of operating leases are charged on a straight-line basis over the lease term in arriving at the |
operating profit or loss. Tangible fixed assets acquired under hire purchase contracts are capitalised at the |
estimated fair value at the date of inception of each lease or contract and depreciated over the expected useful |
life of the asset concerned. The finance charges are allocated over the period of the lease on a straight-line basis. |
Pension costs and other post-retirement benefits |
The company operates defined contribution pension schemes in respect of employees. The assets of the schemes |
are held in separately administered funds from the other assets of the company. The charge to the profit and loss |
account represents the contributions to the schemes in the year. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 January 2016 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2016 |
DEPRECIATION |
At 1 January 2016 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2016 |
NET BOOK VALUE |
At 31 December 2016 |
At 31 December 2015 |
Oakbase Integrated Marketing Limited (Registered number: 08625091) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2016 |
and 31 December 2016 |
NET BOOK VALUE |
At 31 December 2016 |
At 31 December 2015 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | - | 18,101 |
Tax |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Bank loans and overdrafts (see note 9) |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Other creditors |
Directors' current accounts | 212 | - |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2016 | 2015 |
£ | £ |
Hire purchase contracts |
9. | LOANS |
An analysis of the maturity of loans is given below: |
2016 | 2015 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Oakbase Integrated Marketing Limited (Registered number: 08625091) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2016 | 2015 |
£ | £ |
Bank overdrafts |
Hire purchase contracts | 14,353 | - |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 December 2016 and |
31 December 2015: |
2016 | 2015 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
13. | FIRST YEAR ADOPTION |
Transitional relief |
On transition to FRS 102, the company has taken advantage of the following transitional relief: |
• | to measure investment in subsidiaries, associates and joint ventures at cost determined in accordance with deemed cost; |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Oakbase Integrated Marketing Limited |
The following reproduces the text of the report prepared for the directors and members in respect of the |
company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is |
only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and |
certain other primary statements and the Report of the Directors are not required to be filed with the Registrar |
of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Oakbase Integrated Marketing Limited for the year ended 31 December 2016 which comprise the |
Statement of Comprehensive Income, Balance Sheet, and the related notes from the company's accounting records and |
from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Oakbase Integrated Marketing Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Oakbase Integrated Marketing Limited and state those matters that we have agreed to state to the Board of Directors of Oakbase Integrated Marketing Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Oakbase Integrated Marketing Limited Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Oakbase Integrated Marketing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Oakbase Integrated Marketing Limited. You consider that Oakbase Integrated Marketing Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Oakbase Integrated Marketing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
8 Winmarleigh Street |
Warrington |
Cheshire |
WA1 1JW |