THE_OFP_GROUP_LTD - Accounts


Company Registration No. 10731703 (England and Wales)
THE OFP GROUP LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2017
PAGES FOR FILING WITH REGISTRAR
THE OFP GROUP LTD
COMPANY INFORMATION
Directors
Mr A Solomon
(Appointed 4 December 2017)
Mr G H Williams
(Appointed 7 March 2018)
Mr P F Gordon
(Appointed 22 January 2018)
Mr N Hynes
(Appointed 12 February 2018)
Mr A G Dodd
(Appointed 20 April 2017)
Mr C S Richardson
(Appointed 20 April 2017)
Company number
10731703
Registered office
Units 1- 3, Venture Court
Metcalf Drive
Altham
Accrington
Lancashire
BB5 5WH
Accountants
Pierce C A Limited
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
Business address
Units 1- 3, Venture Court
Metcalf Drive
Altham
Accrington
Lancashire
BB5 5WH
THE OFP GROUP LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
THE OFP GROUP LTD
BALANCE SHEET
AS AT
30 JUNE 2017
30 June 2017
- 1 -
2017
Notes
£
£
Fixed assets
Investments
3
5,430,901
Current assets
Debtors
5
51,886
Creditors: amounts falling due within one year
6
(2,304,903)
Net current liabilities
(2,253,017)
Total assets less current liabilities
3,177,884
Creditors: amounts falling due after more than one year
7
(3,249,000)
Net liabilities
(71,116)
Capital and reserves
Called up share capital
8
1,000
Profit and loss reserves
(72,116)
Total equity
(71,116)

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 period ended 30 June 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 Act with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the period 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 27 March 2018 and are signed on its behalf by:
Mr P F Gordon
Director
Company Registration No. 10731703
THE OFP GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2017
- 2 -
1
Accounting policies
Company information

The OFP Group Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Units 1- 3, Venture Court, Metcalf Drive, Altham, Accrington, Lancashire, BB5 5WH.

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
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.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.3
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.

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.

THE OFP GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2017
1
Accounting policies
(Continued)
- 3 -
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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.4
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was 2.

3
Fixed asset investments
2017
£
Investments
5,430,901
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 20 April 2017
-
Additions
5,430,901
At 30 June 2017
5,430,901
Carrying amount
At 30 June 2017
5,430,901
THE OFP GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2017
- 4 -
4
Subsidiaries

Details of the company's subsidiaries at 30 June 2017 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office key
shares held
Direct
Indirect
Olympic Fixing Products Limited
1
Sale of fixing, fastening and ancillary products
Ordinary shares
100.00
YDB Investments Limited
1
Marketing and distribution of fixings, fastenings and ancillary products.
Ordinary shares
100.00
Olympic Fixings Ireland Limited
1
Sale of fixings, fastenings and ancillary products
Ordinary shares
100.00
Registered Office addresses:
1
Units 1-3, Venture Court, Metcalf Drive, Altham, Accrington, BB5 5WH
5
Debtors
2017
Amounts falling due within one year:
£
Other debtors
51,886
6
Creditors: amounts falling due within one year
2017
£
Other creditors
2,304,903

Other creditors includes £1,977,897 due to fellow group companies.

7
Creditors: amounts falling due after more than one year
2017
£
Other creditors
3,249,000

Other creditors includes £2,999,000 due to the parent company which is secured by a fixed and floating charge over the company's assets.

THE OFP GROUP LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2017
- 5 -
8
Called up share capital
2017
£
Ordinary share capital
Issued and fully paid
1,000Ordinary shares of £1 each
1,000
1,000
9
Financial commitments, guarantees and contingent liabilities

The company has given a fixed and floating charge over its assets in respect of advances made under an invoice discounting agreement to its subsidiary company, Olympic Fixing Products Limited. The amount advanced at 30 June 2017 was £421,341.

10
Parent company

The ultimate parent company is PHD (Nominees) Limited, whose registered office is at 7400 Daresbury Park, Daresbury, Warrington, WA4 4BS.

2017-06-30falseCCH SoftwareCCH Accounts Production 2017.410The company was incorporated on 20 April 2017 and, on 28 April 2017, acquired the entire share capital of its subsidiary companies. The principal activity of the company is to act as a holding company.
27 March 20182016-07-01
107317032016-07-012017-06-3010731703bus:Director12016-07-012017-06-3010731703bus:Director22016-07-012017-06-3010731703bus:Director32016-07-012017-06-3010731703bus:Director42016-07-012017-06-3010731703bus:Director52016-07-012017-06-3010731703bus:Director62016-07-012017-06-3010731703bus:RegisteredOffice2016-07-012017-06-30107317032017-06-3010731703core:CurrentFinancialInstruments2017-06-3010731703core:Non-currentFinancialInstruments2017-06-3010731703core:ShareCapital2017-06-3010731703core:ShareCapitalOrdinaryShares2017-06-3010731703core:Subsidiary12016-07-012017-06-3010731703core:Subsidiary22016-07-012017-06-3010731703core:Subsidiary32016-07-012017-06-3010731703core:Subsidiary112016-07-012017-06-3010731703core:Subsidiary212016-07-012017-06-3010731703core:Subsidiary312016-07-012017-06-3010731703core:Subsidiary122016-07-012017-06-3010731703core:Subsidiary222016-07-012017-06-3010731703core:Subsidiary322016-07-012017-06-3010731703bus:OrdinaryShareClass12016-07-012017-06-3010731703bus:OrdinaryShareClass12017-06-3010731703bus:PrivateLimitedCompanyLtd2016-07-012017-06-3010731703bus:FRS1022016-07-012017-06-3010731703bus:AuditExemptWithAccountantsReport2016-07-012017-06-3010731703bus:SmallCompaniesRegimeForAccounts2016-07-012017-06-3010731703bus:FullAccounts2016-07-012017-06-30xbrli:purexbrli:sharesiso4217:GBP