Owen & Palmer Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01101421 (England and Wales)

Owen & Palmer Limited

Unaudited Financial Statements

for the Year Ended 31 October 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr A T Basham

Mrs E Thomas

Mr E Lewis

Mr R D Thomas

Mr D T Littler

REGISTERED OFFICE:

Unit 12 Llandegai Industrial Estate

Bangor

Gwynedd

LL57 4YH

REGISTERED NUMBER:

01101421 (England and Wales)

ACCOUNTANTS:

Salisbury & Company

Chartered Accountants

Irish Square

Upper Denbigh Road

St Asaph

Denbighshire

LL17 0RN

BANKERS:

HSBC plc

274 High St

Bangor

Gwynedd

LL57 1RU

SOLICITORS:

Gamlins

31 Russell Road

Rhyl

Denbighshire

LL18 3DB

FIXED ASSETS

Tangible assets

4

56,842

28,471

CURRENT ASSETS

Stocks

18,920

121,172

Debtors

5

920,981

640,971

Cash at bank and in hand

360,253

135,045

1,300,154

897,188

CREDITORS

Amounts falling due within one year

6

704,219

391,090

NET CURRENT ASSETS

595,935

506,098

TOTAL ASSETS LESS CURRENT LIABILITIES

652,777

534,569

CREDITORS

Amounts falling due after more than one year

7

(28,526

)

-

PROVISIONS FOR LIABILITIES

(10,103

)

(4,560

)

NET ASSETS

614,148

530,009

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

614,048

529,909

SHAREHOLDERS' FUNDS

614,148

530,009

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 22 February 2019 and were signed on its behalf by:

Mrs E Thomas - Director

1.	STATUTORY INFORMATION

Owen & Palmer Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33% on reducing balance, 25% on cost and 25% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due

allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

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.

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.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2017 - 27 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2017

242,687

Additions

47,320

Disposals

(4,700

)

At 31 October 2018

285,307

DEPRECIATION

At 1 November 2017

214,216

Charge for year

18,895

Eliminated on disposal

(4,646

)

At 31 October 2018

228,465

NET BOOK VALUE

At 31 October 2018

56,842

At 31 October 2017

28,471

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

Additions

43,820

At 31 October 2018

43,820

DEPRECIATION

Charge for year

8,602

At 31 October 2018

8,602

NET BOOK VALUE

At 31 October 2018

35,218

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

523,368

303,099

Amounts owed by group undertakings

357,955

308,519

Other debtors

39,658

29,353

920,981

640,971

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

11,581

-

Hire purchase contracts

8,693

-

Trade creditors

369,049

172,609

Amounts owed to group undertakings

122,509

110,509

Taxation and social security

122,858

83,810

Other creditors

69,529

24,162

704,219

391,090

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

28,526

-

8.	RELATED PARTY DISCLOSURES

During the year dividends of £12,000 (2017: £Nil) were paid to Owen and Palmer Holdings Limited.

At the year end the amount owed to Owen & Palmer Holdings Limited was £122,509 (2017: £110,509).

During the year, management fees of £40,000 (2017: £40,000) were due to Demed Holdings Limited.

Also during the year the company made loans of £89,436 (2017: £90,004) to Demed Holdings Limited.

At the year end the amount owed to the company by Demed Holdings Limited was £357,955 (2017: £308,519).

9.	ULTIMATE CONTROLLING PARTY

The ultimate parent company is Demed Holdings Limited, a company registered in England & Wales.

Demed Holdings Limited owns 80% of the issued share capital in Owen and Palmer Holdings Limited, who in

turn own 100% of the issued share capital in Owen & Palmer Limited.