Orion Optics UK Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05924501 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 November 2019

for

Orion Optics UK Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

B Pemberton

J J Pemberton

Mrs G A Pemberton

SECRETARY:

Mrs G A Pemberton

REGISTERED OFFICE:

The Glades

Festival Way

Festival Park

Stoke on Trent

Staffordshire

ST1 5SQ

REGISTERED NUMBER:

05924501 (England and Wales)

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

24,353

31,996

24,353

31,996

CURRENT ASSETS

Stocks

196,643

208,175

Debtors

7

43,285

30,334

Cash at bank

41,503

19,702

281,431

258,211

CREDITORS

Amounts falling due within one year

8

193,058

192,138

NET CURRENT ASSETS

88,373

66,073

TOTAL ASSETS LESS CURRENT LIABILITIES

112,726

98,069

CREDITORS

Amounts falling due after more than one year

9

(4,379

)

(5,726

)

PROVISIONS FOR LIABILITIES

(3,500

)

(4,700

)

NET ASSETS

104,847

87,643

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

104,747

87,543

SHAREHOLDERS' FUNDS

104,847

87,643

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2019 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors on 30 March 2020 and were signed on its behalf by:

J J Pemberton - Director

1.	STATUTORY INFORMATION

Orion Optics UK 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.	STATEMENT OF COMPLIANCE

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

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements cover the company as an individual entity, have been prepared under the

historical cost convention and are presented in Pounds Sterling (£) being the functional currency.

The financial statements have been prepared on the assumption that the company is able to carry

on business as a going concern, which the directors consider appropriate having regard to the

company's current and expected performance.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment losses.

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

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in

non-convertible preference and non-puttable ordinary shares which are measured at fair value,

with changes recognised in profit or loss. Derivative financial instruments are initially recorded at

cost and thereafter at fair value with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of

Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not

reversed at the statement of financial position 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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2018 - 11 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 December 2018

and 30 November 2019

78,000

AMORTISATION

At 1 December 2018

and 30 November 2019

78,000

NET BOOK VALUE

At 30 November 2019

-

At 30 November 2018

-

6.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 December 2018

163,007

6,514

18,608

10,846

198,975

Additions

-

348

-

-

348

At 30 November 2019

163,007

6,862

18,608

10,846

199,323

DEPRECIATION

At 1 December 2018

139,151

5,351

12,887

9,590

166,979

Charge for year

5,869

378

1,430

314

7,991

At 30 November 2019

145,020

5,729

14,317

9,904

174,970

NET BOOK VALUE

At 30 November 2019

17,987

1,133

4,291

942

24,353

At 30 November 2018

23,856

1,163

5,721

1,256

31,996

Included within the total net book value of tangible assets is £4,234 (2018 - £5,645) in respect of

assets held under hire purchase contracts.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

32,140

24,276

Other debtors

11,145

6,058

43,285

30,334

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

-

10,865

Hire purchase contracts

1,347

1,796

Trade creditors

52,906

40,255

Taxation and social security

3,750

3,651

Other creditors

135,055

135,571

193,058

192,138

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

4,379

5,726

10.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

-

10,865

Hire purchase contracts

5,726

7,522

5,726

18,387

The bank loans and overdraft are secured on the assets of the business and the hire purchase

agreements are secured against the assets to which they relate.

11.	RELATED PARTY DISCLOSURES

The directors own the property that the company trades from, and rent of £15,600 (2018: £15,600)

has been paid to them during the year. There is no outstanding balance at the year end.

12.	PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held

separately from those of the Company in an independently administered fund. The pension cost

charge represents contributions payable by the Company to the fund and amounted to £1,363

(2018 - £1,037). Contributions totalling £435 (2018 - £367) were payable to the fund at the balance

sheet date and are included in creditors.