Outen Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04506404

Unaudited Financial Statements

for the Year Ended 31 August 2019

for

Outen Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R L Outen

P Hayles

SECRETARY:

P J Hayles

REGISTERED OFFICE:

Spectrum House

2B Suttons Lane

Hornchurch

Essex

RM12 6RJ

REGISTERED NUMBER:

04506404

ACCOUNTANTS:

Johal & Company

Chartered Certified Accountants

& Registered Auditors

Spectrum House

2B Suttons Lane

Hornchurch

Essex

RM12 6RJ

FIXED ASSETS

Intangible assets

4

17,000

21,000

Tangible assets

5

220,036

184,139

237,036

205,139

CURRENT ASSETS

Debtors

6

259,616

284,405

Cash at bank

102,149

76,914

361,765

361,319

CREDITORS

Amounts falling due within one year

7

288,489

252,247

NET CURRENT ASSETS

73,276

109,072

TOTAL ASSETS LESS CURRENT LIABILITIES

310,312

314,211

CREDITORS

Amounts falling due after more than one year

8

(17,528

)

(55,700

)

ACCRUALS AND DEFERRED INCOME

(5,500

)

(5,500

)

NET ASSETS

287,284

253,011

CAPITAL AND RESERVES

Called up share capital

101

101

Retained earnings

287,183

252,910

SHAREHOLDERS' FUNDS

287,284

253,011

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 24 February 2020 and were signed on its behalf by:

R L Outen - Director

P Hayles - Director

1.	STATUTORY INFORMATION

Outen Limited is a private company, limited by shares , registered in Not specified/Other. 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 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. The financial statements have been prepared under the historical cost convention.

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 0, is being amortised evenly over its estimated useful life of nil 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.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

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

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 19 (2018 - 16 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2018

and 31 August 2019

80,000

AMORTISATION

At 1 September 2018

59,000

Amortisation for year

4,000

At 31 August 2019

63,000

NET BOOK VALUE

At 31 August 2019

17,000

At 31 August 2018

21,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 September 2018

66,813

11,366

347,446

425,625

Additions

-

-

111,315

111,315

Disposals

-

-

(55,708

)

(55,708

)

At 31 August 2019

66,813

11,366

403,053

481,232

DEPRECIATION

At 1 September 2018

64,410

10,533

166,543

241,486

Charge for year

601

209

57,094

57,904

Eliminated on disposal

-

-

(38,194

)

(38,194

)

At 31 August 2019

65,011

10,742

185,443

261,196

NET BOOK VALUE

At 31 August 2019

1,802

624

217,610

220,036

At 31 August 2018

2,403

833

180,903

184,139

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

£

Trade debtors

259,616

284,405

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

£

Bank loans and overdrafts

-

10,000

Hire purchase contracts

47,667

-

Trade creditors

46,117

38,211

Taxation and social security

89,283

73,315

Other creditors

105,422

130,721

288,489

252,247

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.19

31.8.18

£

£

Hire purchase contracts

17,528

55,700