Owen Brothers Metering UK Limited 30/09/2019 iXBRL

Owen Brothers Metering UK Limited 30/09/2019 iXBRL

OWEN BROTHERS METERING UK LIMITED - Company Information

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30/09/2019 2019-09-30 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2018-10-01 Sage Accounts Production 19.0 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 6342757 2018-10-01 2019-09-30 6342757 2019-09-30 6342757 2018-09-30 6342757 2017-10-01 2018-09-30 6342757 2018-09-30 6342757 core:PlantMachinery 2018-10-01 2019-09-30 6342757 core:FurnitureFittingsToolsEquipment 2018-10-01 2019-09-30 6342757 core:MotorVehicles 2018-10-01 2019-09-30 6342757 core:NetGoodwill 2018-10-01 2019-09-30 6342757 bus:Director1 2018-10-01 2019-09-30 6342757 core:NetGoodwill 2018-09-30 6342757 core:IntangibleAssetsOtherThanGoodwill 2018-09-30 6342757 core:NetGoodwill 2019-09-30 6342757 core:IntangibleAssetsOtherThanGoodwill 2019-09-30 6342757 core:PlantMachinery 2018-09-30 6342757 core:FurnitureFittingsToolsEquipment 2018-09-30 6342757 core:MotorVehicles 2018-09-30 6342757 core:PlantMachinery 2019-09-30 6342757 core:FurnitureFittingsToolsEquipment 2019-09-30 6342757 core:MotorVehicles 2019-09-30 6342757 core:WithinOneYear 2019-09-30 6342757 core:WithinOneYear 2018-09-30 6342757 core:AfterOneYear 2019-09-30 6342757 core:AfterOneYear 2018-09-30 6342757 core:ShareCapital 2019-09-30 6342757 core:ShareCapital 2018-09-30 6342757 core:RetainedEarningsAccumulatedLosses 2019-09-30 6342757 core:RetainedEarningsAccumulatedLosses 2018-09-30 6342757 core:IntangibleAssetsOtherThanGoodwill 2018-10-01 2019-09-30 6342757 core:NetGoodwill 2018-09-30 6342757 core:IntangibleAssetsOtherThanGoodwill 2018-09-30 6342757 core:PlantMachinery 2018-09-30 6342757 core:FurnitureFittingsToolsEquipment 2018-09-30 6342757 core:MotorVehicles 2018-09-30 6342757 bus:SmallEntities 2018-10-01 2019-09-30 6342757 bus:AuditExempt-NoAccountantsReport 2018-10-01 2019-09-30 6342757 bus:FullAccounts 2018-10-01 2019-09-30 6342757 bus:SmallCompaniesRegimeForAccounts 2018-10-01 2019-09-30 6342757 bus:PrivateLimitedCompanyLtd 2018-10-01 2019-09-30
Company registration number: 6342757
Owen Brothers Metering UK Limited
Unaudited filleted financial statements
30 September 2019
Owen Brothers Metering UK Limited
Contents
Statement of financial position
Notes to the financial statements
Owen Brothers Metering UK Limited
Statement of financial position
30 September 2019
2019 2018
Note £ £ £ £
Fixed assets
Intangible assets 5 111,419 126,956
Tangible assets 6 16,590 21,599
_______ _______
128,009 148,555
Current assets
Stocks 105,000 94,000
Debtors 7 169,176 166,798
Cash at bank and in hand 33,590 25,112
_______ _______
307,766 285,910
Creditors: amounts falling due
within one year 8 ( 126,532) ( 126,288)
_______ _______
Net current assets 181,234 159,622
_______ _______
Total assets less current liabilities 309,243 308,177
Creditors: amounts falling due
after more than one year 9 ( 100,975) ( 102,925)
Provisions for liabilities ( 3,152) ( 4,104)
_______ _______
Net assets 205,116 201,148
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 205,016 201,048
_______ _______
Shareholders funds 205,116 201,148
_______ _______
For the year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 May 2020 , and are signed on behalf of the board by:
David Owen
Director
Company registration number: 6342757
Owen Brothers Metering UK Limited
Notes to the financial statements
Year ended 30 September 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sterling House, 501 Middleton Road, Chadderton, Oldham, OL9 9LY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2018: 6 ).
5. Intangible assets
Goodwill Other intangible assets Total
£ £ £
Cost
At 1 October 2018 and 30 September 2019 208,623 51,059 259,682
_______ _______ _______
Amortisation
At 1 October 2018 114,741 17,985 132,726
Charge for the year 10,431 5,106 15,537
_______ _______ _______
At 30 September 2019 125,172 23,091 148,263
_______ _______ _______
Carrying amount
At 30 September 2019 83,451 27,968 111,419
_______ _______ _______
At 30 September 2018 93,882 33,074 126,956
_______ _______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 October 2018 and 30 September 2019 14,550 11,739 22,399 48,688
_______ _______ _______ _______
Depreciation
At 1 October 2018 11,916 7,184 7,989 27,089
Charge for the year 395 1,011 3,603 5,009
_______ _______ _______ _______
At 30 September 2019 12,311 8,195 11,592 32,098
_______ _______ _______ _______
Carrying amount
At 30 September 2019 2,239 3,544 10,807 16,590
_______ _______ _______ _______
At 30 September 2018 2,634 4,555 14,410 21,599
_______ _______ _______ _______
7. Debtors
2019 2018
£ £
Trade debtors 139,076 115,344
Other debtors 30,100 51,454
_______ _______
169,176 166,798
_______ _______
8. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts - 15,585
Trade creditors 11,651 4,681
Corporation tax 6,674 3,373
Social security and other taxes 2,111 1,765
Other creditors 106,096 100,884
_______ _______
126,532 126,288
_______ _______
9. Creditors: amounts falling due after more than one year
2019 2018
£ £
Other creditors 100,975 102,925
_______ _______