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

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


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REGISTERED NUMBER: 01101421 (England and Wales)










Owen & Palmer Limited

Unaudited Financial Statements

for the Year Ended 31 October 2019






Owen & Palmer Limited (Registered number: 01101421)






Contents of the Financial Statements
for the year ended 31 October 2019




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Owen & Palmer Limited

Company Information
for the year ended 31 October 2019







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



BANKERS: HSBC plc
274 High St
Bangor
Gwynedd
LL57 1RU



SOLICITORS: Gamlins
31 Russell Road
Rhyl
Denbighshire
LL18 3DB

Owen & Palmer Limited (Registered number: 01101421)

Balance Sheet
31 October 2019

2019 2018
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 37,338 56,842

CURRENT ASSETS
Stocks 92,550 18,920
Debtors 5 754,535 920,981
Cash at bank and in hand 352,651 360,253
1,199,736 1,300,154
CREDITORS
Amounts falling due within one year 6 505,171 704,219
NET CURRENT ASSETS 694,565 595,935
TOTAL ASSETS LESS CURRENT
LIABILITIES

731,903

652,777

CREDITORS
Amounts falling due after more than one
year

7

(17,161

)

(28,526

)

PROVISIONS FOR LIABILITIES (6,523 ) (10,103 )
NET ASSETS 708,219 614,148

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 708,119 614,048
SHAREHOLDERS' FUNDS 708,219 614,148

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 20 March 2020 and were signed on its behalf by:





Mrs E Thomas - Director


Owen & Palmer Limited (Registered number: 01101421)

Notes to the Financial Statements
for the year ended 31 October 2019

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 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 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 (2018 - 26 ) .

Owen & Palmer Limited (Registered number: 01101421)

Notes to the Financial Statements - continued
for the year ended 31 October 2019

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2018 285,307
Additions 333
Disposals (7,353 )
At 31 October 2019 278,287
DEPRECIATION
At 1 November 2018 228,465
Charge for year 19,813
Eliminated on disposal (7,329 )
At 31 October 2019 240,949
NET BOOK VALUE
At 31 October 2019 37,338
At 31 October 2018 56,842

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

Plant and
machinery
etc
£   
COST
At 1 November 2018
and 31 October 2019 43,820
DEPRECIATION
At 1 November 2018 8,602
Charge for year 11,622
At 31 October 2019 20,224
NET BOOK VALUE
At 31 October 2019 23,596
At 31 October 2018 35,218

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Trade debtors 277,769 523,368
Amounts owed by group undertakings 415,275 357,955
Other debtors 61,491 39,658
754,535 920,981

Owen & Palmer Limited (Registered number: 01101421)

Notes to the Financial Statements - continued
for the year ended 31 October 2019

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Bank loans and overdrafts - 11,581
Hire purchase contracts 10,042 8,693
Trade creditors 183,448 369,049
Amounts owed to group undertakings 122,509 122,509
Taxation and social security 120,933 122,858
Other creditors 68,239 69,529
505,171 704,219

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2019 2018
£    £   
Hire purchase contracts 17,161 28,526

8. RELATED PARTY DISCLOSURES

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

At the year end the amount owed to Owen & Palmer Holdings Limited was £122,509 (2018: £122,509).

During the year, management fees of £40,000 (2018: £40,000) were due to Demed Holdings Limited.

Also during the year the company made loans of £89,320 (2018: £89,436 to Demed Holdings Limited.

At the year end the amount owed to the company by Demed Holdings Limited was £415,275 (2018: £357,955).

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.