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 2020

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

BANKERS:

HSBC plc

274 High St

Bangor

Gwynedd

LL57 1RU

SOLICITORS:

Gamlins

31 Russell Road

Rhyl

Denbighshire

LL18 3DB

FIXED ASSETS

Tangible assets

4

49,118

37,338

CURRENT ASSETS

Stocks

213,354

92,550

Debtors

5

778,620

754,535

Cash at bank and in hand

375,882

352,651

1,367,856

1,199,736

CREDITORS

Amounts falling due within one year

6

669,871

505,171

NET CURRENT ASSETS

697,985

694,565

TOTAL ASSETS LESS CURRENT LIABILITIES

747,103

731,903

CREDITORS

Amounts falling due after more than one year

7

(5,796

)

(17,161

)

PROVISIONS FOR LIABILITIES

(8,864

)

(6,523

)

NET ASSETS

732,443

708,219

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

732,343

708,119

SHAREHOLDERS' FUNDS

732,443

708,219

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2020 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 and authorised for issue on 29 March 2021 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 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 34 (2019 - 26 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2019

278,287

Additions

28,932

Disposals

(8,975

)

At 31 October 2020

298,244

DEPRECIATION

At 1 November 2019

240,949

Charge for year

16,736

Eliminated on disposal

(8,559

)

At 31 October 2020

249,126

NET BOOK VALUE

At 31 October 2020

49,118

At 31 October 2019

37,338

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

Plant and

machinery

etc

£

COST

At 1 November 2019

and 31 October 2020

43,820

DEPRECIATION

At 1 November 2019

20,224

Charge for year

7,787

At 31 October 2020

28,011

NET BOOK VALUE

At 31 October 2020

15,809

At 31 October 2019

23,596

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

196,024

277,769

Amounts owed by group undertakings

488,995

415,275

Other debtors

93,601

61,491

778,620

754,535

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

50,000

-

Hire purchase contracts

10,922

10,042

Trade creditors

382,546

183,448

Amounts owed to group undertakings

122,509

122,509

Taxation and social security

57,003

120,933

Other creditors

46,891

68,239

669,871

505,171

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Hire purchase contracts

5,796

17,161

8.	RELATED PARTY DISCLOSURES

During the year dividends of £Nil (2019: £Nil) were paid to Owen and Palmer Holdings Limited.

At the year end the amount owed to Owen & Palmer Holdings Limited was £122,509 (2019: £122,509).

During the year, management fees of £40,000 (2019: £40,000) were due to Demed Holdings Limited.

Also during the year the company made loans of £73,680 (2019: £57,320) to Demed Holdings Limited.

At the year end the amount owed to the company by Demed Holdings Limited was £488,995 (2019: £415,275).

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.