Owen Pell Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01258354 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 May 2020

for

Owen Pell Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D W Owen

R A Palmer

C D Owen

D J Preece

A J Price

SECRETARY:

D W Owen

REGISTERED OFFICE:

Twyford Road

Rotherwas Industrial Estate

Hereford

HR2 6JR

REGISTERED NUMBER:

01258354 (England and Wales)

ACCOUNTANTS:

Thorne & Co.

Accountants

1 St Mary's Street

Ross-on-Wye

Herefordshire

HR9 5HT

FIXED ASSETS

Tangible assets

4

390,867

393,078

CURRENT ASSETS

Stocks

237,094

191,494

Debtors

5

377,055

328,337

Cash at bank

438,415

606,302

1,052,564

1,126,133

CREDITORS

Amounts falling due within one year

6

495,470

580,342

NET CURRENT ASSETS

557,094

545,791

TOTAL ASSETS LESS CURRENT LIABILITIES

947,961

938,869

CREDITORS

Amounts falling due after more than one year

7

(15,094

)

(22,917

)

PROVISIONS FOR LIABILITIES

(40,820

)

(37,277

)

NET ASSETS

892,047

878,675

CAPITAL AND RESERVES

Called up share capital

10,500

10,500

Capital redemption reserve

4,500

4,500

Retained earnings

877,047

863,675

892,047

878,675

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 19 January 2021 and were signed on its behalf by:

D W Owen - Director

R A Palmer - Director

1.	STATUTORY INFORMATION

Owen Pell 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 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.

Freehold property

-

2% on cost

Plant and machinery

-

30% on reducing balance and 15% on reducing balance

Fixtures and fittings

-

30% on reducing balance and 15% on reducing balance

Motor vehicles

-

25% on reducing balance and 20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Long term contracts are stated at net cost less foreseeable losses less any applicable payments on account. The amount recorded as turnover in respect of long term contracts is ascertained by reference to the value of the work carried out to date. Attributable profit is recognised as the difference between recorded turnover and related costs.

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.

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.

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 35 (2019 - 34 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 June 2019

153,706

825,283

41,445

331,031

1,351,465

Additions

-

59,475

4,430

46,006

109,911

Disposals

-

(44,500

)

(4,080

)

(28,735

)

(77,315

)

At 31 May 2020

153,706

840,258

41,795

348,302

1,384,061

DEPRECIATION

At 1 June 2019

47,189

666,199

37,113

207,886

958,387

Charge for year

1,537

35,981

2,365

40,973

80,856

Eliminated on disposal

-

(15,000

)

(4,080

)

(26,969

)

(46,049

)

At 31 May 2020

48,726

687,180

35,398

221,890

993,194

NET BOOK VALUE

At 31 May 2020

104,980

153,078

6,397

126,412

390,867

At 31 May 2019

106,517

159,084

4,332

123,145

393,078

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.20

31.5.19

£

£

Trade debtors

366,956

310,343

Corporation tax

-

8,659

Prepayments and accrued income

10,099

9,335

377,055

328,337

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.20

31.5.19

£

£

Hire purchase contracts

43,199

42,375

Trade creditors

286,878

295,323

Social security and other taxes

35,194

79,295

VAT

120,743

107,219

Directors' current accounts

-

45,620

Accruals and deferred income

9,456

10,510

495,470

580,342

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.20

31.5.19

£

£

Hire purchase contracts

15,094

22,917

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.20

31.5.19

£

£

Hire purchase contracts

58,293

65,292

Liabilities under hire purchase contracts are secured specifically on the underlying asset.