Owen Eyre Pallets Limited 31/05/2020 iXBRL

Owen Eyre Pallets Limited 31/05/2020 iXBRL

OWEN EYRE PALLETS LIMITED - Company Information

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31/05/2020 2020-05-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2019-06-01 Sage Accounts Production 2020 Update 1 - FRS102_2014 xbrli:pure xbrli:shares iso4217:GBP 05794303 2019-06-01 2020-05-31 05794303 2020-05-31 05794303 2019-05-31 05794303 2018-06-01 2019-05-31 05794303 2019-05-31 05794303 core:NetGoodwill 2019-06-01 2020-05-31 05794303 core:FurnitureFittingsToolsEquipment 2019-06-01 2020-05-31 05794303 core:MotorVehicles 2019-06-01 2020-05-31 05794303 bus:Director1 2019-06-01 2020-05-31 05794303 core:NetGoodwill 2020-05-31 05794303 core:FurnitureFittingsToolsEquipment 2019-05-31 05794303 core:MotorVehicles 2019-05-31 05794303 core:FurnitureFittingsToolsEquipment 2020-05-31 05794303 core:MotorVehicles 2020-05-31 05794303 core:WithinOneYear 2020-05-31 05794303 core:WithinOneYear 2019-05-31 05794303 core:ShareCapital 2020-05-31 05794303 core:ShareCapital 2019-05-31 05794303 core:RetainedEarningsAccumulatedLosses 2020-05-31 05794303 core:RetainedEarningsAccumulatedLosses 2019-05-31 05794303 core:NetGoodwill 2019-05-31 05794303 core:FurnitureFittingsToolsEquipment 2019-05-31 05794303 core:MotorVehicles 2019-05-31 05794303 bus:SmallEntities 2019-06-01 2020-05-31 05794303 bus:AuditExempt-NoAccountantsReport 2019-06-01 2020-05-31 05794303 bus:FullAccounts 2019-06-01 2020-05-31 05794303 bus:SmallCompaniesRegimeForAccounts 2019-06-01 2020-05-31 05794303 bus:PrivateLimitedCompanyLtd 2019-06-01 2020-05-31
Company registration number: 05794303
Owen Eyre Pallets Limited
Unaudited filleted financial statements
31 May 2020
Owen Eyre Pallets Limited
Contents
Statement of financial position
Notes to the financial statements
Owen Eyre Pallets Limited
Statement of financial position
31 May 2020
2020 2019
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 8,755 11,900
_______ _______
8,755 11,900
Current assets
Stocks 7 5,750 9,750
Debtors 8 19,068 64,657
Cash at bank and in hand 149,926 131,857
_______ _______
174,744 206,264
Creditors: amounts falling due
within one year 9 ( 13,672) ( 25,045)
_______ _______
Net current assets 161,072 181,219
_______ _______
Total assets less current liabilities 169,827 193,119
Provisions for liabilities ( 1,633) ( 2,271)
_______ _______
Net assets 168,194 190,848
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 168,094 190,748
_______ _______
Shareholder funds 168,194 190,848
_______ _______
For the year ending 31 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has 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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 September 2020 , and are signed on behalf of the board by:
Michael McDermott
Director
Company registration number: 05794303
Owen Eyre Pallets Limited
Notes to the financial statements
Year ended 31 May 2020
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 7 Christie Way, Christie Fields, Manchester, M21 7QY.
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.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
Goodwill - 10 % straight line
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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Fittings fixtures and equipment - 10 % reducing balance
Motor vehicles - 20 % 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.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2019: 4 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 June 2019 and 31 May 2020 50,000 50,000
_______ _______
Amortisation
At 1 June 2019 and 31 May 2020 50,000 50,000
_______ _______
Carrying amount
At 31 May 2020 - -
_______ _______
At 31 May 2019 - -
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 June 2019 5,791 19,152 24,943
Disposals - ( 1,655) ( 1,655)
_______ _______ _______
At 31 May 2020 5,791 17,497 23,288
_______ _______ _______
Depreciation
At 1 June 2019 2,263 10,780 13,043
Charge for the year 353 1,674 2,027
Disposals - ( 537) ( 537)
_______ _______ _______
At 31 May 2020 2,616 11,917 14,533
_______ _______ _______
Carrying amount
At 31 May 2020 3,175 5,580 8,755
_______ _______ _______
At 31 May 2019 3,528 8,372 11,900
_______ _______ _______
7. Stocks
2020 2019
£ £
Goods for resale 5,750 9,750
_______ _______
8. Debtors
2020 2019
£ £
Trade debtors 18,555 61,361
Other debtors 513 3,296
_______ _______
19,068 64,657
_______ _______
9. Creditors: amounts falling due within one year
2020 2019
£ £
Corporation tax 3,696 13,106
Social security and other taxes 5,206 8,470
Other creditors 4,770 3,469
_______ _______
13,672 25,045
_______ _______