O21C Brands Limited

O21C Brands Limited

O21C BRANDS LIMITED - Company Information

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1 October 2019 false Taxfiler 2021.7 05570946business:PrivateLimitedCompanyLtd2019-10-012020-09-30 055709462019-09-30 055709462019-10-012020-09-30 05570946business:AuditExemptWithAccountantsReport2019-10-012020-09-30 05570946business:FullAccounts2019-10-012020-09-30 055709462020-09-30 05570946business:Director12019-10-012020-09-30 05570946business:CompanySecretary12019-10-012020-09-30 05570946business:RegisteredOffice2019-10-012020-09-30 055709462019-09-30 05570946core:WithinOneYear2020-09-30 05570946core:WithinOneYear2019-09-30 05570946core:ShareCapital2020-09-30 05570946core:ShareCapital2019-09-30 05570946core:RetainedEarningsAccumulatedLosses2020-09-30 05570946core:RetainedEarningsAccumulatedLosses2019-09-30 05570946business:SmallEntities2019-10-012020-09-30 05570946countries:EnglandWales2019-10-012020-09-30 05570946core:FurnitureFittings2019-10-012020-09-30 05570946core:FurnitureFittings2019-09-30 05570946core:FurnitureFittings2020-09-30 05570946business:OrdinaryShareClass12019-10-012020-09-30 05570946business:OrdinaryShareClass12018-10-012019-09-30 055709462018-10-012019-09-30 iso4217:GBP xbrli:shares xbrli:pure
Company Registration No. 05570946 (England and Wales)
O21C Brands Limited Unaudited accounts for the year ended 30 September 2020
O21C Brands Limited Unaudited accounts Contents
Page
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O21C Brands Limited Company Information for the year ended 30 September 2020
Director
C W Chu
Secretary
R W M Au-Yeung
Company Number
05570946 (England and Wales)
Registered Office
Albany House Claremont Lane Esher Surrey KT10 9FQ
Accountants
Wellden Turnbull Limited Albany House Claremont Lane Esher Surrey KT10 9FQ
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O21C Brands Limited Statement of financial position as at 30 September 2020
2020 
2019 
Notes
£ 
£ 
Fixed assets
Tangible assets
4
1,474 
1,333 
Investment property
5
860,000 
860,000 
861,474 
861,333 
Current assets
Debtors
6
1,285 
1,576 
Cash at bank and in hand
215,535 
235,373 
216,820 
236,949 
Creditors: amounts falling due within one year
7
(11,237)
(11,835)
Net current assets
205,583 
225,114 
Total assets less current liabilities
1,067,057 
1,086,447 
Provisions for liabilities
Deferred tax
(29,485)
(29,485)
Net assets
1,037,572 
1,056,962 
Capital and reserves
Called up share capital
8
1 
1 
Profit and loss account
1,037,571 
1,056,961 
Shareholders' funds
1,037,572 
1,056,962 
For the year ending 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 22 June 2021 and were signed on its behalf by
C W Chu Director Company Registration No. 05570946
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O21C Brands Limited Notes to the Accounts for the year ended 30 September 2020
1
Statutory information
O21C Brands Limited is a private company, limited by shares, registered in England and Wales, registration number 05570946. The registered office is Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: - the amount of revenue can be measured reliably; - it is probable that the Company will receive the consideration due under the contract; - the stage of completion of the contract at the end of the reporting period can be measured reliably; and - the costs incurred and the costs to complete the contract can be measured reliably.
Interest income
Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.
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O21C Brands Limited Notes to the Accounts for the year ended 30 September 2020
Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that: - The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and - Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets and depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
Fixtures & fittings
25% reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.
Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance Sheet date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in the Statement of Income and Retained Earnings unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
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O21C Brands Limited Notes to the Accounts for the year ended 30 September 2020
Investment property
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Income and Retained Earnings.
Inventories
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted averagebasis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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O21C Brands Limited Notes to the Accounts for the year ended 30 September 2020
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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O21C Brands Limited Notes to the Accounts for the year ended 30 September 2020
4
Tangible fixed assets
Fixtures & fittings 
£ 
Cost or valuation
At cost 
At 1 October 2019
3,457 
Additions
583 
At 30 September 2020
4,040 
Depreciation
At 1 October 2019
2,124 
Charge for the year
442 
At 30 September 2020
2,566 
Net book value
At 30 September 2020
1,474 
At 30 September 2019
1,333 
5
Investment property
2020 
£ 
Fair value at 1 October 2019
860,000 
At 30 September 2020
860,000 
6
Debtors: amounts falling due within one year
2020 
2019 
£ 
£ 
Accrued income and prepayments
1,258 
1,302 
Other debtors
27 
274 
1,285 
1,576 
7
Creditors: amounts falling due within one year
2020 
2019 
£ 
£ 
Taxes and social security
2,455 
2,653 
Other creditors
701 
700 
Loans from directors
5,991 
6,432 
Accruals
2,090 
2,050 
11,237 
11,835 
8
Share capital
2020 
2019 
£ 
£ 
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1 
1 
9
Transactions with related parties
During the year dividends were paid to the Director totalling £30,000 (2019 - £30,000). At the Balance Sheet date the Director was owed £5,991 by the Company (30 September 2019 - £6,432). This loan is interest free and repayable on demand
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O21C Brands Limited Notes to the Accounts for the year ended 30 September 2020
10
Average number of employees
During the year the average number of employees was 1 (2019: 1).
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