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 2021

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

Irish Square

Upper Denbigh Road

St Asaph

Denbighshire

LL17 0RN

BANKERS:

HSBC plc

274 High St

Bangor

Gwynedd

LL57 1RU

SOLICITORS:

Gamlins

31 Russell Road

Rhyl

Denbighshire

LL18 3DB

FIXED ASSETS

Tangible assets

4

93,500

49,118

CURRENT ASSETS

Stocks

23,763

213,354

Debtors

5

1,302,966

778,620

Cash at bank and in hand

216,635

375,882

1,543,364

1,367,856

CREDITORS

Amounts falling due within one year

6

834,734

669,868

NET CURRENT ASSETS

708,630

697,988

TOTAL ASSETS LESS CURRENT LIABILITIES

802,130

747,106

CREDITORS

Amounts falling due after more than one year

7

-

(5,796

)

PROVISIONS FOR LIABILITIES

(17,381

)

(8,864

)

NET ASSETS

784,749

732,446

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

784,649

732,346

SHAREHOLDERS' FUNDS

784,749

732,446

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2021 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 1 July 2022 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 40 (2020 - 34 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2020

298,244

Additions

67,071

Disposals

(11,500

)

At 31 October 2021

353,815

DEPRECIATION

At 1 November 2020

249,126

Charge for year

22,533

Eliminated on disposal

(11,344

)

At 31 October 2021

260,315

NET BOOK VALUE

At 31 October 2021

93,500

At 31 October 2020

49,118

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

Plant and

machinery

etc

£

COST

At 1 November 2020

and 31 October 2021

43,820

DEPRECIATION

At 1 November 2020

28,011

Charge for year

5,217

At 31 October 2021

33,228

NET BOOK VALUE

At 31 October 2021

10,592

At 31 October 2020

15,809

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

702,093

196,024

Amounts owed by group undertakings

475,715

488,995

Other debtors

125,158

93,601

1,302,966

778,620

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

103,735

50,000

Hire purchase contracts

5,685

10,922

Trade creditors

341,349

382,547

Amounts owed to group undertakings

122,509

122,509

Taxation and social security

186,968

56,999

Other creditors

74,488

46,891

834,734

669,868

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Hire purchase contracts

-

5,796

8.	RELATED PARTY DISCLOSURES

During the year dividends of £Nil (2020: £Nil) were paid to Owen and Palmer Holdings Limited.

At the year end the amount owed to Owen & Palmer Holdings Limited was £122,509 (2020: £122,509).

During the year, management fees of £80,000 (2020: £40,000) were due to Demed Holdings Limited.

At the year end the amount owed to the company by Demed Holdings Limited was £475,715 (2020: £488,995).

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.