Ozziefields Limited Filleted accounts for Companies House (small and micro)

OZZIEFIELDS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09156721

Ozziefields Limited

Filleted Unaudited Financial Statements

For the year ended

31 December 2021

Ozziefields Limited

Financial Statements

Year ended 31 December 2021

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Ozziefields Limited

Statement of Financial Position

31 December 2021

	2021		2020
Note	£	£	£	£

Fixed assets

Tangible assets	5	512,917	585,172
Investments	6	100	100
		----------	----------
		513,017	585,272

Current assets

Stocks		3,402,128	3,359,707
Debtors	7	835,147	1,049,884
Cash at bank and in hand		2,145,363	1,192,046
		-------------	-------------
		6,382,638	5,601,637

Creditors: amounts falling due within one year	8	305,075		242,316
		-------------		-------------
Net current assets			6,077,563		5,359,321
			-------------		-------------
Total assets less current liabilities			6,590,580		5,944,593

Provisions

Taxation including deferred tax	4,481	2,542
	-------------	-------------
Net assets	6,586,099	5,942,051
	-------------	-------------

Capital and reserves

Called up share capital	3,887,023	3,887,023
Fair value adjustments Reserve (non distributable)	304,986	59,417
Profit and loss account	2,394,090	1,995,611
	-------------	-------------
Shareholders funds	6,586,099	5,942,051
	-------------	-------------

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 Section 1A of 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 statement of comprehensive income has not been delivered.

For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Ozziefields Limited

Statement of Financial Position (continued)

31 December 2021

These financial statements were approved by the board of directors and authorised for issue on 16 September 2022 , and are signed on behalf of the board by:

Mrs V Z Rose

Director

Company registration number: 09156721

Ozziefields Limited

Notes to the Financial Statements

Year ended 31 December 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Manor House, Fillingham, Gainsborough, Lincs, DN21 5BS.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

(a) 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.

(b) Going concern

In March 2020 the UK was impacted by the outbreak of Covid-19. The Government imposed significant restrictions at that time in an effort to manage the spread of the virus which resulted in the company having to review and change its working practices to ensure compliance with these restrictions. More latterly, the UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when goods are despatched. Revenue from the sale of property is recognised when contracts are exchanged.

(d) Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

(e) Current & deferred tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 be paid or recovered 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.

(f) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

(g) 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:

	Plant and machinery	-	20% Reducing balance

(h) Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Current asset Property Development loans are measured at fair value with changes in fair value being recognised in profit or loss.

(i) 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 stock to its present location and condition.

(j) Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

(k) Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Total
	£	£	£
Cost
At 1 January 2021	578,810	15,532	594,342
Disposals	( 65,893)	( 15,532)	( 81,425)
	----------	--------	----------
At 31 December 2021	512,917	–	512,917
	----------	--------	----------
Depreciation
At 1 January 2021	–	9,170	9,170
Disposals	–	( 9,170)	( 9,170)
	----------	--------	----------
At 31 December 2021	–	–	–
	----------	--------	----------
Carrying amount
At 31 December 2021	512,917	–	512,917
	----------	--------	----------
At 31 December 2020	578,810	6,362	585,172
	----------	--------	----------

6. Investments

	Other investments other than loans
	£
Cost
At 1 January 2021 and 31 December 2021	100
	----
Impairment
At 1 January 2021 and 31 December 2021	–
	----

Carrying amount
At 31 December 2021	100
	----
At 31 December 2020	100
	----

7. Debtors

	2021	2020
	£	£
Trade debtors	7,428	30,830
Other debtors	827,719	1,019,054
	----------	-------------
	835,147	1,049,884
	----------	-------------

The debtors above include the following amounts falling due after more than one year:

	2021	2020
	£	£
Other debtors	508,036	671,901
	----------	----------

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	54,602	53,168
Corporation tax	100,793	49,294
Social security and other taxes	9,667	–
Directors loan account	140,013	139,854
	----------	----------
	305,075	242,316
	----------	----------

9. Related party transactions

During the year one of the directors had a loan account with the company which was in credit throughout the year. The balance at 31 December 2021 was £ 140,143 (2020 £139,854). This loan was interest free.