OIS Inventions Limited
OIS Inventions Limited
Registered number: SC648743
Unaudited Financial Statements
For The Year Ended
31 December 2021
Sense Accounting Limited
36 Bruntsfield Place
Edinburgh
Midlothian
EH10 4HJ
OIS Inventions Limited
Unaudited Financial Statements
For The Year Ended
31 December 2021
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
OIS Inventions Limited
Balance Sheet
As at
31 December 2021
Balance Sheet
Registered number:
SC648743
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.
The member has 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.
| 31 December 2021 | 31 December 2020 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Intangible Assets | 3 |
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| Tangible Assets | 4 |
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| CURRENT ASSETS | |||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 7 |
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| NET LIABILITIES |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | (41,371) | (30,744) | |||
OIS Inventions Limited
Balance Sheet (continued)
As at
31 December 2021
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 6 form part of these financial statements.
OIS Inventions Limited
Notes to the Financial Statements
For The Year Ended
31 December 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Going Concern Disclosure
With due consideration of the company's net current liability position and the current economic situation in the UK and beyond, and with his continued financial support, the director has concluded that he has a reasonable expectation that the company has adequate access to resources to continue as a going concern for a period of at least 12 months. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.
1.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
1.4.
Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are patents. It is amortised to profit and loss account over its estimated economic life of 5 years.
1.5.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Computer Equipment |
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2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 1 (2020: 1)
OIS Inventions Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2021
3.
Intangible Assets
| Other | |||
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| £ | |||
| Cost | |||
| As at
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| Additions |
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| Amortisation | |||
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| Provided during the period |
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| Net Book Value | |||
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4.
Tangible Assets
| Computer Equipment | |
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| £ | |
| Cost | |
| As at
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| Additions |
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| As at
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| Depreciation | |
| As at
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| Provided during the period |
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| Net Book Value | |
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| As at
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OIS Inventions Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2021
5.
Debtors
| 31 December 2021 | 31 December 2020 | ||
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| £ | £ | ||
| Due within one year | |||
| Other debtors |
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| VAT |
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| Director's loan account | - |
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6.
Creditors: Amounts Falling Due Within One Year
| 31 December 2021 | 31 December 2020 | ||
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| £ | £ | ||
| Trade creditors |
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| Bank loans and overdrafts |
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| Other creditors |
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| Accruals and deferred income |
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| Director's loan account |
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7.
Creditors: Amounts Falling Due After More Than One Year
| 31 December 2021 | 31 December 2020 | ||
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| £ | £ | ||
| Bank loans |
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OIS Inventions Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2021
9.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at
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Amounts advanced | Amounts repaid | Amounts written off | As at
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|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Mr John Boyle |
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- |
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The above loan is unsecured, interest free and repayable on demand.
10.
General Information
OIS Inventions Limited
is a private company, limited by shares, incorporated in Scotland, registered number
SC648743
. The registered office is Alloa Business Centre, The Whins, Alloa, Clackmannanshire, FK10 3SA.