General Information
OPERATING RISKS LIMITED is a private company, limited by shares, registered in England and Wales, registration number 07614899, registration address Unit G3 Croft Business Park, Kirk Deighton Wetherby, West Yorks, LS22 5HG
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
|
| 2. |
Other operating income
|
2021
£ |
|
2020
£ |
| Other Operating Income (Taxable) |
1,019,291 |
|
156,728 |
|
1,019,291 |
|
156,728 |
|
| 3. |
Operating profit/(loss)
|
2021
£ |
|
2020
£ |
The operating profit/(loss) is stated after charging:
|
|
|
|
| Directors emoluments |
32,500 |
|
17,500 |
| Operating leases |
94,920 |
|
28,637 |
|
| 4. |
Average number of employees
Average number of employees during the year was 75 (2020 : 150).
|
| 5. |
Financial Commitments, Guarantees and Contingencies
The total amount of financial commitments not included in the balance sheet is £120,302 (2020 - £215,222). The operating leases paid by the company are for equipment held at specific venues. Some of these commitments have been personally guaranteed by the director of the company, Mr. Paul Anthony Kinsey.
|
| 6. |
Other interest receivable and similar income
|
2021
£ |
|
2020
£ |
| Interest Receivable and Other Income |
0 |
|
34 |
|
0 |
|
34 |
|
| 7. |
Tax on profit on ordinary activities
|
2021
£ |
|
2020
£ |
| UK Corporation Tax |
0 |
|
14,488 |
|
0 |
|
14,488 |
|
| 8. |
Stocks
|
2021
£ |
|
2020
£ |
| Stocks |
79,975 |
|
101,963 |
|
79,975 |
|
101,963 |
|
| 9. |
Debtors: amounts falling due within one year
|
2021
£ |
|
2020
£ |
| Trade Debtors |
25,705 |
|
25,705 |
| Amount Owed by Group Undertakings |
127,726 |
|
0 |
| Prepayments & Accrued Income |
0 |
|
109,237 |
| Other Debtors |
0 |
|
15,034 |
| Directors Loan Accounts |
10,513 |
|
6,881 |
|
163,944 |
|
156,857 |
|
| 9. |
Debtors: amounts falling due after one year
|
2021
£ |
|
2020
£ |
| Other Debtors |
1 |
|
0 |
|
1 |
|
0 |
|
| 10. |
Creditors: amount falling due within one year
|
2021
£ |
|
2020
£ |
| Trade Creditors |
137,163 |
|
328,498 |
| Corporation Tax |
14,488 |
|
0 |
| PAYE & Social Security |
135,711 |
|
73,168 |
| Accrued Expenses |
124,524 |
|
4,500 |
| Other Creditor |
0 |
|
2,849 |
| VAT |
61,826 |
|
69,379 |
|
473,712 |
|
478,394 |
|
| 11. |
Creditors: amount falling due after more than one year
|
2021
£ |
|
2020
£ |
| Bounce Back Loan |
50,000 |
|
0 |
|
50,000 |
|
0 |
|
| 12. |
Profit and loss account
| |
2021
£ |
| Balance at 01 May 2020 |
55,387 |
| Loss for the year |
(300,484) |
| Balance at 30 April 2021 |
(245,097) |
|
|
Directors Loan
Opening Balance - £6881.00
Advances - £86445.00
Repayments - £82,812.00
Closing Balance - £10514.00
|
3
|
