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

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COMPANY REGISTRATION NUMBER: 07571243

Oraculite Limited

Filleted Unaudited Financial Statements

31 March 2022

Oraculite Limited

Financial Statements

Year ended 31 March 2022

Contents	Page

Statement of financial position	1

Notes to the financial statements	2

Oraculite Limited

Statement of Financial Position

31 March 2022

	2022		2021
Note	£	£	£

Current assets

Stocks	34,975	34,011
Cash at bank and in hand	54,210	86
	--------	--------
	89,185	34,097

Creditors: amounts falling due within one year	5	99,543		44,455
		--------		--------
Net current liabilities			10,358	10,358
			--------	--------
Total assets less current liabilities			( 10,358)	( 10,358)
			--------	--------
Net liabilities			( 10,358)	( 10,358)
			--------	--------

Capital and reserves

Called up share capital	6	2	2
Profit and loss account		( 10,360)	( 10,360)
		--------	--------
Shareholders deficit		( 10,358)	( 10,358)
		--------	--------

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 income and retained earnings has not been delivered.

For the year ending 31 March 2022 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 .

These financial statements were approved by the board of directors and authorised for issue on 13 December 2022 , and are signed on behalf of the board by:

Mr. R. Gallagher

Director

Company registration number: 07571243

Oraculite Limited

Notes to the Financial Statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Woodbury Cottage, Woodbury Lane, Axminster, Devon, EX13 5TL, England.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

This basis has been applied on the following grounds: Of the company's liabilities £43,735 is owed to the directors, and they have agreed not to demand repayment whilst such action would adversely affect the company's operations. The directors expect the major creditors, because of the nature of their relationship with the company, to continue with their support for at least twelve months from the date of approval of the financial statements. This basis has been applied on the continuing support of the creditors. If the going concern basis were not appropriate, adjustments would have to be made to restate fixed assets as current assets, reduce the value of the assets to their recoverable amount and to provide for any further liabilities that might arise.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

	Equipment	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 April 2021 and 31 March 2022	1,312	1,312
	-------	-------
Depreciation
At 1 April 2021 and 31 March 2022	1,312	1,312
	-------	-------
Carrying amount
At 31 March 2022	–	–
	-------	-------
At 31 March 2021	–	–
	-------	-------

5. Creditors: amounts falling due within one year

	2022	2021
	£	£
Accruals and deferred income	720	720
Director loan accounts	43,735	43,735
Other creditors	55,088	–
	--------	--------
	99,543	44,455
	--------	--------

6. Called up share capital

Issued, called up and fully paid

	2022		2021
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
	----	----	----	----