Orwin & Algeo Management Solutions Limited - Period Ending 2021-04-30

Orwin & Algeo Management Solutions Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 7

Orwin & Algeo Management Solutions Limited

Company Information

Directors

P R Orwin A H Algeo

Company secretary

A H Algeo

Registered office

8 Trewinnard Grove Truro Cornwall TR1 3RQ

Bankers

Lloyds TSB Boscawen Street Truro Cornwall

Accountants

Francis Clark LLP Chartered Accountants Lowin House Tregolls Road Truro Cornwall TR1 2NA

Orwin & Algeo Management Solutions Limited

Balance Sheet

30 April 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	4	13,746	14,502
Current assets
Debtors	5	98,605	48,129
Cash at bank and in hand		4,233	115,121
		102,838	163,250
Creditors: Amounts falling due within one year	6	(72,754)	(79,128)
Net current assets		30,084	84,122
Net assets		43,830	98,624
Capital and reserves
Called up share capital	8	100	100
Profit and loss account		43,730	98,524
Shareholders' funds		43,830	98,624

Orwin & Algeo Management Solutions Limited

Balance Sheet

30 April 2021

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 4 September 2021 and signed on its behalf by:
 

......................................... P R Orwin Director

Company Registration Number: 06233676

Orwin & Algeo Management Solutions Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
8 Trewinnard Grove
Truro
Cornwall
TR1 3RQ

These financial statements were authorised for issue by the Board on 4 September 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of consultancy services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns and rebates.

The company recognises revenue when the work has been carried out and an invoice is raised. Invoices are then subject to tax deductions under IR35 and monies are then received as a deemed payment.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Orwin & Algeo Management Solutions Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2021

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Property improvements	Straight line over 50 years
Fixtures and fittings	25% reducing balance
Motor vehicles	25% reducing balance

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.




 

Orwin & Algeo Management Solutions Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2021

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2020 - 2).

4	Tangible assets

	Land and buildings £	Fixtures and fittings  £	Motor vehicles  £	Total £
Cost or valuation
At 1 May 2020	13,526	8,959	13,500	35,985
Additions	-	583	-	583
At 30 April 2021	13,526	9,542	13,500	36,568
Depreciation
At 1 May 2020	2,708	7,677	11,098	21,483
Charge for the year	271	467	601	1,339
At 30 April 2021	2,979	8,144	11,699	22,822
Carrying amount
At 30 April 2021	10,547	1,398	1,801	13,746
At 30 April 2020	10,818	1,282	2,402	14,502

5

Debtors

	2021 £	2020 £
Trade debtors	97,954	-
Prepayments	255	345
Other debtors	396	47,784
	98,605	48,129

Orwin & Algeo Management Solutions Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2021

6

Creditors

Creditors: amounts falling due within one year

	2021  £	2020  £
Due within one year
Loans and borrowings	50,000	-
Social security and other taxes	5,562	20,581
Other creditors	-	169
Accrued expenses	2,388	2,066
Corporation tax	14,804	56,312
	72,754	79,128

7	Loans and borrowings

	2021 £	2020 £
Current loans and borrowings
Bank borrowings	50,000	-

8	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary of £1 each	100	100	100	100