Orange Tree Trading (UK) Limited 30/06/2020 iXBRL

Orange Tree Trading (UK) Limited 30/06/2020 iXBRL

ORANGE TREE TRADING (UK) LIMITED - Company Information

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Company registration number: 03523398
Orange Tree Trading (UK) Limited
Unaudited filleted financial statements
30 June 2020
Orange Tree Trading (UK) Limited
Contents
Statement of financial position
Notes to the financial statements
Orange Tree Trading (UK) Limited
Statement of financial position
30 June 2020
2020 2019
Note £ £ £ £
Fixed assets
Intangible assets 5 2 2
Tangible assets 6 25,560 29,845
_______ _______
25,562 29,847
Current assets
Stocks 164,798 180,331
Debtors 7 13,991 24,149
Cash at bank and in hand 31,719 15,669
_______ _______
210,508 220,149
Creditors: amounts falling due
within one year 8 ( 181,775) ( 242,323)
_______ _______
Net current assets/(liabilities) 28,733 ( 22,174)
_______ _______
Total assets less current liabilities 54,295 7,673
Creditors: amounts falling due
after more than one year 9 ( 50,000) -
Provisions for liabilities ( 3,007) ( 3,415)
_______ _______
Net assets 1,288 4,258
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 1,286 4,256
_______ _______
Shareholders funds 1,288 4,258
_______ _______
For the year ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 28 June 2021 , and are signed on behalf of the board by:
Ms L Case
Director
Company registration number: 03523398
Orange Tree Trading (UK) Limited
Notes to the financial statements
Year ended 30 June 2020
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Darts Farm Shopping Village, Topsham, Exeter, EX3 0QH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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 pay or recover 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Leasehold improvements - 10 % straight line
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 20 % straight line
Computer equipment/website - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stocks to their present location and condition.
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 and the performance 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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
Financial instruments are clasified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financiel 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2019: 17 ).
5. Intangible assets
Goodwill Other intangible assets Total
£ £ £
Cost
At 1 July 2019 and 30 June 2020 60,000 21,349 81,349
_______ _______ _______
Amortisation
At 1 July 2019 and 30 June 2020 59,999 21,348 81,347
_______ _______ _______
Carrying amount
At 30 June 2020 1 1 2
_______ _______ _______
At 30 June 2019 1 1 2
_______ _______ _______
6. Tangible assets
Leasehold improvements Fixtures, fittings and equipment Motor vehicles Computer/ Website Equipment Total
£ £ £ £ £
Cost
At 1 July 2019 9,171 84,642 11,500 47,993 153,306
Additions - 375 - 3,994 4,369
Disposals - - - ( 3,624) ( 3,624)
_______ _______ _______ _______ _______
At 30 June 2020 9,171 85,017 11,500 48,363 154,051
_______ _______ _______ _______ _______
Depreciation
At 1 July 2019 9,170 70,715 7,906 35,670 123,461
Charge for the year - 2,146 2,301 3,996 8,443
Disposals - - - ( 3,413) ( 3,413)
_______ _______ _______ _______ _______
At 30 June 2020 9,170 72,861 10,207 36,253 128,491
_______ _______ _______ _______ _______
Carrying amount
At 30 June 2020 1 12,156 1,293 12,110 25,560
_______ _______ _______ _______ _______
At 30 June 2019 1 13,927 3,594 12,323 29,845
_______ _______ _______ _______ _______
7. Debtors
2020 2019
£ £
Trade debtors 14 14
Other debtors 13,977 24,135
_______ _______
13,991 24,149
_______ _______
8. Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 76,695 100,023
Corporation tax 1,406 -
Social security and other taxes 11,628 28,481
Other creditors 92,046 113,819
_______ _______
181,775 242,323
_______ _______
A Debenture was created on 9 January 2007 in respect of any liabilities owing to The Royal Bank of Scotland Plc.
9. Creditors: amounts falling due after more than one year
2020 2019
£ £
Other creditors 50,000 -
_______ _______
10. Controlling party
The Company is under control by the director who owns 100% of the issued share capital.