Oxera Repair Products Limited Filleted accounts for Companies House (small and micro)

OXERA REPAIR PRODUCTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07381332

OXERA REPAIR PRODUCTS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

30 September 2020

OXERA REPAIR PRODUCTS LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2020

Contents	Pages

Balance sheet 1 to 2

Notes to the financial statements 3 to 8

OXERA REPAIR PRODUCTS LIMITED

BALANCE SHEET

30 September 2020

	2020	2019
Note	£	£

Fixed assets

Intangible assets	5	–	9,500
Tangible assets	6	352,927	361,230
		------------	------------
		352,927	370,730

Current assets

Stocks	7	370,000	368,000
Debtors	8	342,693	288,687
Cash at bank and in hand		301,764	255,998
		------------	------------
		1,014,457	912,685

Creditors: amounts falling due within one year	9	217,592	281,147
		------------	------------
Net current assets		796,865	631,538
		------------	------------
Total assets less current liabilities		1,149,792	1,002,268

Creditors: amounts falling due after more than one year	10	108,231	119,881

Provisions

Taxation including deferred tax	11	18,100	18,700
		------------	------------
Net assets		1,023,461	863,687
		------------	------------

Capital and reserves

Called up share capital	13	100	100
Profit and loss account		1,023,361	863,587
		------------	------------
Shareholders funds		1,023,461	863,687
		------------	------------

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 profit and loss account has not been delivered.

For the year ending 30 September 2020 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 .

OXERA REPAIR PRODUCTS LIMITED

BALANCE SHEET (continued)

30 September 2020

These financial statements were approved by the board of directors and authorised for issue on 5 July 2021 , and are signed on behalf of the board by:

P A Wadsworth	O J H Evans
Director	Director

Company registration number: 07381332

OXERA REPAIR PRODUCTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 SEPTEMBER 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 35 Westgate, Huddersfield, HD1 1PA, West Yorkshire.

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

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.

Revenue recognition

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

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

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 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:

Freehold property	-	2% straight line
Plant and machinery	-	25% reducing balance
Computer equipment	-	33% straight line

Freehold land is not depreciated.

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. 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 stock to its 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 balance sheet 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 as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial 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 as a finance cost 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 13 (2019: 13 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 October 2019 and 30 September 2020	95,000
	------------
Amortisation
At 1 October 2019	85,500
Charge for the year	9,500
	------------
At 30 September 2020	95,000
	------------
Carrying amount
At 30 September 2020	–
	------------
At 30 September 2019	9,500
	------------

6. Tangible assets

	Freehold property	Plant and machinery	Computer equipment	Total
	£	£	£	£
Cost
At 1 October 2019	283,698	244,686	15,223	543,607
Additions	–	29,666	806	30,472
	------------	------------	------------	------------
At 30 September 2020	283,698	274,352	16,029	574,079
	------------	------------	------------	------------
Depreciation
At 1 October 2019	22,834	148,073	11,470	182,377
Charge for the year	5,074	31,270	2,431	38,775
	------------	------------	------------	------------
At 30 September 2020	27,908	179,343	13,901	221,152
	------------	------------	------------	------------
Carrying amount
At 30 September 2020	255,790	95,009	2,128	352,927
	------------	------------	------------	------------
At 30 September 2019	260,864	96,613	3,753	361,230
	------------	------------	------------	------------

Included in freehold property is freehold land with a carrying amount of £30,000 (2019: £30,000) which is not being depreciated.

7. Stocks

	2020	2019
	£	£
Raw materials and finished goods	370,000	368,000
	------------	------------

8. Debtors

	2020	2019
	£	£
Trade debtors	289,388	283,419
Prepayments and accrued income	2,008	1,698
Corporation tax repayable	–	3,570
Director loan accounts	50,000	–
Other debtors	1,297	–
	------------	------------
	342,693	288,687
	------------	------------

9. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	11,446	10,639
Trade creditors	93,026	164,089
Accruals and deferred income	10,390	8,631
Corporation tax	20,073	–
Social security and other taxes	65,749	76,269
Director loan accounts	16,908	20,100
Other creditors	–	1,419
	------------	------------
	217,592	281,147
	------------	------------

The aggregate amount of secured liabilities at the year end totalled £11,446 (2019: £10,639).

10. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	108,231	119,881
	------------	------------

The aggregate amount of secured liabilities at the year end totalled £108,231 (2019: £119,881).

11. Provisions

	Deferred tax (note 12)
	£
At 1 October 2019	18,700
Additions	( 600)
	------------
At 30 September 2020	18,100
	------------

12. Deferred tax

The deferred tax included in the balance sheet is as follows:

	2020	2019
	£	£
Included in provisions (note 11)	18,100	18,700
	------------	------------

13. Called up share capital

Issued, called up and fully paid

	2020		2019
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	------------	------------	------------	------------

14. Related party transactions

Transactions with the directors Included in debtors are directors' loans of £50,000 (2019: £nil). These were unsecured and repaid on 31 March 2021. Interest is being charged at a commercial rate. Included in creditors are directors' loans of £16,908 (2019: £20,100). These were unsecured, repayable on demand and bore interest at a commercial rate. Control of the company The company is controlled by the directors.