Outdoor365 Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06601597 (England and Wales)

Financial Statements for the Year Ended 31 May 2021

for

Outdoor365 Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R C Tanner

M H Farrar

REGISTERED OFFICE:

23 High Street

Bagshot

Surrey

GU19 5AF

REGISTERED NUMBER:

06601597 (England and Wales)

ACCOUNTANTS:

Martin & Co Accountants Ltd

23 High Street

Bagshot

Surrey

GU19 5AF

FIXED ASSETS

Intangible assets

4

22,588

10,360

Tangible assets

5

110,902

79,211

133,490

89,571

CURRENT ASSETS

Stocks

1,004,937

413,830

Debtors

6

57,737

73,262

Cash at bank and in hand

162,542

177,330

1,225,216

664,422

CREDITORS

Amounts falling due within one year

7

606,763

467,938

NET CURRENT ASSETS

618,453

196,484

TOTAL ASSETS LESS CURRENT LIABILITIES

751,943

286,055

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

751,942

286,054

SHAREHOLDERS' FUNDS

751,943

286,055

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2021 and were signed on its behalf by:

R C Tanner - Director

M H Farrar - Director

1.	STATUTORY INFORMATION

Outdoor365 Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of nil years.

Intangible assets

Intangible assets is made up of the costs of the website used to sell the products. This is being amortised at 20% on a reducing balance basis to write it off over its estimated useful life.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2020 - 18 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 June 2020

22,802

Additions

17,875

At 31 May 2021

40,677

AMORTISATION

At 1 June 2020

12,442

Charge for year

5,647

At 31 May 2021

18,089

NET BOOK VALUE

At 31 May 2021

22,588

At 31 May 2020

10,360

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2020

180,737

Additions

68,659

At 31 May 2021

249,396

DEPRECIATION

At 1 June 2020

101,526

Charge for year

36,968

At 31 May 2021

138,494

NET BOOK VALUE

At 31 May 2021

110,902

At 31 May 2020

79,211

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.21

31.5.20

£

£

Trade debtors

3,638

-

Amounts owed by group undertakings

2,525

-

Other debtors

51,574

73,262

57,737

73,262

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.21

31.5.20

£

£

Trade creditors

268,615

159,340

Amounts owed to group undertakings

-

18,125

Taxation and social security

187,764

191,134

Other creditors

150,384

99,339

606,763

467,938

8.	SECURED DEBTS

Barclays Bank Plc hold a guarantee and debenture over all assets of the company in respect of a loan provided to the parent company, Online365 Limited.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2021 and 31 May 2020:

31.5.21

31.5.20

£

£

R C Tanner

Balance outstanding at start of year

-

20,492

Amounts repaid

-

(20,492

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

M H Farrar

Balance outstanding at start of year

-

53

Amounts repaid

-

(53

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

10.	ULTIMATE CONTROLLING PARTY

The company is under the ultimate control of the Directors, R Tanner and M Farrar, by virtue of their shareholding in the parent company Online 365 Limited. R Tanner holds 740 and M Farrer 260 Ordinary £1 shares in Online365 Limited which in turn holds 100% of the issued share capital of Outdoor365 Limited.