General Information
Origin 3 Ltd is a private company, limited by shares, registered in England and Wales, registration number 06370231, registration address 23 Westfield Park, Redland, Bristol, BS6 6LT.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
The turnover and profit before taxation are attributable to the one principal activity of the company and is based on work done in the year.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Motor Vehicles |
25% Straight Line
|
| Fixtures and Fittings |
25% Straight Line
|
| Computer Equipment |
33% Straight Line
|
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
|
| 2. |
Average number of employees
Average number of employees during the period was 12 (2020 : 12).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Motor Vehicles |
|
Fixtures and Fittings |
|
Computer Equipment |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
| At 01 June 2020 |
12,423 |
|
30,251 |
|
81,087 |
|
123,761 |
| Additions |
40,750 |
|
- |
|
3,018 |
|
43,768 |
| Disposals |
(12,423) |
|
(20,858) |
|
(73,423) |
|
(106,704) |
| At 30 May 2021 |
40,750 |
|
9,393 |
|
10,682 |
|
60,825 |
| Depreciation |
| At 01 June 2020 |
12,423 |
|
23,206 |
|
79,035 |
|
114,664 |
| Charge for period |
8,490 |
|
2,349 |
|
1,421 |
|
12,260 |
| On disposals |
(12,423) |
|
(20,858) |
|
(73,423) |
|
(106,704) |
| At 30 May 2021 |
8,490 |
|
4,697 |
|
7,033 |
|
20,220 |
| Net book values |
| Closing balance as at 30 May 2021 |
32,260 |
|
4,696 |
|
3,649 |
|
40,605 |
| Opening balance as at 01 June 2020 |
- |
|
7,045 |
|
2,052 |
|
9,097 |
|
| 4. |
Investments
| Cost |
Other investments other than loans |
|
Total |
| |
£ |
|
£ |
| At 01 June 2020 |
- |
|
- |
| Additions |
5,000 |
|
5,000 |
| Transfer to/from Tangible fixed assets |
0 |
|
0 |
| Disposals |
- |
|
- |
| At 30 May 2021 |
5,000 |
|
5,000 |
|
| 5. |
Debtors: amounts falling due within one year
|
2021
£ |
|
2020
£ |
| Trade Debtors |
248,177 |
|
189,344 |
| Prepayments & Accrued Income |
16,338 |
|
4,054 |
| Other Debtors |
211,239 |
|
84,608 |
|
475,754 |
|
278,006 |
|
| 6. |
Creditors: amount falling due within one year
|
2021
£ |
|
2020
£ |
| Trade Creditors |
53,349 |
|
14,608 |
| Bank Loans & Overdrafts |
10,525 |
|
19,605 |
| Corporation Tax |
147,436 |
|
70,713 |
| PAYE & Social Security |
13,111 |
|
0 |
| Accrued Expenses |
10,065 |
|
17,845 |
| Other Creditors |
6,392 |
|
11,581 |
| Obligations under HP/Financial Leases |
4,963 |
|
0 |
| Directors' Current Accounts |
96,368 |
|
14,036 |
| VAT |
147,949 |
|
97,513 |
|
490,158 |
|
245,901 |
|
| 7. |
Creditors: amount falling due after more than one year
|
2021
£ |
|
2020
£ |
| Obligations Under HP/Financial Leases |
27,351 |
|
0 |
|
27,351 |
|
0 |
|
| 8. |
Capital Redemption Reserve
|
2021
£ |
|
2020
£ |
| Capital Redemption Reserve b/fwd |
50 |
|
50 |
|
50 |
|
50 |
|
|
Mr JB Orton
| Particulars |
|
Current
£ |
| Opening Balance |
|
(56) |
| Amounts Advanced |
|
74,940 |
| Amounts repaid |
|
(65,000) |
| Amounts written off |
|
- |
| Amounts waived |
|
- |
| Closing Balance |
|
9,884 |
|
|
Mrs J Orton
| Particulars |
|
Current
£ |
| Opening Balance |
|
- |
| Amounts Advanced |
|
1,693 |
| Amounts repaid |
|
(8,753) |
| Amounts written off |
|
- |
| Amounts waived |
|
- |
| Closing balance |
|
(7,060) |
|
|
Mr CJ Wilson
| Particulars |
|
Current
£ |
| Opening Balance |
|
(13,980) |
| Amounts Advanced |
|
77,203 |
| Amounts repaid |
|
(163,415) |
| Amounts written off |
|
- |
| Amounts waived |
|
- |
| Closing balance |
|
(100,192) |
|
4
|
