Owloc Industries Ltd 31/12/2022 iXBRL

Owloc Industries Ltd 31/12/2022 iXBRL

OWLOC INDUSTRIES LTD - Company Information

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2 31/12/2022 2022-12-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-01-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 08116458 2022-01-01 2022-12-31 08116458 2022-12-31 08116458 2021-12-31 08116458 2021-01-01 2021-12-31 08116458 2021-12-31 08116458 core:NetGoodwill 2022-01-01 2022-12-31 08116458 core:FurnitureFittingsToolsEquipment 2022-01-01 2022-12-31 08116458 bus:RegisteredOffice 2022-01-01 2022-12-31 08116458 bus:LeadAgentIfApplicable 2022-01-01 2022-12-31 08116458 bus:Director1 2022-01-01 2022-12-31 08116458 bus:CompanySecretary1 2022-01-01 2022-12-31 08116458 core:NetGoodwill 2022-12-31 08116458 core:FurnitureFittingsToolsEquipment 2021-12-31 08116458 core:PlantMachinery 2022-12-31 08116458 core:FurnitureFittingsToolsEquipment 2022-12-31 08116458 core:WithinOneYear 2022-12-31 08116458 core:WithinOneYear 2021-12-31 08116458 core:UKTax 2022-01-01 2022-12-31 08116458 core:UKTax 2021-01-01 2021-12-31 08116458 bus:AllOrdinaryShares 2022-01-01 2022-12-31 08116458 bus:AllOrdinaryShares 2021-01-01 2021-12-31 08116458 core:ShareCapital 2022-12-31 08116458 core:ShareCapital 2021-12-31 08116458 core:RetainedEarningsAccumulatedLosses 2022-12-31 08116458 core:RetainedEarningsAccumulatedLosses 2021-12-31 08116458 core:PlantMachinery 2022-01-01 2022-12-31 08116458 core:NetGoodwill 2021-12-31 08116458 core:FurnitureFittingsToolsEquipment 2021-12-31 08116458 bus:Director1 2021-12-31 08116458 bus:Director1 2022-12-31 08116458 bus:Director1 2020-12-31 08116458 bus:Director1 2021-12-31 08116458 bus:Director1 2021-01-01 2021-12-31 08116458 bus:SmallEntities 2022-01-01 2022-12-31 08116458 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 08116458 bus:FullAccounts 2022-01-01 2022-12-31 08116458 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 08116458 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31
Company registration number: 08116458
Owloc Industries Ltd
Unaudited filleted financial statements
31 December 2022
Owloc Industries Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Owloc Industries Ltd
Directors and other information
Director Mr D Dempsey
Secretary Ms D Hooper
Company number 08116458
Registered office Malt Kiln Farm
Low Road, Pentney
Kings Lynn
Norfolk
PE32 1JF
Business address Malt Kiln Farm
Low Road, Pentney
Kings Lynn
Norfolk
PE32 1JF
Accountants The Bubb Sherwin Partnership Ltd
100 High Street
Whitstable
Kent
CT5 1AZ
Owloc Industries Ltd
Report to the director on the preparation of the
unaudited statutory financial statements of Owloc Industries Ltd
Year ended 31 December 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Owloc Industries Ltd for the year ended 31 December 2022 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of Owloc Industries Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Owloc Industries Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Owloc Industries Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Owloc Industries Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Owloc Industries Ltd. You consider that Owloc Industries Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Owloc Industries Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
The Bubb Sherwin Partnership Ltd
Chartered Certified Accountants
100 High Street
Whitstable
Kent
CT5 1AZ
31 March 2023
Owloc Industries Ltd
Statement of financial position
31 December 2022
2022 2021
Note £ £ £ £
Fixed assets
Intangible assets 7 - -
Tangible assets 8 2,235 1,466
_______ _______
2,235 1,466
Current assets
Stocks 25,780 26,820
Debtors 9 7,496 9,604
Cash at bank and in hand 504,291 437,109
_______ _______
537,567 473,533
Creditors: amounts falling due
within one year 10 ( 106,309) ( 104,220)
_______ _______
Net current assets 431,258 369,313
_______ _______
Total assets less current liabilities 433,493 370,779
Provisions for liabilities ( 559) ( 279)
_______ _______
Net assets 432,934 370,500
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 432,834 370,400
_______ _______
Shareholders funds 432,934 370,500
_______ _______
For the year ending 31 December 2022 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 March 2023 , and are signed on behalf of the board by:
Mr D Dempsey
Director
Company registration number: 08116458
Owloc Industries Ltd
Notes to the financial statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Malt Kiln Farm, Low Road, Pentney, Kings Lynn, Norfolk, PE32 1JF.
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.
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.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
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:
Fittings fixtures and equipment - 25 % straight line
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.
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.
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
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).
5. Tax on profit
Major components of tax expense
2022 2021
£ £
Current tax:
UK current tax expense 22,272 20,061
Adjustments in respect of previous periods 4 ( 11,301)
_______ _______
Total current tax 22,276 8,760
Deferred tax:
Origination and reversal of timing differences 280 180
_______ _______
Tax on profit 22,556 8,940
_______ _______
6. Dividends
Equity dividends
2022 2021
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 33,000 40,000
_______ _______
7. Intangible assets
Goodwill Total
£ £
Cost
At 1 January 2022 and 31 December 2022 10,000 10,000
_______ _______
Amortisation
At 1 January 2022 and 31 December 2022 10,000 10,000
_______ _______
Carrying amount
At 31 December 2022 - -
_______ _______
At 31 December 2021 - -
_______ _______
8. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 January 2022 - 6,132 6,132
Additions 1,716 - 1,716
_______ _______ _______
At 31 December 2022 1,716 6,132 7,848
_______ _______ _______
Depreciation
At 1 January 2022 - 4,666 4,666
Charge for the year 429 518 947
_______ _______ _______
At 31 December 2022 429 5,184 5,613
_______ _______ _______
Carrying amount
At 31 December 2022 1,287 948 2,235
_______ _______ _______
At 31 December 2021 - 1,466 1,466
_______ _______ _______
9. Debtors
2022 2021
£ £
Trade debtors - 2,580
Other debtors 7,496 7,024
_______ _______
7,496 9,604
_______ _______
10. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 1,788 4,145
Corporation tax 22,272 20,061
Social security and other taxes 432 1,111
Other creditors 81,817 78,903
_______ _______
106,309 104,220
_______ _______
11. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr D Dempsey ( 42,023) ( 6,994) 884 ( 48,133)
_______ _______ _______ _______
2021
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr D Dempsey ( 40,490) ( 43,511) 41,978 ( 42,023)
_______ _______ _______ _______