Ozziefields Limited Filleted accounts for Companies House (small and micro)

Ozziefields Limited Filleted accounts for Companies House (small and micro)

OZZIEFIELDS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09156721
Ozziefields Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2022
Ozziefields Limited
Financial Statements
Year ended 31 December 2022
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Ozziefields Limited
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
£
£
Fixed assets
Tangible assets
5
513,529
512,917
Investments
6
200
100
----------
----------
513,729
513,017
Current assets
Stocks
3,422,123
3,402,128
Debtors
7
546,080
835,147
Cash at bank and in hand
2,581,833
2,145,363
-------------
-------------
6,550,036
6,382,638
Creditors: amounts falling due within one year
8
277,140
305,075
-------------
-------------
Net current assets
6,272,896
6,077,563
-------------
-------------
Total assets less current liabilities
6,786,625
6,590,580
Provisions
Taxation including deferred tax
6,600
4,481
-------------
-------------
Net assets
6,780,025
6,586,099
-------------
-------------
Capital and reserves
Called up share capital
3,887,023
3,887,023
Fair value adjustments Reserve (non distributable)
273,825
304,986
Profit and loss account
2,619,177
2,394,090
-------------
-------------
Shareholders funds
6,780,025
6,586,099
-------------
-------------
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.
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.
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 .
Ozziefields Limited
Statement of Financial Position (continued)
31 December 2022
These financial statements were approved by the board of directors and authorised for issue on 3 September 2023 , and are signed on behalf of the board by:
Mrs V Z Rose
Director
Company registration number: 09156721
Ozziefields Limited
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 The Manor House, Fillingham, Gainsborough, Lincs, DN21 5BS.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
In March 2020 the UK was impacted by the outbreak of Covid-19. The Government imposed significant restrictions at that time in an effort to manage the spread of the virus which resulted in the company having to review and change its working practices to ensure compliance with these restrictions. More latterly, the UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when goods are despatched. Revenue from the sale of property is recognised when contracts are exchanged.
(d) 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.
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.
(j) 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.
(k) 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).
5. Tangible assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 January 2022
512,917
–
512,917
Additions
–
765
765
----------
----
----------
At 31 December 2022
512,917
765
513,682
----------
----
----------
Depreciation
At 1 January 2022
–
–
–
Charge for the year
–
153
153
----------
----
----------
At 31 December 2022
–
153
153
----------
----
----------
Carrying amount
At 31 December 2022
512,917
612
513,529
----------
----
----------
At 31 December 2021
512,917
–
512,917
----------
----
----------
6. Investments
Other investments other than loans
£
Cost
At 1 January 2022
100
Additions
100
----
At 31 December 2022
200
----
Impairment
At 1 January 2022 and 31 December 2022
–
----
Carrying amount
At 31 December 2022
200
----
At 31 December 2021
100
----
7. Debtors
2022
2021
£
£
Trade debtors
965
7,428
Other debtors
545,115
827,719
----------
----------
546,080
835,147
----------
----------
The debtors above include the following amounts falling due after more than one year:
2022
2021
£
£
Other debtors
545,115
508,036
----------
----------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
61,054
54,602
Corporation tax
71,315
100,793
Social security and other taxes
4,258
9,667
Directors loan account
140,513
140,013
----------
----------
277,140
305,075
----------
----------
9. Related party transactions
During the year one of the directors had a loan account with the company which was in credit throughout the year. The balance at 31 December 2022 was £ 140,513 (2021 £140,013). This loan was interest free.