Owens & Porter Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07184453 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

OWENS & PORTER LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTOR:

M Owens

REGISTERED OFFICE:

3 Durrant Road

Bournemouth

Dorset

BH2 6NE

REGISTERED NUMBER:

07184453 (England and Wales)

ACCOUNTANTS:

Carter & Coley

Chartered Accountants

3 Durrant Road

Bournemouth

Dorset

BH2 6NE

FIXED ASSETS

Tangible assets

4

120,186

118,898

CURRENT ASSETS

Debtors

5

49,957

66,945

Prepayments and accrued income

31,788

56,226

Cash at bank and in hand

553,236

558,926

634,981

682,097

CREDITORS

Amounts falling due within one year

6

105,227

117,985

NET CURRENT ASSETS

529,754

564,112

TOTAL ASSETS LESS CURRENT LIABILITIES

649,940

683,010

PROVISIONS FOR LIABILITIES

3,971

4,559

NET ASSETS

645,969

678,451

CAPITAL AND RESERVES

Called up share capital

105

105

Retained earnings

645,864

678,346

SHAREHOLDERS' FUNDS

645,969

678,451

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 August 2023 and were signed by:

M Owens - Director

1.	STATUTORY INFORMATION

Owens & Porter 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.

Turnover

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

Tangible fixed assets

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

Improvements to property

-

10% on cost

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Office Equipment

-

20% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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 18 (2022 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Works of

and

property

Art

fittings

£

£

£

COST

At 1 April 2022

78,850

72,750

33,994

Additions

-

-

551

Disposals

-

-

-

At 31 March 2023

78,850

72,750

34,545

DEPRECIATION

At 1 April 2022

67,988

-

24,853

Charge for year

10,862

-

1,454

Eliminated on disposal

-

-

-

At 31 March 2023

78,850

-

26,307

NET BOOK VALUE

At 31 March 2023

-

72,750

8,238

At 31 March 2022

10,862

72,750

9,141

Motor

Office

vehicles

Equipment

Totals

£

£

£

COST

At 1 April 2022

28,825

76,121

290,540

Additions

20,999

4,309

25,859

Disposals

(8,995

)

-

(8,995

)

At 31 March 2023

40,829

80,430

307,404

DEPRECIATION

At 1 April 2022

20,693

58,108

171,642

Charge for year

7,114

4,465

23,895

Eliminated on disposal

(8,319

)

-

(8,319

)

At 31 March 2023

19,488

62,573

187,218

NET BOOK VALUE

At 31 March 2023

21,341

17,857

120,186

At 31 March 2022

8,132

18,013

118,898

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

49,957

61,945

Other debtors

-

5,000

49,957

66,945

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

2,729

21,634

Taxation and social security

83,987

92,357

Other creditors

18,511

3,994

105,227

117,985

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Owens & Porter Limited for the year ended 31 March 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Owens & Porter Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Owens & Porter Limited and state those matters that we have agreed to state to the director of Owens & Porter Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Owens & Porter Limited and its director for our work or for this report.

It is your duty to ensure that Owens & Porter Limited 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 Owens & Porter Limited. You consider that Owens & Porter Limited 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 Owens & Porter Limited. 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.

Carter & Coley

Chartered Accountants

3 Durrant Road

Bournemouth

Dorset

BH2 6NE

31 August 2023