General Information
Ozone Interiors Ltd is a private company, limited by shares, registered in England and Wales, registration number 05998453, registration address Mortimer House, 49 Church Street Theale, Reading, Berkshire, RG7 5BX.
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 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.
Going concern
The accounts are prepared on a going concern basis. The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.
Turnover
Turnover represents net sales of services, excluding value added tax. Income is recognised when the company obtains the right to consideration.
Hire Purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases contracts are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of this obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
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.
Taxation
Taxation for the year comprises current 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 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 statement of financial position date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 and 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.
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant and machinery - 20% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Hire purchase and leasing agreements
Assets held under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Debtors
Short term debtors are measured at transaction price less any impairment. Loans receivable are measured at initially at fair value, net of transaction costs, and are measured subsequently at amortised costs using the effective interest method.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are subsequently measured at amortised costs using the effective interest method.
|
| 2. |
Average number of employees
Average number of employees during the year was 2 (2022 : 2).
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Plant and Machinery |
|
Motor Vehicles |
|
Fixtures and Fittings |
|
Computer Equipment |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
|
£ |
| At 01 October 2022 |
9,020 |
|
18,690 |
|
7,799 |
|
13,399 |
|
48,908 |
| Additions |
7,083 |
|
- |
|
- |
|
3,154 |
|
10,237 |
| Disposals |
- |
|
- |
|
(958) |
|
(1,883) |
|
(2,841) |
| At 30 September 2023 |
16,103 |
|
18,690 |
|
6,841 |
|
14,670 |
|
56,304 |
| Depreciation |
| At 01 October 2022 |
3,608 |
|
14,809 |
|
7,799 |
|
10,670 |
|
36,886 |
| Charge for year |
2,984 |
|
970 |
|
- |
|
2,569 |
|
6,523 |
| On disposals |
- |
|
- |
|
(958) |
|
(1,883) |
|
(2,841) |
| At 30 September 2023 |
6,592 |
|
15,779 |
|
6,841 |
|
11,356 |
|
40,568 |
| Net book values |
| Closing balance as at 30 September 2023 |
9,511 |
|
2,911 |
|
- |
|
3,314 |
|
15,736 |
| Opening balance as at 01 October 2022 |
5,412 |
|
3,881 |
|
- |
|
2,729 |
|
12,022 |
The net book value of Motor Vehicles includes £ 0 (2022 £3,881) in respect of assets leased under finance leases or hire purchase contracts.
|
|
Director's Advances, Credits And Guarantees
At the balance sheet, the following balances existed on the director's loan accounts:
C Howes - £2,918 in credit (2022 - £1,918 in credit)
B Vincent - £4,019 in credit (2022 - 3,019 in credit)
The above loan is interest free with no fixed date of repayment.
|
| 5. |
Secured Debts
The following secured debts are included within creditors:
| . |
|
2023
£ |
|
2022
£ |
| Hire purchase contracts |
|
- |
|
724 |
|
| 6. |
Debtors: amounts falling within one year
| . |
|
2023
£ |
|
2022
£ |
| Trade debtors |
|
6,399 |
|
335,601 |
| Amounts recoverable on contracts |
|
320,785 |
|
53,734 |
| Other Debtors |
|
10,918 |
|
9,238 |
|
|
338,102 |
|
398,573 |
|
| 7. |
Creditors: amount falling due within one year
| 2023 |
|
2022
£ |
|
| Trade Creditors |
|
476,387 |
|
288,603 |
| Bank loans & Overdrafts |
|
5,307 |
|
5,176 |
| Corporation Tax |
|
47,211 |
|
32,625 |
| PAYE & Social Security |
|
3,588 |
|
1,906 |
| Accrued expenses |
|
238 |
|
940 |
| Other Creditors |
|
1,762 |
|
1,803 |
| Obligations under HP/ Financial lessees |
|
- |
|
724 |
| Directors' current accounts |
|
6,937 |
|
4,937 |
| VAT |
|
75,471 |
|
169,002 |
|
|
616,901 |
|
505,716 |
|
| 8. |
Provisions for liabilities
| . |
|
2023
£ |
|
2022
£ |
| Deferred Tax |
|
2,990 |
|
2,284 |
|
|
2,990 |
|
2,284 |
|
2
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