Owen Epstein Limited Filleted accounts for Companies House (small and micro)

OWEN EPSTEIN LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07929850

Owen Epstein Limited

Filleted Unaudited Financial Statements

31 January 2023

Owen Epstein Limited

Financial Statements

Year ended 31 January 2023

Contents	Page

Directors' report	1

Accountants report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

Owen Epstein Limited

Directors' Report

Year ended 31 January 2023

The directors present their report and the unaudited financial statements of the company for the year ended 31 January 2023 .

Directors

The directors who served the company during the year were as follows:

Prof O Epstein
Mrs J Epstein	(Appointed 12 September 2022)

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 11 January 2024 and signed on behalf of the board by:

Prof O Epstein

Director

Registered office:

Bourne House

475 Godstone Road

Whyteleafe

Surrey

CR3 0BL

Owen Epstein Limited

Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Owen Epstein Limited

Year ended 31 January 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Owen Epstein Limited for the year ended 31 January 2023, which comprise the statement of financial position 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the Board of Directors of Owen Epstein Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Owen Epstein Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at 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 Owen Epstein Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Owen Epstein 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 loss of Owen Epstein Limited. You consider that Owen Epstein 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 Owen Epstein 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.

BAILHACHE LINTON LLP Accountants

Bourne House 475 Godstone Road Whyteleafe Surrey CR3 0BL

11 January 2024

Owen Epstein Limited

Statement of Financial Position

31 January 2023

	2023	2022
Note	£	£

Fixed assets

Intangible assets	5	–	1,000
Tangible assets	6	51,481	9,520
		--------	--------
		51,481	10,520

Current assets

Debtors	7	202,654	251,799
Cash at bank and in hand		60,717	102,160
		---------	---------
		263,371	353,959

Creditors: amounts falling due within one year	8	5,393	51,766
		---------	---------
Net current assets		257,978	302,193
		---------	---------
Total assets less current liabilities		309,459	312,713

Provisions	9,078	1,252
	---------	---------
Net assets	300,381	311,461
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	300,281	311,361
	---------	---------
Shareholders funds	300,381	311,461
	---------	---------

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 income and retained earnings has not been delivered.

For the year ending 31 January 2023 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 .

Owen Epstein Limited

Statement of Financial Position (continued)

31 January 2023

These financial statements were approved by the board of directors and authorised for issue on 11 January 2024 , and are signed on behalf of the board by:

Prof O Epstein

Director

Company registration number: 07929850

Owen Epstein Limited

Notes to the Financial Statements

Year ended 31 January 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bourne House, 475 Godstone Road, Whyteleafe, Surrey, CR3 0BL.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

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 and services is recognised when the significant risks and rewards of ownership have transferred to the buyer, 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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

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.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Motor vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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 as a finance cost 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 are 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 (2022: 1 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 February 2022 and 31 January 2023	60,000
	--------
Amortisation
At 1 February 2022	59,000
Charge for the year	1,000
	--------
At 31 January 2023	60,000
	--------
Carrying amount
At 31 January 2023	–
	--------
At 31 January 2022	1,000
	--------

6. Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1 February 2022	27,350	26,045	53,395
Additions	52,400	2,590	54,990
Disposals	( 27,350)	–	( 27,350)
	--------	--------	--------
At 31 January 2023	52,400	28,635	81,035
	--------	--------	--------
Depreciation
At 1 February 2022	25,489	18,386	43,875
Charge for the year	8,733	2,435	11,168
Disposals	( 25,489)	–	( 25,489)
	--------	--------	--------
At 31 January 2023	8,733	20,821	29,554
	--------	--------	--------
Carrying amount
At 31 January 2023	43,667	7,814	51,481
	--------	--------	--------
At 31 January 2022	1,861	7,659	9,520
	--------	--------	--------

7. Debtors

	2023	2022
	£	£
Other debtors	202,654	251,799
	---------	---------

The debtors above include the following amounts falling due after more than one year:

	2023	2022
	£	£
Other debtors	199,740	249,740
	---------	---------

Included within other debtors is an amount of £199,740 (2022: £249,740) expected to be recovered in more than one year. Prof. Owen Epstein is also a director of the debtor company.

8. Creditors: amounts falling due within one year

	2023	2022
	£	£
Trade creditors	–	789
Other creditors	5,393	50,977
	-------	--------
	5,393	51,766
	-------	--------