Owen Developments (UK) Limited - Period Ending 2013-12-31

Registration number: 04980426

Owen Developments (UK) Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2013
 

Critchleys LLP
Chartered Accountants
Greyfriars Court
Paradise Square
Oxford
OX1 1BE

Owen Developments (UK) Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 6

Owen Developments (UK) Limited - Registration number: 04980426
at 31 December 2013

		Note			2013						2012
	£			£			£			£
Fixed assets
Intangible fixed assets								282,158						309,658
Tangible fixed assets		2						119,251						131,833
								401,409						441,491
Current assets
Stocks					202,794						152,938
Debtors					69,848						93,578
Cash at bank and in hand					165,038						117,110
					437,680						363,626
Creditors: Amounts falling due within one year					(156,195)						(138,214)
Net current assets								281,485						225,412
Total assets less current liabilities								682,894						666,903
Creditors: Amounts falling due after more than one year								(404,689)						(450,654)
Net assets								278,205						216,249
Capital and reserves
Called up share capital		4			1,000						1,000
Profit and loss account					277,205						215,249
Shareholders' funds								278,205						216,249

The notes on pages 3 to 6 form an integral part of these financial statements.
  Page 1

Owen Developments (UK) Limited - Registration number: 04980426
at 31 December 2013
......... continued

For the year ending 31 December 2013 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 25 September 2014 and signed on its behalf by:

.........................................
Mr H W M Gouws
Director

The notes on pages 3 to 6 form an integral part of these financial statements.
  Page 2

Owen Developments (UK) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2013
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Exemption from preparing group accounts

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Goodwill is the difference between the fair value of consideration paid for an acquired entity and the aggregate of the fair value of that entity's identifiable assets and liabilities.

Postive goodwill is capitalised as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Goodwill	5% straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Leasehold improvements	10% reducing balance
Plant and machinery	15% reducing balance
Motor vehicles	25% reducing balance
Fixtures, fittings and equipment	15% reducing balance
Computer equipment	33% reducing balance

Research and development

Expenditure on research and development is written off in the year in which it is in incurred

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Page 3

Owen Developments (UK) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2013
......... continued

Stock and work in progress

Stocks are stated at the lower of cost and net realisable value. Cost incurred in bringing each product to its present location and condition is based on purchase cost on a first-in, first-out basis, including transport.

Foreign currency

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions denominated in foreign currencies are recorded in the local currency at actual exchange rates as of the date of transaction. Exchange differences are taken into account in arriving at the operating profit.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in the year.

2	Fixed assets

		Intangible assets £			Tangible assets £			Investments £			Total £
Cost
At 1 January 2013		550,000			344,624			100			894,724
Additions		-			27,549			-			27,549
Disposals		-			(48,973)			-			(48,973)
At 31 December 2013		550,000			323,200			100			873,300
Depreciation
At 1 January 2013		240,342			212,791			100			453,233
Charge for the year		27,500			23,455			-			50,955
Eliminated on disposals		-			(32,297)			-			(32,297)
At 31 December 2013		267,842			203,949			100			471,891
Net book value
At 31 December 2013		282,158			119,251			-			401,409
At 31 December 2012		309,658			131,833			-			441,491

Page 4

Owen Developments (UK) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2013
......... continued

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

Principal activity

Subsidiary undertakings
Unichip Europe Limited	Ordinary shares	100%	Distribution- dormant

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2013 £			2012 £
Amounts falling due within one year		3,966			15,900
Amounts falling due after more than one year		689			4,654
Total secured creditors		4,655			20,554

4	Share capital

Allotted, called up and fully paid shares

	2013						2012
		No.			£			No.			£
Ordinary shares of £1 each		1,000			1,000			1,000			1,000

5	Related party transactions

Other related party transactions

During the year the company made the following related party transactions:

BD & Mrs JV Owen ( Directors ) Dividends paid during the year amounted to £22,620. At the balance sheet date the amount due from/(to) BD & Mrs JV Owen was £777 ( 2012 - (£3,585) ) .

Page 5

Owen Developments (UK) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2013
......... continued

LM Owen ( Director ) Dividends paid during the year amounted to £6,960. At the balance sheet date the amount due from/(to) LM Owen was £516 ( 2012 - (£787) ) .

MJ Harrison ( Director ) Dividends paid during the year amounted to £10,440. At the balance sheet date the amount due from/(to) MJ Harrison was £886 ( 2012 - (£837) ) .

6

Control

The company is controlled by BD Owen, and his wife, Mrs JV Owen, both directors of the company. Control is by virtue of a controlling interest of 52% of the issued ordinary share capital.

Page 6