OEG Interiors Ltd - Period Ending 2016-03-31

Registration number: 07860546

OEG Interiors Ltd

Unaudited abbreviated accounts

for the year ended 31 March 2016
 

OEG Interiors Ltd
Contents

Abbreviated balance sheet 1 to 2

Notes to the abbreviated accounts 3 to 5

OEG Interiors Ltd
(Registration number: 07860546)
Abbreviated balance sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets		2			300,000			340,000
Tangible fixed assets		2			196,364			245,323
					496,364			585,323
Current assets
Stock					140,051			187,220
Debtors					1,125,075			862,668
Cash at bank and in hand					513,698			808
					1,778,824			1,050,696
Creditors: amounts falling due within one year					(1,585,585)			(1,250,365)
Net current assets/(liabilities)					193,239			(199,669)
Total assets less current liabilities					689,603			385,654
Creditors: amounts falling due after more than one year					(221,941)			(64,746)
Provisions for liabilities					(9,325)			(8,464)
Net assets					458,337			312,444
Capital and reserves
Called up share capital		4			2			2
Profit and loss account					458,335			312,442
Shareholders' funds					458,337			312,444

The notes on pages 3 to 5 form an integral part of these abbreviated accounts.
Page 1

OEG Interiors Ltd
(Registration number: 07860546)
Abbreviated balance sheet at 31 March 2016
......... continued

For the year ending 31 March 2016 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 abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Approved by the board on 13 July 2016 and signed on its behalf by:

 Mr E H Nunn
 Director

The notes on pages 3 to 5 form an integral part of these abbreviated accounts.
Page 2

OEG Interiors Ltd
Notes to the abbreviated accounts for the year ended 31 March 2016
......... 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 January 2015).

Turnover

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

Goodwill

Positive goodwill is capitalised, classified 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:

Asset class	Amortisation method and rate
Goodwill	10% 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:

Asset class	Depreciation rate and method
Fixtures and fittings	15% reducing balance
Motor vehicles	25% reducing balance
Plant and machinery	15% reducing balance
Property improvements	10% straight line

Research and development

Research and development expenditure is written off as incurred.

Stock and work in progress

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Page 3

OEG Interiors Ltd
Notes to the abbreviated accounts for the year ended 31 March 2016
......... continued

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

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.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 4

OEG Interiors Ltd
Notes to the abbreviated accounts for the year ended 31 March 2016
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2015		400,000			315,675			715,675
Additions		-			8,784			8,784
Disposals		-			(10,090)			(10,090)
At 31 March 2016		400,000			314,369			714,369
Depreciation
At 1 April 2015		60,000			70,352			130,352
Charge for the year		40,000			53,486			93,486
Eliminated on disposals		-			(5,833)			(5,833)
At 31 March 2016		100,000			118,005			218,005
Net book value
At 31 March 2016		300,000			196,364			496,364
At 31 March 2015		340,000			245,323			585,323

3

Creditors

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

		2016 £			2015 £
Amounts falling due within one year		47,534			54,287
Amounts falling due after more than one year		21,941			64,746
Total secured creditors		69,475			119,033

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £ 1 each		2			2			2			2

Page 5