Owen Developments (UK) Limited - Period Ending 2015-12-31

Registration number: 04980426

Owen Developments (UK) Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2015
 

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 5

Owen Developments (UK) Limited - Registration number: 04980426
Balance Sheet as at 31 December 2015

		Note			2015						2014
	£			£			£			£
Fixed assets
Intangible fixed assets								169,294						225,726
Tangible fixed assets		2						117,403						117,600
Investments								100,000						31,354
								386,697						374,680
Current assets
Stocks					210,026						214,404
Debtors					86,231						123,677
Cash at bank and in hand					95,964						159,304
					392,221						497,385
Creditors: Amounts falling due within one year					(167,171)						(134,145)
Net current assets								225,050						363,240
Total assets less current liabilities								611,747						737,920
Creditors: Amounts falling due after more than one year								(265,500)						(328,500)
Net assets								346,247						409,420
Capital and reserves
Called up share capital		3			1,000						1,000
Profit and loss account					345,247						408,420
Shareholders' funds								346,247						409,420

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

Owen Developments (UK) Limited - Registration number: 04980426
Balance Sheet as at 31 December 2015
......... continued

For the year ending 31 December 2015 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 12 September 2016 and signed on its behalf by:

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

The notes on pages 3 to 5 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 2015
......... 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).

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	20% 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	Over lease term to December 2020
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 2015
......... 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 2015		550,000			344,560			31,454			926,014
Additions		-			25,576			68,646			94,222
Disposals		-			(13,250)			-			(13,250)
At 31 December 2015		550,000			356,886			100,100			1,006,986
Depreciation
At 1 January 2015		324,274			226,960			100			551,334
Charge for the year		56,432			23,086			-			79,518
Eliminated on disposals		-			(10,563)			-			(10,563)
At 31 December 2015		380,706			239,483			100			620,289
Net book value
At 31 December 2015		169,294			117,403			100,000			386,697
At 31 December 2014		225,726			117,600			31,354			374,680

Page 4

Owen Developments (UK) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... 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	Country of incorporation	Holding	Proportion of voting rights and shares held	Principal activity
Subsidiary undertakings
Unichip Europe Limited	UK	Ordinary shares	100%	Distribution- dormant

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		1,000			1,000			1,000			1,000

Redeemable preference shares

Redeemable Preference Shares of £265,500 included in Other Creditors falling due after more than one year are redeemable at the option of the company . They are redeemable at £1 per share and carry no voting rights .

4

Control

The company is controlled by the directors.

Page 5