OSBORNE_OF_ILKESTON_LTD - Accounts

OSBORNE OF ILKESTON LTD - Company Information

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Company Registration No. 04110194 (England and Wales)

OSBORNE OF ILKESTON LTD

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2016

OSBORNE OF ILKESTON LTD

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

OSBORNE OF ILKESTON LTD

ABBREVIATED BALANCE SHEET

AS AT

31 OCTOBER 2016

- 1 -

2016

2015

Notes

Fixed assets

Intangible assets

71,875

84,375

Tangible assets

82,367

273,179

154,242

357,554

Current assets

Stocks

21,598

31,218

Debtors

67,637

115,798

Cash at bank and in hand

452,893

120,603

542,128

267,619

Creditors: amounts falling due within one year

(345,028)

(352,457)

Net current assets/(liabilities)

197,100

(84,838)

Total assets less current liabilities

351,342

272,716

Creditors: amounts falling due after more than one year

(42,349)

(50,676)

308,993

222,040

Capital and reserves

Called up share capital

1,000

Profit and loss account

307,993

221,040

Shareholders' funds

308,993

222,040

OSBORNE OF ILKESTON LTD

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 OCTOBER 2016

- 2 -

For the financial year ended 31 October 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 26 July 2017

P A Osborne

Director

Company Registration No. 04110194

OSBORNE OF ILKESTON LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 OCTOBER 2016

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

1.5

Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Freehold

Not depreciated

Plant and machinery

20% reducing balance

Fixtures, fittings & equipment

15-20% reducing balance

Motor vehicles

25% reducing balance

Freehold property represents land and buildings bought for development for the company's own purpose, but in respect of which no additional development work has been undertaken to date. Depreciation is not provided in respect of freehold property. This policy represents a departure from statutory accounting policies, which require depreciation to be provided on all fixed assets. The director considers that this policy is necessary in order that the financial statements give a true and fair view.

1.6

Leasing and hire purchase commitments

Assets obtained 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.

1.7

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

OSBORNE OF ILKESTON LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 OCTOBER 2016

- 4 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 November 2015

250,000

695,253

945,253

Disposals

(165,656)

At 31 October 2016

250,000

529,597

779,597

Depreciation

At 1 November 2015

165,625

422,074

587,699

Charge for the year

12,500

25,156

37,656

At 31 October 2016

178,125

447,230

625,355

Net book value

At 31 October 2016

71,875

82,367

154,242

At 31 October 2015

84,375

273,179

357,554

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £8,327 (2015 - £8,327).

Share capital

2016

2015

Allotted, called up and fully paid

500 Ordinary A shares of £1 each

500

499 Ordinary B shares of £1 each

499

1 Ordinary C shares of £1 each

1,000

Ordinary B shares are not entitled to participation in any return of capital and Ordinary C shares are not entitled to a dividend or participation in return of capital.