Otmoor Publishing Limited - Filleted accounts

OTMOOR PUBLISHING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2016

Company Registration Number: 08812117

OTMOOR PUBLISHING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
CONTENTS									PAGES
Company information									1
Balance sheet									2 to 3
Notes to the financial statements									4 to 8

OTMOOR PUBLISHING LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2016
DIRECTORS
Ms G M Nineham
Mr S Bonner
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
Village Farm
Black Bull Lane
Fencott
Kidlington
Oxfordshire
OX5 2RD
COMPANY REGISTRATION NUMBER
08812117 England and Wales

OTMOOR PUBLISHING LIMITED
BALANCE SHEET
AS AT 31 December 2016
			Notes		2016				2015
					£				£
FIXED ASSETS
Tangible assets			6				11,589				344
CURRENT ASSETS
Debtors			7		5,295				18,718
Cash at bank and in hand					5,963				10,558
					11,258				29,276
CREDITORS: Amounts falling due			8		19,966				14,547
within one year
NET CURRENT (LIABILITIES) / ASSETS							(8,708)				14,729
TOTAL ASSETS LESS CURRENT LIABILITIES							2,881				15,073
Provisions for liabilities and charges							2,318				-
NET ASSETS							563				15,073
CAPITAL AND RESERVES
Called up share capital							2				2
Distributable profit and loss account							561				15,071
SHAREHOLDERS' FUNDS							563				15,073
These accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board of directors
Ms G M Nineham						Mr S Bonner
Director						Director
Date approved by the board: 11 September 2017

OTMOOR PUBLISHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
1	GENERAL INFORMATION
	Otmoor Publishing Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
	Village Farm
	Black Bull Lane
	Fencott
	Kidlington
	Oxfordshire
	OX5 2RD
	The financial statements are presented in Sterling, which is the functional currency of the company.
2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of preparation of financial statements
	These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
	Revenue recognition
	Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of publishing services as soon as there is a right to consideration and is determined by reference to the value of the work performed.

The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.

2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Tangible fixed assets

	Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

	Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
	Office equipment					Reducing balance basis at 20% per annum
	Computer equipment					Reducing balance basis at 20% per annum
	Motor vehicles					Reducing balance basis at 33.33% per annum
	On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
	Financial Instruments
	The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
	Financial assets are measued at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

The impairment loss for financial assets measured at cost is measured as the difference between as asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

	Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
	Impairment of non-financial assets

	At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.
	If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

2	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
	Debtors

	Short term debtors are measured at transaction price, less any impairment.

	Creditors
	Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
	Taxation
	Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other taxable profits.
	Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

	Current and deferred tax assets and liabilities are not discounted.
3	TRANSITION TO FRS 102
	This is the first year in which the financial statements have been prepared under FRS 102. Note 10 gives an explanation of the effects of the transition.
4	CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
	No significant accounting estimates and judgements have had to be made by the directors in preparing these financial statements.
5	EMPLOYEES
	The average number of persons employed by the company (including directors) during the year was:
									2016		2015
	Average number of employees								2		2
6	TANGIBLE ASSETS
					Office equipment		Computer equipment		Motor vehicles		Total
					£		£		£		£
	Cost
	At 1 January 2016				99		331		-		430
	Additions				200		79		12,443		12,722
	At 31 December 2016				299		410		12,443		13,152
	Accumulated depreciation
	At 1 January 2016				20		66		-		86
	Charge for year				37		58		1,382		1,477
	At 31 December 2016				57		124		1,382		1,563
	Net book value
	At 1 January 2016				79		265		-		344
	At 31 December 2016				242		286		11,061		11,589
7	DEBTORS
									2016		2015
									£		£
	Trade debtors								5,295		18,718
8	CREDITORS: Amounts falling due within one year
									2016		2015
									£		£
	Corporation tax								1,707		3,985
	Accruals and deferred income								1,850		9,189
	Other creditors								16,409		1,373
									19,966		14,547

	Included in other creditors are advances from the directors (Note 9) of £16,409 (2015 = £1,373). These advances are interest free and have no fixed date of repayment.

9	RELATED PARTY TRANSACTIONS
	The maximum amount due to the company from the directors during the year were as follows:
									2016		2015
									£		£
	Ms G M Nineham and Mr S Bonner								15,302		-
	The directors made an advance to the company during the year. The following amount was due to the directors at the year end:
									2016		2015
									£		£
	Ms G M Nineham and Mr S Bonner								16,409		1,373
	During the year, the following transactions with related parties took place:
	Ms G M Nineham
	Director and shareholder								2016		2015
									£		£
	Dividends Paid								14,500		-
	Mr S Bonner
	Director and shareholder								2016		2015
									£		£
	Dividends Paid								14,500		-
10	RECONCILIATIONS ON ADOPTION OF FRS 102
	These financial statements for the year ended 31 December 2016 are the first financial statements that comply with FRS 102. The date of transition to FRS 102 is 1 January 2015.
	Profit and loss for the year ended 31 December 2015										£
	Profit for the year under former UK GAAP										17,937
	Profit for the year under FRS 102										17,937
	Balance sheet at 31 December 2015										£
	Equity under former UK GAAP										15,073
	Equity under FRS 102										15,073
	Balance sheet at 1 January 2015										£
	Equity under former UK GAAP										(2,864)
	Equity under FRS 102										(2,864)