Orwin & Algeo Management Solutions Limited - Period Ending 2017-04-30

Orwin & Algeo Management Solutions Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 April 2017

Registration number: 06233676

Orwin & Algeo Management Solutions Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 7

Orwin & Algeo Management Solutions Limited

Company Information

Directors

P R Orwin A H Algeo

Company secretary

A H Algeo

Registered office

8 Trewinnard Grove Truro Cornwall TR1 3RQ

Bankers

Lloyds TSB Boscawen Street Truro Cornwall

Accountants

Francis Clark LLP Chartered Accountants Lowin House Tregolls Road Truro Cornwall TR1 2NA

Page 1

Orwin & Algeo Management Solutions Limited

Balance Sheet

30 April 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	19,513	20,882
Current assets
Debtors	5	36,786	35,854
Cash at bank and in hand		155,281	71,907
		192,067	107,761
Creditors: Amounts falling due within one year	6	(73,966)	(45,476)
Net current assets		118,101	62,285
Net assets		137,614	83,167
Capital and reserves
Called up share capital		100	100
Profit and loss account		137,514	83,067
Total equity		137,614	83,167

The notes on pages 4 to 7 form an integral part of these financial statements.

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Orwin & Algeo Management Solutions Limited

Balance Sheet

30 April 2017

For the financial year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 6 September 2017 and signed on its behalf by:
 

.........................................

P R Orwin

Director

Company Registration Number: 06233676

The notes on pages 4 to 7 form an integral part of these financial statements.

Page 3

Orwin & Algeo Management Solutions Limited

Notes to the Financial Statements

Year Ended 30 April 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
8 Trewinnard Grove
Truro
Cornwall
TR1 3RQ

These financial statements were authorised for issue by the Board on 6 September 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 May 2015. There is no material impact on the reported financial position and financial performance.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Property improvements	Straight line over 50 years
Fixtures and fittings	25% reducing balance
Motor vehicles	25% reducing balance

Financial instruments

Page 4

Orwin & Algeo Management Solutions Limited

Notes to the Financial Statements

Year Ended 30 April 2017

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.




 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2016 - 2).

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Orwin & Algeo Management Solutions Limited

Notes to the Financial Statements

Year Ended 30 April 2017

4	Tangible assets

	Land and buildings £	Fixtures and fittings  £	Motor vehicles  £	Total £
Cost or valuation
At 1 May 2016	13,526	6,945	13,500	33,971
Additions	-	1,532	-	1,532
At 30 April 2017	13,526	8,477	13,500	35,503
Depreciation
At 1 May 2016	1,624	5,559	5,906	13,089
Charge for the year	271	731	1,899	2,901
At 30 April 2017	1,895	6,290	7,805	15,990
Carrying amount
At 30 April 2017	11,631	2,187	5,695	19,513
At 30 April 2016	11,902	1,386	7,594	20,882

5

Debtors

	2017  £	2016  £
Trade debtors	36,786	35,854
	36,786	35,854

6

Creditors

	2017  £	2016  £
Due within one year
Social security and other taxes	19,257	5,385
Other creditors	1,856	1,815
Accrued expenses	1,852	2,095
Corporation tax	51,001	36,181
	73,966	45,476

Page 6

Orwin & Algeo Management Solutions Limited

Notes to the Financial Statements

Year Ended 30 April 2017

7	Related party transactions

Key management personnel

Mrs A H Algeo & Mr P R Orwin - Directors and shareholders in the company

Summary of transactions with key management

During the current and previous year a loan account existed between the company and Mrs A H Algeo and Mr P R Orwin. No interest was paid on this loan and the loan is repayable on demand. At the balance sheet date the amount due to Mrs A H Algeo and Mr P R Orwin was £1,856 (2016: £1,815)
 

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