Onu Limited - Filleted accounts

Onu Limited - Filleted accounts

ONU LIMITED - Company Information

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Registered number
05114250
Onu Limited
Report and Unaudited Accounts
31 December 2016
Collins
Chartered Accountants
West Midlands
Onu Limited
Registered number: 05114250
Balance Sheet
as at 31 December 2016
Notes 2016 2015
£ £ £ £
Fixed assets
Tangible assets 2 2,052 2,565
Current assets
Stocks 174,000 159,000
Debtors 3 6,885 6,885
Cash at bank and in hand 64,657 100,534
245,542 266,419
Creditors: amounts falling due within one year 4 (178,263) (214,633)
Net current assets 67,279 51,786
Net assets 69,331 54,351
Capital and reserves
Called up share capital 1 1
Profit and loss account 69,330 54,350
Shareholder's funds 69,331 54,351
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
R Zahoor
Director
Approved by the board on 26 September 2017
Onu Limited
Notes to the Accounts
for the year ended 31 December 2016
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 (as applicable to small companies), The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover comprises revenue earned from the sale of goods, this is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Equipment 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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.
2 Tangible fixed assets
Equipment
£
Cost
At 1 January 2016 6,367
At 31 December 2016 6,367
Depreciation
At 1 January 2016 3,802
Charge for the year 513
At 31 December 2016 4,315
Net book value
At 31 December 2016 2,052
At 31 December 2015 2,565
3 Debtors 2016 2015
£ £
Prepayments and accrued income 6,885 6,885
4 Creditors: amounts falling due within one year 2016 2015
£ £
Trade creditors 104,568 127,259
Corporation tax 16,707 13,584
Other taxes and social security costs 23,545 24,310
Directors loans 2,663 3,030
Accruals and deferred income 1,500 1,450
Other creditors 29,280 45,000
178,263 214,633
5 Controlling party
The company is under the control of R Zahoor
6 Other information
Onu Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Lodge, Castle Bromwich Hall
Chester Road
Castle Bromwich
West Midlands
B36 9DE
Onu Limited 05114250 false 2016-01-01 2016-12-31 2016-12-31 VT Final Accounts November 2016, release 3 R Zahoor No description of principal activity 05114250 core:WithinOneYear 2015-12-31 05114250 core:ShareCapital 2015-12-31 05114250 core:RetainedEarningsAccumulatedLosses 2015-12-31 05114250 2016-01-01 2016-12-31 05114250 bus:PrivateLimitedCompanyLtd 2016-01-01 2016-12-31 05114250 bus:AuditExemptWithAccountantsReport 2016-01-01 2016-12-31 05114250 bus:Director40 2016-01-01 2016-12-31 05114250 1 2016-01-01 2016-12-31 05114250 2 2016-01-01 2016-12-31 05114250 core:FurnitureFittingsToolsEquipment 2016-01-01 2016-12-31 05114250 countries:England 2016-01-01 2016-12-31 05114250 bus:FRS102 2016-01-01 2016-12-31 05114250 bus:FullAccounts 2016-01-01 2016-12-31 05114250 2016-12-31 05114250 core:WithinOneYear 2016-12-31 05114250 core:ShareCapital 2016-12-31 05114250 core:RetainedEarningsAccumulatedLosses 2016-12-31 05114250 core:FurnitureFittingsToolsEquipment 2016-12-31 05114250 2015-12-31 05114250 core:FurnitureFittingsToolsEquipment 2015-12-31 iso4217:GBP