ACCOUNTS - Final Accounts

OWEN EPSTEIN LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-01-312017-01-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2016-02-01 07929850 2016-02-01 2017-01-31 07929850 2015-02-01 2016-01-31 07929850 2017-01-31 07929850 2016-01-31 07929850 c:Director1 2016-02-01 2017-01-31 07929850 d:MotorVehicles 2016-02-01 2017-01-31 07929850 d:MotorVehicles 2017-01-31 07929850 d:MotorVehicles 2016-01-31 07929850 d:MotorVehicles d:OwnedOrFreeholdAssets 2016-02-01 2017-01-31 07929850 d:OfficeEquipment 2016-02-01 2017-01-31 07929850 d:OfficeEquipment 2017-01-31 07929850 d:OfficeEquipment 2016-01-31 07929850 d:OfficeEquipment d:OwnedOrFreeholdAssets 2016-02-01 2017-01-31 07929850 d:ComputerEquipment 2016-02-01 2017-01-31 07929850 d:ComputerEquipment 2017-01-31 07929850 d:ComputerEquipment 2016-01-31 07929850 d:ComputerEquipment d:OwnedOrFreeholdAssets 2016-02-01 2017-01-31 07929850 d:OwnedOrFreeholdAssets 2016-02-01 2017-01-31 07929850 d:Goodwill 2016-02-01 2017-01-31 07929850 d:Goodwill 2017-01-31 07929850 d:Goodwill 2016-01-31 07929850 d:CurrentFinancialInstruments 2017-01-31 07929850 d:CurrentFinancialInstruments 2016-01-31 07929850 d:CurrentFinancialInstruments d:WithinOneYear 2017-01-31 07929850 d:CurrentFinancialInstruments d:WithinOneYear 2016-01-31 07929850 d:ShareCapital 2017-01-31 07929850 d:ShareCapital 2016-01-31 07929850 d:RetainedEarningsAccumulatedLosses 2017-01-31 07929850 d:RetainedEarningsAccumulatedLosses 2016-01-31 07929850 c:FRS102 2016-02-01 2017-01-31 07929850 c:AuditExemptWithAccountantsReport 2016-02-01 2017-01-31 07929850 c:FullAccounts 2016-02-01 2017-01-31 07929850 c:PrivateLimitedCompanyLtd 2016-02-01 2017-01-31 07929850 d:AcceleratedTaxDepreciationDeferredTax 2017-01-31 iso4217:GBP xbrli:pure

Registered number: 07929850

OWEN EPSTEIN LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

OWEN EPSTEIN LIMITED

CONTENTS

	Page
Accountants' report	1
Balance sheet	2 - 3
Notes to the financial statements	4 - 9

OWEN EPSTEIN LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF OWEN EPSTEIN LIMITED
FOR THE YEAR ENDED 31 JANUARY 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Owen Epstein Limited for the year ended 31 January 2017 which comprise the Balance sheet and the related notes from the Company accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the director of Owen Epstein Limited in accordance with the terms of our engagement letter dated 3 February 2012. Our work has been undertaken solely to prepare for your approval the financial statements of Owen Epstein Limited and state those matters that we have agreed to state to the director of Owen Epstein Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Owen Epstein Limited and its director for our work or for this report.

It is your duty to ensure that Owen Epstein Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit or loss of Owen Epstein Limited. You consider that Owen Epstein Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Owen Epstein Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

BAGINSKY COHEN

CHARTERED ACCOUNTANTS

930 HIGH ROAD

LONDON

N12 9RT

30 October 2017

Page 1

OWEN EPSTEIN LIMITED

REGISTERED NUMBER: 07929850

BALANCE SHEET

AS AT 31 JANUARY 2017

	2017	2017	2016	2016
Note	£	£	£	£

FIXED ASSETS
Intangible assets	4		31,000		37,000
Tangible assets	5		16,784		16,125
			47,784		53,125
CURRENT ASSETS
Debtors: amounts falling due within one year	6	2,812		8,838
Cash at bank and in hand	7	359,537		352,000
		362,349		360,838
Creditors: amounts falling due within one year	8	(113,441)		(124,706)
NET CURRENT ASSETS			248,908		236,132
TOTAL ASSETS LESS CURRENT LIABILITIES			296,692		289,257
PROVISIONS FOR LIABILITIES
Deferred tax	9	(921)		(397)
			(921)		(397)
NET ASSETS			295,771		288,860

CAPITAL AND RESERVES
Called up share capital	100	100
Profit and loss account	295,671	288,760
	295,771	288,860

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Page 2

OWEN EPSTEIN LIMITED

REGISTERED NUMBER: 07929850

BALANCE SHEET (CONTINUED)

AS AT 31 JANUARY 2017

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 October 2017.

O EPSTEIN

Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

OWEN EPSTEIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

1.ACCOUNTING POLICIES

1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 2).

The following principal accounting policies have been applied:

1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

1.3

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of comprehensive income over its useful economic life.

1.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

OWEN EPSTEIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

1.ACCOUNTING POLICIES (CONTINUED)

1.4

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles	-	25%
Office equipment	-	25%
Computer equipment	-	25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

1.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

1.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.7

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 debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

1.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.9

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 5

OWEN EPSTEIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

1.ACCOUNTING POLICIES (CONTINUED)

1.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

1.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

1.12

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

1.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 6

OWEN EPSTEIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

2.	JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Company’s accounting policies, which are described in note 1, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from those estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

EMPLOYEES

The average monthly number of employees, including directors, during the year was 1 (2016 - 1).

4.	INTANGIBLE ASSETS

		Goodwill
		£
	COST
	At 1 February 2016	60,000
	At 31 January 2017	60,000
	AMORTISATION
	At 1 February 2016	23,000
	Charge for the year	6,000
	At 31 January 2017	29,000
	NET BOOK VALUE
	At 31 January 2017	31,000
	At 31 January 2016	37,000

Page 7

OWEN EPSTEIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

5.	TANGIBLE FIXED ASSETS

	Motor vehicles	Office equipment	Computer equipment	Total
	£	£	£	£
COST OR VALUATION
At 1 February 2016	27,350	4,306	6,884	38,540
Additions	-	-	7,514	7,514
Disposals	-	-	(3,580)	(3,580)
At 31 January 2017	27,350	4,306	10,818	42,474
DEPRECIATION
At 1 February 2016	16,893	2,834	2,688	22,415
Charge owned for the period	2,614	368	2,611	5,593
Disposals	-	-	(2,316)	(2,316)
At 31 January 2017	19,507	3,202	2,983	25,692
NET BOOK VALUE
At 31 January 2017	7,843	1,104	7,835	16,782
At 31 January 2016	10,457	1,472	4,196	16,125

DEBTORS

					2017	2016
					£	£


Trade debtors	2,812	8,204
Other debtors	-	634
	2,812	8,838

7.	CASH AND CASH EQUIVALENTS
		2017	2016
		£	£

	Cash at bank and in hand	359,537	352,000

Page 8

OWEN EPSTEIN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

8.	CREDITORS: Amounts falling due within one year
		2017	2016
		£	£

Corporation tax	5,026	17,865
Other creditors	106,434	104,859
Accruals and deferred income	1,981	1,981
	113,441	124,705

9.	DEFERRED TAXATION

		2017
		£

	At beginning of year	397
	Charged to profit or loss	524
	At end of year	921

	The provision for deferred taxation is made up as follows:
					2017
					£

Accelerated capital allowances

921

Page 9