Oxera Repair Products Limited Company Accounts

Oxera Repair Products Limited Company Accounts

OXERA REPAIR PRODUCTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07381332
OXERA REPAIR PRODUCTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 September 2017
OXERA REPAIR PRODUCTS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2017
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 7
OXERA REPAIR PRODUCTS LIMITED
BALANCE SHEET
30 September 2017
2017
2016
Note
£
£
Fixed assets
Intangible assets
5
28,500
38,000
Tangible assets
6
385,141
365,708
------------
------------
413,641
403,708
Current assets
Stocks
7
180,000
100,000
Debtors
8
232,199
206,415
Cash at bank and in hand
200,239
184,848
------------
------------
612,438
491,263
Creditors: amounts falling due within one year
9
294,446
247,795
------------
------------
Net current assets
317,992
243,468
------------
------------
Total assets less current liabilities
731,633
647,176
Creditors: amounts falling due after more than one year
10
140,863
150,962
Provisions
Taxation including deferred tax
11
22,200
23,200
------------
------------
Net assets
568,570
473,014
------------
------------
Capital and reserves
Called up share capital
13
100
100
Profit and loss account
568,470
472,914
------------
------------
Members funds
568,570
473,014
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
OXERA REPAIR PRODUCTS LIMITED
BALANCE SHEET (continued)
30 September 2017
These financial statements were approved by the board of directors and authorised for issue on 5 March 2018 , and are signed on behalf of the board by:
P A Wadsworth
O J H Evans
Director
Director
Company registration number: 07381332
OXERA REPAIR PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 35 Westgate, Huddersfield, HD1 1PA, West Yorkshire.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 15.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
25% reducing balance
Computer equipment
-
33% straight line
Freehold land is not depreciated.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2016: 10 ).
5. Intangible assets
Goodwill
£
Cost
At 1 October 2016 and 30 September 2017
95,000
------------
Amortisation
At 1 October 2016
57,000
Charge for the year
9,500
------------
At 30 September 2017
66,500
------------
Carrying amount
At 30 September 2017
28,500
------------
At 30 September 2016
38,000
------------
6. Tangible assets
Freehold property
Plant and machinery
Computer equipment
Total
£
£
£
£
Cost
At 1 October 2016
253,698
181,082
9,961
444,741
Additions
30,000
26,579
1,633
58,212
------------
------------
------------
------------
At 30 September 2017
283,698
207,661
11,594
502,953
------------
------------
------------
------------
Depreciation
At 1 October 2016
7,612
63,298
8,123
79,033
Charge for the year
5,074
32,393
1,312
38,779
------------
------------
------------
------------
At 30 September 2017
12,686
95,691
9,435
117,812
------------
------------
------------
------------
Carrying amount
At 30 September 2017
271,012
111,970
2,159
385,141
------------
------------
------------
------------
At 30 September 2016
246,086
117,784
1,838
365,708
------------
------------
------------
------------
Included in freehold property is freehold land with a carrying amount of £30,000 (2016: £nil) which is not being depreciated.
7. Stocks
2017
2016
£
£
Raw materials and consumables
180,000
100,000
------------
------------
8. Debtors
2017
2016
£
£
Trade debtors
231,719
203,168
Prepayments and accrued income
480
3,247
------------
------------
232,199
206,415
------------
------------
9. Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
10,272
10,332
Trade creditors
125,200
93,064
Accruals and deferred income
8,253
4,860
Corporation tax
48,841
39,538
Social security and other taxes
58,126
43,536
Director loan accounts
42,607
56,206
Other creditors
1,147
259
------------
------------
294,446
247,795
------------
------------
The aggregate amount of secured liabilities at the year end totalled £10,272 (2016: £10,332).
10. Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
140,863
150,962
------------
------------
The aggregate amount of secured liabilities at the year end totalled £140,863 (2016: £150,962).
11. Provisions
Deferred tax (note 12)
£
At 1 October 2016
23,200
Charge against provision
( 1,000)
------------
At 30 September 2017
22,200
------------
12. Deferred tax
The deferred tax included in the balance sheet is as follows:
2017
2016
£
£
Included in provisions (note 11)
22,200
23,200
------------
------------
13. Called up share capital
Issued, called up and fully paid
2017
2016
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
------------
------------
------------
------------
14. Related party transactions
Transactions with the directors The directors' loan accounts of £42,607 (2016: £56,206) set out at note 11 above are unsecured, repayable on demand and currently interest free. Control of the company The company is controlled by the directors.
15. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.
No transitional adjustments were required in equity or profit or loss for the year.