Outdoor Shooting Supplies Limited Company accounts

Outdoor Shooting Supplies Limited Company accounts

OUTDOOR SHOOTING SUPPLIES LTD - Company Information

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COMPANY REGISTRATION NUMBER: 09251187
Outdoor Shooting Supplies Limited
Unaudited Financial Statements
31 October 2017
Outdoor Shooting Supplies Limited
Financial Statements
Year ended 31 October 2017
Contents
Page
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
4
Outdoor Shooting Supplies Limited
Director's Report
Year ended 31 October 2017
The director presents his report and the unaudited financial statements of the company for the year ended 31 October 2017 .
Incorporation
The Company was incorporated on 6th. October 2014 and commenced to trade from 1st. February 2015
Director
The director who served the company during the year was as follows:
Mr R Wharton
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 31 August 2018 and signed on behalf of the board by:
Mr R Wharton
Director
Company Secretary
Registered office:
10 Chester Drive
North Harrow
England
HA2 7PU
Outdoor Shooting Supplies Limited
Statement of Income and Retained Earnings
Year ended 31 October 2017
2017
2016
Note
£
£
Turnover
13,624
21,708
Cost of sales
10,737
16,585
--------
--------
Gross profit
2,887
5,123
Administrative expenses
1,295
1,245
-------
-------
Operating profit
1,592
3,878
Other interest receivable and similar income
5
2
-------
-------
Profit before taxation
1,597
3,880
Tax on profit
310
776
-------
-------
Profit for the financial year and total comprehensive income
1,287
3,104
-------
-------
Retained earnings at the start of the year
3,638
534
-------
-------
Retained earnings at the end of the year
4,925
3,638
-------
-------
All the activities of the company are from continuing operations.
Outdoor Shooting Supplies Limited
Statement of Financial Position
31 October 2017
2017
2016
Note
£
£
£
Current assets
Stocks
16,250
15,475
Cash at bank and in hand
8,300
26,831
--------
--------
24,550
42,306
Creditors: amounts falling due within one year
4
19,624
38,667
--------
--------
Net current assets
4,926
3,639
-------
-------
Total assets less current liabilities
4,926
3,639
-------
-------
Net assets
4,926
3,639
-------
-------
Capital and reserves
Called up share capital
1
1
Profit and loss account
4,925
3,638
-------
-------
Shareholders funds
4,926
3,639
-------
-------
These financial statements have been prepared 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'.
For the year ending 31 October 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 31 August 2018 , and are signed on behalf of the board by:
Mr R Wharton
Director
Company registration number: 09251187
Outdoor Shooting Supplies Limited
Notes to the Financial Statements
Year ended 31 October 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 10 Chester Drive, North Harrow, HA2 7PU, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, '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 November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 6.
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
4. Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
12,482
32,283
Corporation tax
1,093
922
Other creditors
6,049
5,462
--------
--------
19,624
38,667
--------
--------
5. Related party transactions
The company was under the control of Mr Ryan Wharton throughout the current period. Mr Wharton is the managing director and majority shareholder. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.
6. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 November 2015.
No transitional adjustments were required in equity or profit or loss for the year.