One Way Circuits Limited - Accounts to registrar (filleted) - small 18.1
One Way Circuits Limited - Accounts to registrar (filleted) - small 18.1
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 December 2017 |
| for |
| One Way Circuits Limited |
| One Way Circuits Limited (Registered number: 02438188) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Report of the Accountants | 8 |
| One Way Circuits Limited |
| Company Information |
| for the Year Ended 31 December 2017 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 4 Acorn Court |
| Bridge Industrial Estate |
| Wymondham |
| Norfolk |
| NR18 9AL |
| One Way Circuits Limited (Registered number: 02438188) |
| Balance Sheet |
| 31 December 2017 |
| 31.12.17 | 31.12.16 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 | ( |
) |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
| PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
| NET (LIABILITIES)/ASSETS | ( |
) |
| One Way Circuits Limited (Registered number: 02438188) |
| Balance Sheet - continued |
| 31 December 2017 |
| 31.12.17 | 31.12.16 |
| Notes | £ | £ | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Capital redemption reserve |
| Retained earnings | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on were signed on its behalf by: |
| One Way Circuits Limited (Registered number: 02438188) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2017 |
| 1. | STATUTORY INFORMATION |
| One Way Circuits Limited is a |
| Wales. The company's registered number and registered office address can be found on the |
| Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding |
| discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit |
| arising from changes in fair value is recognised in profit or loss. |
| Stocks |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after |
| making due allowance for obsolete and slow moving items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and |
| handling costs in bringing stocks to their present location and condition. |
| Work in progress is valued on the basis of direct cost plus attributable overheads based on |
| normal level of activity. Provision is made for any forseeab;e losses where appropriate. An |
| element of profit is included in the valuation of work in progress. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income |
| Statement, except to the extent that it relates to items recognised in other comprehensive |
| income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that |
| have been enacted or substantively enacted by the balance sheet date. |
| One Way Circuits Limited (Registered number: 02438188) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not |
| reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in |
| periods different from those in which they are recognised in financial statements. Deferred |
| tax is measured using tax rates and laws that have been enacted or substantively enacted |
| by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it |
| is probable that they will be recovered against the reversal of deferred tax liabilities or other |
| future taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of |
| exchange ruling at the balance sheet date. Transactions in foreign currencies are translated |
| into sterling at the rate of exchange ruling at the date of transaction. Exchange differences |
| are taken into account in arriving at the operating result. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the |
| company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2017 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2017 |
| DEPRECIATION |
| At 1 January 2017 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2017 |
| NET BOOK VALUE |
| At 31 December 2017 |
| At 31 December 2016 |
| One Way Circuits Limited (Registered number: 02438188) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2017 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| Disposals | ( |
) |
| At 31 December 2017 | ( |
) |
| NET BOOK VALUE |
| At 31 December 2017 | ( |
) |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.17 | 31.12.16 |
| £ | £ |
| Trade debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.17 | 31.12.16 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.12.17 | 31.12.16 |
| £ | £ |
| Other creditors |
| 9. | PROVISIONS FOR LIABILITIES |
| 31.12.17 | 31.12.16 |
| £ | £ |
| Deferred tax | 63,948 | 66,785 |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2017 |
| Provided during year | ( |
) |
| Balance at 31 December 2017 |
| One Way Circuits Limited (Registered number: 02438188) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2017 |
| 10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| At 31st December 2017 the company owed £249,652 to Mr M F Urry (2016 £440,361). The |
| loan is unsecured, interest free and repayable on demand. |
| 11. | RELATED PARTY DISCLOSURES |
| During the year the company paid rent of £7,800 (2016 £9,368) to One Way Circuits Limited |
| Executive Pension Scheme of which Mr M F Urry is a beneficiary. |
| During the year Sales of £94,214 (2016 £138,395) were made to One Way Holdings Limited |
| (OWHL). |
| 12. | ULTIMATE CONTROLLING PARTY |
| The controlling party is M F Urry. |
| The company is under the control of Mr M F Urry. |
| One Way Circuits Limited |
| Report of the Accountants to the Directors of |
| One Way Circuits Limited |
| The following reproduces the text of the report prepared for the directors in respect of the |
| company's annual unaudited financial statements. In accordance with the Companies Act |
| 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the |
| Income Statement and certain other primary statements and the Report of the Directors are |
| not required to be filed with the Registrar of Companies. |
| As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 December 2017 set out on pages four to eight and you consider that the company is exempt from an audit. |
| In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
| 4 Acorn Court |
| Bridge Industrial Estate |
| Wymondham |
| Norfolk |
| NR18 9AL |
| Date: ............................................. |