Oi Polloi (London) Limited 31/05/2018 iXBRL

Oi Polloi (London) Limited 31/05/2018 iXBRL

OI - POLLOI (LONDON) LIMITED - Company Information

Print Friendly Version

31/05/2018 2018-05-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2017-06-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 09060258 2017-06-01 2018-05-31 09060258 2018-05-31 09060258 2017-05-31 09060258 2016-06-01 2017-05-31 09060258 2017-05-31 09060258 core:FurnitureFittingsToolsEquipment 2017-06-01 2018-05-31 09060258 bus:Director1 2017-06-01 2018-05-31 09060258 core:FurnitureFittingsToolsEquipment 2017-05-31 09060258 core:FurnitureFittingsToolsEquipment 2018-05-31 09060258 core:WithinOneYear 2018-05-31 09060258 core:WithinOneYear 2017-05-31 09060258 core:AfterOneYear 2017-05-31 09060258 core:ShareCapital 2018-05-31 09060258 core:ShareCapital 2017-05-31 09060258 core:RetainedEarningsAccumulatedLosses 2018-05-31 09060258 core:RetainedEarningsAccumulatedLosses 2017-05-31 09060258 core:FurnitureFittingsToolsEquipment 2017-05-31 09060258 bus:SmallEntities 2017-06-01 2018-05-31 09060258 bus:AuditExempt-NoAccountantsReport 2017-06-01 2018-05-31 09060258 bus:FullAccounts 2017-06-01 2018-05-31 09060258 bus:SmallCompaniesRegimeForAccounts 2017-06-01 2018-05-31 09060258 bus:PrivateLimitedCompanyLtd 2017-06-01 2018-05-31
Company registration number: 09060258
Oi Polloi (London) Limited
Unaudited filleted financial statements
31 May 2018
Oi Polloi (London) Limited
Contents
Statement of financial position
Notes to the financial statements
Oi Polloi (London) Limited
Statement of financial position
31 May 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 27,661 35,830
_______ _______
27,661 35,830
Current assets
Stocks 166,400 115,996
Debtors 6 68,022 47,286
Cash at bank and in hand - 1,429
_______ _______
234,422 164,711
Creditors: amounts falling due
within one year 7 ( 486,399) ( 344,662)
_______ _______
Net current liabilities ( 251,977) ( 179,951)
_______ _______
Total assets less current liabilities ( 224,316) ( 144,121)
Creditors: amounts falling due
after more than one year 8 - ( 29,336)
_______ _______
Net liabilities ( 224,316) ( 173,457)
_______ _______
Capital and reserves
Called up share capital 20 20
Profit and loss account ( 224,336) ( 173,477)
_______ _______
Shareholders deficit ( 224,316) ( 173,457)
_______ _______
For the year ending 31 May 2018 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.
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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 05 February 2019 , and are signed on behalf of the board by:
Mr Stephen Sanderson
Director
Company registration number: 09060258
Oi Polloi (London) Limited
Notes to the financial statements
Year ended 31 May 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 79 Tib Street, Manchester, M4 1LS.
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 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.
Going concern
At the balance sheet date the liabilities of the company exceeded its assets by £224,316. The accounts have been prepared on the going concern basis on the assumption that the ongoing support of the directors and the creditors will continue for the forseeable future.
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling within the company's ordinary activities.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs 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 6 (2017: 6 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 June 2017 58,927 58,927
Additions 450 450
Disposals ( 786) ( 786)
_______ _______
At 31 May 2018 58,591 58,591
_______ _______
Depreciation
At 1 June 2017 23,097 23,097
Charge for the year 7,833 7,833
_______ _______
At 31 May 2018 30,930 30,930
_______ _______
Carrying amount
At 31 May 2018 27,661 27,661
_______ _______
At 31 May 2017 35,830 35,830
_______ _______
6. Debtors
2018 2017
£ £
Trade debtors 4,288 3,917
Other debtors 63,734 43,369
_______ _______
68,022 47,286
_______ _______
7. Creditors: amounts falling due within one year
2018 2017
£ £
Bank loans and overdrafts 158,941 160,093
Trade creditors 90,319 2,262
Social security and other taxes 17,291 15,225
Other creditors 219,848 167,082
_______ _______
486,399 344,662
_______ _______
The bank overdraft and loan are personally guaranteed by the directors Stephen Sanderson and Nigel Lawson. The bank overdraft and loan are also guaranteed by connected company Oi Polloi Limited. The bank loan and overdraft are also secured by a fixed and floating charge.
8. Creditors: amounts falling due after more than one year
2018 2017
£ £
Bank loans and overdrafts - 29,336
_______ _______
The bank overdraft and Loan are personally guaranteed by the directors Stephen Sanderson and Nigel Lawson. The bank overdraft and Loan are also guaranteed by connected company Oi Polloi Limited. The bank loan and overdraft are also secured by a fixed and floating charge.