Ozziefields Limited Filleted accounts for Companies House (small and micro)

OZZIEFIELDS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09156721

Ozziefields Limited

Filleted Unaudited Financial Statements

For the year ended

31 December 2018

Ozziefields Limited

Financial Statements

Year ended 31 December 2018

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Ozziefields Limited

Statement of Financial Position

31 December 2018

	2018		2017
Note	£	£	£	£

Fixed assets

Tangible assets	5	588,751	591,236
Investments	6	100	10
		----------	----------
		588,851	591,246

Current assets

Stocks		3,362,426	3,345,717
Debtors	7	465,058	101,632
Cash at bank and in hand		1,327,004	1,524,061
		-------------	-------------
		5,154,488	4,971,410

Creditors: amounts falling due within one year	8	259,628		258,686
		-------------		-------------
Net current assets			4,894,860		4,712,724
			-------------		-------------
Total assets less current liabilities			5,483,711		5,303,970

Provisions

Taxation including deferred tax	1,889	2,361
	-------------	-------------
Net assets	5,481,822	5,301,609
	-------------	-------------

Capital and reserves

Called up share capital	3,887,023	3,887,023
Profit and loss account	1,594,799	1,414,586
	-------------	-------------
Shareholders funds	5,481,822	5,301,609
	-------------	-------------

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.

For the year ending 31 December 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 .

Ozziefields Limited

Statement of Financial Position (continued)

31 December 2018

These financial statements were approved by the board of directors and authorised for issue on 25 September 2019 , and are signed on behalf of the board by:

Mrs V Z Rose

Director

Company registration number: 09156721

Ozziefields Limited

Notes to the Financial Statements

Year ended 31 December 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 The Manor House, Fillingham, Gainsborough, Lincs, DN21 5BS.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when goods are despatched. Revenue from the sale of property is recognised when contracts are exchanged.

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 be paid or recovered 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.

(d) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

(e) 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:

	Plant and machinery	-	20% Reducing balance

(f) Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

(g) Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

(h) Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

(i) 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.

(j) 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 statement of financial position and the amount of the provision as an expense.

(k) 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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2017: 1).

5. Tangible assets

	Land and buildings	Plant and machinery	Total
	£	£	£
Cost
At 1 January 2018 and 31 December 2018	578,810	15,532	594,342
	----------	--------	----------
Depreciation
At 1 January 2018	–	3,106	3,106
Charge for the year	–	2,485	2,485
	----------	--------	----------
At 31 December 2018	–	5,591	5,591
	----------	--------	----------
Carrying amount
At 31 December 2018	578,810	9,941	588,751
	----------	--------	----------
At 31 December 2017	578,810	12,426	591,236
	----------	--------	----------

6. Investments

	Other investments other than loans
	£
Cost
At 1 January 2018	10
Additions	90
	----
At 31 December 2018	100
	----
Impairment
At 1 January 2018 and 31 December 2018	–
	----

Carrying amount
At 31 December 2018	100
	----
At 31 December 2017	10
	----

7. Debtors

	2018	2017
	£	£
Trade debtors	1,074	1,642
Other debtors	463,984	99,990
	----------	----------
	465,058	101,632
	----------	----------

The debtors above include the following amounts falling due after more than one year:

	2018	2017
	£	£
Other debtors	463,984	99,990
	----------	--------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	68,254	63,634
Corporation tax	43,682	57,358
Social security and other taxes	10,953	4,955
Directors loan account	136,739	132,739
	----------	----------
	259,628	258,686
	----------	----------

9. Loan capital commitment

At the year end date the company had a commitment to provide loan capital in connection with a major property development project. The maximum payable within 40 months of the Balance sheet date, under the terms of the agreement is £525,526.

10. Related party transactions

During the year one of the directors had a loan account with the company which was in credit throughout the year. The balance at 31 December 2018 was £ 136,739 (2017 £132,739). This loan was interest free.