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

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


2falsefalsefalsefalsefalsefalsefalsefalsefalsetruefalsefalsefalsefalsefalsefalseNo description of principal activity2019-01-01Sage Accounts Production Advanced 2020 - FRS102_2019100100100xbrli:purexbrli:sharesiso4217:GBP091567212019-01-012019-12-31091567212019-12-31091567212018-12-31091567212018-01-012018-12-31091567212018-12-3109156721bus:Director12019-01-012019-12-3109156721core:PlantMachinery2018-12-3109156721core:LandBuildings2019-12-3109156721core:PlantMachinery2019-12-3109156721core:WithinOneYear2019-12-3109156721core:WithinOneYear2018-12-3109156721core:ShareCapital2019-12-3109156721core:ShareCapital2018-12-3109156721core:RevaluationReserve2019-12-3109156721core:RetainedEarningsAccumulatedLosses2019-12-3109156721core:RetainedEarningsAccumulatedLosses2018-12-3109156721core:PlantMachinery2019-01-012019-12-3109156721core:CostValuationcore:Non-currentFinancialInstruments2019-12-3109156721core:Non-currentFinancialInstruments2019-12-3109156721core:Non-currentFinancialInstruments2018-12-3109156721core:AfterOneYear2019-12-3109156721core:AfterOneYear2018-12-3109156721core:LandBuildings2018-12-3109156721core:PlantMachinery2018-12-3109156721bus:SmallEntities2019-01-012019-12-3109156721bus:AuditExemptWithAccountantsReport2019-01-012019-12-3109156721bus:FullAccounts2019-01-012019-12-3109156721bus:SmallCompaniesRegimeForAccounts2019-01-012019-12-3109156721bus:PrivateLimitedCompanyLtd2019-01-012019-12-3109156721core:KeyManagementIndividualGroup12019-01-012019-12-3109156721core:KeyManagementIndividualGroup12019-12-31
COMPANY REGISTRATION NUMBER: 09156721
Ozziefields Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2019
Ozziefields Limited
Financial Statements
Year ended 31 December 2019
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Ozziefields Limited
Statement of Financial Position
31 December 2019
2019
2018
Note
£
£
£
£
Fixed assets
Tangible assets
5
586,763
588,751
Investments
6
100
100
----------
----------
586,863
588,851
Current assets
Stocks
3,358,989
3,362,426
Debtors
7
1,047,799
465,058
Cash at bank and in hand
1,020,438
1,327,004
-------------
-------------
5,427,226
5,154,488
Creditors: amounts falling due within one year
8
261,400
259,628
-------------
-------------
Net current assets
5,165,826
4,894,860
-------------
-------------
Total assets less current liabilities
5,752,689
5,483,711
Provisions
Taxation including deferred tax
14,266
1,889
-------------
-------------
Net assets
5,738,423
5,481,822
-------------
-------------
Capital and reserves
Called up share capital
3,887,023
3,887,023
Fair value adjustments Reserve (non distributable)
44,878
Profit and loss account
1,806,522
1,594,799
-------------
-------------
Shareholders funds
5,738,423
5,481,822
-------------
-------------
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 Section 1A of 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 comprehensive income has not been delivered.
For the year ending 31 December 2019 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 2019
These financial statements were approved by the board of directors and authorised for issue on 22 September 2020 , 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 2019
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.
(c) Current & deferred 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 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. Current asset Property Development loans are measured at fair value with changes in fair value being recognised in profit or loss.
(g) 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.
(h) 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.
(i) 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 2 (2018: 1 ).
5. Tangible assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 January 2019 and 31 December 2019
578,810
15,532
594,342
----------
--------
----------
Depreciation
At 1 January 2019
5,591
5,591
Charge for the year
1,988
1,988
----------
--------
----------
At 31 December 2019
7,579
7,579
----------
--------
----------
Carrying amount
At 31 December 2019
578,810
7,953
586,763
----------
--------
----------
At 31 December 2018
578,810
9,941
588,751
----------
--------
----------
6. Investments
Other investments other than loans
£
Cost
At 1 January 2019 and 31 December 2019
100
----
Impairment
At 1 January 2019 and 31 December 2019
----
Carrying amount
At 31 December 2019
100
----
At 31 December 2018
100
----
7. Debtors
2019
2018
£
£
Trade debtors
3,020
1,074
Other debtors
1,044,779
463,984
-------------
----------
1,047,799
465,058
-------------
----------
The debtors above include the following amounts falling due after more than one year:
2019
2018
£
£
Other debtors
999,779
463,984
----------
----------
8. Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
80,000
68,254
Corporation tax
38,033
43,682
Social security and other taxes
5,008
10,953
Directors loan account
138,359
136,739
----------
----------
261,400
259,628
----------
----------
9. 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 2019 was £ 138,359 (2018 £136,739). This loan was interest free.