Onandon Limited - Filleted accounts

Onandon Limited - Filleted accounts


Registered number
04181859
Onandon Limited
Filleted Accounts
30 April 2017
Onandon Limited
Registered number: 04181859
Balance Sheet
as at 30 April 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 3 10,008 11,887
Current assets
Stocks 340,843 350,595
Debtors 4 33,268 20,784
Cash at bank and in hand 147,231 174,837
521,342 546,216
Creditors: amounts falling due within one year 5 (76,164) (115,654)
Net current assets 445,178 430,562
Net assets 455,186 442,449
Capital and reserves
Called up share capital 4 4
Profit and loss account 455,182 442,445
Shareholders' funds 455,186 442,449
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C Wheeler
Director
Approved by the board on 11 January 2018
Onandon Limited
Notes to the Accounts
for the year ended 30 April 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold property over 15 years
Fixtures, fittings, tools and equipment 25% on reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2017 2016
Number Number
Average number of persons employed by the company 19 18
3 Tangible fixed assets
Leasehold property Plant and machinery etc Total
£ £ £
Cost
At 1 May 2016 7,870 137,947 145,817
Additions - 1,283 1,283
At 30 April 2017 7,870 139,230 147,100
Depreciation
At 1 May 2016 5,250 128,680 133,930
Charge for the year 525 2,637 3,162
At 30 April 2017 5,775 131,317 137,092
Net book value
At 30 April 2017 2,095 7,913 10,008
At 30 April 2016 2,620 9,267 11,887
4 Debtors 2017 2016
£ £
Trade debtors 18,493 7,376
Other debtors 14,775 13,408
33,268 20,784
5 Creditors: amounts falling due within one year 2017 2016
£ £
Trade creditors 27,618 53,302
Taxation and social security costs 19,042 36,184
Other creditors 29,504 26,168
76,164 115,654
6 Other financial commitments 2017 2016
£ £
Total future minimum payments under non-cancellable operating leases 180,000 225,000
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
D Porter 6,000 (5,058) 942
- 6,000 (5,058) 942
8 Other information
Onandon Limited is a private company limited by shares and incorporated in England. Its registered office is:
33 Park Street
Bristol
BS1 5NH
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