OXBY_HEATING_LIMITED - Accounts


Company Registration No. 07628645 (England and Wales)
OXBY HEATING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
PAGES FOR FILING WITH REGISTRAR
OXBY HEATING LIMITED
COMPANY INFORMATION
Director
Mr N Oxby
Company number
07628645
Registered office
149 The Park
Market Bosworth
Nuneaton
CV13 0LP
Accountants
Baldwins (Ashby) Limited
Elsmore House
14A The Green
Ashby de la Zouch
Leicestershire
LE65 1JU
Business address
149 The Park
Market Bosworth
Nuneaton
CV13 0LP
OXBY HEATING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
OXBY HEATING LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2017
31 August 2017
- 1 -
2017
2016
Notes
£
£
£
£
Current assets
Cash at bank and in hand
3,144
3,410
Creditors: amounts falling due within one year
3
(228)
(205)
Net current assets
2,916
3,205
Capital and reserves
Called up share capital
4
1,000
1,000
Profit and loss reserves
5
1,916
2,205
Total equity
2,916
3,205

The director of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and signed by the director and authorised for issue on 1 May 2018
Mr N Oxby
Director
Company Registration No. 07628645
OXBY HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2017
- 2 -
1
Accounting policies
Company information

Oxby Heating Limited is a private company limited by shares incorporated in England and Wales. The registered office is 149 The Park, Market Bosworth, Nuneaton, CV13 0LP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.3
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

OXBY HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
1
Accounting policies
(Continued)
- 3 -
1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Taxation

The company has losses of £811 (2016: £522) available to carry forward against future trading profits.

OXBY HEATING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2017
- 4 -
3
Creditors: amounts falling due within one year
2017
2016
£
£
Other creditors
228
205
4
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1,000Ordinary shares of £1 each
1,000
1,000
1,000
1,000
5
Profit and loss reserves
2017
2016
£
£
At the beginning of the year
2,205
2,469
Loss for the year
(289)
(264)
At the end of the year
1,916
2,205
6
Parent company

The controlling party is Mr N Oxby by virtue of his shareholding.

7
Directors' transactions

Included in other creditors is an amount £13 (2016: £nil) due to the director Mr N Oxby, this amount is interest free and repayable on demand.

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