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COMPANY REGISTRATION NUMBER: 09108522
WHITE ONYX LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2021
WHITE ONYX LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2021
2021
2020
Note
£
£
£
Fixed assets
Tangible assets
5
39,821
Investments
6
2
89
----
---------
2
39,910
Current assets
Debtors
7
5,669
4,083
Cash at bank and in hand
17,172
12,256
---------
---------
22,841
16,339
Creditors: amounts falling due within one year
8
77,737
113,255
---------
----------
Net current liabilities
54,896
96,916
---------
---------
Total assets less current liabilities
( 54,894)
( 57,006)
Creditors: amounts falling due after more than one year
9
14,000
18,000
Provisions
Taxation including deferred tax
513
683
---------
---------
Net liabilities
( 69,407)
( 75,689)
---------
---------
WHITE ONYX LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2021
2021
2020
Note
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 69,507)
( 75,789)
---------
---------
Shareholders deficit
( 69,407)
( 75,689)
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 December 2021 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 were approved by the board of directors and authorised for issue on 27 July 2022 , and are signed on behalf of the board by:
Mr S G E Barrey
Director
Company registration number: 09108522
WHITE ONYX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2021
1. General information
The company changed its name to White Oynx Limited on 8th June 2020.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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
No material uncertainties, that may cast significant doubt about the ability of the company to continue as a going concern, have been identified by the directors.
The directors consider that the uncertainty caused in the catering industry as a result of Coronavirus and the restrictions put in place by the government should not materially affect the company's ability to continue as a going concern.
The company may take advantage of the support packages offered by the government, as appropriate and will continue to review and monitor costs as the situation develops.
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.
Income 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 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 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Leasehold property
-
25 years straight line
Plant and machinery
-
25% reducing balance
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.
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.
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.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are recognised at amortised cost, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).
5. Tangible assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost
At 1 January 2021
45,280
21,181
66,461
Disposals
( 45,280)
( 21,181)
( 66,461)
---------
---------
---------
At 31 December 2021
---------
---------
---------
Depreciation
At 1 January 2021
9,056
17,584
26,640
Charge for the year
2,264
899
3,163
Disposals
( 11,320)
( 18,483)
( 29,803)
---------
---------
---------
At 31 December 2021
---------
---------
---------
Carrying amount
At 31 December 2021
---------
---------
---------
At 31 December 2020
36,224
3,597
39,821
---------
---------
---------
6. Investments
Other investments other than loans
£
Cost
At 1 January 2021
89
Disposals
( 87)
----
At 31 December 2021
2
----
Impairment
At 1 January 2021 and 31 December 2021
----
Carrying amount
At 31 December 2021
2
----
At 31 December 2020
89
----
7. Debtors
2021
2020
£
£
Trade debtors
4,032
2,533
Other debtors
1,637
1,550
-------
-------
5,669
4,083
-------
-------
8. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
4,000
2,000
Trade creditors
4,014
873
Amounts owed to group undertakings and undertakings in which the company has a participating interest
55,764
98,142
Corporation tax
2,249
1,530
Other creditors
11,710
10,710
---------
----------
77,737
113,255
---------
----------
9. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
14,000
18,000
---------
---------
10. Directors' advances, credits and guarantees
As at 31 December 2021 the directors owed the company £287(2020: £200).
11. Related party transactions
The company was under the control of the directors throughout the current year.