IRIS Accounts Production v22.2.0.402 08882251 Board of Directors 1.4.21 31.3.22 31.3.22 false true false false true false A Ordinary 1.00000 B Ordinary 1.00000 18381 82994 130030 84448 146150 149061 2261 18381 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure088822512021-03-31088822512022-03-31088822512021-04-012022-03-31088822512020-03-31088822512020-04-012021-03-31088822512021-03-3108882251ns16:EnglandWales2021-04-012022-03-3108882251ns15:PoundSterling2021-04-012022-03-3108882251ns11:Director12021-04-012022-03-3108882251ns11:PrivateLimitedCompanyLtd2021-04-012022-03-3108882251ns11:SmallEntities2021-04-012022-03-3108882251ns11:AuditExempt-NoAccountantsReport2021-04-012022-03-3108882251ns11:SmallCompaniesRegimeForDirectorsReport2021-04-012022-03-3108882251ns11:SmallCompaniesRegimeForAccounts2021-04-012022-03-3108882251ns11:FullAccounts2021-04-012022-03-3108882251ns11:OrdinaryShareClass22021-04-012022-03-3108882251ns11:OrdinaryShareClass32021-04-012022-03-3108882251ns11:Director3432021-03-3108882251ns11:Director3432020-03-3108882251ns11:Director3432021-04-012022-03-3108882251ns11:Director3432020-04-012021-03-3108882251ns11:Director3432022-03-3108882251ns11:Director3432021-03-3108882251ns11:Director22021-04-012022-03-3108882251ns11:Director32021-04-012022-03-3108882251ns11:Director42021-04-012022-03-3108882251ns11:CompanySecretary12021-04-012022-03-3108882251ns11:RegisteredOffice2021-04-012022-03-3108882251ns6:CurrentFinancialInstruments2022-03-3108882251ns6:CurrentFinancialInstruments2021-03-3108882251ns6:Non-currentFinancialInstruments2022-03-3108882251ns6:Non-currentFinancialInstruments2021-03-3108882251ns6:ShareCapital2022-03-3108882251ns6:ShareCapital2021-03-3108882251ns6:RetainedEarningsAccumulatedLosses2022-03-3108882251ns6:RetainedEarningsAccumulatedLosses2021-03-3108882251ns6:PlantMachinery2021-04-012022-03-3108882251ns6:PlantMachinery2021-03-3108882251ns6:PlantMachinery2022-03-3108882251ns6:PlantMachinery2021-03-3108882251ns6:WithinOneYearns6:CurrentFinancialInstruments2022-03-3108882251ns6:WithinOneYearns6:CurrentFinancialInstruments2021-03-3108882251ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2022-03-3108882251ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2021-03-3108882251ns6:BetweenOneFiveYearsns6:HirePurchaseContracts2022-03-3108882251ns6:BetweenOneFiveYearsns6:HirePurchaseContracts2021-03-3108882251ns6:HirePurchaseContracts2022-03-3108882251ns6:HirePurchaseContracts2021-03-3108882251ns6:WithinOneYear2022-03-3108882251ns6:WithinOneYear2021-03-3108882251ns6:BetweenOneFiveYears2022-03-3108882251ns6:BetweenOneFiveYears2021-03-3108882251ns6:AllPeriods2022-03-3108882251ns6:AllPeriods2021-03-3108882251ns11:OrdinaryShareClass22022-03-3108882251ns11:OrdinaryShareClass32022-03-3108882251ns11:Director112021-03-3108882251ns11:Director112020-03-3108882251ns11:Director112021-04-012022-03-3108882251ns11:Director112020-04-012021-03-3108882251ns11:Director112022-03-3108882251ns11:Director112021-03-31
REGISTERED NUMBER: 08882251 (England and Wales)















OFFICE FRIENDS SYSTEMS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022






OFFICE FRIENDS SYSTEMS LTD (REGISTERED NUMBER: 08882251)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022




Page

Company Information 1

Statement of Financial Position 2 to 3

Notes to the Financial Statements 4 to 7


OFFICE FRIENDS SYSTEMS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2022







DIRECTORS: Mrs H L Horder
J M Eaglen
Mrs Z Eaglen
R J Mearns





SECRETARY: Mrs H L Horder





REGISTERED OFFICE: Office Friends
King Edward Street
Grimsby
Lincolnshire
DN31 3LA





REGISTERED NUMBER: 08882251 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
18 Northgate
Sleaford
Lincolnshire
NG34 7BJ

OFFICE FRIENDS SYSTEMS LTD (REGISTERED NUMBER: 08882251)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 100,983 33,926

CURRENT ASSETS
Stocks 175,177 206,959
Debtors 5 535,794 137,303
Cash at bank and in hand 120,876 219,500
831,847 563,762
CREDITORS
Amounts falling due within one year 6 381,423 135,747
NET CURRENT ASSETS 450,424 428,015
TOTAL ASSETS LESS CURRENT LIABILITIES 551,407 461,941

CREDITORS
Amounts falling due after more than one year 7 - (45,162 )

PROVISIONS FOR LIABILITIES (19,187 ) (6,446 )
NET ASSETS 532,220 410,333

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 532,120 410,233
SHAREHOLDERS' FUNDS 532,220 410,333

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

OFFICE FRIENDS SYSTEMS LTD (REGISTERED NUMBER: 08882251)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2022


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 August 2022 and were signed on its behalf by:





J M Eaglen - Director


OFFICE FRIENDS SYSTEMS LTD (REGISTERED NUMBER: 08882251)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1. STATUTORY INFORMATION

Office Friends Systems Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance, 15% on reducing balance and Straight line over the term of the lease

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are stated at the lower of cost and fair value less costs to complete and sell after making due allowance for slow moving and obsolete items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

OFFICE FRIENDS SYSTEMS LTD (REGISTERED NUMBER: 08882251)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Operating leases
Income from the hire of equipment is recognised on a straight line basis. Rentals received include finance charges.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2021 - 6 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2021 95,946
Additions 100,404
Disposals (15,194 )
At 31 March 2022 181,156
DEPRECIATION
At 1 April 2021 62,020
Charge for year 33,347
Eliminated on disposal (15,194 )
At 31 March 2022 80,173
NET BOOK VALUE
At 31 March 2022 100,983
At 31 March 2021 33,926

The net book value of tangible fixed assets includes £ 8,499 (2021 - £ 11,333 ) in respect of assets held under hire purchase contracts.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 531,721 116,814
Other debtors 4,073 20,489
535,794 137,303

OFFICE FRIENDS SYSTEMS LTD (REGISTERED NUMBER: 08882251)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts - 8,000
Hire purchase contracts (see note 8) 3,162 6,324
Trade creditors 241,015 44,056
Taxation and social security 132,516 71,705
Other creditors 4,730 5,662
381,423 135,747

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans - 42,000
Hire purchase contracts (see note 8) - 3,162
- 45,162

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2022 2021
£    £   
Net obligations repayable:
Within one year 3,162 6,324
Between one and five years - 3,162
3,162 9,486

Non-cancellable operating leases
2022 2021
£    £   
Within one year 8,452 8,452
Between one and five years - 6,342
8,452 14,794

9. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Hire purchase contracts 3,162 9,486

Hire purchase liabilities are secured against the assets to which they relate.

OFFICE FRIENDS SYSTEMS LTD (REGISTERED NUMBER: 08882251)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

10. CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
50 A Ordinary £1 50 50
50 B Ordinary £1 50 50
100 100

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2022 and 31 March 2021:

2022 2021
£    £   
J M Eaglen and Mrs Z Eaglen
Balance outstanding at start of year 18,381 82,994
Amounts advanced 130,030 84,448
Amounts repaid (146,150 ) (149,061 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,261 18,381

Interest on overdrawn directors' loan accounts is charged at the official rate. The loans are unsecured and repayable on demand.