Ormsby of Scarisbrick Limited 01940141 false 2020-09-01 2021-08-31 2021-08-31 The principal activity of the company is Church furnishers Digita Accounts Production Advanced 6.30.9574.0 true 01940141 2020-09-01 2021-08-31 01940141 2021-08-31 01940141 core:RetainedEarningsAccumulatedLosses 2021-08-31 01940141 core:RevaluationReserve 2021-08-31 01940141 core:ShareCapital 2021-08-31 01940141 core:SharePremium 2021-08-31 01940141 core:CurrentFinancialInstruments 2021-08-31 01940141 core:CurrentFinancialInstruments core:WithinOneYear 2021-08-31 01940141 core:Non-currentFinancialInstruments core:AfterOneYear 2021-08-31 01940141 core:FurnitureFittings 2021-08-31 01940141 core:LandBuildings 2021-08-31 01940141 core:LandBuildings core:OwnedOrFreeholdAssets 2021-08-31 01940141 core:MotorVehicles 2021-08-31 01940141 core:OfficeEquipment 2021-08-31 01940141 core:PlantMachinery 2021-08-31 01940141 bus:SmallEntities 2020-09-01 2021-08-31 01940141 bus:AuditExemptWithAccountantsReport 2020-09-01 2021-08-31 01940141 bus:FullAccounts 2020-09-01 2021-08-31 01940141 bus:SmallCompaniesRegimeForAccounts 2020-09-01 2021-08-31 01940141 bus:RegisteredOffice 2020-09-01 2021-08-31 01940141 bus:Director1 2020-09-01 2021-08-31 01940141 bus:Director2 2020-09-01 2021-08-31 01940141 bus:PrivateLimitedCompanyLtd 2020-09-01 2021-08-31 01940141 bus:Agent1 2020-09-01 2021-08-31 01940141 core:RetainedEarningsAccumulatedLosses 2020-09-01 2021-08-31 01940141 core:RevaluationReserve 2020-09-01 2021-08-31 01940141 core:ShareCapital 2020-09-01 2021-08-31 01940141 core:SharePremium 2020-09-01 2021-08-31 01940141 core:FurnitureFittings 2020-09-01 2021-08-31 01940141 core:LandBuildings 2020-09-01 2021-08-31 01940141 core:LandBuildings core:OwnedOrFreeholdAssets 2020-09-01 2021-08-31 01940141 core:MotorVehicles 2020-09-01 2021-08-31 01940141 core:OfficeEquipment 2020-09-01 2021-08-31 01940141 core:PlantMachinery 2020-09-01 2021-08-31 01940141 countries:EnglandWales 2020-09-01 2021-08-31 01940141 2020-08-31 01940141 core:RetainedEarningsAccumulatedLosses 2020-08-31 01940141 core:RevaluationReserve 2020-08-31 01940141 core:ShareCapital 2020-08-31 01940141 core:SharePremium 2020-08-31 01940141 core:FurnitureFittings 2020-08-31 01940141 core:LandBuildings core:OwnedOrFreeholdAssets 2020-08-31 01940141 core:MotorVehicles 2020-08-31 01940141 core:OfficeEquipment 2020-08-31 01940141 core:PlantMachinery 2020-08-31 01940141 2019-09-01 2020-08-31 01940141 2020-08-31 01940141 core:RetainedEarningsAccumulatedLosses 2020-08-31 01940141 core:RevaluationReserve 2020-08-31 01940141 core:ShareCapital 2020-08-31 01940141 core:SharePremium 2020-08-31 01940141 core:CurrentFinancialInstruments 2020-08-31 01940141 core:CurrentFinancialInstruments core:WithinOneYear 2020-08-31 01940141 core:Non-currentFinancialInstruments core:AfterOneYear 2020-08-31 01940141 core:FurnitureFittings 2020-08-31 01940141 core:LandBuildings 2020-08-31 01940141 core:LandBuildings core:OwnedOrFreeholdAssets 2020-08-31 01940141 core:MotorVehicles 2020-08-31 01940141 core:OfficeEquipment 2020-08-31 01940141 core:PlantMachinery 2020-08-31 01940141 core:RetainedEarningsAccumulatedLosses 2019-09-01 2020-08-31 01940141 core:RevaluationReserve 2019-09-01 2020-08-31 01940141 core:ShareCapital 2019-09-01 2020-08-31 01940141 core:SharePremium 2019-09-01 2020-08-31 01940141 2019-08-31 01940141 core:RetainedEarningsAccumulatedLosses 2019-08-31 01940141 core:RevaluationReserve 2019-08-31 01940141 core:ShareCapital 2019-08-31 01940141 core:SharePremium 2019-08-31 iso4217:GBP xbrli:pure

Company registration number: 01940141

Ormsby of Scarisbrick Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2021

 

Ormsby of Scarisbrick Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 11

 

Ormsby of Scarisbrick Limited

Company Information

Directors

Mr B D Ormsby

Mrs P Ormsby

Registered office

Woodland Works
542 Southport Road
Scarisbrick
Ormskirk
Lancashire
L40 9QQ

Accountants

Abrams Ashton Ltd
Chartered Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Ormsby of Scarisbrick Limited
for the Year Ended 31 August 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ormsby of Scarisbrick Limited for the year ended 31 August 2021 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Ormsby of Scarisbrick Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Ormsby of Scarisbrick Limited and state those matters that we have agreed to state to the Board of Directors of Ormsby of Scarisbrick Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ormsby of Scarisbrick Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Ormsby of Scarisbrick Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Ormsby of Scarisbrick Limited. You consider that Ormsby of Scarisbrick Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Ormsby of Scarisbrick Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Abrams Ashton Ltd
Chartered Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

14 September 2022

 

Ormsby of Scarisbrick Limited

(Registration number: 01940141)
Balance Sheet as at 31 August 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

430,567

424,920

Current assets

 

Stocks

209,773

230,392

Debtors

5

110,145

59,578

Cash at bank and in hand

 

140

89

 

320,058

290,059

Creditors: Amounts falling due within one year

6

(311,862)

(315,655)

Net current assets/(liabilities)

 

8,196

(25,596)

Total assets less current liabilities

 

438,763

399,324

Creditors: Amounts falling due after more than one year

6

(55,308)

(54,948)

Provisions for liabilities
Deferred tax

(36,761)

(34,833)

Net assets

 

346,694

309,543

Capital and reserves

 

Called up share capital

85,000

85,000

Share premium reserve

104,760

104,760

Revaluation reserve

285,578

288,836

Profit and loss account

(128,644)

(169,053)

Shareholders' funds

 

346,694

309,543

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Ormsby of Scarisbrick Limited

(Registration number: 01940141)
Balance Sheet as at 31 August 2021

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 14 September 2022 and signed on its behalf by:
 

.........................................
Mr B D Ormsby
Director

 

Ormsby of Scarisbrick Limited

Statement of Changes in Equity for the Year Ended 31 August 2021

Share capital
£

Share premium
£

Revaluation reserve
£

Profit and loss account
£

Total
£

At 1 September 2020

85,000

104,760

288,836

(169,053)

309,543

Profit for the year

-

-

-

37,151

37,151

Surplus/deficit on property, plant and equipment revaluation

-

-

(3,258)

3,258

-

Total movement in year

-

-

(3,258)

40,409

37,151

At 31 August 2021

85,000

104,760

285,578

(128,644)

346,694

Share capital
£

Share premium
£

Revaluation reserve
£

Profit and loss account
£

Total
£

At 1 September 2019

85,000

104,760

292,094

(120,270)

361,584

Loss for the year

-

-

-

(52,041)

(52,041)

Surplus/deficit on property, plant and equipment revaluation

-

-

(3,258)

3,258

-

Total movement in year

-

-

(3,258)

(48,783)

(52,041)

At 31 August 2020

85,000

104,760

288,836

(169,053)

309,543

 

Ormsby of Scarisbrick Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Woodland Works
542 Southport Road
Scarisbrick
Ormskirk
Lancashire
L40 9QQ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies freehold land and buildings are shown at valuation. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Government grants

Grants are accounted for on a receivable basis. Grants related to revenue are recognised as income over the periods in which the related costs for which the grant is intended to compensate.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Ormsby of Scarisbrick Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 buildings where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses, except for freehold land and buildings which is included at valuation, less any subsequent accumulated depreciation.

Freehold land and buildings are stated at valuation less accumulated depreciation, which the directors believe is a fair estimation of the current value of the site. Property is to be valued with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.

Depreciation

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

Straight line over 100 years

Plant and machinery

20% reducing balance

Office equipment, fixtures and fittings

15% reducing balance

Mobile work units

15% reducing balance

Motor vehicles

25% reducing balance

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.

Leases and hire purchase contracts

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases and hire purchase contracts are recognised on the balance sheet at the lower of their fair value and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor / under the hire purchase contract is included in the balance sheet as obligations under finance lease and hire purchase contracts.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Ormsby of Scarisbrick Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense in the period in which the related service is provided. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment, to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2020 - 25).

 

Ormsby of Scarisbrick Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021

4

Tangible assets

Land and buildings
£

Office equipment, fixtures and fittings
£

Plant and machinery
£

Mobile work units
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2020

450,000

33,196

49,305

9,892

26,945

569,338

Additions

-

-

-

-

14,500

14,500

At 31 August 2021

450,000

33,196

49,305

9,892

41,445

583,838

Depreciation

At 1 September 2020

36,000

31,686

48,657

9,806

18,269

144,418

Charge for the year

4,500

228

129

13

3,983

8,853

At 31 August 2021

40,500

31,914

48,786

9,819

22,252

153,271

Carrying amount

At 31 August 2021

409,500

1,282

519

73

19,193

430,567

At 31 August 2020

414,000

1,510

648

86

8,676

424,920

Revaluation

The company's land and buildings were revalued on 31 August 2019. An independent valuer was not involved.
The company's freehold land and buildings have been valued by the directors, taking into account current potential value as a development site. It is considered that the current net book value is a reasonable estimate of fair value at the year-end date.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £91,164 (2020 - £92,406).

5

Debtors

Current

2021
£

2020
£

Trade debtors

65,686

21,803

Prepayments

4,687

11,189

Other debtors

39,772

26,586

 

110,145

59,578

 

Ormsby of Scarisbrick Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021

6

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Bank loans and overdrafts

79,435

101,746

Trade creditors

59,369

75,282

Taxation and social security

130,877

84,740

Obligations under finance lease and hire purchase contracts

4,065

2,638

Accruals and deferred income

23,615

36,748

Other creditors

14,501

14,501

311,862

315,655


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £83,500 (2020 - £104,384). Bank loans and overdraft are secured against the company's freehold property and finance lease and hire purchase obligations are secured against the assets acquired under those agreements.

Creditors: amounts falling due after more than one year

2021
£

2020
£

Due after one year

Bank loans

46,548

54,498

Obligations under finance lease and hire purchase contracts

8,760

450

55,308

54,948


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £55,308 (2020 - £54,948). Bank loans and overdraft are secured against the company's freehold property and finance lease and hire purchase obligations are secured against the assets acquired under those agreements.

Creditors include bank loans repayable by instalments of £24,040 (2020 - £30,059) due after more than five years.

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £6,552 (2020 - £10,658). These commitments represent the total amount payable under non-cancellable operating leases.

8

Related party transactions

 

Ormsby of Scarisbrick Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021

Other transactions with directors

At the year-end, £14.501 (2020 £14,501) was due to the directors and is included within Other creditors in the notes to the accounts.

Summary of transactions with other related parties

Mr B D Ormsby, a director, together with his sister and two brothers, own the whole of the issued share capital of Ormsby of Dun Laoghaire Ltd, trading as Ormsby Memorials, which operates from the premises of Ormsby of Scarisbrick Ltd.

During the year various recharges, including wages recharges, were made to Ormsby Memorials. These recharges amounted to £48,000 (2020 £32,620). At the year-end £39,772 (2020 £25,198) was due from Ormsby Memorials and is included in Other debtors in the notes to the accounts.

During the year various services were purchased from Simon Ormsby Stonemasonry Ltd. a company owned by Simon Ormsby, who is a shareholder of Ormsby of Scarisbrick Ltd. Purchases for the year were £18,004 (2020 £24,791) and at the year-end £5,982 (2020 £7,770) was due to Simon Ormsby Stonemasonry Ltd, which is included in Trade creditors in the notes to the accounts.