Company registration number:
Ormsby of Scarisbrick Limited
for the Year Ended 31 August 2021
Ormsby of Scarisbrick Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Financial Statements |
Ormsby of Scarisbrick Limited
Company Information
Directors |
Mr B D Ormsby Mrs P Ormsby |
Registered office |
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Accountants |
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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.
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Chartered Accountants
St. Helens
Merseyside
WA9 1UA
Ormsby of Scarisbrick Limited
(Registration number: 01940141)
Balance Sheet as at 31 August 2021
Note |
2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities
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( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Revaluation reserve |
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Profit and loss account |
( |
( |
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Shareholders' funds |
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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:
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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
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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 |
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At 1 September 2020 |
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( |
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Profit for the year |
- |
- |
- |
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Surplus/deficit on property, plant and equipment revaluation |
- |
- |
( |
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- |
Total movement in year |
- |
- |
( |
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At 31 August 2021 |
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( |
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Share capital |
Share premium |
Revaluation reserve |
Profit and loss account |
Total |
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At 1 September 2019 |
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( |
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Loss for the year |
- |
- |
- |
( |
( |
Surplus/deficit on property, plant and equipment revaluation |
- |
- |
( |
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- |
Total movement in year |
- |
- |
( |
( |
( |
At 31 August 2020 |
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( |
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Ormsby of Scarisbrick Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Ormsby of Scarisbrick Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021
Tangible assets |
Land and buildings |
Office equipment, fixtures and fittings |
Plant and machinery |
Mobile work units |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 September 2020 |
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Additions |
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- |
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At 31 August 2021 |
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Depreciation |
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At 1 September 2020 |
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Charge for the year |
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At 31 August 2021 |
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Carrying amount |
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At 31 August 2021 |
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At 31 August 2020 |
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Revaluation
The company's land and buildings were revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Debtors |
Current |
2021 |
2020 |
Trade debtors |
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Prepayments |
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Other debtors |
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Ormsby of Scarisbrick Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021
Creditors |
Creditors: amounts falling due within one year
2021 |
2020 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Obligations under finance lease and hire purchase contracts |
4,065 |
2,638 |
Accruals and deferred income |
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Other creditors |
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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 |
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Due after one year |
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Bank loans |
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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.
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 £
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.