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COMPANY REGISTRATION NUMBER: 07571243
Oraculite Limited
Unaudited Financial Statements
30 September 2023
Oraculite Limited
Financial Statements
Period from 1 April 2022 to 30 September 2023
Contents
Page
Directors' report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
4
The following pages do not form part of the financial statements
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
8
Oraculite Limited
Directors' Report
Period from 1 April 2022 to 30 September 2023
The directors present their report and the unaudited financial statements of the company for the period ended 30 September 2023 .
Directors
The directors who served the company during the period were as follows:
Mr. R. Gallagher
Mrs. S. Gallagher
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 9 October 2023 and signed on behalf of the board by:
Mr. R. Gallagher
Director
Registered office:
Woodbury Cottage
Woodbury Lane
Axminster
Devon
England
EX13 5TL
Oraculite Limited
Statement of Income and Retained Earnings
Period from 1 April 2022 to 30 September 2023
Period from
1 Apr 22 to
Year to
30 Sep 23
31 Mar 22
Note
£
£
Cost of sales
34,975
( 951)
--------
----
Gross (loss)/profit
( 34,975)
951
Administrative expenses
382
951
--------
----
Operating loss
( 35,357)
--------
----
Loss before taxation
( 35,357)
Tax on loss
--------
----
Loss for the financial period and total comprehensive income
( 35,357)
--------
----
Retained losses at the start of the period
( 10,360)
( 10,360)
--------
--------
Retained losses at the end of the period
( 45,717)
( 10,360)
--------
--------
All the activities of the company are from continuing operations.
Oraculite Limited
Statement of Financial Position
30 September 2023
30 Sep 23
31 Mar 22
Note
£
£
£
Current assets
Stocks
34,975
Cash at bank and in hand
220
54,210
----
--------
220
89,185
Creditors: amounts falling due within one year
5
45,935
99,543
--------
--------
Net current liabilities
45,715
10,358
--------
--------
Total assets less current liabilities
( 45,715)
( 10,358)
--------
--------
Net liabilities
( 45,715)
( 10,358)
--------
--------
Capital and reserves
Called up share capital
6
2
2
Profit and loss account
( 45,717)
( 10,360)
--------
--------
Shareholders deficit
( 45,715)
( 10,358)
--------
--------
These financial statements have been prepared 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'.
For the period ending 30 September 2023 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 period 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 9 October 2023 , and are signed on behalf of the board by:
Mr. R. Gallagher
Director
Company registration number: 07571243
Oraculite Limited
Notes to the Financial Statements
Period from 1 April 2022 to 30 September 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Woodbury Cottage, Woodbury Lane, Axminster, Devon, EX13 5TL, England.
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 company ceased to trade on 30th September 2023 and all the assets have been restated to their recoverable amount at that date. It is not anticipated that any further liabilities will arise.
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:
Equipment
-
25% straight line
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.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tangible assets
Equipment
Total
£
£
Cost
At 1 April 2022
1,312
1,312
Disposals
( 1,312)
( 1,312)
-------
-------
At 30 September 2023
-------
-------
Depreciation
At 1 April 2022
1,312
1,312
Disposals
( 1,312)
( 1,312)
-------
-------
At 30 September 2023
-------
-------
Carrying amount
At 30 September 2023
-------
-------
At 31 March 2022
-------
-------
5. Creditors: amounts falling due within one year
30 Sep 23
31 Mar 22
£
£
Accruals and deferred income
720
Director loan accounts
45,935
43,735
Other creditors
55,088
--------
--------
45,935
99,543
--------
--------
6. Called up share capital
Issued, called up and fully paid
30 Sep 23
31 Mar 22
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
Oraculite Limited
Management Information
Period from 1 April 2022 to 30 September 2023
The following pages do not form part of the financial statements.
Oraculite Limited
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Oraculite Limited
Period from 1 April 2022 to 30 September 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Oraculite Limited for the period ended 30 September 2023, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/gb/en/about-us/regulation/rulebook.html. This report is made solely to the Board of Directors of Oraculite Limited, as a body, in accordance with the terms of our engagement letter dated 5 December 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Oraculite Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Oraculite Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Oraculite Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Oraculite Limited. You consider that Oraculite Limited is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or a review of the financial statements of Oraculite 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 financial statements.
ABBOTS Chartered Certified Accountants
Printing House 66 Lower Road Harrow HA2 0DH