Silverfin false 31/01/2023 01/02/2022 31/01/2023 Mr P M Ainsworth 01/07/2016 Mr L Jones 14/01/1993 L Jones 16 June 2023 The principal activity of the company continued to be that of electrical wholesalers. 02779512 2023-01-31 02779512 bus:Director1 2023-01-31 02779512 bus:Director2 2023-01-31 02779512 2022-01-31 02779512 core:CurrentFinancialInstruments 2023-01-31 02779512 core:CurrentFinancialInstruments 2022-01-31 02779512 core:Non-currentFinancialInstruments 2023-01-31 02779512 core:Non-currentFinancialInstruments 2022-01-31 02779512 core:ShareCapital 2023-01-31 02779512 core:ShareCapital 2022-01-31 02779512 core:RetainedEarningsAccumulatedLosses 2023-01-31 02779512 core:RetainedEarningsAccumulatedLosses 2022-01-31 02779512 core:Vehicles 2022-01-31 02779512 core:FurnitureFittings 2022-01-31 02779512 core:Vehicles 2023-01-31 02779512 core:FurnitureFittings 2023-01-31 02779512 2022-02-01 2023-01-31 02779512 bus:FullAccounts 2022-02-01 2023-01-31 02779512 bus:SmallEntities 2022-02-01 2023-01-31 02779512 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 02779512 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 02779512 bus:Director1 2022-02-01 2023-01-31 02779512 bus:Director2 2022-02-01 2023-01-31 02779512 bus:Director3 2022-02-01 2023-01-31 02779512 core:Vehicles core:TopRangeValue 2022-02-01 2023-01-31 02779512 core:FurnitureFittings core:TopRangeValue 2022-02-01 2023-01-31 02779512 2021-02-01 2022-01-31 02779512 core:Vehicles 2022-02-01 2023-01-31 02779512 core:FurnitureFittings 2022-02-01 2023-01-31 02779512 core:Non-currentFinancialInstruments 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure

Company No: 02779512 (England and Wales)

MR OHMS LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2023
Pages for filing with the registrar

MR OHMS LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2023

Contents

MR OHMS LIMITED

BALANCE SHEET

As at 31 January 2023
MR OHMS LIMITED

BALANCE SHEET (continued)

As at 31 January 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 104,675 40,132
104,675 40,132
Current assets
Stocks 662,284 532,746
Debtors 5 775,101 523,376
Cash at bank and in hand 114,529 105,754
1,551,914 1,161,876
Creditors: amounts falling due within one year 6 ( 1,053,300) ( 624,754)
Net current assets 498,614 537,122
Total assets less current liabilities 603,289 577,254
Creditors: amounts falling due after more than one year 7 ( 65,231) ( 43,985)
Provision for liabilities ( 21,301) ( 10,033)
Net assets 516,757 523,236
Capital and reserves
Called-up share capital 2 2
Profit and loss account 516,755 523,234
Total shareholders' funds 516,757 523,236

For the financial year ending 31 January 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Mr Ohms Limited (registered number: 02779512) were approved and authorised for issue by the Board of Directors on 16 June 2023. They were signed on its behalf by:

L Jones
Director
MR OHMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
MR OHMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mr Ohms Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Stephenson Way, Formby, Liverpool, L37 8EG, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Vehicles 4 years straight line
Fixtures and fittings 10 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 21 18

4. Tangible assets

Vehicles Fixtures and fittings Total
£ £ £
Cost
At 01 February 2022 48,583 100,900 149,483
Additions 53,870 31,217 85,087
At 31 January 2023 102,453 132,117 234,570
Accumulated depreciation
At 01 February 2022 39,825 69,526 109,351
Charge for the financial year 14,486 6,058 20,544
At 31 January 2023 54,311 75,584 129,895
Net book value
At 31 January 2023 48,142 56,533 104,675
At 31 January 2022 8,758 31,374 40,132

5. Debtors

2023 2022
£ £
Trade debtors 740,058 454,204
Other debtors 35,043 69,172
775,101 523,376

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,000 10,659
Trade creditors 908,816 525,219
Taxation and social security 46,269 65,373
Obligations under finance leases and hire purchase contracts 15,793 6,418
Other creditors 72,422 17,085
1,053,300 624,754

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 30,000 37,579
Obligations under finance leases and hire purchase contracts 35,231 6,406
65,231 43,985

There are no amounts included above in respect of which any security has been given by the small entity.

8. Financial commitments

Commitments

Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments
under non-cancellable operating leases, as follows:

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 26,460 71,460