Registered number
06249285
Oarfish Consultants Limited
Unaudited Filleted Accounts
31 May 2023
Oarfish Consultants Limited
Registered number: 06249285
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 690 1,083
Current assets
Cash at bank and in hand 28,858 28,553
Creditors: amounts falling due within one year 4 (26,319) (27,314)
Net current assets 2,539 1,239
Total assets less current liabilities 3,229 2,322
Provisions for liabilities (131) (206)
Net assets 3,098 2,116
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 2,098 1,116
Shareholders' funds 3,098 2,116
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Elmore J Elmore
Director Director
Approved by the board on 22 October 2023
Oarfish Consultants Limited
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services, which is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer equipment 25% straight line
Office equipment 25% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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 investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Computer equipment Office equipment Total
£ £ £
Cost
At 1 June 2022 1,984 232 2,216
At 31 May 2023 1,984 232 2,216
Depreciation
At 1 June 2022 1,075 58 1,133
Charge for the year 335 58 393
At 31 May 2023 1,410 116 1,526
Net book value
At 31 May 2023 574 116 690
At 31 May 2022 909 174 1,083
4 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 19,492 19,522
Other creditors 6,827 7,792
26,319 27,314
Included in other creditors are the balances on S Elmore's director's account of £5,580 (2022 £6,857) and J Elmore's director's account of £737 (2022 £425).
5 Other information
Oarfish Consultants Limited is a private company limited by shares and incorporated in England. Its registered office is:
Ash Cottage
Brainsmead
Cuckfield
Haywards Heath
West Sussex
RH17 5EX
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