9 false false false false false false false false false false true false false false false false false No description of principal activity 2022-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 7,500 7,500 xbrli:pure xbrli:shares iso4217:GBP 04134893 2022-03-01 2023-02-28 04134893 2023-02-28 04134893 2022-02-28 04134893 2021-03-01 2022-02-28 04134893 2022-02-28 04134893 2021-02-28 04134893 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-03-01 2023-02-28 04134893 core:MotorVehicles 2022-03-01 2023-02-28 04134893 bus:Director1 2022-03-01 2023-02-28 04134893 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-28 04134893 core:MotorVehicles 2022-02-28 04134893 core:MotorVehicles 2023-02-28 04134893 core:WithinOneYear 2023-02-28 04134893 core:WithinOneYear 2022-02-28 04134893 core:ShareCapital 2023-02-28 04134893 core:ShareCapital 2022-02-28 04134893 core:RetainedEarningsAccumulatedLosses 2023-02-28 04134893 core:RetainedEarningsAccumulatedLosses 2022-02-28 04134893 core:MotorVehicles 2022-02-28 04134893 bus:SmallEntities 2022-03-01 2023-02-28 04134893 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 04134893 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 04134893 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 04134893 bus:FullAccounts 2022-03-01 2023-02-28 04134893 core:OfficeEquipment 2022-03-01 2023-02-28 04134893 core:OfficeEquipment 2023-02-28 04134893 core:OfficeEquipment 2022-02-28
COMPANY REGISTRATION NUMBER: 04134893
Office Update Limited
Filleted Unaudited Financial Statements
28 February 2023
Office Update Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
20,972
28,314
Current assets
Stocks
115,800
133,500
Debtors
7
125,448
76,223
Cash at bank and in hand
100,579
219,924
---------
---------
341,827
429,647
Creditors: amounts falling due within one year
8
175,873
133,275
---------
---------
Net current assets
165,954
296,372
---------
---------
Total assets less current liabilities
186,926
324,686
Provisions
Taxation including deferred tax
2,258
---------
---------
Net assets
186,926
322,428
---------
---------
Office Update Limited
Statement of Financial Position (continued)
28 February 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
1
1
Profit and loss account
186,925
322,427
---------
---------
Shareholder funds
186,926
322,428
---------
---------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year 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 1 November 2023 , and are signed on behalf of the board by:
Mr A C A Berman
Director
Company registration number: 04134893
Office Update Limited
Notes to the Financial Statements
Year ended 28 February 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 Unit 8, Barrington Business Park, Leycroft Road, Leicester, LE4 1ET.
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 financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Trading name rights
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Motor Vehicles
-
25% reducing balance
Office 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.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2022: 9 ).
5. Intangible assets
Trading name rights
£
Cost
At 1 March 2022 and 28 February 2023
7,500
-------
Amortisation
At 1 March 2022 and 28 February 2023
7,500
-------
Carrying amount
At 28 February 2023
-------
At 28 February 2022
-------
6. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 March 2022 and 28 February 2023
56,180
24,432
80,612
--------
--------
--------
Depreciation
At 1 March 2022
31,010
21,288
52,298
Charge for the year
6,294
1,048
7,342
--------
--------
--------
At 28 February 2023
37,304
22,336
59,640
--------
--------
--------
Carrying amount
At 28 February 2023
18,876
2,096
20,972
--------
--------
--------
At 28 February 2022
25,170
3,144
28,314
--------
--------
--------
7. Debtors
2023
2022
£
£
Trade debtors
112,297
62,698
Other debtors
13,151
13,525
---------
--------
125,448
76,223
---------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
125,065
102,465
Social security and other taxes
26,565
8,698
Other creditors
24,243
22,112
---------
---------
175,873
133,275
---------
---------