Registered number
01911094
OUTRAM RESEARCH LIMITED
Filleted Accounts
31 March 2023
OUTRAM RESEARCH LIMITED
Registered number: 01911094
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 77,084 77,260
Tangible assets 4 61,395 70,872
138,479 148,132
Current assets
Stocks 340,245 373,524
Debtors 5 532,397 271,539
Cash at bank and in hand 420,339 638,392
1,292,981 1,283,455
Creditors: amounts falling due within one year 6 (427,096) (380,753)
Net current assets 865,885 902,702
Net assets 1,004,364 1,050,834
Capital and reserves
Called up share capital 750 750
Profit and loss account 1,003,614 1,050,084
Shareholders' funds 1,004,364 1,050,834
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.
J D OUTRAM
Director
Approved by the board on 7 November 2023
OUTRAM RESEARCH LIMITED
Notes to the Accounts
for the year ended 31 March 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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. Patents have not been amortised.
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:
Plant ,machinery equipment & software 25% 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 is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 9
3 Intangible fixed assets £
Patents
Cost
At 1 April 2022 77,260
Additions (176)
At 31 March 2023 77,084
Amortisation
At 31 March 2023 -
Net book value
At 31 March 2023 77,084
At 31 March 2022 77,260
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 217,041 79,410 296,451
Additions 10,988 - 10,988
At 31 March 2023 228,029 79,410 307,439
Depreciation
At 1 April 2022 198,509 27,070 225,579
Charge for the year 7,380 13,085 20,465
At 31 March 2023 205,889 40,155 246,044
Net book value
At 31 March 2023 22,140 39,255 61,395
At 31 March 2022 18,532 52,340 70,872
5 Debtors 2023 2022
£ £
Trade debtors 532,397 270,956
Other debtors - 583
532,397 271,539
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade Creditors & Accruals 53,500 28,016
Taxation and social security costs 47,808 47,094
Other creditors 325,788 305,643
427,096 380,753
7 Controlling party
The company is under the control of the directors.
8 Other information
OUTRAM RESEARCH LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Haining House, Bosham
Taylors Lane
Bosham
West Sussex
PO18 8QQ
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