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Registration number: 4130062

Outdoor Options Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2023

 

Outdoor Options Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Outdoor Options Limited

Company Information

Directors

Mrs Nia Margaret Herbert

Mr Brian Paul Herbert

Registered office

19 Upper Manor Road
Milford
Godalming
Surrey
GU8 5JW

Accountants

Andrew Jenvey, AIMS Accountants for Business
The Incuhive Space
Hursley Park Road
Hursley
Winchester
SO21 2JN

 

Outdoor Options Limited

(Registration number: 4130062)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

21,384

31,236

Current assets

 

Debtors

5

25,163

9,757

Cash at bank and in hand

 

172,692

176,574

 

197,855

186,331

Creditors: Amounts falling due within one year

6

(177,658)

(165,016)

Net current assets

 

20,197

21,315

Total assets less current liabilities

 

41,581

52,551

Creditors: Amounts falling due after more than one year

6

(40,192)

(49,839)

Net assets

 

1,389

2,712

Capital and reserves

 

Called up share capital

7

1,000

1,000

Retained earnings

389

1,712

Shareholders' funds

 

1,389

2,712

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 November 2023 and signed on its behalf by:
 

 

Outdoor Options Limited

(Registration number: 4130062)
Balance Sheet as at 31 January 2023

.........................................
Mrs Nia Margaret Herbert
Director

 

Outdoor Options Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
19 Upper Manor Road
Milford
Godalming
Surrey
GU8 5JW

These financial statements were authorised for issue by the Board on 29 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Outdoor Options Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% straight line

Motor vehicles

25% straight line

Office equipment

25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Outdoor Options Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 4).

 

Outdoor Options Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2022

13,726

83,199

101,059

197,984

Additions

740

-

5,185

5,925

At 31 January 2023

14,466

83,199

106,244

203,909

Depreciation

At 1 February 2022

10,781

60,733

95,234

166,748

Charge for the year

1,167

7,489

7,121

15,777

At 31 January 2023

11,948

68,222

102,355

182,525

Carrying amount

At 31 January 2023

2,518

14,977

3,889

21,384

At 31 January 2022

2,945

22,466

5,825

31,236

5

Debtors

Current

2023
£

2022
£

Trade debtors

163

9,757

Prepayments

25,000

-

 

25,163

9,757

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

24,737

1,553

Taxation and social security

13,009

11,289

Accruals and deferred income

1,170

1,170

Other creditors

138,742

151,004

177,658

165,016

 

Outdoor Options Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

40,192

49,839

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

40,192

49,839

9

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £Nil (2022 - £66.00) per ordinary share

 

41,000

 

66,000

         

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

 

Outdoor Options Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

2023
£

2022
£

Remuneration

25,334

25,117

Contributions paid to money purchase schemes

59,200

59,200

84,534

84,317