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Company Registration No. 06799598 (England and Wales)
Openultra Felixstowe Limited Unaudited filleted abridged accounts for the year ended 31 January 2023
Openultra Felixstowe Limited Unaudited filleted abridged accounts Contents
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Openultra Felixstowe Limited Company Information for the year ended 31 January 2023
Director
Mrs Amanda Fellingham
Company Number
06799598 (England and Wales)
Registered Office
17 SCHNEIDER CLOSE CARR ROAD BUSINESS CENTRE FELIXSTOWE SUFFOLK IP11 3SS
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Openultra Felixstowe Limited Statement of financial position as at 31 January 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
466,091 
420,944 
Current assets
Debtors
962,634 
1,536,242 
Cash at bank and in hand
7,412 
93,596 
970,046 
1,629,838 
Creditors: amounts falling due within one year
(760,179)
(1,277,495)
Net current assets
209,867 
352,343 
Total assets less current liabilities
675,958 
773,287 
Creditors: amounts falling due after more than one year
(433,946)
(417,791)
Provisions for liabilities
Deferred tax
(92,455)
(84,271)
Net assets
149,557 
271,225 
Capital and reserves
Called up share capital
200 
200 
Profit and loss account
149,357 
271,025 
Shareholders' funds
149,557 
271,225 
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 31 January 2024 and were signed on its behalf by
Mrs Amanda Fellingham Director Company Registration No. 06799598
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Openultra Felixstowe Limited Notes to the Accounts for the year ended 31 January 2023
1
Statutory information
Openultra Felixstowe Limited is a private company, limited by shares, registered in England and Wales, registration number 06799598. The registered office is 17 SCHNEIDER CLOSE, CARR ROAD BUSINESS CENTRE, FELIXSTOWE, SUFFOLK, IP11 3SS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% written down value
Motor vehicles
25% written down value
Computer equipment
25% written down value
Other tangible fixed assets
15% written down value
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.
Taxation
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. 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.
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Openultra Felixstowe Limited Notes to the Accounts for the year ended 31 January 2023
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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.
Interest income
Interest income is recognised using the effective interest method.
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
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.
Interest Paid and Finance Costs
Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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Openultra Felixstowe Limited Notes to the Accounts for the year ended 31 January 2023
Operating lease commitments
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments. The company had annual total commitments under non-cancellable operating leases as detailed below:
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments at the year end.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
4
Tangible fixed assets
Total 
£ 
Cost or valuation
At 1 February 2022
488,118 
Additions
169,391 
Disposals
(89,775)
At 31 January 2023
567,734 
Depreciation
At 1 February 2022
67,174 
Charge for the year
73,719 
On disposals
(39,250)
At 31 January 2023
101,643 
Net book value
At 31 January 2023
466,091 
At 31 January 2022
420,944 
5
Operating lease commitments
2023 
2022 
£ 
£ 
At 31 January 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
21,113 
24,084 
Later than one year and not later than five years
7,080 
25,162 
28,193 
49,246 
6
Average number of employees
During the year the average number of employees was 15 (2022: 13).
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