Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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313,622 | 211,613 | |||
Current assets | ||||
Stocks | 4 |
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Debtors | 5 |
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Cash at bank and in hand |
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609,583 | 191,965 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current liabilities | (257,091) | (3,851) | ||
Total assets less current liabilities | 56,531 | 207,762 | ||
Creditors: amounts falling due after more than one year | 7 | (
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Net (liabilities)/assets | (
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account | (
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Total shareholders' (deficit)/funds | (
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Directors' responsibilities:
The financial statements of Onyx Bars Ltd (registered number:
G Julius
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Onyx Bars Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Revenue from services is recognised as they are delivered.
Leasehold improvements | depreciated over the life of the lease |
Plant and machinery | 10 -
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Vehicles |
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Fixtures and fittings |
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Office equipment |
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Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Work in progress is calculated on a mix of both direct costs and an appropriate proportion of salaries relating to work in progress at the Balance Sheet date.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
The directors acknowledge dividends were declared and paid in contravention of section 830 of the Companies Act 2006, however at the time that the dividend was paid the directors were not aware that there were insufficient profits available for distribution. The directors acknowledge that no further distributions can be made until there are sufficient profits available for that purpose.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Leasehold improve- ments |
Plant and machinery | Vehicles | Fixtures and fittings | Office equipment | Total | ||||||
£ | £ | £ | £ | £ | £ | ||||||
Cost | |||||||||||
At 01 May 2022 |
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Additions |
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At 30 April 2023 |
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Accumulated depreciation | |||||||||||
At 01 May 2022 |
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Charge for the financial year |
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At 30 April 2023 |
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Net book value | |||||||||||
At 30 April 2023 |
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At 30 April 2022 |
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2023 | 2022 | ||
£ | £ | ||
Stocks |
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Work in progress |
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2023 | 2022 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by Group undertakings |
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Other taxation and social security |
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Other debtors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Amounts owed to Group undertakings |
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Amounts owed to directors |
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Other loans |
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Accruals and deferred income |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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2023 | 2022 | ||
£ | £ | ||
Bank loans |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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Commitments
Capital commitments are as follows:
2023 | 2022 | ||
£ | £ | ||
Contracted for but not provided for: | |||
Finance leases entered into | 27,488 | 0 |
Parent Company:
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Towngate House, 2-8 Parkstone Road, Poole, Dorset, United Kingdom, BH15 2PW |