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REGISTERED NUMBER: 07398223 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31st October 2023

for

Ozcraft Limited

Ozcraft Limited (Registered number: 07398223)

Contents of the Financial Statements
for the Year Ended 31st October 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ozcraft Limited

Company Information
for the Year Ended 31st October 2023







DIRECTOR: A J Metcalf





SECRETARY: Mrs L G Metcalf





REGISTERED OFFICE: Sovereign House
155 High Street
Aldershot
Hampshire
GU11 1TT





REGISTERED NUMBER: 07398223 (England and Wales)





ACCOUNTANTS: Whiteleys
Chartered Certified Accountants
Sovereign House
155 High Street
Aldershot
Hampshire
GU11 1TT

Ozcraft Limited (Registered number: 07398223)

Balance Sheet
31st October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 30,704 43,214

CURRENT ASSETS
Stocks 38,060 38,060
Debtors 6 17,662 24,866
Cash at bank 36,285 22,427
92,007 85,353
CREDITORS
Amounts falling due within one year 7 16,039 6,893
NET CURRENT ASSETS 75,968 78,460
TOTAL ASSETS LESS CURRENT
LIABILITIES

106,672

121,674

CREDITORS
Amounts falling due after more than one
year

8

(87,084

)

(91,962

)

PROVISIONS FOR LIABILITIES (2,235 ) (2,985 )
NET ASSETS 17,353 26,727

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 17,253 26,627
SHAREHOLDERS' FUNDS 17,353 26,727

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Ozcraft Limited (Registered number: 07398223)

Balance Sheet - continued
31st October 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 19th April 2024 and were signed by:





A J Metcalf - Director


Ozcraft Limited (Registered number: 07398223)

Notes to the Financial Statements
for the Year Ended 31st October 2023


1. STATUTORY INFORMATION

Ozcraft Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 20% on reducing balance
Office equipment - 25% on reducing balance

Stocks
Stocks are measured at the lower of cost and selling price less cost to complete and sell.

Cost is calculated on a first in, first out basis and includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Ozcraft Limited (Registered number: 07398223)

Notes to the Financial Statements - continued
for the Year Ended 31st October 2023


3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Ozcraft Limited (Registered number: 07398223)

Notes to the Financial Statements - continued
for the Year Ended 31st October 2023


3. ACCOUNTING POLICIES - continued

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Stocks are also assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of stock or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

5. TANGIBLE FIXED ASSETS
Improvements
to Plant and Office
property machinery equipment Totals
£    £    £    £   
COST
At 1st November 2022 55,626 154,165 14,062 223,853
Disposals - (42,802 ) (9,324 ) (52,126 )
At 31st October 2023 55,626 111,363 4,738 171,727
DEPRECIATION
At 1st November 2022 37,572 129,690 13,377 180,639
Charge for year 5,562 4,481 95 10,138
Eliminated on disposal - (40,735 ) (9,019 ) (49,754 )
At 31st October 2023 43,134 93,436 4,453 141,023
NET BOOK VALUE
At 31st October 2023 12,492 17,927 285 30,704
At 31st October 2022 18,054 24,475 685 43,214

Ozcraft Limited (Registered number: 07398223)

Notes to the Financial Statements - continued
for the Year Ended 31st October 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 14,598 24,866
Other debtors 3,064 -
17,662 24,866

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors - 3,208
Taxation and social security 8,621 1,573
Other creditors 7,418 2,112
16,039 6,893

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors 87,084 91,962