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Company No: 11875762 (England and Wales)

ONYX BARS LTD

Unaudited Financial Statements
For the financial period from 01 May 2023 to 31 December 2023
Pages for filing with the registrar

ONYX BARS LTD

Unaudited Financial Statements

For the financial period from 01 May 2023 to 31 December 2023

Contents

ONYX BARS LTD

BALANCE SHEET

As at 31 December 2023
ONYX BARS LTD

BALANCE SHEET (continued)

As at 31 December 2023
Note 31.12.2023 30.04.2023
£ £
Fixed assets
Tangible assets 3 296,204 313,622
296,204 313,622
Current assets
Stocks 4 49,424 55,900
Debtors 5 53,802 403,262
Cash at bank and in hand 513 150,421
103,739 609,583
Creditors: amounts falling due within one year 6 ( 388,528) ( 866,674)
Net current liabilities (284,789) (257,091)
Total assets less current liabilities 11,415 56,531
Creditors: amounts falling due after more than one year 7 ( 89,478) ( 169,728)
Net liabilities ( 78,063) ( 113,197)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 78,163 ) ( 113,297 )
Total shareholders' deficit ( 78,063) ( 113,197)

For the financial period ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Onyx Bars Ltd (registered number: 11875762) were approved and authorised for issue by the Board of Directors on 19 February 2024. They were signed on its behalf by:

G Julius
Director
ONYX BARS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 May 2023 to 31 December 2023
ONYX BARS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 May 2023 to 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

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 principal place of business is B1, Ricardo Way, Ampress Park, Lymington, SO41 8JW.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

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.

Reporting period length

The financial statements presented for the current year are for a shortened period of 8 months from 1st May 2023 to 31st December 2023.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Revenue from services is recognised as they are delivered.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than the Citroen H vans included in plant and machinery, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis or straight line basis over its expected useful life, as follows:

Leasehold improvements depreciated over the life of the lease
Plant and machinery 10 - 20 % reducing balance
Vehicles 15 % reducing balance
Fixtures and fittings 20 % reducing balance
Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.

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.

2. Employees

Period from
01.05.2023 to
31.12.2023
Year ended
30.04.2023
Number Number
Monthly average number of persons employed by the Company during the period, including directors 36 40

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 May 2023 13,516 267,799 54,317 9,030 2,856 347,518
Additions 0 1,925 0 0 0 1,925
At 31 December 2023 13,516 269,724 54,317 9,030 2,856 349,443
Accumulated depreciation
At 01 May 2023 2,704 27,915 0 2,461 816 33,896
Charge for the financial period 900 11,862 5,432 877 272 19,343
At 31 December 2023 3,604 39,777 5,432 3,338 1,088 53,239
Net book value
At 31 December 2023 9,912 229,947 48,885 5,692 1,768 296,204
At 30 April 2023 10,812 239,884 54,317 6,569 2,040 313,622

4. Stocks

31.12.2023 30.04.2023
£ £
Stocks 10,424 22,100
Work in progress 39,000 33,800
49,424 55,900

5. Debtors

31.12.2023 30.04.2023
£ £
Trade debtors 28,480 291,042
Amounts owed by Group undertakings 18,865 28,977
Other taxation and social security 0 382
Other debtors 6,457 82,861
53,802 403,262

6. Creditors: amounts falling due within one year

31.12.2023 30.04.2023
£ £
Bank loans and overdrafts 16,406 5,260
Trade creditors 51,969 152,624
Amounts owed to Group undertakings 189,226 32,591
Other loans 63,193 69,521
Accruals and deferred income 5,800 448,909
Other taxation and social security 2,071 102,442
Obligations under finance leases and hire purchase contracts 58,495 55,245
Other creditors 1,368 82
388,528 866,674

7. Creditors: amounts falling due after more than one year

31.12.2023 30.04.2023
£ £
Bank loans 32,493 35,341
Other loans 0 45,176
Obligations under finance leases and hire purchase contracts 56,985 89,211
89,478 169,728

Hire purchase contracts are secured by the assets to which they are related.

8. Financial commitments

Commitments

Capital commitments are as follows:

31.12.2023 30.04.2023
£ £
Contracted for but not provided for:
Finance leases entered into 34,915 30,834

9. Ultimate controlling party

Parent Company:

Creating the Magic Limited
Towngate House, 2-8 Parkstone Road, Poole, Dorset, United Kingdom, BH15 2PW