10 false false false false false false false false false false true false false false false false false No description of principal activity 2022-06-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 04722106 2022-06-01 2023-05-31 04722106 2023-05-31 04722106 2022-05-31 04722106 2021-06-01 2022-05-31 04722106 2022-05-31 04722106 2021-05-31 04722106 core:PlantMachinery 2022-06-01 2023-05-31 04722106 core:MotorVehicles 2022-06-01 2023-05-31 04722106 bus:Director1 2022-06-01 2023-05-31 04722106 core:PlantMachinery 2022-05-31 04722106 core:MotorVehicles 2022-05-31 04722106 core:PlantMachinery 2023-05-31 04722106 core:MotorVehicles 2023-05-31 04722106 core:WithinOneYear 2023-05-31 04722106 core:WithinOneYear 2022-05-31 04722106 core:AfterOneYear 2023-05-31 04722106 core:AfterOneYear 2022-05-31 04722106 core:ShareCapital 2023-05-31 04722106 core:ShareCapital 2022-05-31 04722106 core:RetainedEarningsAccumulatedLosses 2023-05-31 04722106 core:RetainedEarningsAccumulatedLosses 2022-05-31 04722106 core:PlantMachinery 2022-05-31 04722106 core:MotorVehicles 2022-05-31 04722106 bus:SmallEntities 2022-06-01 2023-05-31 04722106 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 04722106 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 04722106 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 04722106 bus:FullAccounts 2022-06-01 2023-05-31 04722106 core:ComputerEquipment 2022-06-01 2023-05-31 04722106 core:ComputerEquipment 2022-05-31 04722106 core:ComputerEquipment 2023-05-31 04722106 core:KeyManagementIndividualGroup1 2022-06-01 2023-05-31 04722106 core:KeyManagementIndividualGroup1 2023-05-31
COMPANY REGISTRATION NUMBER: 04722106
Open Space (Cumbria) Limited
Filleted Unaudited Financial Statements
31 May 2023
Open Space (Cumbria) Limited
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
153,266
200,968
Current assets
Stocks
4,920
3,241
Debtors
6
17,854
117,532
Cash at bank and in hand
7
7
--------
---------
22,781
120,780
Creditors: amounts falling due within one year
7
232,590
184,191
---------
---------
Net current liabilities
209,809
63,411
---------
---------
Total assets less current liabilities
( 56,543)
137,557
Creditors: amounts falling due after more than one year
8
39,591
73,810
Provisions
Taxation including deferred tax
29,121
38,184
---------
---------
Net (liabilities)/assets
( 125,255)
25,563
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 125,355)
25,463
---------
--------
Shareholders (deficit)/funds
( 125,255)
25,563
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Open Space (Cumbria) Limited
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 21 February 2024 , and are signed on behalf of the board by:
Mr J Rook
Director
Company registration number: 04722106
Open Space (Cumbria) Limited
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Stables, Great Orton, Carlisle, Cumbria, CA5 6NA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 13 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 June 2022
776,269
113,671
283
890,223
Additions
3,653
499
4,152
Disposals
( 11,026)
( 11,026)
---------
---------
----
---------
At 31 May 2023
768,896
113,671
782
883,349
---------
---------
----
---------
Depreciation
At 1 June 2022
616,848
72,218
189
689,255
Charge for the year
40,614
10,363
260
51,237
Disposals
( 10,409)
( 10,409)
---------
---------
----
---------
At 31 May 2023
647,053
82,581
449
730,083
---------
---------
----
---------
Carrying amount
At 31 May 2023
121,843
31,090
333
153,266
---------
---------
----
---------
At 31 May 2022
159,421
41,453
94
200,968
---------
---------
----
---------
6. Debtors
2023
2022
£
£
Trade debtors
17,854
107,060
Other debtors
10,472
--------
---------
17,854
117,532
--------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
26,822
905
Trade creditors
29,597
19,186
Social security and other taxes
11,789
18,643
Other creditors
164,382
145,457
---------
---------
232,590
184,191
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
39,591
73,810
--------
--------
9. Related party transactions
The company was under the control of Mr J Rook throughout the current and previous year. Mr Rook is the sole director and shareholder. During the year dividends of £Nil (2022 - £70,000) were paid to Mr Rook. On the balance sheet date the company owed Mr Rook £ 135,781 (2022 - £105,541) and this is included in Other creditors.