Registered number
10344446
Ozil Penn Ltd
Filleted Accounts
31 August 2023
Ozil Penn Ltd
Registered number: 10344446
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 11,684 4,110
Current assets
Stocks 1,000 1,500
Debtors 4 1,715 999
Cash at bank and in hand 10,644 20,484
13,359 22,983
Creditors: amounts falling due within one year 5 (5,899) (5,873)
Net current assets 7,460 17,110
Total assets less current liabilities 19,144 21,220
Creditors: amounts falling due after more than one year 6 (17,710) (14,358)
Net assets 1,434 6,862
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,334 6,762
Shareholder's funds 1,434 6,862
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ozlem Ekinci
Director
Approved by the board on 5 April 2024
Ozil Penn Ltd
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 20% Reducing balance method
Fixtures, fittings, tools and equipment 20% Reducing balance method
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2022 8,031 - 8,031
Additions 1,500 8,995 10,495
At 31 August 2023 9,531 8,995 18,526
Depreciation
At 1 September 2022 3,921 - 3,921
Charge for the year 1,122 1,799 2,921
At 31 August 2023 5,043 1,799 6,842
Net book value
At 31 August 2023 4,488 7,196 11,684
At 31 August 2022 4,110 - 4,110
4 Debtors 2023 2022
£ £
Trade debtors 762 186
Other debtors 953 813
1,715 999
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 892 817
Taxation and social security costs 5,008 4,998
Other creditors (1) 58
5,899 5,873
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 10,860 14,358
Obligations under finance lease and hire purchase contracts 6,850 -
17,710 14,358
7 Controlling party
The company is under the control of its director & shareholder, Ozlem Ekinci.
8 Other information
Ozil Penn Ltd is a private company limited by shares and incorporated in England. Its registered office is:
6 Penn Court
Station Road
Ferndown
BH22 0JJ
Ozil Penn Ltd 10344446 false 2022-09-01 2023-08-31 2023-08-31 VT Final Accounts October 2023 release 2 Ozlem Ekinci No description of principal activity 10344446 2021-09-01 2022-08-31 10344446 core:WithinOneYear 2022-08-31 10344446 core:AfterOneYear 2022-08-31 10344446 core:ShareCapital 2022-08-31 10344446 core:RetainedEarningsAccumulatedLosses 2022-08-31 10344446 2022-09-01 2023-08-31 10344446 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 10344446 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 10344446 bus:Director40 2022-09-01 2023-08-31 10344446 1 2022-09-01 2023-08-31 10344446 2 2022-09-01 2023-08-31 10344446 core:PlantMachinery 2022-09-01 2023-08-31 10344446 core:Vehicles 2022-09-01 2023-08-31 10344446 countries:England 2022-09-01 2023-08-31 10344446 bus:FRS102 2022-09-01 2023-08-31 10344446 bus:FullAccounts 2022-09-01 2023-08-31 10344446 2023-08-31 10344446 core:WithinOneYear 2023-08-31 10344446 core:AfterOneYear 2023-08-31 10344446 core:ShareCapital 2023-08-31 10344446 core:RetainedEarningsAccumulatedLosses 2023-08-31 10344446 core:PlantMachinery 2023-08-31 10344446 core:Vehicles 2023-08-31 10344446 2022-08-31 10344446 core:PlantMachinery 2022-08-31 10344446 core:Vehicles 2022-08-31 iso4217:GBP xbrli:pure