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COMPANY REGISTRATION NUMBER: 03904007
Office Technology Corporation Limited
Filleted Unaudited Financial Statements
31 March 2023
Office Technology Corporation Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
20,346
29,463
Current assets
Stocks
164,000
340,000
Debtors
5
341,108
464,714
Cash at bank and in hand
26,394
204,616
---------
------------
531,502
1,009,330
Creditors: amounts falling due within one year
6
622,240
755,627
---------
------------
Net current (liabilities)/assets
( 90,738)
253,703
--------
---------
Total assets less current liabilities
( 70,392)
283,166
Creditors: amounts falling due after more than one year
7
235,288
235,288
Provisions
Taxation including deferred tax
3,047
4,600
---------
---------
Net (liabilities)/assets
( 308,727)
43,278
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
( 309,727)
42,278
---------
--------
Shareholders (deficit)/funds
( 308,727)
43,278
---------
--------
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 income statement has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Office Technology Corporation Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 18 April 2024 , and are signed on behalf of the board by:
Mr W E Trotter
Mrs J Trotter
Director
Director
Mr M W Trotter
Miss K M Trotter
Director
Director
Company registration number: 03904007
Office Technology Corporation Limited
Notes to the Financial Statements
Year ended 31 March 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 Unit 2 Peacock Road, Durranhill Industrial Estate, Carlisle, Cumbria, CA1 3UD.
2. 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:
Leasehold Improvements
-
25% reducing balance
Office Equipment
-
25% reducing balance
Fixtures & Fittings
-
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.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2022: 13 ).
4. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Apr 2022
27,619
11,429
55,357
20,399
24,186
138,990
Additions
1,690
1,690
--------
--------
--------
--------
--------
---------
At 31 Mar 2023
27,619
11,429
57,047
20,399
24,186
140,680
--------
--------
--------
--------
--------
---------
Depreciation
At 1 Apr 2022
17,492
6,649
45,681
15,558
24,147
109,527
Charge for the year
2,532
1,325
5,701
1,210
39
10,807
--------
--------
--------
--------
--------
---------
At 31 Mar 2023
20,024
7,974
51,382
16,768
24,186
120,334
--------
--------
--------
--------
--------
---------
Carrying amount
At 31 Mar 2023
7,595
3,455
5,665
3,631
20,346
--------
--------
--------
--------
--------
---------
At 31 Mar 2022
10,127
4,780
9,676
4,841
39
29,463
--------
--------
--------
--------
--------
---------
5. Debtors
2023
2022
£
£
Trade debtors
203,129
276,930
Other debtors
137,979
187,784
---------
---------
341,108
464,714
---------
---------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
70,833
Trade creditors
77,278
105,877
Corporation tax
20,629
Social security and other taxes
451,914
505,179
Other creditors
93,048
53,109
---------
---------
622,240
755,627
---------
---------
7. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
235,288
235,288
---------
---------
8. Directors' advances, credits and guarantees
During the year the directors loan account was overdrawn and the maximum outstanding during the year was £149,668 (2022 - £149,668). On the balance sheet date the amount outstanding was £ 94,733 (2022 - £149,668).
9. Related party transactions
The company was under the joint control of Mr W E Trotter , Mrs J Trotter , Mr M Trotter & Miss K Trotter throughout the current and previous year. During the year dividends of £Nil (2022 - £100,000) were paid to the directors. On the balance sheet date the directors owed the company £ 94,733 (2022 - £149,668).