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Registration number: 554398

Owens Bros (Of Worcester) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Owens Bros (Of Worcester) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Owens Bros (Of Worcester) Limited

Company Information

Directors

C Owens

Mrs C Razzell

Registered office

111 - 113 High Street
Evesham
Worcestershire
WR11 4XP

Accountants

Clement Rabjohns Limited
Chartered Accountants
111/113 High Street
Evesham
Worcestershire
WR11 4XP

 

Owens Bros (Of Worcester) Limited

(Registration number: 554398)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

639

22,505

Investment property

5

354,000

-

Other financial assets

924

924

 

355,563

23,429

Current assets

 

Debtors

6

128

467

Cash at bank and in hand

 

20,503

15,420

 

20,631

15,887

Creditors: Amounts falling due within one year

7

(46,722)

(46,557)

Net current liabilities

 

(26,091)

(30,670)

Total assets less current liabilities

 

329,472

(7,241)

Provisions for liabilities

(83,114)

-

Net assets/(liabilities)

 

246,358

(7,241)

Capital and reserves

 

Called up share capital

5,000

5,000

Capital redemption reserve

1,262

1,262

Revaluation reserve

249,340

-

Retained earnings

(9,244)

(13,503)

Shareholders' funds/(deficit)

 

246,358

(7,241)

For the financial year 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Owens Bros (Of Worcester) Limited

(Registration number: 554398)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 18 June 2024 and signed on its behalf by:
 

.........................................
C Owens
Director

 

Owens Bros (Of Worcester) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
111 - 113 High Street
Evesham
Worcestershire
WR11 4XP
England

These financial statements were authorised for issue by the Board on 18 June 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis as the directors have expressed their willingness to continue to support the company.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Owens Bros (Of Worcester) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold buildings

2% straight line

Freehold land

Nil

Furniture, fittings and equipment

20% straight line

Motor vehicles

20% straight line

Other plant and equipment

20% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Owens Bros (Of Worcester) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Owens Bros (Of Worcester) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

33,416

1,559

13,952

7,855

56,782

Disposals

(33,416)

-

(13,952)

(7,855)

(55,223)

At 31 December 2023

-

1,559

-

-

1,559

Depreciation

At 1 January 2023

11,870

600

13,952

7,855

34,277

Charge for the year

-

320

-

-

320

Eliminated on disposal

(11,870)

-

(13,952)

(7,855)

(33,677)

At 31 December 2023

-

920

-

-

920

Carrying amount

At 31 December 2023

-

639

-

-

639

At 31 December 2022

21,546

959

-

-

22,505

 

Owens Bros (Of Worcester) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Included within the net book value of land and buildings above is £Nil (2022 - £21,546) in respect of freehold land and buildings.
 

5

Investment properties

2023
£

Transfers to and from owner-occupied property

21,546

Fair value adjustments

332,454

At 31 December

354,000

The investment property land and buildings were valued by an external valuer on 2 February 2024. The Directors consider the value to be the same as at 31 December 2023.

6

Debtors

2023
£

2022
£

Other debtors

128

357

Prepayments

-

110

128

467

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

444

-

Accruals and deferred income

613

613

Other creditors

45,665

45,944

46,722

46,557

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

249,340

249,340