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Registered number: 06295576
Ontech Solutions Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Ballantyne & Co
Chartered Accountants & Registered Auditors
60 St. Enoch Square
Glasgow
G1 4AG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06295576
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 599,578 22,089
599,578 22,089
CURRENT ASSETS
Stocks 5 66,465 68,157
Debtors 6 187,768 276,884
Cash at bank and in hand 1,846,230 1,950,261
2,100,463 2,295,302
Creditors: Amounts Falling Due Within One Year 7 (917,930 ) (836,022 )
NET CURRENT ASSETS (LIABILITIES) 1,182,533 1,459,280
TOTAL ASSETS LESS CURRENT LIABILITIES 1,782,111 1,481,369
NET ASSETS 1,782,111 1,481,369
CAPITAL AND RESERVES
Called up share capital 8 50,000 50,000
Profit and Loss Account 1,732,111 1,431,369
SHAREHOLDERS' FUNDS 1,782,111 1,481,369
Page 1
Page 2
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Alan Gilchrist
Director
29 August 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Ontech Solutions Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06295576 . The registered office is The Quadrant, Primrose Hill, Doddington, March, Cambridgeshire, PE15 0SU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2%
Motor Vehicles 25
Fixtures & Fittings 20
Computer Equipment 25
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 14 (2022: 15)
14 15
Page 3
Page 4
4. Tangible Assets
Land & Property
Freehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 - 18,000 61,800 31,402 111,202
Additions 577,277 - 7,820 14,154 599,251
As at 31 December 2023 577,277 18,000 69,620 45,556 710,453
Depreciation
As at 1 January 2023 - 15,597 53,629 19,887 89,113
Provided during the period 11,546 600 3,198 6,418 21,762
As at 31 December 2023 11,546 16,197 56,827 26,305 110,875
Net Book Value
As at 31 December 2023 565,731 1,803 12,793 19,251 599,578
As at 1 January 2023 - 2,403 8,171 11,515 22,089
5. Stocks
2023 2022
£ £
Finished goods 66,465 68,157
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 168,906 255,275
Prepayments and accrued income 18,862 21,609
187,768 276,884
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 164,120 150,652
Corporation tax 143,911 71,093
Other taxes and social security 17,181 10,445
VAT 135,087 193,461
Other creditors 31,550 27,794
Accruals and deferred income 339,710 364,496
Director's loan account 86,371 18,081
917,930 836,022
Page 4
Page 5
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 50,000 50,000
Page 5