Silverfin false false 31/01/2024 01/02/2023 31/01/2024 Mr P M Ainsworth 01/07/2016 Mr L Jones 14/01/1993 22 August 2024 The principal activity of the company continued to be that of electrical wholesalers. 02779512 2024-01-31 02779512 bus:Director1 2024-01-31 02779512 bus:Director2 2024-01-31 02779512 2023-01-31 02779512 core:CurrentFinancialInstruments 2024-01-31 02779512 core:CurrentFinancialInstruments 2023-01-31 02779512 core:Non-currentFinancialInstruments 2024-01-31 02779512 core:Non-currentFinancialInstruments 2023-01-31 02779512 core:ShareCapital 2024-01-31 02779512 core:ShareCapital 2023-01-31 02779512 core:RetainedEarningsAccumulatedLosses 2024-01-31 02779512 core:RetainedEarningsAccumulatedLosses 2023-01-31 02779512 core:Vehicles 2023-01-31 02779512 core:FurnitureFittings 2023-01-31 02779512 core:ComputerEquipment 2023-01-31 02779512 core:Vehicles 2024-01-31 02779512 core:FurnitureFittings 2024-01-31 02779512 core:ComputerEquipment 2024-01-31 02779512 2023-02-01 2024-01-31 02779512 bus:FilletedAccounts 2023-02-01 2024-01-31 02779512 bus:SmallEntities 2023-02-01 2024-01-31 02779512 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 02779512 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 02779512 bus:Director1 2023-02-01 2024-01-31 02779512 bus:Director2 2023-02-01 2024-01-31 02779512 core:Vehicles core:TopRangeValue 2023-02-01 2024-01-31 02779512 core:FurnitureFittings core:TopRangeValue 2023-02-01 2024-01-31 02779512 core:ComputerEquipment core:TopRangeValue 2023-02-01 2024-01-31 02779512 2022-02-01 2023-01-31 02779512 core:Vehicles 2023-02-01 2024-01-31 02779512 core:FurnitureFittings 2023-02-01 2024-01-31 02779512 core:ComputerEquipment 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure

Company No: 02779512 (England and Wales)

MR OHMS LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2024
Pages for filing with the registrar

MR OHMS LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2024

Contents

MR OHMS LIMITED

BALANCE SHEET

As at 31 January 2024
MR OHMS LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 92,642 104,675
92,642 104,675
Current assets
Stocks 568,320 662,284
Debtors 5 605,021 775,101
Cash at bank and in hand 141,560 114,529
1,314,901 1,551,914
Creditors: amounts falling due within one year 6 ( 878,407) ( 1,053,300)
Net current assets 436,494 498,614
Total assets less current liabilities 529,136 603,289
Creditors: amounts falling due after more than one year 7 ( 43,121) ( 65,231)
Provision for liabilities ( 23,160) ( 21,301)
Net assets 462,855 516,757
Capital and reserves
Called-up share capital 2 2
Profit and loss account 462,853 516,755
Total shareholders' funds 462,855 516,757

For the financial year ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Mr Ohms Limited (registered number: 02779512) were approved and authorised for issue by the Board of Directors on 22 August 2024. They were signed on its behalf by:

Mr L Jones
Director
MR OHMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
MR OHMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mr Ohms Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Stephenson Way, Formby, Liverpool, L37 8EG, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Vehicles 4 years straight line
Fixtures and fittings 10 years straight line
Computer equipment 10 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 19 21

4. Tangible assets

Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 February 2023 102,453 132,117 0 234,570
Additions 0 8,846 2,002 10,848
At 31 January 2024 102,453 140,963 2,002 245,418
Accumulated depreciation
At 01 February 2023 54,311 75,584 0 129,895
Charge for the financial year 14,473 8,208 200 22,881
At 31 January 2024 68,784 83,792 200 152,776
Net book value
At 31 January 2024 33,669 57,171 1,802 92,642
At 31 January 2023 48,142 56,533 0 104,675

5. Debtors

2024 2023
£ £
Trade debtors 600,499 740,058
Other debtors 4,522 35,043
605,021 775,101

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 10,000
Trade creditors 755,329 908,816
Taxation and social security 62,375 46,269
Obligations under finance leases and hire purchase contracts 10,444 15,793
Other creditors 40,259 72,422
878,407 1,053,300

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 18,333 30,000
Obligations under finance leases and hire purchase contracts 24,788 35,231
43,121 65,231

8. Financial commitments

Commitments

Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments
under non-cancellable operating leases, as follows:

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 224,000 26,460