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REGISTERED NUMBER: 02905247 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Owen Brothers Limited

Owen Brothers Limited (Registered number: 02905247)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

Owen Brothers Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: J R Owen
K M Owen
M D Owen





SECRETARY: J R Owen





REGISTERED OFFICE: Lower Laches Farm
Coven
Wolverhampton
West Midlands
WV10 7PA





REGISTERED NUMBER: 02905247 (England and Wales)





ACCOUNTANTS: Tomkinson Teal (Lichfield) LLP
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD

Owen Brothers Limited (Registered number: 02905247)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 315,024 328,743
Investment property 5 1,500,000 1,500,000
1,815,024 1,828,743

CURRENT ASSETS
Debtors 6 34,737 85,711

CREDITORS
Amounts falling due within one year 7 (140,375 ) (189,290 )
NET CURRENT LIABILITIES (105,638 ) (103,579 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,709,386

1,725,164

CREDITORS
Amounts falling due after more than one
year

8

(33,081

)

(68,003

)

PROVISIONS FOR LIABILITIES (147,810 ) (148,876 )
NET ASSETS 1,528,495 1,508,285

CAPITAL AND RESERVES
Called up share capital 9 120 120
Revaluation reserve 994,440 994,440
Retained earnings 533,935 513,725
SHAREHOLDERS' FUNDS 1,528,495 1,508,285

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Owen Brothers Limited (Registered number: 02905247)

Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:




J R Owen - Director M D Owen - Director




K M Owen - Director


Owen Brothers Limited (Registered number: 02905247)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Owen Brothers Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 1% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Owen Brothers Limited (Registered number: 02905247)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 406,103 150,514 28,552 30,000 615,169
Additions - 6,200 - - 6,200
At 31 March 2024 406,103 156,714 28,552 30,000 621,369
DEPRECIATION
At 1 April 2023 177,806 53,347 28,470 26,803 286,426
Charge for year 4,061 15,038 21 799 19,919
At 31 March 2024 181,867 68,385 28,491 27,602 306,345
NET BOOK VALUE
At 31 March 2024 224,236 88,329 61 2,398 315,024
At 31 March 2023 228,297 97,167 82 3,197 328,743

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 April 2023
and 31 March 2024 111,000
DEPRECIATION
At 1 April 2023 16,463
Charge for year 13,223
At 31 March 2024 29,686
NET BOOK VALUE
At 31 March 2024 81,314
At 31 March 2023 94,537

Owen Brothers Limited (Registered number: 02905247)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 1,500,000
NET BOOK VALUE
At 31 March 2024 1,500,000
At 31 March 2023 1,500,000

Investment property comprises residential and farm buildings. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31st March 2023 by the Directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.The directors consider the valuation to be an accurate value given the current economic climate.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 34,737 85,711

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,549 12,284
Hire purchase contracts 19,042 13,612
Trade creditors 72,636 45,651
Tax 7,708 21,244
Social security and other taxes 4,905 1,377
VAT 13,876 10,467
Directors' current accounts 9,805 62,108
Accrued expenses 1,854 22,547
140,375 189,290

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bounce back loan 23,333 34,236
Hire purchase contracts 9,748 33,767
33,081 68,003

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
120 Ordinary £1 120 120

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Owen Brothers Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Owen Brothers Limited for the year ended 31 March 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Owen Brothers Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Owen Brothers Limited and state those matters that we have agreed to state to the Board of Directors of Owen Brothers Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Owen Brothers Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Owen Brothers Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Owen Brothers Limited. You consider that Owen Brothers Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Owen Brothers Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Tomkinson Teal (Lichfield) LLP
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD


25 September 2024