Company Registration No. 10556193 (England and Wales)
Owen Isherwood Limited
Unaudited accounts
for the year ended 31 March 2024
Owen Isherwood Limited
Unaudited accounts
Contents
Owen Isherwood Limited
Company Information
for the year ended 31 March 2024
Directors
P A R Bellion
A R Fenney
A R E Bellion
Company Number
10556193 (England and Wales)
Registered Office
1 Wey Court
Mary Road
Guildford
Surrey
GU1 4QU
UK
Owen Isherwood Limited
Statement of financial position
as at 31 March 2024
Tangible assets
3,689
3,323
Cash at bank and in hand
293,747
331,515
Creditors: amounts falling due within one year
(149,669)
(332,217)
Net current assets
330,889
353,114
Net assets
334,578
356,437
Called up share capital
100
100
Profit and loss account
334,478
356,337
Shareholders' funds
334,578
356,437
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 12 November 2024 and were signed on its behalf by
A R Fenney
Director
Company Registration No. 10556193
Owen Isherwood Limited
Notes to the Accounts
for the year ended 31 March 2024
Owen Isherwood Limited is a private company, limited by shares, registered in England and Wales, registration number 10556193. The registered office is 1 Wey Court, Mary Road, Guildford, Surrey, GU1 4QU, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is show net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.
Tangible fixed assets and depreciation
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
Computer equipment
5 years straight line
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Owen Isherwood Limited
Notes to the Accounts
for the year ended 31 March 2024
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting polices. In preparing these financial statements, the directors have made the following judgements:
Determine whether there are indicators of impairment of the company's intangible fixed assets and tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Other key sources of estimation uncertainty:
Tangible fixed assets (note 5)
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
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Intangible fixed assets
Goodwill
Owen Isherwood Limited
Notes to the Accounts
for the year ended 31 March 2024
5
Tangible fixed assets
Computer equipment
Amounts falling due within one year
Trade debtors
161,825
347,713
Accrued income and prepayments
8,205
6,103
7
Creditors: amounts falling due within one year
2024
2023
Trade creditors
19,720
178,085
Taxes and social security
76,028
70,381
Loans from directors
-
21,289
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Average number of employees
During the year the average number of employees was 7 (2023: 6).