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COMPANY REGISTRATION NUMBER: 01675201
Outminster Limited
Filleted Unaudited Financial Statements
31 March 2024
Outminster Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Balance sheet
1
Notes to the financial statements
3
Outminster Limited
Balance Sheet
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
24,874
5,672
Current assets
Stocks
1,860,612
1,605,179
Debtors
6
105,630
101,760
Cash at bank and in hand
365,954
461,867
------------
------------
2,332,196
2,168,806
Creditors: amounts falling due within one year
7
529,923
243,665
------------
------------
Net current assets
1,802,273
1,925,141
------------
------------
Total assets less current liabilities
1,827,147
1,930,813
------------
------------
Net assets
1,827,147
1,930,813
------------
------------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
1,826,147
1,929,813
------------
------------
Shareholders funds
1,827,147
1,930,813
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Outminster Limited
Balance Sheet (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 7 October 2024 , and are signed on behalf of the board by:
Mr J Shah
Director
Company registration number: 01675201
Outminster Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Marylebone High Street, London, W1U 4NF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. On the sale of properties turnover is recognised once the contracts have been exchanged.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
Over the term of lease
Fixtures and fittings
-
20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. Tangible assets
Land and buildings Leasehold
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023
70,639
141,503
212,142
Additions
21,789
21,789
--------
---------
---------
At 31 March 2024
92,428
141,503
233,931
--------
---------
---------
Depreciation
At 1 April 2023
70,638
135,832
206,470
Charge for the year
1,453
1,134
2,587
--------
---------
---------
At 31 March 2024
72,091
136,966
209,057
--------
---------
---------
Carrying amount
At 31 March 2024
20,337
4,537
24,874
--------
---------
---------
At 31 March 2023
1
5,671
5,672
--------
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
11,816
3,620
Other debtors
93,814
98,140
---------
---------
105,630
101,760
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
492,476
202,885
Accruals and deferred income
8,081
11,453
Social security and other taxes
7,903
17,374
Director loan accounts
2,899
859
Other creditors
18,564
11,094
---------
---------
529,923
243,665
---------
---------