Registered number
11182032
OFFICINE INTERNATIONAL LTD
Filleted Accounts
29 February 2024
OFFICINE INTERNATIONAL LTD
Registered number: 11182032
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 722,599 722,599
Current assets
Stocks 19,250 25,600
Debtors 4 357,397 312,703
Cash at bank and in hand 5,111 15,005
381,758 353,308
Creditors: amounts falling due within one year 5 (374,657) (281,613)
Net current assets 7,101 71,695
Total assets less current liabilities 729,700 794,294
Creditors: amounts falling due after more than one year 6 (3,821,111) (2,933,371)
Net liabilities (3,091,411) (2,139,077)
Capital and reserves
Called up share capital 100 100
Prior Year Adjustment 7 (416,207) -
Profit and loss account (2,675,304) (2,139,177)
Shareholders' funds (3,091,411) (2,139,077)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
VALENTINIS, Andrea
Director
Approved by the board on 20 January 2025
OFFICINE INTERNATIONAL LTD
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 18% RBM
Fixtures, fittings, tools and equipment 18% RBM
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 31 34
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2023 850,619 152,734 10,649 1,014,002
At 29 February 2024 850,619 152,734 10,649 1,014,002
Depreciation
At 1 March 2023 208,186 77,195 6,022 291,403
At 29 February 2024 208,186 77,195 6,022 291,403
Net book value
At 29 February 2024 642,433 75,539 4,627 722,599
At 28 February 2023 642,433 75,539 4,627 722,599
4 Debtors 2024 2023
£ £
Rent Deposit 4,500 -
Prepayments & accrued income 44,460 7,260
Other debtors 308,437 305,443
357,397 312,703
5 Creditors: amounts falling due within one year 2024 2023
£ £
Net wages Payable 16,696 24,763
Pension Payable 1,083 1,010
Trade creditors 53,135 26,520
VAT Control 7,056 37,615
Accruals and Deferred Income 35,385 -
Taxation and social security costs 261,302 191,705
374,657 281,613
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 47,417 46,417
Other creditors 3,773,694 2,886,954
3,821,111 2,933,371
7 Revaluation reserve 2024 2023
£ £
Prior Year Adjustment Reserve (416,207) -
At 29 February 2024 (416,207) -
8 Other information
OFFICINE INTERNATIONAL LTD is a private company limited by shares and incorporated in England. Its registered office is:
46 Nova Road
Croydon
England
CR0 2TL
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