Registration number:
Office Equipment Systems Limited
for the Year Ended 31 May 2020
Pages for filing with Registrar
Office Equipment Systems Limited
Contents
Company Information |
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Abridged Balance Sheet |
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Notes to the Unaudited Abridged Financial Statements |
Office Equipment Systems Limited
Company Information
Director |
Wayne E Jones |
Company secretary |
Michael J Richardson |
Registered office |
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Bankers |
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Business address |
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Office Equipment Systems Limited
(Registration number: 06823460)
Abridged Balance Sheet as at 31 May 2020
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2019 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Accruals and deferred income |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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For the financial year ending 31 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Office Equipment Systems Limited
(Registration number: 06823460)
Abridged Balance Sheet as at 31 May 2020
Approved and authorised by the
.........................................
Director
Office Equipment Systems Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2020
Statutory information |
Office Equipment Systems Limited is a private company, limited by shares, registered in England and Wales. The address of the registered office can be found on the company information page.
Accounting policies |
Statement of compliance
These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currenct of the company.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods and services
provided in the normal course of business, and is shown net of VAT and other sales related taxes and takes
into account discounts and rebates.
When the outcome of a transaction can be estimated reliably, turnover is recognised by reference to the
stage of completion at the balance sheet date. Stage of completion is measured by reference to a notable
milestone.
Tangible assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment
costs.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
20% of cost |
Computer equipment |
33% of cost |
Fixtures, fittings and equipment |
10% of cost |
Motor vehicles |
20% of cost |
Improvements to leasehold property |
10% of cost |
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.
Impairment of fixed assets
A review of indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Office Equipment Systems Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2020
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.
Tax
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profits differ 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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that 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 the 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 to the profit and loss account, except when it relates to items charged or credited 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.
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension sceheme are charged to profit and loss in the period to which they relate.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Office Equipment Systems Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2020
Tangible assets |
Improvements to leasehold property |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 June 2019 |
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Additions |
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Disposals |
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At 31 May 2020 |
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Depreciation |
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At 1 June 2019 |
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Charge for the year |
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Eliminated on disposal |
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At 31 May 2020 |
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Carrying amount |
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At 31 May 2020 |
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At 31 May 2019 |
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Debtors |
2020 |
2019 |
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Trade debtors |
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Other debtors |
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Creditors: amounts falling due within one year |
2020 |
2019 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Office Equipment Systems Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2020
Creditors: amounts falling due after more than one year |
2020 |
2019 |
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Bank loan |
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