Company Registration No. 07910617 (England and Wales)
OROKO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
OROKO LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 6
OROKO LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2017
31 December 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
47,991
7,626
Current assets
Debtors
4
81,724
52,630
Cash at bank and in hand
155,042
44,027
236,766
96,657
Creditors: amounts falling due within one year
5
(122,519)
(35,242)
Net current assets
114,247
61,415
Total assets less current liabilities
162,238
69,041
Provisions for liabilities
-
(363)
Net assets
162,238
68,678
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
162,138
68,578
Total equity
162,238
68,678
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
OROKO LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2017
31 December 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 September 2018 and are signed on its behalf by:
Mr M Webb
Director
Company Registration No. 07910617
OROKO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2017
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2016
50,000
64,166
114,166
Year ended 31 December 2016:
Profit and total comprehensive income for the year
-
54,412
54,412
Dividends
-
(50,000)
(50,000)
Redemption of shares
6
(49,900)
-
(49,900)
Balance at 31 December 2016
100
68,578
68,678
Year ended 31 December 2017:
Profit and total comprehensive income for the year
-
93,560
93,560
Balance at 31 December 2017
100
162,138
162,238
OROKO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 4 -
1
Accounting policies
Company information
Oroko Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Kings Parade, Lower Coombe Street, Croydon, Surrey, CR0 1AA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for
services net of VAT and trade discounts.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
Computer equipment
33% straight line
Motor vehicles
25% straight line
1.4
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
OROKO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs 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
Deferred tax liabilities are generally recognised for all timing differences and 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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2016 - 1).
3
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2017
-
2,502
19,509
22,011
Additions
5,100
-
57,085
62,185
Disposals
-
-
(19,509)
(19,509)
At 31 December 2017
5,100
2,502
57,085
64,687
Depreciation and impairment
At 1 January 2017
-
2,193
12,192
14,385
Depreciation charged in the year
-
232
14,271
14,503
Eliminated in respect of disposals
-
-
(12,192)
(12,192)
At 31 December 2017
-
2,425
14,271
16,696
Carrying amount
At 31 December 2017
5,100
77
42,814
47,991
At 31 December 2016
-
309
7,317
7,626
OROKO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 6 -
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
39,365
52,630
Other debtors
41,487
-
80,852
52,630
Amounts falling due after more than one year:
Deferred tax asset
872
-
Total debtors
81,724
52,630
5
Creditors: amounts falling due within one year
2017
2016
£
£
Corporation tax
22,623
15,546
Other taxation and social security
12,759
12,338
Other creditors
87,137
7,358
122,519
35,242
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
100
100
7
Directors' transactions
At the year end, included in other creditors is an amount of £46,577 (2016: £320) due to the director of the company.