Company Registration No. 09799749 (England and Wales)
The Office Products Corporation Ltd
Unaudited
Financial Statements
for the year ended 30 September 2020
PAGES FOR FILING WITH REGISTRAR
The Office Products Corporation Ltd
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
The Office Products Corporation Ltd
Balance Sheet
as at 30 September 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,380
4,507
Current assets
Stocks
4,000
Debtors
4
229,774
282,529
Cash at bank and in hand
318,662
256,698
552,436
539,227
Creditors: amounts falling due within one year
5
(171,196)
(223,452)
Net current assets
381,240
315,775
Total assets less current liabilities
384,620
320,282
Creditors: amounts falling due after more than one year
6
(50,000)
Net assets
334,620
320,282
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
334,520
320,182
Total equity
334,620
320,282
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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.
The Office Products Corporation Ltd
Balance Sheet (continued)
as at 30 September 2020
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 5 March 2021
D Waller
Director
Company Registration No. 09799749
The Office Products Corporation Ltd
Notes to the financial statements
for the year ended 30 September 2020
- 3 -
1
Accounting policies
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year and derives from the provision of goods falling within the companies ordinary activities. Turnover is recognised on supply of services.
The total turnover of the company for the year has been derived from its principle activity wholly undertaken in the UK.
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
15% reducing balance
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
The Office Products Corporation Ltd
Notes to the financial statements (continued)
for the year ended 30 September 2020
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
15
14
3
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 October 2019 and 30 September 2020
7,845
Depreciation and impairment
At 1 October 2019
3,338
Depreciation charged in the year
1,127
At 30 September 2020
4,465
Carrying amount
At 30 September 2020
3,380
At 30 September 2019
4,507
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
182,280
282,529
Other debtors
36,616
Prepayments and accrued income
10,878
229,774
282,529
The Office Products Corporation Ltd
Notes to the financial statements (continued)
for the year ended 30 September 2020
- 5 -
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
80,196
70,795
Corporation tax
30,261
61,297
Other taxation and social security
55,739
79,579
Other creditors
4,022
Accruals and deferred income
5,000
7,759
171,196
223,452
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
50,000
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
8
Company information
The Office Products Corporation Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
200 Pasture Lane, Bradford, BD7 2SE.