Registered number
Filleted Accounts
31 May 2019
Chartered Certified Accountants
Registered number: 04433719
Balance Sheet
as at 31 May 2019
Notes 2019 2018
£ £
Fixed assets
Tangible assets 2 28,577 28,503
Current assets
Work in Progress 4,250 -
Cash at bank and in hand 39,062 43,527
43,312 43,527
Creditors: amounts falling due within one year 3 (69,242) (66,123)
Net current liabilities (25,930) (22,596)
Total assets less current liabilities 2,647 5,907
Provisions for liabilities (775) (761)
Net assets 1,872 5,146
Capital and reserves
Called up share capital 1,002 1,002
Profit and loss account 870 4,144
Shareholders' funds 1,872 5,146
The director is 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 director acknowledges his 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.
Mr. D Stuart
Approved by the board on 20 January 2020
Notes to the Accounts
for the year ended 31 May 2019
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 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:
Fixtures, fittings and equipment 25% pa on written down value
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.
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.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Tangible fixed assets
Land Fixtures, Fittings & Equipment Total
£ £ £
At 1 June 2018 24,500 48,809 73,309
Additions - 1,881 1,881
At 31 May 2019 24,500 50,690 75,190
At 1 June 2018 - 44,806 44,806
Charge for the year - 1,807 1,807
At 31 May 2019 - 46,613 46,613
Net book value
At 31 May 2019 24,500 4,077 28,577
At 31 May 2018 24,500 4,003 28,503
3 Creditors: amounts falling due within one year 2019 2018
£ £
Taxation and social security costs 22,973 19,818
Other creditors 46,269 46,305
69,242 66,123
4 Controlling party
The company is controlled by D Stuart and Associates by virtue of having ownership of 100% of the issued ordinary share capital in the company.
5 Other information
ONYA MANAGEMENT SERVICES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
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