Registered number
08348278
Olam Quality Care Ltd
Filleted Accounts
31 January 2023
Olam Quality Care Ltd
Registered number: 08348278
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 - 3,540
Tangible assets 4 26,916 14,639
26,916 18,179
Current assets
Debtors 5 343,660 331,343
Cash at bank and in hand 3,204 -
346,864 331,343
Creditors: amounts falling due within one year 6 (146,340) (160,958)
Net current assets 200,524 170,385
Total assets less current liabilities 227,440 188,564
Creditors: amounts falling due after more than one year 7 - (24,715)
Net assets 227,440 163,849
Capital and reserves
Called up share capital 2 2
Profit and loss account 227,438 163,847
Shareholders' funds 227,440 163,849
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.
Mr F A Fasesin
Director
Approved by the board on 30 September 2023
Olam Quality Care Ltd
Notes to the Accounts
for the year ended 31 January 2023
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
Taxation
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.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 103 92
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2022 35,400
At 31 January 2023 35,400
Amortisation
At 1 February 2022 31,860
Provided during the year 3,540
At 31 January 2023 35,400
Net book value
At 31 January 2023 -
At 31 January 2022 3,540
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2022 28,978 9,496 38,474
Additions 26,208 - 26,208
Disposals - (5,598) (5,598)
At 31 January 2023 55,186 3,898 59,084
Depreciation
At 1 February 2022 15,609 8,226 23,835
Charge for the year 12,661 521 13,182
On disposals - (4,849) (4,849)
At 31 January 2023 28,270 3,898 32,168
Net book value
At 31 January 2023 26,916 - 26,916
At 31 January 2022 13,369 1,270 14,639
5 Debtors 2023 2022
£ £
Trade debtors 208,847 203,781
Other debtors 134,813 127,562
343,660 331,343
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 13,788 54,282
Taxation and social security costs 96,046 89,066
Other creditors 36,506 17,610
146,340 160,958
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - 24,715
8 Related party transactions 2023 2022
£ £
Mr F A Fasesin and Mrs M O Fasesin (Directors)
Amounts due to/ (from) the related parties 7,370 (45,918)
9 Controlling party
The controlling parties are Mr F A Fasesin and Mrs M O Fasesin by virtue of their ownership of 100% of the issued share capital in the company.
10 Other information
Olam Quality Care Ltd is a private company limited by shares and incorporated in England. Its registered office is:
6 Branksome Way
Kenton
Middx
HA3 9SH
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