John Oliver (Norwich) Ltd 07985562 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is Hairdressors Digita Accounts Production Advanced 6.30.9574.0 true 07985562 2022-04-01 2023-03-31 07985562 2023-03-31 07985562 bus:OrdinaryShareClass1 2023-03-31 07985562 bus:OrdinaryShareClass2 2023-03-31 07985562 bus:OrdinaryShareClass3 2023-03-31 07985562 bus:OrdinaryShareClass4 2023-03-31 07985562 bus:OrdinaryShareClass5 2023-03-31 07985562 bus:OtherShareClass1 2023-03-31 07985562 bus:OtherShareClass2 2023-03-31 07985562 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2023-03-31 07985562 core:CurrentFinancialInstruments 2023-03-31 07985562 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 07985562 core:Non-currentFinancialInstruments 2023-03-31 07985562 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 07985562 core:Goodwill 2023-03-31 07985562 core:FurnitureFittingsToolsEquipment 2023-03-31 07985562 core:LandBuildings 2023-03-31 07985562 bus:SmallEntities 2022-04-01 2023-03-31 07985562 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07985562 bus:FullAccounts 2022-04-01 2023-03-31 07985562 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 07985562 bus:RegisteredOffice 2022-04-01 2023-03-31 07985562 bus:Director1 2022-04-01 2023-03-31 07985562 bus:Director2 2022-04-01 2023-03-31 07985562 bus:Director3 2022-04-01 2023-03-31 07985562 bus:Director4 2022-04-01 2023-03-31 07985562 bus:Director5 2022-04-01 2023-03-31 07985562 bus:Director6 2022-04-01 2023-03-31 07985562 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 07985562 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 07985562 bus:OrdinaryShareClass3 2022-04-01 2023-03-31 07985562 bus:OrdinaryShareClass4 2022-04-01 2023-03-31 07985562 bus:OrdinaryShareClass5 2022-04-01 2023-03-31 07985562 bus:OtherShareClass1 2022-04-01 2023-03-31 07985562 bus:OtherShareClass2 2022-04-01 2023-03-31 07985562 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07985562 core:Goodwill 2022-04-01 2023-03-31 07985562 core:ComputerEquipment 2022-04-01 2023-03-31 07985562 core:FurnitureFittings 2022-04-01 2023-03-31 07985562 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 07985562 core:LandBuildings 2022-04-01 2023-03-31 07985562 core:LeaseholdImprovements 2022-04-01 2023-03-31 07985562 4 2022-04-01 2023-03-31 07985562 countries:EnglandWales 2022-04-01 2023-03-31 07985562 2022-03-31 07985562 core:Goodwill 2022-03-31 07985562 core:FurnitureFittingsToolsEquipment 2022-03-31 07985562 core:LandBuildings 2022-03-31 07985562 2021-04-01 2022-03-31 07985562 2022-03-31 07985562 bus:OrdinaryShareClass1 2022-03-31 07985562 bus:OrdinaryShareClass2 2022-03-31 07985562 bus:OrdinaryShareClass3 2022-03-31 07985562 bus:OrdinaryShareClass4 2022-03-31 07985562 bus:OrdinaryShareClass5 2022-03-31 07985562 bus:OtherShareClass1 2022-03-31 07985562 bus:OtherShareClass2 2022-03-31 07985562 core:CurrentFinancialInstruments 2022-03-31 07985562 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 07985562 core:Non-currentFinancialInstruments 2022-03-31 07985562 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 07985562 core:Goodwill 2022-03-31 07985562 core:FurnitureFittingsToolsEquipment 2022-03-31 07985562 core:LandBuildings 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07985562

John Oliver (Norwich) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

John Oliver (Norwich) Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

John Oliver (Norwich) Ltd

Company Information

Directors

Stephanie Louise Elden

Garry Hollett

Julie Dawn Wiltshire

Nicola Lynn Boulton

Damien De Hoghton Mckay

Philip Thomas Bushnell

Registered office

21 Red Lion Street
Norwich
Norfolk
NR1 3QF

Accountants

Headspace Accountancy Ltd
Chartered Accountants
Deep Well House
2 Yarmouth Road
Hales
Norfolk
NR14 6SP

 

John Oliver (Norwich) Ltd

(Registration number: 07985562)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

197,200

208,800

Tangible assets

5

82,549

91,163

Other financial assets

6

36

36

 

279,785

299,999

Current assets

 

Stocks

7

59,368

54,693

Debtors

8

36,885

16,579

Cash at bank and in hand

 

25,061

40,182

 

121,314

111,454

Creditors: Amounts falling due within one year

9

(343,671)

(105,429)

Net current (liabilities)/assets

 

(222,357)

6,025

Total assets less current liabilities

 

57,428

306,024

Creditors: Amounts falling due after more than one year

9

(30,741)

(277,310)

Provisions for liabilities

(15,684)

(17,321)

Net assets

 

11,003

11,393

Capital and reserves

 

Called up share capital

10

160

160

Retained earnings

10,843

11,233

Shareholders' funds

 

11,003

11,393

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

 

John Oliver (Norwich) Ltd

(Registration number: 07985562)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 14 November 2023 and signed on its behalf by:
 

.........................................
Philip Thomas Bushnell
Director

 

John Oliver (Norwich) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
21 Red Lion Street
Norwich
Norfolk
NR1 3QF

These financial statements were authorised for issue by the Board on 14 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These 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.

Reclassification of comparative amounts

The opening balances and comparative amounts have been amended for a classification error in the previous period discovered in the course of preparing these accounts.

Prior period errors

The opening balances and comparative figures have been amended to correct a classification error in the previous period indentified in the course of preparing these accounts.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

John Oliver (Norwich) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

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

Leasehold

20 years straight line

Fixtures and fittings

20 years straight line

Computer equipment

25% on a reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

25 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

John Oliver (Norwich) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

John Oliver (Norwich) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 33 (2022 - 36).

 

John Oliver (Norwich) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

290,000

290,000

At 31 March 2023

290,000

290,000

Amortisation

At 1 April 2022

81,200

81,200

Amortisation charge

11,600

11,600

At 31 March 2023

92,800

92,800

Carrying amount

At 31 March 2023

197,200

197,200

At 31 March 2022

208,800

208,800

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

42,339

134,919

177,258

Additions

-

552

552

At 31 March 2023

42,339

135,471

177,810

Depreciation

At 1 April 2022

21,170

64,924

86,094

Charge for the year

2,109

7,058

9,167

At 31 March 2023

23,279

71,982

95,261

Carrying amount

At 31 March 2023

19,060

63,489

82,549

At 31 March 2022

21,169

69,994

91,163

Included within the net book value of land and buildings above is £19,060 (2022 - £21,169) in respect of long leasehold land and buildings.
 

 

John Oliver (Norwich) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2022

36

36

At 31 March 2023

36

36

Impairment

Carrying amount

At 31 March 2023

36

36

7

Stocks

2023
£

2022
£

Other inventories

59,368

54,693

8

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

15,414

212

Amounts owed by related parties

10,079

2,494

Prepayments

 

11,392

13,873

   

36,885

16,579

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

11

10,648

10,648

Trade creditors

 

42,177

24,851

Taxation and social security

 

48,718

47,240

Accruals and deferred income

 

1,733

15,493

Other creditors

 

240,395

7,197

 

343,671

105,429

 

John Oliver (Norwich) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

30,741

277,310

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

Ordinary B of £1 each

10

10

10

10

Ordinary C of £1 each

10

10

10

10

Ordinary D of £1 each

10

10

10

10

Ordinary E of £1 each

10

10

10

10

Ordinary F of £1 each

10

10

10

10

A Ordinary of £1 each

10

10

10

10

 

160

160

160

160

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

21,741

31,446

Other borrowings

9,000

245,864

30,741

277,310

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,648

10,648

 

John Oliver (Norwich) Ltd