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Registration number: 11379226

Olew Limited

REPORT OF THE DIRECTORS and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Olew Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Olew Limited

Company Information

Director

Miss Elinor Davies Farn

Registered office

c/o Wynne & Co
Forestry House
Brewery Road
Carmarthen
Carmarthenshire
SA31 1TF
 

Accountants

Wynne & Co
Chartered Accountants
Forestry House
Brewery Road
Carmarthen
Carmarthenshire
SA31 1TF

 

Olew Limited

(Registration number: 11379226)
Balance Sheet as at 31 May 2023

Note

31 May
2023
£

31 May
2022
£

Fixed assets

 

Tangible assets

4

414

1,660

Current assets

 

Stocks

5

1,250

6,027

Debtors

6

29,572

17,849

Cash at bank and in hand

 

49,717

60,716

 

80,539

84,592

Creditors: Amounts falling due within one year

7

(14,148)

(33,585)

Net current assets

 

66,391

51,007

Total assets less current liabilities

 

66,805

52,667

Creditors: Amounts falling due after more than one year

7

(2,800)

(4,200)

Net assets

 

64,005

48,467

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

63,905

48,367

Shareholders' funds

 

64,005

48,467

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

Director's 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 director acknowledges her 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Olew Limited

(Registration number: 11379226)
Balance Sheet as at 31 May 2023

Approved and authorised by the director on 29 January 2024
 

.........................................
Miss Elinor Davies Farn
Director

 

Olew Limited

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

1

General information

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

The address of its registered office is:
c/o Wynne & Co
Forestry House
Brewery Road
Carmarthen
Carmarthenshire
SA31 1TF
Wales

These financial statements were authorised for issue by the director on 29 January 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Olew Limited

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

Tax

The tax expense for the period comprises current 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.

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.

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

Office Equipment

33% Straight line

Furniture & Fixtures

15% Straight line

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.

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.

 

Olew Limited

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

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 2).

 

Olew Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2022

3,887

3,887

At 31 May 2023

3,887

3,887

Depreciation

At 1 June 2022

2,227

2,227

Charge for the year

1,246

1,246

At 31 May 2023

3,473

3,473

Carrying amount

At 31 May 2023

414

414

At 31 May 2022

1,660

1,660

5

Stocks

31 May
2023
£

31 May
2022
£

Other inventories

1,250

6,027

6

Debtors

Current

Note

31 May
2023
£

31 May
2022
£

Trade debtors

 

12,796

2,966

Amounts owed by related parties

11

13,346

13,346

Prepayments

 

2,805

250

Other debtors

 

625

1,287

   

29,572

17,849

 

Olew Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

31 May
2023
£

31 May
2022
£

Due within one year

 

Bank loans and overdrafts

9

1,400

1,400

Trade creditors

 

4,578

22,616

Taxation and social security

 

2,412

5,631

Accruals and deferred income

 

1,510

1,390

Other creditors

 

4,248

2,548

 

14,148

33,585

Creditors: amounts falling due after more than one year

Note

31 May
2023
£

31 May
2022
£

Due after one year

 

Loans and borrowings

9

2,800

4,200

8

Share capital

Allotted, called up and fully paid shares

 

31 May
2023

31 May
2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Loans and borrowings

31 May
2023
£

31 May
2022
£

Non-current loans and borrowings

Bank borrowings

2,800

4,200

 

Olew Limited

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

31 May
2023
£

31 May
2022
£

Current loans and borrowings

Bank borrowings

1,400

1,400

10

Dividends

Interim dividends paid

   

31 May
2023
£

 

31 May
2022
£

Interim dividend of £Nil per each Ordinary

 

-

 

-

         

11

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

9,100

23,349