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Registered Number: 12414096
England and Wales

 

 

 

OLM TECHNICAL LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 February 2023

End date: 31 January 2024
Director S Fairchild
Registered Number 12414096
Registered Office Greensleeves
Braintree Green
Rayne
Essex
CM77 6TD
Accountants Bowgen Limited
274 Ipswich Road
Colchester
Essex
CO4 0ES
1
Director's report and financial statements
The director presents his annual report and the financial statements for the year ended 31 January 2024.
Principal activities
Principal activity of the company during the financial year was of engineering design.
Director
The director who served the company throughout the year was as follows:
S Fairchild
Statement of director's responsibilities
The director is responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The director is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

On behalf of the board.


----------------------------------
S Fairchild
Director

Date approved: 07 March 2024
2
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of OLM Technical Limited for the year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of OLM Technical Limited for the year ended 31 January 2024 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/members/regulations-standards-and-guidance
This report is made solely to the Board of Directors of OLM Technical Limited , as a body, in accordance with the terms of our engagement letter dated 07 March 2024. Our work has been undertaken solely to prepare for your approval the accounts of OLM Technical Limited and state those matters that we have agreed to state to the Board of Directors of OLM Technical Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than OLM Technical Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that OLM Technical Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of OLM Technical Limited . You consider that OLM Technical Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of OLM Technical Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts
31 January 2024



....................................................
Bowgen Limited
274 Ipswich Road
Colchester
Essex
CO4 0ES
07 March 2024
3
 
 
Notes
 
2024
£
  2023
£
Current assets      
Stocks 3 17,500    8,375 
Cash at bank and in hand 3,871   
21,371    8,375 
Creditors: amount falling due within one year 4 (21,196)   (8,098)
Net current assets 175    277 
 
Total assets less current liabilities 175    277 
Net assets 175    277 
 

Capital and reserves
     
Called up share capital 5 100    100 
Profit and loss account 75    177 
Shareholder's funds 175    277 
 


For the year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 07 March 2024 and were signed by:


-------------------------------
S Fairchild
Director
4
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 February 2022 100  172  272 
Profit for the year 2,005  2,005 
Total comprehensive income for the year 2,005  2,005 
Dividends (2,000) (2,000)
Total investments by and distributions to owners (2,000) (2,000)
At 31 January 2023 100  177  277 
At 01 February 2023 100  177  277 
Profit for the year 1,898  1,898 
Total comprehensive income for the year 1,898  1,898 
Dividends (2,000) (2,000)
Total investments by and distributions to owners (2,000) (2,000)
At 31 January 2024 100  75  175 
5
General Information
OLM Technical Limited is a private company, limited by shares, registered in England and Wales, registration number 12414096, registration address Greensleeves, Braintree Green, Rayne, Essex, CM77 6TD.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 1 (2023 : 1).
3.

Stocks

2024
£
  2023
£
Stocks 17,500    8,375 
17,500    8,375 

4.

Creditors: amount falling due within one year

2024
£
  2023
£
Accruals 360    360 
Directors' current accounts 20,703    7,738 
VAT 133   
21,196    8,098 

5.

Share Capital

Allotted, called up and fully paid
2024
£
  2023
£
100 Class A shares of £1.00 each 100    100 
100    100 

6