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Registration number: 10569413

Olympus Joinery Specialist Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 January 2023

 

Olympus Joinery Specialist Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Olympus Joinery Specialist Ltd

(Registration number: 10569413)
Balance Sheet as at 30 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,208

4,076

Current assets

 

Stocks

5

9,976

250

Debtors

6

210

-

Cash at bank and in hand

 

7,936

94

 

18,122

344

Creditors: Amounts falling due within one year

7

(44,256)

(22,153)

Net current liabilities

 

(26,134)

(21,809)

Total assets less current liabilities

 

(22,926)

(17,733)

Creditors: Amounts falling due after more than one year

7

(4,646)

(5,500)

Net liabilities

 

(27,572)

(23,233)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

(27,574)

(23,235)

Shareholders' deficit

 

(27,572)

(23,233)

For the financial year ending 30 January 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 his 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.

Approved and authorised by the director on 6 March 2024
 

 

Olympus Joinery Specialist Ltd

(Registration number: 10569413)
Balance Sheet as at 30 January 2023

.........................................
Mr D R Lockin
Director

 

Olympus Joinery Specialist Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 January 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:
Unit 2 Nelson Yard
Church Street
Bentley
Doncaster
DN5 0BE

These financial statements were authorised for issue by the director on 6 March 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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

 

Olympus Joinery Specialist Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 January 2023

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

Short leasehold property improvements

10 years straight line basis

Plant and machinery

4 years straight line basis

Office equipment

4 years straight line basis

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.

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

 

Olympus Joinery Specialist Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 January 2023

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 - 1).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 31 January 2022

7,500

6,323

13,823

At 30 January 2023

7,500

6,323

13,823

Depreciation

At 31 January 2022

3,779

5,968

9,747

Charge for the year

750

118

868

At 30 January 2023

4,529

6,086

10,615

Carrying amount

At 30 January 2023

2,971

237

3,208

At 30 January 2022

3,721

355

4,076

Included within the net book value of land and buildings above is £2,971 (2022 - £3,721) in respect of short leasehold land and buildings.
 

 

Olympus Joinery Specialist Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 January 2023

5

Stocks

2023
£

2022
£

Raw materials and consumables

4,000

250

Work in progress

5,976

-

9,976

250

6

Debtors

2023
£

2022
£

Trade debtors

210

-

210

-

 

Olympus Joinery Specialist Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 January 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

946

947

Trade creditors

 

6,288

1,288

Amounts owed to related parties

32,517

17,084

Taxation and social security

 

2,161

212

Other creditors

 

1,000

1,000

Accrued expenses

 

1,344

1,622

 

44,256

22,153

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

4,646

5,500

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

4,646

5,500

2023
£

2022
£

Current loans and borrowings

Bank borrowings

946

947