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Registration number: 05955637

Olmec-UK Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Olmec-UK Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Olmec-UK Limited

(Registration number: 05955637)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

512,318

536,597

Current assets

 

Stocks

5

34,668

33,386

Debtors

6

1,377,793

467,858

Cash at bank and in hand

 

662,324

1,163,531

 

2,074,785

1,664,775

Creditors: Amounts falling due within one year

7

(793,010)

(755,414)

Net current assets

 

1,281,775

909,361

Total assets less current liabilities

 

1,794,093

1,445,958

Creditors: Amounts falling due after more than one year

7

(250,075)

(412,175)

Provisions for liabilities

(121,658)

(98,237)

Net assets

 

1,422,360

935,546

Capital and reserves

 

Called up share capital

8

2

2

Capital redemption reserve

2

2

Retained earnings

1,422,356

935,542

Shareholders' funds

 

1,422,360

935,546

For the financial year ending 31 October 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. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 April 2024 and signed on its behalf by:
 

 

Olmec-UK Limited

(Registration number: 05955637)
Balance Sheet as at 31 October 2023

.........................................
Mr R Pounder
Director

.........................................
Mrs F Pounder
Director

 

Olmec-UK Limited

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

1

General information

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

The address of its registered office is:
Unit 4
Falkland Way
Barton Upon Humber
North Lincolnshire
DN18 5RL

These financial statements were authorised for issue by the Board on 11 April 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The accounts are presented in sterling which is the functional currency of the company and have been rounded to the nearest pound.

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 in respect of capital expenditure are credited against the cost of fixed assets and released to profit over the expected useful lives of the relevant assets by equal annual instalments.

Grants of a revenue nature are credited to income in the period to which they relate.

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.

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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Olmec-UK Limited

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

Tangible assets

Tangible assets are stated in the statement of financial position 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 improvements

20% of cost

Tools and equipment

15%, 20%, 33% of cost and 4% reducing balance

Office equipment

15%, 20%, 33% or 50% of cost

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account.

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. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

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

During the year the company paid contributions into the personal pension scheme of an employee and made contributions into a group personal pension scheme on behalf of its employees and directors .Contributions are recognised in the profit and loss account in the period in which they become payable in
accordance with the rules of the scheme.

 

Olmec-UK Limited

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

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 35 (2022 - 31).

4

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 November 2022

80,796

177,816

568,169

826,781

Additions

3,818

16,055

9,276

29,149

Disposals

-

(2,459)

-

(2,459)

At 31 October 2023

84,614

191,412

577,445

853,471

Depreciation

At 1 November 2022

55,444

125,305

109,435

290,184

Charge for the year

6,918

16,441

30,069

53,428

Eliminated on disposal

-

(2,459)

-

(2,459)

At 31 October 2023

62,362

139,287

139,504

341,153

Carrying amount

At 31 October 2023

22,252

52,125

437,941

512,318

At 31 October 2022

25,352

52,511

458,734

536,597

Included within the net book value of land and buildings above is £22,252 (2022 - £25,352) in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

34,668

33,386

 

Olmec-UK Limited

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

6

Debtors

Current

2023
£

2022
£

Trade debtors

380,068

290,066

Prepayments

39,358

41,105

Other debtors

958,367

136,687

 

1,377,793

467,858

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

162,099

174,301

Trade creditors

 

463,494

211,650

Taxation and social security

 

47,118

172,451

Accruals and deferred income

 

83,452

50,800

Other creditors

 

36,847

146,212

 

793,010

755,414

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £62,100 (2022 - £74,302).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

250,075

412,175

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £150,075 (2022 - £212,175).

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         
 

Olmec-UK Limited

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

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

100,000

200,000

Hire purchase contracts

150,075

212,175

250,075

412,175

2023
£

2022
£

Current loans and borrowings

Bank borrowings

100,000

100,000

Hire purchase contracts

62,099

74,301

162,099

174,301

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £207,733 (2022 - £189,614).