Company Registration No. 04836885 (England and Wales)
Oliver Goldsmith Sunglasses Limited
Unaudited accounts
for the year ended 31 July 2023
Oliver Goldsmith Sunglasses Limited
Unaudited accounts
Contents
Oliver Goldsmith Sunglasses Limited
Company Information
for the year ended 31 July 2023
Directors
Ms C M Goldsmith
Mr H W Orgreen
Company Number
04836885 (England and Wales)
Registered Office
5 Brayford Square
London
England
E1 0SG
Oliver Goldsmith Sunglasses Limited
Statement of financial position
as at 31 July 2023
Tangible assets
30,221
33,899
Inventories
673,097
373,182
Cash at bank and in hand
55,695
93,821
Creditors: amounts falling due within one year
(292,550)
(142,633)
Net current assets
512,733
522,839
Total assets less current liabilities
542,954
557,938
Creditors: amounts falling due after more than one year
(355,040)
(386,607)
Net assets
187,914
171,331
Called up share capital
93
93
Share premium
45,000
45,000
Profit and loss account
142,821
126,238
Shareholders' funds
187,914
171,331
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 2 April 2024 and were signed on its behalf by
Ms C M Goldsmith
Director
Company Registration No. 04836885
Oliver Goldsmith Sunglasses Limited
Notes to the Accounts
for the year ended 31 July 2023
Oliver Goldsmith Sunglasses Limited is a private company, limited by shares, registered in England and Wales, registration number 04836885. The registered office is 5 Brayford Square, London, England, E1 0SG.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Intangible asset includes capitalised cost of e-commerce website amortized over the useful life of 5 years.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
33.3% on cost
Motor vehicles
20% reducing balance
Fixtures & fittings
25% on cost
Computer equipment
25% on cost
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Oliver Goldsmith Sunglasses Limited
Notes to the Accounts
for the year ended 31 July 2023
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Pension costs and other post-retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Expenditure on research and development is written off in the year in which it is incurred.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
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Intangible fixed assets
Other
Oliver Goldsmith Sunglasses Limited
Notes to the Accounts
for the year ended 31 July 2023
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Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 August 2022
19,137
32,800
25,254
23,627
100,818
Additions
3,259
-
-
-
3,259
At 31 July 2023
22,396
32,800
25,254
23,627
104,077
At 1 August 2022
15,492
3,640
24,404
23,383
66,919
Charge for the year
1,321
5,326
213
77
6,937
At 31 July 2023
16,813
8,966
24,617
23,460
73,856
At 31 July 2023
5,583
23,834
637
167
30,221
At 31 July 2022
3,645
29,160
850
244
33,899
Amounts falling due within one year
Trade debtors
49,555
177,404
Accrued income and prepayments
9,791
1,989
Other debtors
17,138
18,951
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Creditors: amounts falling due within one year
2023
2022
Obligations under finance leases and hire purchase contracts
5,682
5,682
Trade creditors
225,918
75,879
Taxes and social security
11,990
6,060
Other creditors
27,902
26,667
Oliver Goldsmith Sunglasses Limited
Notes to the Accounts
for the year ended 31 July 2023
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Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
15,074
19,032
Amounts owed to group undertakings and other participating interests
250,000
250,000
Other creditors
89,966
116,017
Amounts owed to group undertakings included loans of £230,000 (2022: £230,000) from Oliver Goldsmith Holdings Limited and £20,000 (2022: £20,000) from Oliver Goldsmith Design Co Ltd.
Oliver Goldsmith Holdings Limited and Oliver Goldsmith Design Co Ltd are dormant companies, therefore, the loans are recognised at transaction costs.
Allotted, called up and fully paid:
93 Ordinary shares of £1 each
93
93
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Transactions with related parties
Included in other debtors is an amount of £17,138 (2022: £17,138) owed by OG Retail Ltd, a company in which Ms C M Goldsmith and Mr H W Orgreen are directors.
Included in other creditors falling due after more than one year is an amount of £51,640 (2022: £51,640) due to Ms C M Goldsmith.
Included in other creditors falling due within one year is an amount of £25,658 (2022: £25,658) due to Orgreen Optics A/S, a company controlled by Mr H W Orgreen.
Included in other creditors falling due after more than one year is an amount of £38,326 (2022: £64,377) due to Orgreen Optics A/S.
The directors are considered to be the ultimate controlling party by virtue of their ability to act in concert in respect of the operational and financial policies of the company.
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Average number of employees
During the year the average number of employees was 4 (2022: 4).