Registered number
08872376
Oglesby-Wass Solutions Limited
Filleted Accounts
29 February 2024
Oglesby-Wass Solutions Limited
Registered number: 08872376
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 15,372 17,961
Current assets
Stocks 5,750 4,200
Debtors 4 3,044 5,768
Cash at bank and in hand 17,392 4,633
26,186 14,601
Creditors: amounts falling due within one year 5 (31,251) (13,379)
Net current assets/(liabilities) (5,065) 1,222
Total assets less current liabilities 10,307 19,183
Creditors: amounts falling due after more than one year 6 (6,272) (8,283)
Provisions for liabilities (2,920) (3,412)
Net assets/(liabilities) 1,115 7,488
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,015 7,388
Shareholders' funds 1,115 7,488
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M H Oglesby
Director
Approved by the board on 25 July 2024
Oglesby-Wass Solutions Limited
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 March 2023 5,401 15,106 28,384 48,891
Additions - 297 - 297
At 29 February 2024 5,401 15,403 28,384 49,188
Depreciation
At 1 March 2023 - 8,857 22,073 30,930
Charge for the year - 1,309 1,577 2,886
On disposals - - - -
At 29 February 2024 - 10,166 23,650 33,816
Net book value
At 29 February 2024 5,401 5,237 4,734 15,372
At 28 February 2023 5,401 6,249 6,311 17,961
4 Debtors 2024 2023
£ £
Trade debtors 2,819 5,622
Other debtors 225 146
3,044 5,768
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 2,711 1,334
Obligations under finance lease and hire purchase contracts 850 2,517
Trade creditors 8,269 3,527
Taxation and social security costs 6,100 409
Other creditors 13,321 5,592
31,251 13,379
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 3,755 5,755
Obligations under finance lease and hire purchase contracts 2,517 2,528
6,272 8,283
7 Other information
Oglesby-Wass Solutions Limited is a private company limited by shares and incorporated in England. Its registered office is:
10 Low Cross
Whittlesey
Peterborough
PE7 1HW
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