Registered number: 10300060
Olivers Discount Stores Limited
Filleted Accounts
31 October 2023
Olivers Discount Stores Limited
Registered number: 10300060
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 20,000 20,000
Tangible assets 4 33,925 40,827
53,925 60,827
Current assets
Stocks 15,000 35,000
Debtors 5 348 348
Cash at bank and in hand 36,423 30,505
51,771 65,853
Creditors: amounts falling due within one year 6 (63,287) (62,815)
Net current (liabilities)/assets (11,516) 3,038
Total assets less current liabilities 42,409 63,865
Creditors: amounts falling due after more than one year 7 (37,033) (42,730)
Provisions for liabilities (6,017) (7,329)
Net (liabilities)/assets (641) 13,806
Capital and reserves
Called up share capital 110 110
Profit and loss account (751) 13,696
Shareholders' funds (641) 13,806
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.
R D Oliver
Directors
Approved by the board on 30 July 2024
Olivers Discount Stores Limited
Notes to the Accounts
for the year ended 31 October 2023
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Motor vehicles 25% Reducing balance
Fixtures, fittings, tools and equipment 10% Reducing balance
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.
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.
Government grants
Government grants are recognised in the profit and loss in an appropriate manner that matches them with the expenditure towards which they are intended to contribute. Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period. Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned. All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2022 20,000
At 31 October 2023 20,000
Amortisation
At 31 October 2023 -
Net book value
At 31 October 2023 20,000
At 31 October 2022 20,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 November 2022 21,438 36,304 57,742
At 31 October 2023 21,438 36,304 57,742
Depreciation
At 1 November 2022 8,771 8,144 16,915
Charge for the year 1,270 5,632 6,902
At 31 October 2023 10,041 13,776 23,817
Net book value
At 31 October 2023 11,397 22,528 33,925
At 31 October 2022 12,667 28,160 40,827
5 Debtors 2023 2022
£ £
Other debtors 348 348
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 5,484 2,136
Trade creditors 2,157 2,733
Directors' loan accounts 48,031 53,798
Taxation and social security costs 5,974 2,601
Other creditors 1,641 1,547
63,287 62,815
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 37,033 42,730
8 Related party transactions
The premises at Newtown is rented from the directors, RL Oliver & RD Oliver at a market rent.
9 Other information
Olivers Discount Stores Limited is a private company limited by shares and incorporated in England. Its registered office is:
36 Broad Street
Newtown
Powys
SY16 2BQ
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