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Registered number: 09073265

Olbison's Carpet Warehouse Ltd

ACCOUNTS
FOR THE YEAR ENDED 31/05/2024

Prepared By:
Greenhalgh Johnson Ltd
Accountants & Tax Advisers
Elland House
22 High Street
Burgh le Marsh
Lincolnshire
PE24 5JT

Olbison's Carpet Warehouse Ltd

ACCOUNTS
FOR THE YEAR ENDED 31/05/2024
DIRECTORS
Mr G Olbison
Mrs K Olbison
REGISTERED OFFICE
145a Drummond Road
Skegness
Lincolnshire
PE25 3BT
COMPANY DETAILS
Private company limited by shares registered in EW - England and Wales, registered number 09073265
ACCOUNTANTS
Greenhalgh Johnson Ltd
Accountants & Tax Advisers
Elland House
22 High Street
Burgh le Marsh
Lincolnshire
PE24 5JT

Olbison's Carpet Warehouse Ltd

ACCOUNTS
FOR THEYEARENDED31/05/2024
CONTENTS
Page
Directors' Report-
Accountants' Report-
Statement Of Comprehensive Income-
Balance Sheet3
Notes To The Accounts4
The following do not form part of the statutory financial statements:
Trading And Profit And Loss Account-
Profit And Loss Account Summaries-

Olbison's Carpet Warehouse Ltd

BALANCE SHEET AT 31/05/2024
20242023
Notes££
FIXED ASSETS
Tangible assets31,2741,343
CURRENT ASSETS
Stock4201,500
Debtors5946463
Cash at bank and in hand5,11315,072
6,47917,035
CREDITORS: Amounts falling due within one year66,97512,346
NET CURRENT (LIABILITIES) / ASSETS(496)4,689
TOTAL ASSETS LESS CURRENT LIABILITIES7786,032
PROVISIONS FOR LIABILITIES AND CHARGES7-255
NET ASSETS7785,777
CAPITAL AND RESERVES
Called up share capital822
Profit and loss account7765,775
SHAREHOLDERS' FUNDS7785,777
For the year ending 31/05/2024 the company was entitled to exemption 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.
The directors have decided not to deliver to the registrar a copy of the company's profit and loss account.
Approved by the board on 03/07/2024 and signed on their behalf by
.............................
Mr G Olbison
Director

Olbison's Carpet Warehouse Ltd

NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31/05/2024
1. ACCOUNTING POLICIES
1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 .
1b. Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Plant and Machineryreducing balance 25%
1c. Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.
1d. Government Grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant is deferred, it is recognised as deferred income.
2. EMPLOYEES
20242023
No.No.
Average number of employees22

Olbison's Carpet Warehouse Ltd

3. TANGIBLE FIXED ASSETS
Plant and
MachineryTotal
££
Cost
At 01/06/20239,6309,630
Additions393393
Disposals(271)(271)
At 31/05/20249,7529,752
Depreciation
At 01/06/20238,2878,287
Disposals(234)(234)
For the year425425
At 31/05/20248,4788,478
Net Book Amounts
At 31/05/20241,2741,274
At 31/05/20231,3431,343
4. STOCK 20242023
££
Stock comprises:
Stock4201,500
4201,500
5. DEBTORS 20242023
££
Amounts falling due within one year
Trade debtors679291
UK corporation tax140-
Prepayments127172
946463

Olbison's Carpet Warehouse Ltd

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
20242023
££
UK corporation tax-140
Directors current account6,39610,413
Payments received on account-290
Trade creditors-467
Accruals5791,036
6,97512,346
7. PROVISIONS FOR LIABILITIES 20242023
££
Deferred taxation-255
-255
8. SHARE CAPITAL 20242023
££
Allotted, issued and fully paid:
2 Class 1 shares of £1 each22
22