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REGISTERED NUMBER: 00538335 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2023

FOR

H.E.OLBY & CO.LIMITED

H.E.OLBY & CO.LIMITED (REGISTERED NUMBER: 00538335)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


H.E.OLBY & CO.LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: Mr H E Olby





REGISTERED OFFICE: 299-313 Lewisham High Street
Lewisham
London
SE13 6NW





REGISTERED NUMBER: 00538335 (England and Wales)





ACCOUNTANTS: Honey Barrett Limited
53 Gildredge Road
Eastbourne
East Sussex
BN21 4SF

H.E.OLBY & CO.LIMITED (REGISTERED NUMBER: 00538335)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 74,812 46,672
Investment property 6 2,585,000 2,160,000
2,659,812 2,206,672

CURRENT ASSETS
Stocks 7 612,739 677,527
Debtors 8 163,395 136,319
Cash at bank and in hand 1,246,871 1,227,172
2,023,005 2,041,018
CREDITORS
Amounts falling due within one year 9 314,751 573,241
NET CURRENT ASSETS 1,708,254 1,467,777
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,368,066

3,674,449

PROVISIONS FOR LIABILITIES 10 346,918 301,092
NET ASSETS 4,021,148 3,373,357

CAPITAL AND RESERVES
Called up share capital 11 40,000 40,000
Revaluation reserve 1,290,472 971,722
Retained earnings 2,690,676 2,361,635
SHAREHOLDERS' FUNDS 4,021,148 3,373,357

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

H.E.OLBY & CO.LIMITED (REGISTERED NUMBER: 00538335)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss account has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 September 2024 and were signed by:





Mr H E Olby - Director


H.E.OLBY & CO.LIMITED (REGISTERED NUMBER: 00538335)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

H.e.olby & Co.limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is recognised as the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Equipment - 10% on reducing balance

Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

H.E.OLBY & CO.LIMITED (REGISTERED NUMBER: 00538335)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued

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.

H.E.OLBY & CO.LIMITED (REGISTERED NUMBER: 00538335)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities, like trade and other accounts receivable and payable, loans from banks and other third parties and loans to / from related parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the present value of the future cash flows and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted transaction price less any impairment.

If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of the estimated cash flows discounted at the asset's original effective rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet and measured as detailed above.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Finance costs are charged to the profit and loss over the term of the financial asset / liability using the effective interest method so that the amount charged is at a constant rate on the carrying amount.


H.E.OLBY & CO.LIMITED (REGISTERED NUMBER: 00538335)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 10 ) .

H.E.OLBY & CO.LIMITED (REGISTERED NUMBER: 00538335)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 148,886 3,900 10,348
Additions 42,194 - -
Disposals - - (4,308 )
At 31 December 2023 191,080 3,900 6,040
DEPRECIATION
At 1 January 2023 131,190 3,829 5,609
Charge for year 8,212 15 286
Eliminated on disposal - - (2,496 )
At 31 December 2023 139,402 3,844 3,399
NET BOOK VALUE
At 31 December 2023 51,678 56 2,641
At 31 December 2022 17,696 71 4,739

Motor
vehicles Equipment Totals
£    £    £   
COST
At 1 January 2023 30,148 53,384 246,666
Additions - - 42,194
Disposals - - (4,308 )
At 31 December 2023 30,148 53,384 284,552
DEPRECIATION
At 1 January 2023 21,546 37,820 199,994
Charge for year 2,155 1,574 12,242
Eliminated on disposal - - (2,496 )
At 31 December 2023 23,701 39,394 209,740
NET BOOK VALUE
At 31 December 2023 6,447 13,990 74,812
At 31 December 2022 8,602 15,564 46,672

H.E.OLBY & CO.LIMITED (REGISTERED NUMBER: 00538335)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 2,160,000
Revaluations 425,000
At 31 December 2023 2,585,000
NET BOOK VALUE
At 31 December 2023 2,585,000
At 31 December 2022 2,160,000

The fair value of the investment properties has been arrived at on the basis of professional valuations carried out in April 2023 and November 2023. The director does not consider that a material difference exists between these valuations, and the market value of investment properties at 31 December 2023. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2023 2,585,000

7. STOCKS
2023 2022
£    £   
Stocks 612,739 677,527

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 117,313 97,282
Other debtors - 20,938
Prepayments and accrued income 46,082 18,099
163,395 136,319

H.E.OLBY & CO.LIMITED (REGISTERED NUMBER: 00538335)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 207,009 454,902
Corporation tax 51,775 28,246
PAYE and social security 6,233 5,969
VAT 3,673 18,064
Other creditors 6,323 -
Directors' current accounts 1,512 4,479
Accruals and deferred income 38,226 61,581
314,751 573,241

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 10,537 6,151
Tax losses carried forward (64,810 ) -
Investment property 401,191 294,941
346,918 301,092

Deferred
tax
£   
Balance at 1 January 2023 301,092
Provided during year 45,826
Balance at 31 December 2023 346,918

The company has estimated trading losses of £234,781 (2022: £347,320) available to carry forward. The deferred tax in respect of these losses of £58,695 (2022: £86,830) had previously not been recognised, but have been recognised during the year.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
40,000 Ordinary £1 40,000 40,000

12. RELATED PARTY TRANSACTIONS

During the year, the company paid rent totalling £30,000 (2022: £30,000) to an individual holding a participating interest in the company.