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Company Registration No. 11101160 (England and Wales)
Olowe & Co Ltd Unaudited accounts for the year ended 31 January 2024
Olowe & Co Ltd Unaudited accounts Contents
Page
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Olowe & Co Ltd Statement of financial position as at 31 January 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Intangible assets
56,527 
60,564 
Tangible assets
54,860 
96,136 
111,387 
156,700 
Current assets
Debtors
56,717 
25,414 
Cash at bank and in hand
4,984 
4,171 
61,701 
29,585 
Creditors: amounts falling due within one year
(341,683)
(297,556)
Net current liabilities
(279,982)
(267,971)
Total assets less current liabilities
(168,595)
(111,271)
Creditors: amounts falling due after more than one year
(103,642)
(145,714)
Net liabilities
(272,237)
(256,985)
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
(272,337)
(257,085)
Shareholders' funds
(272,237)
(256,985)
For the year ending 31 January 2024 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 31 October 2024 and were signed on its behalf by
Peter Olowe Director Company Registration No. 11101160
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Olowe & Co Ltd Notes to the Accounts for the year ended 31 January 2024
1
Statutory information
Olowe & Co Ltd is a private company, limited by shares, registered in England and Wales, registration number 11101160. The registered office is 25 DARTVIEW CLOSE, GRAYS, ESSEX, RM17 5TL, UNITED KINGDOM.
2
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
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:
Fixtures & fittings
20%
Computer equipment
33%
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 February 2023
80,750 
At 31 January 2024
80,750 
Amortisation
At 1 February 2023
20,186 
Charge for the year
4,037 
At 31 January 2024
24,223 
Net book value
At 31 January 2024
56,527 
At 31 January 2023
60,564 
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Olowe & Co Ltd Notes to the Accounts for the year ended 31 January 2024
5
Tangible fixed assets
Land & buildings 
Plant & machinery 
Fixtures & fittings 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 February 2023
134,497 
8,378 
148,680 
291,555 
At 31 January 2024
134,497 
8,378 
148,680 
291,555 
Depreciation
At 1 February 2023
67,059 
8,378 
119,982 
195,419 
Charge for the year
13,487 
- 
27,789 
41,276 
At 31 January 2024
80,546 
8,378 
147,771 
236,695 
Net book value
At 31 January 2024
53,951 
- 
909 
54,860 
At 31 January 2023
67,438 
- 
28,698 
96,136 
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
7,724 
3,432 
Accrued income and prepayments
2,308 
- 
Other debtors
46,685 
21,982 
56,717 
25,414 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
33,126 
38,248 
VAT
53,674 
23,324 
Trade creditors
45,334 
14,169 
Taxes and social security
13,422 
15,383 
Other creditors
36,978 
38,122 
Loans from directors
158,268 
159,564 
Accruals
881 
8,746 
341,683 
297,556 
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
45,558 
62,173 
Other creditors
58,084 
83,541 
103,642 
145,714 
9
Average number of employees
During the year the average number of employees was 15 (2023: 15).
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