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
Olowe & Co Ltd
Statement of financial position
as at 31 January 2024
Intangible assets
56,527
60,564
Tangible assets
54,860
96,136
Cash at bank and in hand
4,984
4,171
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)
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
Olowe & Co Ltd
Notes to the Accounts
for the year ended 31 January 2024
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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:
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
4
Intangible fixed assets
Goodwill
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
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
At 31 January 2024
53,951
-
909
54,860
At 31 January 2023
67,438
-
28,698
96,136
Amounts falling due within one year
Accrued income and prepayments
2,308
-
Other debtors
46,685
21,982
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
33,126
38,248
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
8
Creditors: amounts falling due after more than one year
2024
2023
Other creditors
58,084
83,541
9
Average number of employees
During the year the average number of employees was 15 (2023: 15).