OLLIE'S WINDOWS LIMITED

Company Registration Number:
09571059 (England and Wales)

Unaudited statutory accounts for the year ended 31 May 2024

Period of accounts

Start date: 1 June 2023

End date: 31 May 2024

OLLIE'S WINDOWS LIMITED

Contents of the Financial Statements

for the Period Ended 31 May 2024

Balance sheet
Additional notes
Balance sheet notes

OLLIE'S WINDOWS LIMITED

Balance sheet

As at 31 May 2024

Notes 2024 2023


£

£
Fixed assets
Intangible assets: 3 83,500 94,125
Tangible assets: 4 3,921 17,937
Total fixed assets: 87,421 112,062
Current assets
Debtors: 5 72,125 36,637
Cash at bank and in hand: 9,296 20,839
Total current assets: 81,421 57,476
Creditors: amounts falling due within one year: 6 ( 118,307 ) ( 91,703 )
Net current assets (liabilities): (36,886) (34,227)
Total assets less current liabilities: 50,535 77,835
Creditors: amounts falling due after more than one year: 7 ( 50,993 ) ( 86,367 )
Total net assets (liabilities): (458) (8,532)
Capital and reserves
Called up share capital: 1 1
Profit and loss account: (459 ) (8,533 )
Total Shareholders' funds: ( 458 ) (8,532)

The notes form part of these financial statements

OLLIE'S WINDOWS LIMITED

Balance sheet statements

For the year ending 31 May 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 chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 12 November 2024
and signed on behalf of the board by:

Name: O BARTLETT
Status: Director

The notes form part of these financial statements

OLLIE'S WINDOWS LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    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 is reduced for estimated customer returns, rebates and other similar allowances. Sale of goods Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods. Rendering of services 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Plant & Machinery 25% straight line Computer Equipment 25% straight line

    Intangible fixed assets amortisation policy

    Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.

    Other accounting policies

    Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred. Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

OLLIE'S WINDOWS LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 2 2

OLLIE'S WINDOWS LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2024

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 June 2023 106,250 106,250
Additions
Disposals
Revaluations
Transfers
At 31 May 2024 106,250 106,250
Amortisation
At 1 June 2023 12,125 12,125
Charge for year 10,625 10,625
On disposals
Other adjustments
At 31 May 2024 22,750 22,750
Net book value
At 31 May 2024 83,500 83,500
At 31 May 2023 94,125 94,125

OLLIE'S WINDOWS LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2024

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 June 2023 53,089 1,156 54,245
Additions
Disposals
Revaluations
Transfers
At 31 May 2024 53,089 1,156 54,245
Depreciation
At 1 June 2023 35,692 616 36,308
Charge for year 13,727 289 14,016
On disposals
Other adjustments
At 31 May 2024 49,419 905 50,324
Net book value
At 31 May 2024 3,670 251 3,921
At 31 May 2023 17,397 540 17,937

OLLIE'S WINDOWS LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2024

5. Debtors

2024 2023
£ £
Trade debtors 57,431 4,081
Other debtors 14,694 32,556
Total 72,125 36,637

OLLIE'S WINDOWS LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2024

6. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 26,278 26,276
Amounts due under finance leases and hire purchase contracts 4,444 22,322
Trade creditors 43,842 12,948
Taxation and social security 8,706 10,510
Other creditors 35,037 19,647
Total 118,307 91,703

OLLIE'S WINDOWS LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2024

7. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Bank loans and overdrafts 45,162 64,036
Amounts due under finance leases and hire purchase contracts 4,731 8,031
Other creditors 1,100 14,300
Total 50,993 86,367

OLLIE'S WINDOWS LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2024

8. Loans to directors

Name of director receiving advance or credit:
Description of the transaction:
The above loan is unsecured, interest free and repayable on demand.
£
Balance at 31 May 2023 27,071
Advances or credits made: 4,728
Advances or credits repaid: 25,000
Balance at 31 May 2024 6,799